Art Market Monitor

Global Coverage ~ Unique Analysis

Whoa, Bouguereau

by

BouguereauThis bizarre story from New York Social Diary has also appeared in the New York Post and some local papers. It involves some nuns, some colluding art dealers and  a missing Bouguerueau that eventually sold for $5 million even though the convent only got $450,000:

In late 2004, the nuns decided to evaluate for possible sale, a deteriorating old oil painting they had in their chapel. The piece in question eventually turned out to be a lost masterpiece by William A. Bouguereau, Notre-Dame des Anges, which was last shown publicly in this country at the World’s Columbian Exhibition held in Chicago in 1893.

Not knowing what they had, they hired Mark Lasalle, an art dealer based in Albany, New York, to provide an appraisal of the painting declaring its auction value or fair market value. His initial appraisal of the painting was for $150,000 but he recommended that it be restored by the Williamstown Art Conservation Center of Williamstown, Mass.

This the nuns did and after several years, toward the end of the centers restoration work, Lassalle in brought experts from Sotheby’s in New York City, who valued it at an estimated $2.5 million at auction. After Zaplin flipped it for about $2.5 million, the painting ultimately sold through an art dealer in Dallas, Texas named Brian Roughton for reportedly over $5 million.

The whole scheme came to light because one of the dealers involved in the scam went to the convent and gave an affadavit, surely only motivated by remorse.

Seller Beware (New York Social Diary)

Con (vent) Artist (NY Post)

Russians Wait; Sex Sells

by

Bloomberg reports midway through the week of Russian sales in London:

MacDougall Arts Ltd.’s sale of Russian 19th-century and 20th-century paintings raised 5 million pounds ($7.68 million), below the presale low estimate of 12 million pounds. The London- based auction house said its first-ever evening sale ended with “just under 40 percent” of the 62 lots sold. The top two lots accounted for about 40 percent of the total value sold.Continue Reading

The Irish Still Like Their Art

by

The Irish Independent reports a pretty strong sale for Irish art in Dublin:

Although the organisers of the Irish art sale at Whyte‘s had initially hoped for a total take near the €3m mark, early estimates indicated that about €1.5m worth of art was sold last night, with buyers picking up about three-quarters of the 170 lots on offer.

While other art markets are struggling with sales that must readjust expectations in the midst of a credit crisis, Ireland’s artists like Sean Scully (above, left) are holding on to their value.

Here are the results from Whyte’s and the story:

Auction paints a poor picture for art market in tough times (The Independent)

Russian Bear

by

The Russian Art Sales Feel the Bite of the Bear Markets in Commodities

Bloomberg reports on the Russian sales in London:

Sotheby’s took 16.1 million pounds for two sales, against Christie’s International’s 3 million pounds and Bonham’s 1.7 million pounds. Three of the four auctions missed the companies’ own presale low estimates. [ . . . ]

Some collectors and dealers blame the weak results on unrealistically high prices auction houses set amid a global financial crisis that triggered a 65 percent drop in the Russian stock market in the last six months.

“We need to get past this otherwise the market risks stagnating,” said Samarine.

[ . . . ]

“We’re at an awkward moment where the market doesn’t want to buy at the old prices, and sellers don’t want to accept the new reality,” said London-based art dealer Ivan Samarine.

(More results after the jump.)

Bonhams sold one-third of the 244 lots offered for about 1.7 million pounds on a presale low estimate of 5.8 million pounds. None of its top lots sold.

Sotheby’s sold 59 percent of the 55 lots of 19th-century and 20th-century Russian paintings, netting 14.1 million pounds against a presale low estimate of 17.5 million pounds.

The Sotheby’s sale of Imperial works of art bucked this trend with 94% of the lots sold, 78% those went for above the high estimates.

Princess Collection Shines at London Russia-Art Sale (Bloomberg)

The French Stick Together

by

Was Sotheby’s the Favorite to Win the YSL Collection?

Pinault Steps In and Wins the Contest for Christie’s.

What Will This Do for the Paris Auction Market?

London’s First Post gives us the back story on Christie’s not-so-surprising success in getting the YSL art collection to sell in Paris in the Winter of 2009. The Independent confirms that Sotheby’s was close to a deal and values the collection at more than $500 million, making it the largest single owner sale ever. Those who have seen the collection describe it as “a room full of masterpieces.”

Reuters adds this quote from YSL’s dealer:

Antique dealer Alexis Kugel, who told Le Figaro his relation with the collectors was the closest a dealer could have with his clients, said: “For Yves Saint Laurent art was a vital need, indispensable for his inspiration, like water to survive. It soothed his depressive character.”

The Times tries to pour cold water over the whole affair by turning it into an important market test–which it will be–and using a bitchy quote from Godfrey Barker: “We now learn that Saint Laurent moved stealthily to become one of the biggest buyers in the most overpriced sector of the art market – paintings from 1900-25, which cost £5m to £25m each,” said Godfrey Barker, an art-market expert.Continue Reading

twitterfacebooksoundcloud
Privacy Policy
Terms & Conditions
California Privacy Rights
Do Not Sell My Personal Information
Advertise on Art Market Monitor