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Fine Art blog on collecting, appraisals, quality & originality. With Alex Adelman of Masterworks Fine Art.

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The Resilience of the Art Market

Thursday, February 2nd, 2012

Artprice recorded that last year, 2011, was the best ever for the sales of art at auction. With 10.7 billion dollars in earnings for 2011, artists such as Picasso, Degas, Zhang, and Warhol helped make 2011 a stand our year for art. When compared to 2010’s total of 9.5 billion dollars, it is easy to see the confidence and staying power of the art market as a veritable asset in this economy that cannot be ignored.

Picasso's "La Lecture" Sold for $40.5 million

This is due to several factors that the Art Newspaper and Artprice have been discussing for quite some time. In their January 2012 edition, the Art Newspaper explains that the art market is not a single entity but smaller markets that are combined under one name which means that the profits for 2011 do not even include the private sales in galleries or between individuals thereby making the revenue gains even more substantial. The profits were derived from the driving demand for what the Newspaper described as new buyers liking the “branded nature of contemporary art”, mixed with the demand for fresh and correctly estimated property.

Zhang Xiaogang’s “Forever Lasting Love (Triptych)” -sold for $10.2 million

Zhang Xiaogang’s “Forever Lasting Love (Triptych)” Sold for $10.2 million

Art Price’s Art Market Insight features two article’s titled “2011 from the AMCI’s viewpoint” and “The global art market – an overview of 2011”. These articles reiterate that the art market confidence is at an all-time high, but with a focus on the international factors that lead, and continue to led to, the market’s success. The financial markets closed the year 1% down while the art market posted a 15% increase in revenue. The first part of 2011 saw lots of new records being set with over 6.3 billion dollars in revenue between January and June alone. This was aided by revenue coming in from China, which became the world’s leading fine art marketplace in 2011 (China alone accounted for 36% of the global art market).

Unfortunately with the European debt crisis, the art market fluctuated from July to August. However with the success of international art fairs and the late Contemporary art auctions, buyers were certainly more than optimistic about the value of their investments and continue to be. Going into 2012 the art market doesn’t seem to be worried as China maintains its hold, and Modern and Contemporary art are as popular as ever. So when buying a work of art in this economy you should feel confident, because there’s nowhere to go but up.

The Arab Spring: politicizing art in the streets

Tuesday, January 24th, 2012

Everyone knows art is political. LA-based artist Shepard Fairey’s red, white and blue portrait of Obama, inscribed with the word ‘HOPE’, quickly became the visual battle call of the 2008 campaign. Equally memorable is the 2010 controversy over “A Fire in my Belly,” a silent film by activist and artist David Wojnarowicz; the Secretary of the Smithsonian removed this work from a major exhibition exploring gender and sexual identity after complaints arose over images of ants crawling on a crucifix. An even larger uproar followed the video’s removal, and other museums installed the work in protest at the censorship.

Cairo mural

A work near the Tripoli airport at left, and a mural by Egyptian artist Ganzeer, Cairo

Dissent is at the heart of an article that Anny Shaw and Gareth Harris wrote this month for The Art Newspaper. Chronicling the rise of street art in Egypt, Syria and Libya that followed the explosive events of the Arab Spring, the authors discuss memorial murals dedicated to lives lost in Tahrir Square, portraits of Gaddafi as a rat or vampire, and the simple slogan “the people want the fall of the regime”. The latter, scrawled on a wall in Daraa, Syria, ignited that country’s revolution after its authors were arrested and allegedly tortured.

Street art is defined by its location – public – and by its intent. What Shaw and Harris describe are acts of courage and faith; setting personal safety aside, these artists create ephemeral, impassioned images punctuating and encouraging the revolutions, elections, and repression of their worlds. Pro-government supporters are even responding with art of their own.

Art, by definition, evolves and changes. Contemporary art breaks through boundaries and conceptions, and street art is often found at the frontlines of the struggle. Art in the Streets, MOCA’s recent exhibition devoted to the history of graffiti, proves that street art has become, in some ways, mainstream. The artist-revolutionaries in Tripoli, Cairo and Damascus are anything but.

We might compare their work to the socialist imagery of Leger and maybe, through a small stretch of the imagination, to the moralizing tendencies of Brueghel, expressed in his World of Seven Virtues and World of Seven Sins. We can contrast their murals, stencils and slogans with the a-politicized works of Jasper Johns, in whose hands the American flag becomes a striped and starred object divorced from predetermined connotations. And we can hold them up for admiration, silencing those who grumble that art cannot affect change, or is nothing more than a picture on a wall.

“Well, which wall?” we might ask.

 

Information for this post was taken from:

Shaw, Anny and Gareth Harris. “Arab protesters put their art on the streets”. The Art Newspaper. Issue 231. January 2012.

 

 

The Value of Henry Moore

Thursday, December 15th, 2011

Moore Working

Henry Moore is one of the most iconographic artists of the 20th century. His works in sculpture, bronze, Rosenthal Porcelain, and on paper are well known for the fluidity of line work that is abstract and detailed. His works effortlessly draw out the viewer’s feelings of compassion, interest, and wonder and thus it is not difficult to see why his works have increased in value.

The 20th Century British and Irish Art sale at Bonham’s in November broke the world auction record for a work on paper by Henry Moore. A 1941 drawing of a seated mother and child sold for $989,286. In addition, a 1939 bronze sculpture by Henry Moore, Stringed Reclining Figure, was also sold at this auction for $441,544.

Stringed Reclining Figure, 1939

As discerned from Art Price, the turnover value for works by Henry Moore in public auctions was over $33 million in 2010, with a 24% increase in value since 1998. The popularity of his mediums, such as bronze sculpture, Rosenthal Porcelain, and drawings vary depending on the iconography and price. However as the artist evaluation and recent auction listings indicate, the investment of owning a work by Henry Moore appears to be a wise decision.

The dangers of giving (or not) an opinion

Tuesday, December 13th, 2011

In a thriving art market where works have been selling at high prices at auction (note the $199.8 total for a Modern and Contemporary Sale held last month at Sotheby’s), where blockbuster shows witness ticket hawking and long lines (the London National Gallery’s “Leonardo Da Vinci: Painter at the Court of Milan” comes to mind), the finest art means very fine value to its owners. With such high sums at stake, those seeking a stamp of authenticity from foundations and academics are less than inclined to accept “attributed to X” for an answer.

In “The law vs scholarship,” Georgina Adam and Riah Pryor cite, “a growing fear among experts that they might be sued for giving their opinion” (The Art Newspaper, December 2011). Using the recent examples of a contested group of Degas plasters and a large group of drawings thought by some to be done by Francis Bacon, they voice concern that art collectors’ willingness – even eagerness, they suggest – to sue experts over undesired answers discourages scholarship.

Group of recently discovered Degas plasters

Even after disbanding in the 1990’s upon completion of the catalogue raisonné, the Pollock-Krasner Foundation has been sued over a number of works; recently, The Jean-Michel Basquiat Board was sued by the owner of Fuego Flores (1983), and given the choice of reaching a decision as to the work’s authenticity or paying up to $5m in damages. And who can forget that the Andy Warhol committee just called it quits, after being the subject of so many lawsuits.

This inclination to sue is dangerous. Aside from racking up high legal fees for scholars pursuing important, widely beneficial research, it turns the world of art scholarship and buying into a carnival sideshow. Although no one can be naïve enough to disassociate art from its value these days, we should try to uphold some shred of dignity for our art, our experts, and ourselves. Lawsuits should not be seen as a valid avenue to the authentication of an artwork, no matter its cost or potential value. Catalogue raisonné authors or artist board members should not suffer nightmares featuring a collector advancing, art in one hand and a legal threat in the other.

What Will Happen to Warhol?

Friday, December 2nd, 2011

Andy Warhol

The Andy Warhol Foundation has developed a rather convoluted reputation in their quest to catalog and certify the vast collection of over 100,000 (across all media) works that Warhol created. The Foundation Board has made several controversial decisions regarding the authentication of specific prints and screen prints that have landed them with millions of dollars’ worth of legal bills and a negative reputation as the monopolizing entity of the Warhol market. However a collector may feel about their role in the art market, they play an important one. In an interesting turn of events this past month, the Andy Warhol Foundation announced that it will dissolve its authentication board at the beginning of 2012.

Wahol- Blackglama

What does this mean for the collector? Will panic spread through the art market as Warhol’s go unregulated? That does not seem to be the case as the Art Newspaper brilliantly discusses in The problem with authenticating Warhol.  In the article they note the facts” that none of the top five Warhol works sold at auction have been stamped by the board…”. With only 16 out of 49 works for sale this past month having been authenticated by the board, there is no reason for collectors to fear.

All of the top record-breakers are, however, detailed in the artist’s catalogue raisonné that the Warhol Foundation has compiled. There are three completed volumes of the catalogue that document Warhol’s paintings, prints, screen prints, and sculpture until 1974. The foundation’s mission is to make a complete catalogue of all of Warhol’s works and will continue to review works submitted for inclusion in future editions, but in its own time (unlike the authentication board, which took requests).

The Foundation stepping away from the market to focus on scholarship will undoubtedly led to good things. A more complete catalog of Warhol’s work will aid the art market in regards to authenticity as the new scholarship will include his drawings and photographs, which currently do not exist in a cohesive form. When looking at the Warhol works the Authentication Board has been exposed to, there is no cause for concern as only 6,000 of Warhol’s more than 100,000 works have gone through the authentication process. Thus the only advice to offer a collector is to practice due diligence in regards to researching the provenance of a piece and feel 100% comfortable and confident in their purchase.

Conservation in the 21st Century

Monday, November 21st, 2011

Trolling the web for the latest art news, I stumbled upon a fascinating article on Wired. According to Mike Olson, an unlikely partnership with an even stranger toolbox has emerged to restore the frescoes at the Church of Santos Juanes in the Spanish city of Valencia, otherwise known as the birthplace of paella. Between the two of them, the Centre for Advanced Food Microbiology and the Polytechnic University at the Institute of Heritage Restoration identified the ideal restoration tool: a salt- and glue-eating bacteria. Let those who believe food and art to be separate take note.

Frescoes inside the Church of Santos Juanes in Valencia, Spain

Pseudomonas stutzeri was developed by a team of biologists, their efforts driven in part by Pilar Bosch, who learned her tricks from the group that cleaned the Campo Santo di Pisa in Italy. Growing the bacteria in a culture containing the elements that need to be removed from the frescoes, the scientists develop a strain that eats away, literally, at the gluey remnants of past botched restoration attempts and at the salt blooms left by pigeon nests.

The bacteria are spread on an area of the frescoes and covered with a gel; when heated by a lamp, this gel generates humid conditions under which the Pseudomonas thrive, and get to work.  Just 90 minutes later, the targeted area of the fresco is washed clean with water and dried, killing the bacteria and leaving behind a shiny clean section to admire.

In this way, about one third of the frescoes decorating the walls of the baroque and gothic Church, whose original structure dates back to the 13th century, have been restored to date.

What strikes me, and what might occur to fresco aficionados, is how this restoration-by-bacteria creates a neat symmetry, revealing what was created through similar means. The artist paints one pre-determined portion of fresco per day. Before work begins, wet plaster is laid down. The fragment must be completed before the plaster begins to dry. Any mistakes must be manually removed, and sometimes the entire section – called a giornata in Italian due to its daily time limit – has to be taken out.

Bosch and her team of people and Pseudomonas might think of their own work as broken down into miniaturegiornata, 90-minute cycles of apply and unveil. As for this joint venture of bacteria, biologists and baroque art, I knew the world needed to know.

The Ownerless Moore in Westminster

Wednesday, October 19th, 2011

Though it could be worth up to £5 million, Henry Moore’s Knife Edge Two Piece isn’t being claimed by anyone. The three-ton sculpture, which was donated by the artist to his nation in 1967 and which he recorded as belonging to the City of London, actually resides in the City of Westminster; confusingly, it doesn’t seem to belong to either. The patina of the bronze has turned to inky black, that is, where the surface isn’t scratched over with graffiti dating back to the mid-1970s; rain water pools under the work on the platform Moore had specifically said he didn’t want. Despite its deteriorating condition, nothing can be done until an organization steps forward to claim ownership of the piece. Even its current site is less than ideal, given that concrete air vents from the parking garage underneath block the view of the sculpture from the sidewalk.

'Two-Piece Knife Edge’ by Henry Moore

Martin Bailey reports in The Art Newspaper (October 2011), what is known: the Department for the Environment, Food and Rural Affairs, the Department for Culture, Media and Sport, the Greater London Authority, the Henry Moore Foundation, the Parliamentary Estate, and the Parliamentary Art Collection all deny ownership (and therefore responsibility) of one of the most important Moore sculptures in the United Kingdom. The Palace of Westminster’s Deputy Curator Melanie Unwin states the problem succinctly: “All of the organizations I have approached have said it is not them. It is even possible that the sculpture does not have a legal owner, but this is something on which we will have to seek legal advice.”

The closed circuit, “do not pass go” research behind what Bailey calls a “Kafkaesque trail” leaves just one thing certain. Until someone steps forward, the sculpture will continue to languish in its damaged state. If money were no issue, I know I wouldn’t mind having something to put in my backyard.

Investing in Art in a Smoke-and-Mirrors Financial Market

Friday, August 5th, 2011

The stock market is in marked decline and bonds are showing pitifully low returns. Interest rates are at a minimum, as low as .5% in some countries. Given that the sub-prime mortgage fiasco kicked off this recession in the first place, real estate has not been looking too attractive as a haven for liquid assets.

To be sure, the national spectacle that was the debt ceiling crisis did not help things. Ending just hours before the United States ran out of money to pay its bills, the problem has actually been delayed, not resolved. Fitch Ratings warned that though the debt ceiling agreement reached Congress represents a step in the right direction, the U.S. still lacks, “a credible plan to reduce the budget deficit to a level that would secure [its] AAA status over the medium-term.” The threat still remains that the country’s credit rating may take a dive, fueled by lenders’ concerns that $14 trillion in debt is unsustainable.

Those who had never imagined the United States might be unable to settle its accounts are perhaps imagining a similar scenario played out in their own personal finances. For the individual, it may not be an option to file away these concerns for a later date. In the face of such an unstable financial market, investing in tangible assets can be an answer. Precious metals such as gold and silver are proving to be safe investments, having risen 16% and 30% in value respectively in 2011 alone. In the United Kingdom, you can turn to the Wine Investment Fund, where annualized returns range between 8% and 20%. And then there is the Fine Art Fund Group, whose investors are currently enjoying returns above 25%.

Even if you can’t afford the Fund’s $250,000 base level investment, individuals can build l art collections with personal and monetary value. Though numbers are tumbling right and left, the art market is going strong. Christie’s closed its Paris Contemporary Art auction at over €8.4 million ($3.8 million) on May 31, 2011, and showed similar numbers between its two Impressionist and Modern Art sales just weeks earlier. The auction giant recently hosted an entire event dedicated to Picasso ceramics, where pieces sold between $800 and $134,000. Such an extraordinary price range underscores the accessibility of art for investors with all budgets.

Whether you choose to fill your portfolio with Modern Masters such as Chagall, Miró, and Picasso, or contemporary favorites like Warhol, Yvaral, or Vasarely, you can’t go wrong.  Art is one of the few tangible assets that will simultaneously enrich your aesthetic life and ensure your financial wellbeing, over the long term.

Resources:
1. “U.S. Stocks Manage to Eke out a Gain.” New York Times. August 4, 2011.
2. “Gold, fine wine, art or under the bed: what’s the safest place for your cash?”Guardian UK. July 25, 2011.
3. Christie’s: Auction Results, May 2011.

Picasso: From Paris to San Francisco

Tuesday, July 26th, 2011

If you’re from Paris, walking the many galleries of the Picasso exhibition at the San Francisco de Young might be like going home again. If you’re from the Bay Area, “Picasso: Masterpieces from the Musée National Picasso, Paris” will transport you to the French capital. Either way, Picasso lovers attending the exhibition will feel that they are going to a long dinner with old friends. 150 paintings, drawings, sculptures and drawings from every phase of the artist’s richly varied career traveled from the Musée National Picasso for a foggy summer stay. Such a vast undertaking is all the more notable for its rarity – the  collection from the Musée National Picasso is only on loan during the completion of extensive renovations scheduled through 2012.

Organized chronologically and by period, the exhibition provides insight into the breadth of Picasso’s oeuvre. From the early Blue Period in Barcelona through the revolution that was Cubism, it moves into Neo-Classicism and Surrealism; bronze and “found” sculpture shares space with such later, exuberantly fragmented paintings as The Matador (1970), a self-portrait.

“I haven’t got a style,” Picasso asserts, and this exhibition denies any possibility that the artist might be limited in people’s minds to a single movement. A range of styles, each mastered in its own right, fills the rooms. Notable is the complete absence of wall text explaining the history or analyzing the significance of the works. Timoth Burgand, Curator in Charge of American Art for the Fine Arts Museums of San Francisco, explains that this lack of text allows for personal, direct interaction with the art. Instead of being bogged down with explanation, the works are free to speak for themselves.

That we learn something new about Picasso from this exhibition is no surprise. Visit the Museu Picasso in Barcelona and an astounding range of works on paper display the master artist’s talent in the graphic arts. View our collection of ceramics and understand yet another, perhaps lesser known, side of his work. Travel to the Museo Reina Sofia in Madrid – the monumental Guernica and its black and white vision of the bombing of that town during the Spanish civil war awaits. If you can’t stop by the de Young for a visit before October 9, you will find the artist’s works scattered around the globe, or you might bring a piece from our collection home to you.

London Calling

Friday, June 24th, 2011

Impressionist and Modern sales were held this week in London with strong results. Sotheby’s ended with $157,543,910 in sales and Christie’s ended at $227,111,142. The stars of both nights were artists we currently sell. Pablo Picasso’s “Couple le Baiser” went for $10,621,070 which is 18 times higher than its previously recorded auction in 1993. Meanwhile, Picasso’s “Homme a la Pipe et Nu Couche” sold for $7,800,591.  Lastly, Picasso’s “Jeune Fille Endormie” and “Femme Assise, Robe Bleue” respectively sold for $21,866,588 and $29,133,148.

Joan Miró’s abstraction “Femme a la Voix de Rossignol dans la Nuit” sold for $7,709,608 while Henri de Toulouse-Lautrec’s “La Liseuse” sold for $9,165,339. “l’Empire des Lumieres,”  by René Magritte went for $3,888,313 and Pierre-Auguste Renoir’s widely exhibited “La Source (Nu Allonge)” sold for $8,241,788.

European buyers have been dominating the sales, but U.S. buyers have made an impact as well. This only goes to show that art is a great investment at any price level, in any country. With the steady return of good sales, art is stronger than it has been in quite while.

Art Basel: Indications to Come?

Wednesday, June 15th, 2011

Art Basel is often described as the world’s top fair for modern and contemporary works and it opens June 15, 2011 with over 300 galleries displaying works for a combined total worth around $1.75 billion, according to specialist insurer Hiscox.

Art Basel features galleries from North America, Latin America, Europe, Asia and Africa. More than 2,500 artists, ranging from the great masters of Modern art to the latest generation of emerging stars, are represented in the show’s multiple sections. The exhibition includes the highest-quality paintings, sculptures, drawings, installations, photographs, video and editioned works. Last year, 62,500 people attended Art 41 Basel, including art collectors, art dealers, artists, curators and other art enthusiasts.

In the VIP preview that occurred June 14, 2011 there was well over millions of dollars of art sold. Even if one does not attend the fair or collect the artists represented by the galleries, the sales at the fair are excellent indicators of the market for both price and mood. Although the art market has yet to regain the giddy heights of the boom that preceded the 2009 slump, the million-dollar sales at Art Basel tell that the market is strong and worthy of investment.

Treating Art as Stock

Thursday, May 19th, 2011

There is an interesting topic taking hold in the art world that has people talking and it centers around the global trend of creating Art Investment Funds. These art funds allow for individuals to make long-term investments in a portfolio of valuable artworks. What this means is that an art investment company either
a) buys particular works of art upfront whose value they believe will rise and then allows individuals to invest in the created portfolio and then upon selling the works of art will get a return OR
b) lines up individuals who put money towards purchasing art for a portfolio as an investment on the assumption that the value will increase and then upon selling the works of art will get a return.
All in all, they aim to maximize the rate of return on works in their collection.

There are many different options available besides these two but they are the most popular, as London-based Fine Art Fund displays. Fine Art Fund was the first fund of its type to invest in art as a worldwide asset class, and continues to be the only one to do so on a major international scale. However their creation is gaining in popularity as can be seen with several companies in several different countries taking a similar approach to the art market.

In Brazil, Plural Capital is an investment firm based in Rio de Janeiro and São Paulo that has launched BGA Private Equity Investment Fund. This new art-fueled market venture is worth $24 million and the strategy is to buy contemporary works, mainly from Brazil, for three years, and then spend two years selling off the art it has purchased. Therefore it encourages private investors to use the contemporary art market as a financial instrument.

Russia provides another example as to this sort of investment gaining popularity, but with a twist. One art investment firm, Atlanta Art, is valued at $4.7 million and just began trading last month. But it is Sobranie.Photoeffect valued at $467 million that is has a twist in their investment plan. What makes Sobranie.Photoeffect different is that instead of raising money from wealthy individuals to buy art, it has obtained its works from a group of anonymous Russian collectors. The plan for the fund is to sell five to 10 percent of its stock at auction every year, paying its final dividends after 15 years and then ceasing to exist. Sobranie.Photoeffect deals exclusively with photographs and holds over 290,000 original prints.

Russia and Brazil are not the only examples of art investment funds, but France and China offer different variations. In China, a financial corporation has gone public with China’s first openly traded art portfolio, on the Shenzhen Cultural Assets and Equity Exchange (SZCAEE). Issued by the Shenzhen Artvip Cultural Corporation, the art portfolio comprises 12 paintings by contemporary artist Yang Peijiang in the form of 1,000 shares, which sold out on the first day of trading, netting $354,480. As the artworks are traded by Artvip, which is managing the 12 works, profits are dispersed to shareholders. The Exchange itself is interesting as it was established in 2009 by the Chinese government, but functions as an alternative platform for the trading of a wide range of cultural assets — including artworks, luxury goods, and films — as part of the Chinese government’s attempt to commercialize, diversify, and regulate the public exchange of such cultural properties.

Meanwhile in France, the French company A&F Markets has come up with a venture called Art Exchange that will treat artworks as investment vehicles, opening them up to partial purchase by shareholders. The initiative has just launched with an offer of shares in two pieces, one by Sol LeWitt and the other by Francesco Vezzoli. Now 11,000 shares of LeWitt’s “Irregular Form” are available at $13 per share, for a total value of $142,000 and 13,500 shares of Vezzoli’s “The Premiere of a Play That Will Never Run” are also offered at the same rate, giving it a total price of $174,000.

What does an art investment fund do for you? Well it provides those who cannot afford to buy expensive works of art an avenue for reaping a profit off of the art, as well as provides new buyers with an “in” into the art world. In two of the examples listed above, shareholders are even able to have the piece on display in their home on a loan so to say. Thus, in addition to sharing the potential appreciation and profits of the artwork, the artwork is being admired and enjoyed as well.

Art Market Riding High

Monday, May 16th, 2011

Now, is the perfect time to invest in art. The international market is booming with great returns, and here at Masterworks we want you to get the best from your investment. That is why we are laying out the best buying markets right now so you know the worth of your investment.

Impressionist and Modern Art is holding steady in the art market. Several impressionist records were set this past week with Maurice Vlamincks Paysage de Banlieu selling for $22,482,500 (originally bought 17 years prior for $6,822,500) and Maximilien Luces’sNotre-Dame de Paris, that sold for $4,226,500. Pablo Picasso was a top seller with Les Femmes d’Alger, Version L going for $15,762,500, Homme au Mouton selling for $7,138,500, and Femmes Lisant (Deux Personages) selling for $21,362,500. All of these rare works are being offered at the perfect time for both old and new investors to enjoy.

Contemporary Turkish Art, generally sold in Dubai and London, is blossoming into the international art world as can be seen in the specialized sales held at major auction houses in April. In total, the sales in April 2011 generated $6.1m. The best results were Ömer Uluç and Erol Akyava’s painting End of Encounter, which brought in $741,000. The Whispering Wall II by Burhan Cahit Dogançay reached $375,000, and an untitled work by Orhon Mubin went for $326,000.  These results show that the Dubaian market, which is traditionally strong for Contemporary Turkish art, is now being outshined by the European segment of the market.

Contemporary Chinese Art is dominating the global art market. Many of the works are selling for quadruple of what they were estimated at. Total revenue from one auction was $46.68m. One of the highest selling contemporary artist’s is currently Zhang Xiaogang, whose Forever lasting Love (1988) sold for $9m. Only time will tell if the market continues to rise or fall, but as Chinese art buyers are actively collecting, the market looks to be a good investment.

Sonia Delaunay: On the Rise

Thursday, May 12th, 2011

Sonia Delaunay was born in Ukraine in 1885 and was adopted by her affluent Jewish lawyer uncle Henri Terk in 1890. She had a privileged upbringing and traveled Europe widely to various museums and galleries. At the age of 18 she was sent to an art school in Germany and in 1905 decided to move to Paris.

Once in Paris, Sonia enrolled in the Académie de la Palette in Montparnasse. However she was not happy there and tended to spend more time in the galleries around Paris. Her own work during this time was influenced by artists such as Van Gogh, Matisse, Henri Rousseau and Gauguin. In 1908 she married German homosexual art gallery owner Wilhelm Uhde. It was during her time at Uhde’s gallery that she met and had an affair with Robert Delaunay.

Sonia and Wilheim Uhde divorced in 1910, and Sonia went on to marry Robert Delaunay and have a son named Charles. Sonia is quoted as saying about Robert, “In Robert Delaunay I found a poet. A poet who wrote not with words but with colors.”

The Delaunays are often credited with the creation of Orphic Cubism or Orphism. This is a form of Cubism that focused on pure abstraction and bright colors influenced by Fauvism and the dye chemist Eugène Chevreul.

Sonia, who made paintings, prints, books, textile and fashion designs, carpets, furniture, mosaics, and the odd movie set, is more often remembered as the wife of Robert Delaunay, but she is an established artist in her right, whose works today are gaining the respect of the art market.

Susan Brown, who co-curated “Color Moves: Art and Fashion by Sonia Delaunay,” on view through June 5 at the Cooper-Hewitt, National Design Museum, in New York, notes that a critical reappraisal is in the offing. “It’s my impression that she’s going to fare better in the long haul. Particularly in the past 10 years or so, there’s been a lot of focus on her work.”This can be seen in the six auction records for Sonia that were set this past year, with prices outpacing estimates.

“The demand is escalating along with prices, and the number of collectors who seek her works is also rising,” says Thaddée Poliakoff, owner of Le Coin des Arts gallery, in Paris. Sonia’s high stands at €4.1 million ($3.9 million) from a 2002 auction of the 1915-16 canvas “Marché au Minho.”

Another opportunity for collectors are Sonia’s works on paper. Prices are relatively low for her prints and gouaches, which can be purchased from our Delaunay collection. It is “Pochoirs” that command the highest prices, due to rarity. According to Tudor Davies, head of prints for Christie’s Americas, “her etchings tend to be valued more highly than her lithographs, no doubt because they provide a better sense of surface.” He advises collectors to “look at the strength of the composition and the use of color and contrast. Simply put, you want the image to be as strong visually as possible when it is on the wall.”

Information was obtained from Artist Dossier: Sonia Delaunay – ARTINFO.com

Warhol, Warhol, Warhol

Wednesday, May 11th, 2011

The talk of the art market these past weeks have all surrounded Andy Warhol, proving once again that you can never go wrong when investing in Warhol. Warhol’s works are still consistently selling at high prices, with over of 52 Warhol’s having gone and/or going up for auction for a total estimated value of $148 million.

“Sixteen Jackies” was sold for $20,242,500, while “Shadow-Red” (1978) sold for $4,842,500. Warhol’s “Statue of Liberty” (1986) sold for $3,442,500 this past week and was last sold in 2008 for $2,210,500. That is a 2.8% increase in value over 3 years for an average of .93% increase in value a year. With a steady increase such as that there looks to be no stopping the raising values of Warhol.

Japan: Art Community to the Rescue

Thursday, March 24th, 2011

The tragedy of the March 11, 2011 earthquake in Japan has shaken the art world. Many museums and art galleries are too damaged to enter due to the broken glass, smashed ceilings, and flooding. As evacuations and humanitarian relief continue, no plans have been made to repair or salvage many of the buildings or works of art. Many places are closing temporally, and luckily, in the Tokyo National Museum’s case, none of their collections were damaged.

With great catastrophe however comes a renewed sense of purpose and hope and several artist communities around the world are taking action to show their support. Takashi Murakami, the chairman of GEISAI (a Japanese art festival), is encouraging artists to upload their work onto Twitter, with a theme of “providing encouragement to the victims and those who have despaired in the quake’s aftermath.” For those interested in viewing the works, they can be accessed at ameblo.jp/geisai-net.

There is a non-profit called Artists Help Japan, where communities of artists are holding special events through which to help raise money for the affected victims. As well as an online community, the Sweet Streets Blog of Manga Art, that is hosting an online fundraiser by selling art created by Japanese artists who have been affected by the earthquake. With such an informed international art community putting their efforts into fundraising, it shows how destruction can cause creation, and with that creation aid in recovery efforts. *

*Information retrieved from an article by Yuhei Wada

Running Sales Are a Good Thing for Both of Us

Thursday, May 6th, 2010

You may have noticed that we have been conducting several sales recently and you might be wondering why? How can they afford to? Well we’re going to let you in our not so private secret. Due to the art market gaining its confidence back, we are unable to buy in our usual ways. As challenging as it has been, this actually provides us with an increased opportunity to accept offers from the collections and estates of private individuals from around the world.

As you can see on the website, this has allowed us to have the best inventory we have ever had in our 30 year history. In order to continue this process, we are constantly running sales to raise capital for other purchases to further enhance our offerings to you. Unlike other galleries, or auction houses, there is no overhead cost as we only consist of four employees. That means we are able to give you, the customer, a lower price as we do not need to inflate the pockets of anyone. So please enjoy the sales, make your wish lists, and know more art will be coming soon.

On “The Vasarely Affair”

Tuesday, March 30th, 2010

The following is a translated excerpt from the article, “The Vasarely Affair”.

Featured in the February 2010 issue of L’Objet d’art magazine, this article was written by Monsieur François Duret-Robert, veteran art-world journalist, professor, specialist in art-world jurisprudence and expert on droit moral.

It’s a family quarrel, but one that could deeply impact the image of Victor Vasarely’s works, whose origins stem from the variations of the artists’ moods.  The court has had to decide if the artist himself was aware of his actions at the end of his life, when he decided to give his confidence in the future of his works to one heir, and then later granted the same to another.  The situation was brought in front of the courts, whose first solution was to give the artist’s grandson reason.

To understand this dark story, we have to better understand the Vasarely’s.  Victor Vasarely had two sons, André, a doctor, and Jean-Pierre, a brilliant artist known as Yvaral.  Jean-Pierre had a son, Pierre, from his first marriage.  Jean-Pierre then remarried Michèle Taburno, leaving her widowed in August 2002.

The current conflict between Pierre and Michèle concerns the droit moral for the Victor Vasarely works, a right that would have been willed to his son, Jean-Pierre and then to his grandson, Pierre.

The wills are different.

In his will, dated November 28th, 1990, Victor Vasarely states “my son Jean-Pierre, artist who has complete knowledge of my works to be the unique legatee of the moral right related to my work”.  In a second will from the artist dated July 29th, 1991, the artist confirms exactly the same, but in a third will dated April 11th, 1993, he changes his will stating, “I give Pierre Vasarely my only grandson, the disposable part.  He is the only one with the capacity to ensure continuation of my work at the Vasarely Foundation, which bears my name.”

The problem, in effect, is knowing if Victor Vasarely had all of his mental faculties intact when he drafted that third will.  Dr. Patrick Fremont, the psychiatrist who examined the artist a few months later (January 1994) wrote that the artist was plagued by a disease that had obliterated him of his mental faculties and crippled his ability to express his desires.  He went on to say that the artist suffered from “an intellectual deterioration which not only affected his memory, but did not afford him the mental capacity to make any decisions”.  Then there’s the court appointed expert, Dr. François Régis Cousin, who expressed a significantly different opinion.  During his testimony in June 1999, more than two years after the death of Victor Vasarely, Dr Cousin stated that “there was no reason to doubt the artists’ mental capacity on April 11th, 1993”.

Based on that expert witness’ testimony, on March 24th, 2005, the Paris court decided that “although Victor Vasarely suffered some weakening of the spirit as a result of his advanced age and mental disease, there is no evidence to prove a state of insanity on April of 1993, nor any reason to annul the will written on that date”.  Therefore, we cannot contest the validity of the last will from a legal standpoint.

Who holds the moral right?

After Victor Vasarely and his son’s Yvaral’s death, two of their heirs claimed to hold the moral right for the Vasarely works, his daughter-in-law, Michèle and his grandson, Pierre.

Michèle invokes her husband, Yvaral’s will, which states, “I give my wife the moral rights to my work and to my father, Victor Vasarely’s work, which he willed unto me.”  Pierre on the other hand, was claiming that the artist’s last will gave him “the disposable part”, which includes the moral right.

The Aix en Provence court decided that the last will was the one that would be accepted, as a result of that decision, Pierre is currently the titleholder for the moral rights to his grandfather’ works.  More surprisingly, was the court’s order concerning the archives.

The destiny of the archives

The Aix en Provence court ordered Michèle to transfer Victor Vasarely’s archives to Pierre.  A decision like this is highly suspicious, because the indisputable fact is that Victor Vasarely himself gave Michèle his archives; there is no doubt about this.

There is the artist’s letter dated August 8, 1991, where he wrote, “to the little Michèle, I give you my archives, my folders with the condition that you will always keep them and work together with Yvaral to protect my work”.  Then, there’s the fact that in 2007, Pierre stated that Michèle has been in possession of the archives for 15 years, confirming that she received the archives in 1992, making it a “manual gift”, which by law means that there exists a consensual agreement between both parties.  There is generally no way to reverse a “manual gift”.  Therefore it is very surprising that the judges did not take this evidence into consideration, and even more surprising how the court explained their decision, stating that “the archives are indispensible and correlate to the moral right.”  That concept is incredibly difficult to defend.

Let’s pose the question clearly: what are artist’s archives for?  The response is rather evident:  to certify the authenticity of their paintings and drawings in addition to establishing the catalogue raisonné.  Having the moral right does not include any prerogative on either certifying authenticity of the cataloguing of the works.  We all know that there exists a lot of confusion about this in the artworld, and many people confuse the moral right and the ability to certify the authenticity of the works, but there is an abundant amount of jurisprudence that support the fact that these functions are not one in the same.

The Paris court said that “the prerogatives of the moral rights, which belongs to the heirs, is simply to protect the image of the artists, since the knowledge they purport to have about the artists’ creations does not give them any power on authenticity.”

When you look at all the different judgments and court decisions regarding moral rights, the very limited credit the courts give the artist’s heirs is stunning.  Additionally, the certificates of authenticity created by the owner of the moral rights carry little weight in the courts eyes.  As for the realization of the catalogue raisonné, there is no implication that this privilege belongs to the artists’ heir.  The completion of a catalogue raisonné, the scientific classification of the artist’s works, can belong to anyone.  The only necessity is to respect the copyright obligations associated with the works.

Returning to the Vasarely affair, the question now is who will be recognized as the specialist for the artist’s work?  The answer is simple:  the person (he or she) that proves they are the most knowledgeable in the artists’ works.  Whether or not they hold the title to the moral rights is not important, and justly so.


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