Basquiat

The Big Deals TEFAF Didn't Mention

Filed under: Art

You know how it is in the art scene: big checks, big names and big egos like to stay under the radar. Anonymity is the norm, of course, and the buyers of Rothkos and Basquiats don't like to see their names in press releases. Yet, a look under the covers of the TEFAF Maasricht art fair shows that some pretty important pieces moved for some rather hefty amounts. The billionaires came out to play, and dealer and galleries were more than ready to accommodate.

Over 10-days, $2.7 billion of inventory was offered t dealers and museums from around the world. Prices edged higher thanks to a recovering art market, and impressive pieces found new homes. Jean-Michel's Basquiat's "Busted Atlas 2" was picked up for $2.4 million by a German collector, sold by Van de Weghe Fine Art, a gallery in New York.

Nonetheless, it's not like the art bubble. David Leiber, of New York's Sperone Westwater gallery, tells Bloomberg News, "Collectors are adjusting to the new values. We have to charge these prices because we can't replace these works." He adds, "There may be some people who went a little overboard at the auctions," a sentiment echoed by Paolo Vedovi of Galerie Odermatt-Vedovi. Vedovi observes, "Auctions are almost a separate market," continuing, "We don't see many of those people. Art fairs aren't as spontaneous. Buyers are cautious and they need to think."

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Tags: art collecting, art collection, art collector, art dealer, art fair, art galleries, Art Gallery, art market, basquiat, galleries, gallery, maastricht, rothko, tefaf

Basquiat and Others Beat Minimum at Phillips de Pury Art Auction

by Tom Johansmeyer (RSS feed) —

Filed under: Auctions, Art

The action was small at only $9.6 million, but big names were featured at the Phillips de Pury art auction on Friday night. Donald Judd and Jean-Michel Baquiat went under the gavel and home with collectors for the third auction in a row. This follows solid results at Christie's and Sotheby's, marking a distinct turn in the fortunes of the art market.

Phillips de Pury didn't match Sotheby's and Christie's in terms of above-estimate totals and older works, but that really is the norm. So, I wouldn't view the fact that it only hit the middle of its presale estimate pessimistically. Given what was sold earlier in the week at the larger houses, the Phillips sale does nothing but confirm the direction of the art market.

Established artists did continue to rise aove the fray, with Judd's 1987 sculpture, "Untitled (87-29 Studer)," selling for £735,650. Basquiat's "Cash Crop" landscape and collage "Untitled" were the second best sellers behind Judd's work at £713,520 each. All beat their low-end estimates of £600,000.

There was a concern that Phillips would struggle to attract buyers, particularly because the auction was focused on living artists. While the challenge may not have been evident from the fact that 86 percent of the lots sold, it was confirmed by the tendency of them to move at the low end of the presale range.

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Tags: art auction, art auctions, art market, ArtAuction, ArtAuctions, ArtMarket, auction house, auction houses, AuctionHouse, AuctionHouses, basquiat, Christies, ChristiesAuction, ChristiesAuctionHouse, donald judd, DonaldJudd, jean-michel basquiat, Jean-michelBasquiat, phillips de pury, PhillipsDePury, Sotheby, sothebys

High Hopes for London Art Auctions

by Tom Johansmeyer (RSS feed) —

Filed under: Auctions, Art

The London art auctions are upon us, and a year has made a hell of a difference. The auctions at Christie's, Sotheby's and Phillips de Pury are expected to fetch at least $104 million, which would be an increase of 68 percent over the same season in 2009. If the houses can pull this off, the art market will probably breathe a collective sigh of relief after more than a year of downright awful results.

At this point last year, the art market was in miserable shape. It was already in trouble, as the recession had begun to crystallize over the summer of 2008, a process which was hardened by the financial market meltdown in September. By the end of the year, prices had plummeted, and the practice of guaranteed minimum pricing had generally been abandoned.

By the end of 2009, signs of a recovery began to emerge, though few were willing to commit to it. A few pieces, such as Andy Warhol's "200 One Dollar Bills" turned in strong performances, but nothing was solid enough to call a trend. Nonetheless, hopes are high for the next round of sales, which will include museum-caliber paintings by Peter Doig and Yves Klein. Shown at right is Andy Warhol's Dollar Sign estimated at $1,950,000 - $2,925,000 at Christie's London Post War and Contemporary Art Evening Auction on February 11.

Tags: andy warhol, AndyWarhol, art auction, art auctions, art collecting, art collection, art collector, art market, ArtAuction, ArtAuctions, ArtCollecting, ArtCollection, ArtCollector, Artists, ArtMarket, artwork, auction house, auction houses, AuctionHouse, AuctionHouses, basquiat, Christies, damien hirst, DamienHirst, england, jean-michel basquiat, Jean-michelBasquiat, Jeff Koons, JeffKoons, london, lucian freud, LucianFreud, peter doig, PeterDoig, phillips de pury, PhillipsDePury, sothebys, yves klein, YvesKlein

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Artists to Watch in 2010

by Tom Johansmeyer (RSS feed) —

Filed under: Art

What does 2010 have in store for the art market? Well, it's starting to look like this is the year the market will finally (begin to) recover, though there could be some trepidation at points. Better pieces are coming under the gavel, and serious collectors are interested in artists with real track records. As things loosen up, emerging artists and those just past that stage (think Ben Krell for the former and Nelson Diaz for the latter) will start to see better conditions, as the logjam in the auction houses, once broken, should ease the pressure on galleries and also lead to some progress in private sales. Basically, the return of liquidity to the art market will be better for everyone.

Almost everyone.

This year, some artists won't enjoy as much of the recovery (if it happens ... just to hedge our bets) as others. Their prices were run up too quickly, making the subsequent fall severe. These artists, auction darlings who don't have the history or potency of a Lucian Freud or even a Richard Prince. Yet, they shot out of the emerging artist category years ago. In 2010, these artists, including Damien Hirst and Jeff Koons, will occupy something of a purgatory, as the art market resets values through upward bidding, now that the decks have been washed clean.

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Tags: art auction, art auctions, art market, ArtAuction, ArtAuctions, ArtMarket, banksy, BanksyGraffiti, basquiat, china, damien hirst, DamienHirst, england, francis bacon, FrancisBacon, jean-michel basquiat, Jean-michelBasquiat, Jeff Koons, JeffKoons, london, lucian freud, LucianFreud, phillips de pury, PhillipsDePury, richard prince, RichardPrince, sothebys

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Art Basel Is Fun Again

by Tom Johansmeyer (RSS feed) —

Filed under: Events, Art

Art Basel was fun again this year. After a recession-stained climate last year led to toned down partying, collectors and dealers (and everyone else) was back in style this time around. According to the Wall Street Journal, it seemed like everyone was throwing a party this year, with the likes of Larry Gagosian and Lance Armstrong getting in on the action. And, the parties didn't suck. Hosts went all out -- with live music and other attractions -- to separate themselves from the competition. Some even tried something new, with the words "Everybody has a Damien Hirst" uttered.

Of course, there were enough celebrities in supply to ensure that every host had one to boast about. Scott Stapp, lead singer of Creed, and Russell Simmons, for example, were present at the Mondrian South Beach Hotel. Simmons is a committed collector of works by Jean-Michel Basquiat and Barbara Krueger and was in town to raise money for his charity, Rush Philanthropic Arts Foundation.

An after-party hosted by Julian Schnabel's art dealer son, Vito, attracted some big names, as well. Peter Brant, an art collector who recently tried to move "Brother Sausage" by Basquiat at auction, was there, along with Abby Rosen.

Yet, there were more intimate dinners and cocktail parties than in past years, according to Art Basel regulars. A few corporate sponsors still made the plunge, including UBS, NetJets and Cartier.

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Tags: art, art collecting, art collection, art collector, art dealer, art exhibit, art exhibits, art fair, art show, ArtCollecting, ArtCollection, ArtCollector, ArtDealer, ArtExhibit, ArtExhibits, ArtFair, ArtShow, basquiat, cartier, damien hirst, DamienHirst, jean-michel basquiat, Jean-michelBasquiat, julian schnabel, JulianSchnabel, Lance Armstrong, LanceArmstrong, Larry Gagosian, LarryGagosian, miami, miami beach, MiamiBeach, NetJets, Parties, peter brant, PeterBrant, russell simmons, RussellSimmons, Scott Stapp, ScottStapp, south beach, SouthBeach, ubs, UbsAg

Basquiat and Warhol Fail Christie's

by Tom Johansmeyer (RSS feed) —

Filed under: Auctions, Art

Christie's tried in New York with a 1983 piece by Jean-Michel Basquiat and didn't succeed. The auction house may have been too aggressive in estimating the 16-foot piece at $9 million. That's what's tough about the art market right now. There are signs of recovery, and it can be tempting to push for higher prices. Unfortunately, it's easy to get a bit excited. The painting had the highest estimate at the auction. The piece with the second highest presale estimate, a piece by Andy Warhol, met a similar fate.

The Basquiat piece, "Brother Sausage," was offered anonymously by a buyer later revealed by Bloomberg News to be Peter Brant, an art collector based in Connecticut. The piece may be a casualty of his divorce from model Stephanie Seymour. Well, it won't be financing post-marital discord and could remain a contested asset for a while.

Warhol's "Tunafish Disaster" was projected to move for up to $8 million and, like the Basquiat painting, didn't receive any bids. Art dealer Robert Mnuchin of L&M Arts was stuck taking it home.

Yet, some works beat the odds in an auction that raked in $74.2 million, within the presale range of $61.5 million to $88 million. Nonetheless, this was the lowest result we've seen from a Christie's New York contemporary art effort since May 2003 and down 81 percent from the top of the market two and a half years ago.

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Tags: andy warhol, AndyWarhol, art, art auction, art auctions, art collecting, art collection, art collector, art dealer, art market, ArtAuction, ArtAuctions, ArtCollecting, ArtCollection, ArtCollector, ArtDealer, artist, ArtMarket, artwork, auction, auction-house, auctionhouse, auctions, basquiat, christies, connecticut, contemporary art, ContemporaryArt, jasper johns, JasperJohns, jean michel basquiat, JeanMichelBasquiat, jeff koons, JeffKoons, manhattan, michael jackson, MichaelJackson, new york, new york new york, NewYork, NewYorkNewYork, peter brant, PeterBrant, taschen, warhol

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Three Pieces Sell for More than $1 million at Christie's Contemporary

by Tom Johansmeyer (RSS feed) —

Filed under: Auctions, Art

Christie's International moved $18.3 million in art at its contemporary London auction on Friday. Three pieces sold for more than $1.6 million (including fees), with the top price going for a piece by Martin Kippenberger ($3.76 million); a phone bidder acquired it. Of the 25 lots offered at the art auction, which coincided with the Frieze Art Fair, 24 sold. Half the lots went to bidders from North America.

The equivalent auction held by Christie's last year consisted of 47 lots and brought in revenue of $52 million. But, it missed the low-end estimate of $95 million by a mile. At that auction, 45 percent of the lots didn't sell.

The seemingly better performance this year may provide a warm feeling to a market that's been battered for a while, but it should be balanced against the fact that expectations were much lower than last year, a trend that has developed throughout the art market slump.

Other impressive results include $1.46 million for "Signal Box" by Neo Rauch, $1.57 million for Jean-Michel Basquiat's "Fuego Flores" and $886,000 for Damien Hirst's "Retribution."

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Tags: art, art auction, art auctions, art market, ArtAuction, ArtAuctions, artist, ArtMarket, artwork, auction, auction-house, auctionhouse, auctions, basquiat, christies, damien hirst, DamienHirst, jean michel basquiat, JeanMichelBasquiat, london, neo rauch, NeoRauch

Laurence Graff Buying and Selling at Tefaf

by Deidre Woollard (RSS feed) —

Another year of The European Fine Art Fair (better known as Tefaf) in the Netherlands and diamond kingpin Laurence Graff is already buying and selling. Bloomberg reports that he sold an emerald-cut white diamond, of about 30 carats for $5 million to a U.S. client. Not bad, although last year bang Graff sold a 70-carat yellow diamond out of their booth for around $11 million. Graff also spent some money at Tefaf picking up one of Jean-Michel Basquiat's boxer paintings for 3.5 million euros ($4.5 million).

This year there are a record 239 dealers offering over $1 billion worth of art ranging from Old Master paintings to silver, ceramics and contemporary art. The sale runs from March 13 to March 22. All the works are of the highest quality, Art Daily reveals that there are 25 committees made up of 155 experts who ensure quality, condition and authenticity. The entrance hall in the exhibition is decorated with thousands of flowers for an impressive display. Many are hoping that after the huge results earned by the Yves St. Laurent sale in Paris, collectors are once again in a spending mood.

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Tags: basquiat, diamonds, laurence graff, LaurenceGraff, tefaf

More Unhappy Returns In The Art Market

by Deidre Woollard (RSS feed) —

Filed under: Auctions, Art

This week's dismal art auction returns continued with the sale at Christie's New York on Wednesday night in which close to one third of the 75 lots found no buyers. The savvy shoppers were out in hordes though, Bloomberg reports that tennis star and collector John McEnroe, Salma Hayek and the ever art-hungry Eli Broad were in the room checking out the lots. The sale brought in $113.6 million which was around half its presale low estimate. Francis Bacon has been quite the hot seller of late, fueled to some extent by the buying habits of Russian billionaire Roman Abramovich. But last night a self-portrait by Francis Bacon that Christie's had estimated would sell for about $40 million couldn't find a new home.

And that collection of 16 drawings sold by Lehman Brothers Holdings Inc. Chief Executive Officer Richard S. Fuld Jr. and his wife, Kathy, brought in $13.5 million a bit below the low estimate of $15 million for the collection. More than half, a full 52 percent of the lots sold below the low estimate and Christie's guaranteed the sale of 39 lots, 12 of which didn't sell, which had a combined low estimate of $48 million. This means Christie's is on the hook for those works.

But every evening has its bright spots, Gerhard Richter's 1989 eight-foot-tall ``Abstraktes Bild (710),'' painted with a squeegee sold for $14.9 million. And you can't keep a good Basquiat down, Metallica drummer Lars Ulrich sold a 1982 Jean-Michel Basquiat painting ``Untitled (Boxer)'' for $13.5 million, above the $12 million estimate.

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Tags: art, basquiat, christies, francis bacon, FrancisBacon

Metallica Drummer to Auction $12 Million Basquiat

by Jared Paul Stern (RSS feed) —

Filed under: Auctions, Art

Metallica drummer Lars Ulrich is selling a massive 8-ft. wide Jean-Michel Basquiat painting at Christie's in New York on Nov. 12, where it's expected to fetch about $12 million. Untitled (Boxer) (above), painted in 1982, is an important "proxy self-portrait,'' Brett Gorvy, Christie's international co-head of postwar and contemporary art, tells Bloomberg. "The black artist as defiant hero.'" In 2002, Ulrich, a noted collector, sold Basquiat's 1982 Profit I at Christie's for $5.5 million. In July, Irish rock band U2 sold the artist's Untitled (Pecho/Oreja) for $10.1 million at Sotheby's in London. The auction record for a Basquiat work was set at Sotheby's in New York last year with the $14.6 million sale of 1981's Untitled.

Tags: Basquiat, Christies, Jean-Michel Basquiat, Jean-michelBasquiat, Lars Ulrich, LarsUlrich, Metallica, U2

U2 To Auction Off Famous Artwork

by Deidre Woollard (RSS feed) —

Filed under: Auctions, Art

Celebrities often buy and sell art, (as Hugh Grant did last year when he parted with his Warhol) but it's rarer that the painting belongs to a band. The piece above, a powerful painting by Jean-Michel Basquiat belonging to rock band U2, will be auctioned July 1 at Sotheby's London. Untitled (Pecho/Oreja), completed in 1983, is estimated to sell for £4-6 million ($7.775-11.662 million) but could go higher.

U2 bassist Adam Clayton first spotted the painting, which is acrylic, oil stick and paper collage on canvas, and the band bought it way back in 1989, a year after Basqiat's untimely death. It has hung in their Dublin studio ever since. The painting, which was begun when Basquiat was just 22 features some of his popular motifs including the stylized, skull-like face, the small crown and his use of words and scrawled lines to invoke an urgent chaos. BBC News reports that the current auction record for a Basquiat work stands at $14.6 million.

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Tags: art, basquiat, u2

Laurence Graff's Spendy Week

by Deidre Woollard (RSS feed) —

Filed under: Jewelry, Auctions, Celebrity Shopping, Art

Renowned jeweler Laurence Graff has a habit of spending big at the big jewel and art auctions but this week Graff really went overboard spending $40 million this week on rare red and blue diamonds in Geneva and scooping up contemporary art in New York. Bloomberg reports that Graff paid $8.4 million for a Warhol soup-can picture, $15.7 million for Warhol's double image of Elvis Presley. as well as Warhol pictures of Jackie Kennedy and Truman Capote and Jean-Michel Basquiat's portrait of Sugar Ray Robinson. In an interview Graff was quoted as saying that what he bought he mostly got at low estimates and that he thinks they will go higher (this even as a prominent art dealer named Warhol and Basquiat as two of the most overpriced artists). Graff wasn't just buying, he also sold $10 million of art at this week's auctions.

Also on Graff's shopping list this week on the business side was the 493 carat Letseng Legacy, the world's 18th largest known diamond. Graff and manufacturing partner SAFDICO beat out 10 other diamantaires, eventually paying $10.4 million.

[Thanks, Lana]

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Tags: art, basquiat, diamonds, expire-images:2008-11-16, laurence graff, LaurenceGraff, letseng legacy, warhol

Reebok Basquiat Sneakers

by Deidre Woollard (RSS feed) —

Filed under: Apparel

I saw these on The Stylephile and decided they were a must-have for my favorite artist who has a birthday coming up. Reebok has made a new collection of sneakers that are designed based on the unique designs of Jean-Michel Basquiat. Basquiat, whose works were recently shown in a comprehensive retrospective at the MOCA here in Los Angeles, was famous for his graffiti-inspired art. The sneakers have Basquiat's name on back, his signature crown and a Basqiuat design on the sole. The sneakers come in just a few colors and are made in limited runs of 500. The Stylephile says you can get them at%uFFFD Sportie L.A. or Barneys for $140 but I found my pair for $120 at Karmaloop.

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Tags: artist, basquiat, design, fashion, reeboks, sneakers

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