Francis Bacon

Last month when we wrote about an important Francis Bacon triptych being auctioned off at Sotheby's, we predicted it would blast past its $14 million high estimate. And indeed on Thursday Three Studies for a Portrait of Lucian Freud (above) sold for a whopping $37 million, or more than two and a half times the top quote, at the auction house's Looking Closely sale of 20th century artworks in London. In our original post we also put forward Bacon-loving oligarch Roman Abramovich as the likely buyer, since he's in the midst of decorating his new $230 million mega-mansion in London; while Thursday's purchaser was anonymous, we bet the Freud triptych will be hanging on Abramovich's wall before long. The Thursday sale, from works said to have belonged to the low-profile Geneva collector George Kostalitz who died last year, also saw a new auction record for any surrealist work of art – Salvador Dali's Portrait de Paul Eluard, which sold for $21.6 million.

A triptych portrait of artist Lucian Freud by Francis Bacon is the starring attraction at Sotheby's' Looking Closely sale of 20th century works in London on February 10. Three Studies for a Portrait of Lucian Freud (above) is estimated at up to $14 million. However, now that Bacon enthusiast Roman Abramovich has a new $230 million mega-mansion to decorate, we bet it could go much higher. Other top lots in the sale, said to have belonged to the low-profile Geneva collector George Kostalitz, who died last year, include works by Freud himself, Salvador Dali and Marc Chagall. "The works were bought between the 1960s and the 1990s," Helena Newman, Sotheby's European chairman of Impressionist and Modern Art, tells Bloomberg. "It's a personal collection of pieces that can be lived with on a domestic scale." The total high estimate for the works on offer is $85 million.

Russian oligarch Roman Abramovich is splashing out around $400 million to buy a private island in the heart of historic Saint Petersburg with plans to build an art museum there housing his incredible collection, the London Daily Telegraph reports. Abramovich, one of the richest men in the world, has quietly established himself as the world's leading collector of modern and contemporary art thanks to the influence of his beautiful young girlfriend Dasha Zhukova, the paper notes. New Holland island, which he has just acquired, is a crumbling 300-year-old former military base which belonged to the Russian admiralty. Abramovich plans to transform the 18th century warehouses into a cultural and commercial center in Russia's old imperial capital, including space for his amazing art collection, starring the record-breaking $86.3 million Francis Bacon triptych he bought in 2008, monumental works by Lucien Freud, Pablo Picasso and more.

A $30 million Mark Rothko, $25 million Andy Warhol, $18 million Roy Lichtenstein and $10 million Francis Bacon will headline Sotheby's stunning Contemporary Art sale in New York on Nov. 9. Though the least expensive of the top four lots the Bacon, 1985's Figure in Movement (above), is our favorite among the offerings. Bacon gave the painting to his personal physician, Dr. Paul Brass, and the sale marks it's historic first appearance to market. It featured prominently in the 2008 landmark exhibition Francis Bacon: A Centenary Retrospective at Tate Britain which traveled to the Metropolitan Museum of Art in New York. The Rothko, 1955's Untitled, is one of the artist's most monumental works measuring over 7.5 ft. high. Warhol's contribution is 1962's Coca-Cola, not particularly compelling but guaranteed to ride the wave of high prices realized for his work. The Lichtenstein, Ice Cream Soda, is also dated 1962 and has been in a private collection since it was originally purchased that same year.

World class works including nudes and celebrity portraits by Helmut Newton, Richard Avedon, Irving Penn, Mario Testino, Albert Watson and more are on offer at Christie's Photographs sale in London on May 21. Among the top-priced lots is Albert Watson's greatly enlarged contact sheet of a nude Kate Moss, taken in 1993, estimated at $29,000 - $44,000; his portrait of Uma Thurman meanwhile, also taken in '93, is estimated at $9,000 - $12,000. Mario Testino's iconic 1997 portrait of Princess Di is also expected to do well with an estimate of $26,000 - $32,000. Richard Avedon's portrait of artist Francis Bacon from 1979 is estimated at $18,000 - $26,000. Among the Helmut Newton offerings is 1976's famous Saddle, I (above) and 1980's Tied-up Torso, Ramatuelle, both estimated at $10,000 - $15,000. And Robert Mapplethorpe's nude Sonia Resika, 1988 is estimated at $4,000 - $7,000.

What do Pablo Picasso, Duke Ellington, Marlene Dietrich, Francis Bacon, Truman Capote, Helmut Newton and Jasper Johns have in common? All are featured in a brilliant new book of portraits by the late, great master of photography Irving Penn, who sought to capture the true persona behind the facade of famous figures. Published by the National Portrait Gallery in London in conjunction with an exhibition running at the museum through June 6, Irving Penn: Portraits features images brought together from major international collections for the exhibit. It includes a selection of superb reproductions from the exhibition's 120 silver and platinum prints, ranging from Penn's portraits for Vogue magazine in the 1940s to some of his last work prior to his death last year.

It looks like art market watchers (including me) were right for the wrong reasons. At the Sotheby's contemporary art auction last night, $84.5 million in sales were completed, but the highly coveted Lucian Freud didn't hit its low estimate. Lucio Fontana, Yves Klein, Willem de Kooning, Peter Doig and Frank Auerbach, however, led to pitched bidding battles.

The evening's highest price was paid for de Kooning's "Untitled XIV," which fetched 4 million pounds over the phone, beating its high-end estimate by a third. The seller was a collector from Europe who picked up the painting from the artist's estate. Doig's "Saint Anton (Flat Light)," an Alpine scene, was good for 2.8 million, also via phone.

But, Lucian Freud still stole the spotlight, if not the top bid. His self-portrait with a black eye carried a low-end presale estimate of 2.8 million – after having been offered at a lower price in private sale before the auction. The seller, Victor Chandler, is a bookmaker based in Gibraltar with a penchant for secrecy: his press officer refused to be named (according to Bloomberg News).

The Lenz collection, also high-profile, performed very well at Sotheby's. Only one of the 47 lots wasn't able to move, and the entire collection sold for 23.2 million pounds, soundly beating a presale estimate of 11.2 million pounds to 15.2 million pounds. The most expensive piece was Klein's "Fire" painting "F 88," which brought in 3.3 million pounds, just shy of its high estimate of 3.5 million.

The evening's surprise came from Auerbach, who's 1956 drawing was purchased by London art dealer Offer Waterman for 1 million pounds, far above the presale estimate of 50,000 pounds to 80,000 pounds. Interestingly, Sotheby's senior international specialist Oliver Barker noted to Bloomberg News, "The gap between Auerbach and Freud and Bacon is closing." Are we seeing a new evolution in the Francis Bacon supply chain?

Overall, the contemporary art auction beat its high-end presale estimate of 45 million pounds and thrashed the 2009 result for the same auction, a mere 17.9 million pounds for 27 lots.

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.

Collectors are looking and thinking. They might take action, but it's still too soon to tell. The action at Foire Internationale d'Art Contemporain (FIAC) in Paris is deliberate: nobody's rushing to put their cash on the table. However, there are signs that some pricey and prestigious pieces may sell.

Last week, a painting by Piet Mondrian was put on reserve, at a price between $30 million and $40 million. One of Pablo Picasso's works was reserved, as well, at $24 million. Back in the art boom, these pieces would have been snapped up already, but dealers are saying that it's taking longer to complete sales at FIAC this year than last year. Even billionaires need convincing in this market, it seems.

Also, there's a greater desire to stay under the radar. Whether it's to maintain some privacy or hide the fact that they have the means to spend more than they like, some owners and buyers are turning to private sales. Bargains, thus, won't make it into the public record – sparing sellers the embarrassment and preventing the other holdings of all collectors from sustaining a measurable decline in value. If premiums are paid, buyers won't have to reveal that they have the cash to pay more, preventing prices from increasing broadly.

The big money's in Paris this season. Last night, a $24 million painting by Pablo Picasso of his mistress, Marie-Therese Walter, was put on reserve at the VIP preview of the Foire Internationale d'Art Contemporain. The FIAC is France's largest art fair, and it follows the Frieze Art Fair in London. The French fair hopes to capitalize on Frieze's momentum, where dealers indicated that sales were up from 2008.

Picasso isn't the only major artist whose work is up for sale at a major price. L+M Arts, from New York, has put Francis Bacon's "Portrait of George Dyer Takling," which is being priced at approximately $40 million, and Fernand Leger's "Le Grand Dejeurner" is being shown by Daniel Malingue for $20 million to $25 million. The fair is already well attended, with Bernard Arnault, chairman of LVMH, and his ilk already in attendance.

FIAC ends on October 25, 2009 and has more than 200 modern and contemporary art dealers showcasing the work they represent. Most of the exhibits are in the Grand Palais, with another 80 by younger living artists displayed in a temporary structure in the Cour Carree of the Louvre. The art market slump has led to smaller numbers this year, with 40 galleries that participated last year not returning to Paris this year.

The Frieze Art Fair is drawing the right kind of people this year, even if the art market is showing little more than hope (and even that's debatable). Roman Abramovich - billionaire, Francis Bacon fan - has been seen scoping out the merchandise. Gwyneth Paltrow is at the show, too. Both were at the VIP preview (separately), and David Ganek made an appearance as well. Ganek is a hedge fund manager and art collector, and his wife, Danielle wrote a god-awful novel about the art business in Manhattan.

The Frieze Art Fair runs through October 18 and occupies 70,000 square feet in Regent's Park. In attendance are 165 gallery owners from 30 countries, all eager to take advantage of collectors excited to be at Europe's largest art fair. But, they have their work cut out for them. Auction sales are down between 70 percent and 80 percent from last year, and that's usually a pretty good sign of how the art market as a whole is doing.

There is some action at Frieze this year. Artist Jim Hodges has an exhibition at the Pompidou Center in Paris that's captured the attention of a museum. Stefan Edlis, Jean Pigozzi and David Roberts - all prominent collectors - have been seen at the fair. Art dealer Marianne Boesky moved 13 paintings from a new series of 15 watercolors by Barnaby Furnas that depict the capture and execution of John Brown, the Civil War abolitionist. Prices ranged from $25,000 to $30,000.

After the dismal situation at Frieze in 2008, there's a collective desire for this year to be better. While wishing for an art market recovery probably won't make a difference, the sentiment itself is comforting.

Last year, Vanity Fair's "New Establishment" list was hefty with art market players. This year, the magazine noted that the Wall Street folks and "big media" got their asses handed to them ... but a quick look shows that the arts got slammed, as well.

In 2008, the entire Francis Bacon supply chain showed up on the list. Bacon-inspired Damien Hirst (shown at right) filled the production link, with dealer Larry Gagosian moving Hirst's product and Roman Abramovich buying up not the Bacon-inspired but the works of the master himself. And, they wound up in some hefty positions. Hirst hit #31, with Gagosian close behind at #38. Of course, deep pockets win, which is how ol' Roman pierced the top 10 (at #8).

This year? Well, the Francis Bacon supply chain didn't fair as well. Abramovich was ignored completely, along with Gagosian. Hirst was tossed into the "Pit Stop," where he's joined by shark-loving hedge fund manager and art collector Steve Cohen, who sacrificed $750 million of his own wealth to the financial crisis.

While Cohen keeps the comings and goings of SAC Capital Advisors under wraps, we do know that Hirst had to layoff 20 employees. There's a silver lining, though. With Hirst having to do more of his own work, we probably won't have to see as much of it.

Reflecting the lower prices for contemporary art brought on by the recession, there are some relative bargains to be had at Christie's Post-War & Contemporary Art auction in London on June 30. Chief among them is Jean-Michel Basquiat's Red Skull (above), painted in 1982 and estimated at only $2.4 million - $3.2 million. Other potential steals include Richard Prince's Country Nurse, est. at $2.4 million - $3.2 million; Jeff Koons' Moustache, est. at $1.9 million- $2.8 million; Francis Bacon's Study for Portrait, est. at $1.2 million - $1.9 million; and Andy Warhol's Self-Portrait, est. at only $800,000 - $1.2 million. The results will no doubt be closely monitored by art world insiders.

If you can't make it to "Francis Bacon: A Centenary Retrospective" at the Metropolitan Museum of Art in New York this month you can still enjoy the great painter's works courtesy of art book imprint Skira Rizzoli. Francis Bacon, a comprehensive study of the seminal 20th-century painter (and oligarch favorite) "provides a radical reassessment of his major achievements and his enduring importance for the twenty-first century."

Bacon developed a way of portraying the human body that was unique in the history of painting - "usually in isolation, at moments of extreme tension or even pain, his figures distorted as if in a fantastical nightmare," as the authors note. In addition to 250 full-color plates, the book also reveals Bacon's inspirations, including magazine tear sheets, photographs, and imagery from films. The book, which will be published later this month, is currently available for pre-order on Amazon.

Art auction houses are looking to protect themselves. Lacking a local "enforcer" to find once eager collectors and shake them down for every last dollar, the likes of Sotheby's and Christie's will spend the coming fortnight managing expectations while trying to eke out a living. Atop the agenda this season is the notion of protecting price levels for Impressionist, modern and contemporary pieces.

Reality has struck.

Sotheby's has revealed a sales target of $179 million to $256 million for the spring. Last fall, the auction house hit $411 million – which is paltry compared to the $742 million take at this time last year. The showpiece now is "Baroque Egg with Bow," a sculpture by Jeff Koons, which carries a Sotheby's estimate of $6 million. While this sounds rich for today's market, the house almost quadrupled that amount with a sculpture from the same artist in 2007.

For those who haven't been keeping score, 2007 for the art world was like 1999 for technology people.

By reinforcing concern through modest estimates and carefully selected lots, the major (and smaller auction houses) are subtly positioning themselves for any unexpected support. A strong spring auction – as measured by current economic conditions – could cause global art market confidence to rebound. A turn for the worse, however, would be exacerbated by already depressed hopes.