LucianFreud

Lucian Freud at the Pompidou Could Boost Prices

Filed under: Art

Lucian Freud is coming back to the Centre Pompidou for the first time since his first retrospective was held in 1987 – at the same museum. Historically, these exhibitions have been great for collectors of Freud's work, according to Artprice.

A 2002 Freud retrospective at the Tate kicked off a nearly immediate 185 percent increase in the index for this artist, and by 2004, he became a staple at prestigious auctions, and his sales revenue surged 450 percent. In 2005, the Freud price index, according to Artprice, gained 41 percent, and demand for his work was substantial. He debuted on the list of top 10 artists at auction, with an aggregate total of $33.7 million for the year.

Of course, the 2005 results paled in comparison to 2008, in which Roman Abramovich made Freud the most expensive living artist (seizing the title from Jeff Koons) with the $30 million purchase of "Benefits Supervisor Sleeping" – a familiar enough topic for anyone who's looked for some help from the human resources department. Yet, the upside was short-lived.

No piece by Freud crossed the $1 million mark in 2009, and with only $405,000 in auction results, he ranked 1,327th at auction, just above ... someone who is likely irrelevant in the global art community. The auction houses couldn't try to sell the good stuff, though, because nobody would put it on the block. Only prints and drawings were offered.

Did the Sotheby's auction last month signal a turn? Both "Self-Portrait with a Black Eye" and "Guy and Speck" crossed not just he million dollar but the million pound threshold, though the hype around Freud failed to materialize. Maybe Freud will lag the market in recovering, but that's probably because the art market is showing such a robust return.

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Tags: art, art market, ArtMarket, france, Jeff Koons, JeffKoons, lucian freud, LucianFreud, paris, Pompidou, PompidouCenter, roman abramovich, RomanAbramovich, tate modern, TateModern

Art Market Analysis: Revenue Surges 255%, Confidence Climbs

by Tom Johansmeyer (RSS feed) —

Filed under: Auctions, Art

The Christie's and Sotheby's February contemporary art sales surged 255% year-over-year, thanks in large gain relative to the severely depressed baseline created by the financial crisis. Continuing a trend that began last November, with the $39 million sale of Andy Warhol's "200 One Dollar Bills," the art market's showing solid and healthy growth, not a return to the abject stupidity of 2007.

How can you tell the difference? Well, the fact that Alberto Giacometti's "L'homme qui marche I" set a new record at £58 million while Lucian Freud's much-hyped self-portrait with black eye failed to reach the low-end presale estimate, despite the fact that Sotheby's billed it as "the most important self-portrait by the artist ever to he appeared at auction." This represents a profound departure from the prices of $30 million or more that his work used to command.

At Christie's, Yves Klein was responsible for around quarter of the revenue that came in the door, though work by Andy Warhol, Peter Doig, Martin Kippenberger and Richard Prince crossed the £1 billion threshold.

The Art Market Confidence Index by Artprice indicates that art prices will increase over the next quarter.

Tags: andy warhol, AndyWarhol, art auction, art auctions, art market, ArtAuction, ArtAuctions, ArtMarket, Christies, ChristiesAuction, ChristiesAuctionHouse, giacometti, lucian freud, LucianFreud, peter doig, PeterDoig, richard prince, RichardPrince, Sotheby, sothebys

Freud Flops at Sotheby's Surges in Contemporary Art Auction

by Tom Johansmeyer (RSS feed) —

Filed under: Auctions, Art

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.

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Tags: art auction, art auctions, art collecting, art collection, art collector, art dealer, art market, ArtAuction, ArtAuctions, ArtCollecting, ArtCollection, ArtCollector, ArtDealer, ArtMarket, auction house, auction houses, AuctionHouse, AuctionHouses, francis bacon, FrancisBacon, london, lucian freud, LucianFreud, peter doig, PeterDoig, Sotheby, sothebys, Willem De Kooning, WillemDeKooning, yves klein, YvesKlein

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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Rare Lucian Freud Self-Portrait Set for $6.5 Million Sale

by Jared Paul Stern (RSS feed) —

Filed under: Auctions, Art

British painter Lucian Freud's Self-Portrait with a Black Eye, painted in 1978, headlines an impressive collection of work on offer during Sotheby's Contemporary Art auction in London on Feb.10. The brilliant artist's extremely rare self-portrait, never previously exhibited in public, is expected to fetch up to $6.5 million and is one of five Freud paintings crossing the block during this event. Also on offer are Willem de Kooning's key late work Untitled XIV, painted in 1983 and estimated at $3.25 million - $4.29 million; the monumental Abstraktes Bild from 1988 by Gerhard Richter, estimated at $3.25 million - $4.8 million; and Andy Warhol's Jackie from 1964, one of the artist's best known portraits of the famed first lady, estimated at $1.3 million - $2 million.

Tags: Andy Warhol, AndyWarhol, contemporary art, ContemporaryArt, Gerhard Richter, GerhardRichter, London, Lucian Freud, LucianFreud, Sothebys, UK, willem de kooning, WillemDeKooning

Art Auction: No Guarantees

by Tom Johansmeyer (RSS feed) —

Filed under: Auctions, Art

Nobody can find a trace of the good vibes from the May contemporary art auction at Christie's. London art sales are off an estimated 70 percent this month from a year ago. The amount of top-shelf lots being offered has fallen precipitously. Auction house price guarantees are little more than a quaint novelty – this last bit spells continued heartache for the beleaguered art market.

So, if you're looking for Pablo Picasso, Francis Bacon or Richard Prince, you're more likely to find them in a museum than under the gavel.

The lack of price guarantees has been particularly problematic for the art market. Without that fallback position, collectors are withholding their pieces from auction, instead pursuing private sales ... or simply continuing to hold the pieces. It follows traditional investment strategy. Would you buy high and sell low? The same thinking applies to the art market.

Last year, six works were guaranteed and sold for more than $20 million. This year, nothing is expected to cross that threshold at auction. Both Sotheby's and Christie's have shrunk their catalogues by 10 percent and are even using these auction marketing tools to promote their private sale departments.

All of this sets the stage for the upcoming Impressionist auctions at Christie's (June 23, 2009) and Sotheby's (June 24, 2009). Estimates are low, with the former at $62 million and the latter at $44 million. Last year's estimates were well over twice this year's. On the June 25, 2009, Sotheby's will hold a contemporary auction and expects to pull in a mere $31 million, down more than two-thirds. The Christie's contemporary auction on June 30, 2009 is estimated at $29 million, down 78 percent from last year's estimate. There won't be as many works from the masters coming to market, thanks to the absence of guarantees.

Looking for a cool piece by Lucian Freud? Try MoMA.

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Tags: art, art auctions, art market, ArtAuctions, artist, ArtMarket, artwork, auction, auction-house, auctions, christies, lucian freud, LucianFreud, pablo picasso, PabloPicasso, richard prince, RichardPrince, sothebys

Art Houses Brace for Worst but Leave Room for Hope

by Tom Johansmeyer (RSS feed) —

Filed under: Auctions, Art

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.

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Tags: art, art auction, art auctions, ArtAuction, ArtAuctions, artist, artists, artwork, auction, auction house, auction houses, auction-house, auctionhouse, auctionhouses, auctions, bargain hunters, bargain hunting, BargainHunters, BargainHunting, christies, damien hirst, DamienHirst, financial crisis, FinancialCrisis, francis bacon, FrancisBacon, jeff koons, JeffKoons, lucian freud, LucianFreud, recession, sotheby, sothebys

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Lucian Freud's Chateau Mouton Rothschild Label

by Deidre Woollard (RSS feed) —

Filed under: Wine, Art

The latest artist to grace the famous label of Château Mouton-Rothschild will be Lucian Freud. Freud, who is the grandson of Sigmund Freud, is one of the most famous and most collectible of the modern artists (his picture Benefits Supervisor Sleeping sold for over $33 million last year). Freud's label for the 2006 vintage of Château Mouton-Rothschilld shows a playful image of a red-striped zebra and a potted palm tree that recalls one of his earliest works, The Painter's Room from 1944. It is a far cry from the controversy-causing portraits which often show his famous and non-famous subjects with their lumps and bumps exposed. As is tradition, Freud will be compensated for his work with cases of the Mouton bearing his label. Picasso, Dali, Andy Warhol and even Prince Charles are among the artists who have designed for the label before. Check out the gallery below for some of the most famous labels.

Gallery: Chateau Mouton Rothschild Labels

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Tags: lucian freud, LucianFreud, mouton, rothschild, wine

Christie's to Auction Rare Lucian Freud Portrait

by Tracy Chait (RSS feed) —

Filed under: Auctions, Art

Christie's has announced it will offer one of the two Lucian Freud portraits of Francis Bacon in its Post-War and Contemporary Art auction in London this October. Pilar Ordovas, Christie's Head of Post-War and Contemporary art, calls it an "intimate portrait" that is a testament to the relationship between arguably the two "most important British artists of the 20th century."

The piece is estimated to reach bids of up to £7 million, though if last May's sale of Freud's Benefit Supervisor Sleeping is any indication, it might go for more -- that painting sold for $33 million.

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Tags: auction, christies, francis bacon, FrancisBacon, lucian freud, LucianFreud, postwar art, PostwarArt

Millionaire Destroyed Priceless Lucian Freud Painting

by Jared Paul Stern (RSS feed) —

Filed under: Auctions, Art

British painter Lucian Freud's portrait Benefits Supervisor Sleeping (above) sold to Russian billionaire Roman Abramovich for $33 million in May, setting a new world record for a living artist, and no doubt making him very happy. Freud just got some bad news, however; the artist was recently informed that one of his subjects, Bernard Breslauer, destroyed a similar portrait because he found the work "unflattering". Breslauer, a famed millionaire New York rare books dealer who once bought a Gutenberg Bible, destroyed the painting because of Freud's "unsightly depiction of his double chin," the London Daily Mail reports.

The destruction of the multimillion dollar painting by Breslauer, who died at the age of 86 in 2004, was discovered by a curator researching works painted by Freud between 1939 - 1954 for a retrospective exhibition taking place in London next month. Freud is reportedly extremely distraught at the discovery - as are Breslauer's heirs, no doubt.

Tags: Bernard Breslauer, BernardBreslauer, Gutenberg Bible, GutenbergBible, London, Lucian Freud, LucianFreud, roman abramovich, RomanAbramovich

Rare Never Exhibited Bacon on Offer at Christie's

by Jared Paul Stern (RSS feed) —

Filed under: Auctions, Art

A rare Francis Bacon triptych that has never before been seen in public and has never been offered at auction is expected to fetch over $20 million during Christie's Contemporary Art Sales in London at the end of the month. Painted in Paris in 1975, Three Studies for a Self Portrait (above) is similar in character to the Bacon triptych that sold for $28 million at Christie's last month. Also starring in the sales on June 30 through July 1: Lucian Freud's Naked Potrait with Reflection, one of the most important works by the artist ever to be offered at auction, est. $20 million - $30 million; Jeff Koons' Balloon Flower (Magenta), 1995-2000, the most important Koons work ever offered at auction in Europe, est. about $25 million; Andy Warhol's Nine Multicolored Marilyns, est. $5 million - $7 million; and Jean-Michel Basquiat's Trunk, painted in 1982, est. $2 - $3 million.

Gallery: Christie's Summer Sale

Tags: Andy Warhol, AndyWarhol, Christies, Contemporary art, ContemporaryArt, Francis Bacon, FrancisBacon, Jean-Michel Basquiat, Jean-michelBasquiat, Jeff Koons, JeffKoons, Lucian Freud, LucianFreud, Marilyn Monroe, MarilynMonroe

Christie's $400 Million Contemporary Art Auction

by Jared Paul Stern (RSS feed) —

Filed under: Auctions, Art

On May 13, Christie's New York will stage an incredible Post-War and Contemporary Art sale that could realize close to $400 million. Several museum-quality works are on offer among the 57 lots, and Christie's expects several records to be set. Highlights include Francis Bacon's 1976 Three Studies for Self -Portrait, estimated at $25 - $35 million; a morbidly obese Lucian Freud nude, billed as the most important Freud painting ever offered at auction, also est. $25 - $35 million; Willem De Kooning's 1975 Untitled IV, est. $10 - $15 million; several major works by Andy Warhol including his 1962 Campbell's Soup Can (Pepper Pot), est. $6 - $8 million, and his 1986 Self-Portrait, pictured here, est. $2.5 - $3.5 million; Jean-Michel Basquiat's 1987 Victor 25448, est. $4.5 million - $6.5 million; and many more. Some story-hungry members of the press may be rooting for an art market crash, but we're not buying it.

Gallery: Christie's Contemporary Art Auction

Tags: Andy Warhol, AndyWarhol, Christies, contemporary art, ContemporaryArt, Damian Hirst, DamianHirst, Francis Bacon, FrancisBacon, Jackie Kennedy, JackieKennedy, Jean-Michel Basquiat, Jean-michelBasquiat, Lucian Freud, LucianFreud, Willem De Kooning, WillemDeKooning

Damien Hirst Is Most Expensive Living Artist

by Rigel Celeste (RSS feed) —

Filed under: Art

Damien Hirst is now the world's most expensive living artist, which is quite a title considering the price many pieces are going for at auction these days. America's Jasper Johns held the honor previously, on and off since the 1980s, along with Willem de Kooning from 1989-1997. Damien Hirst officially took the title when his Lullaby Spring pill cabinet sold for $19.1 million at Sotheby's, but he didn't take it directly from Jasper Johns. Just 24 hours earlier artist Lucian Frued had the title (yep, for just one day) after his "Bruce Bernard" portrait sold for $16.5 million in London.

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Tags: art, artist, damien hirst, DamienHirst, europe, european, expensive, freud, hirst, jasper johns, JasperJohns, johns, lucian freud, LucianFreud, most expensive, MostExpensive, sotheby's, sothebys