PostwarArt

Giacometti on the Block: Family Collection to Move at Christie's in Paris

Surrealist, modern and postwar pieces will go under the gavel next week at the Christie's Impressioniste et Moderne auction in Paris. More than 140 lots will be offered on December 1, 2009, with presale estimates ranging from $6 million to $9 million. Among the artists represented in the auction, which consists of the Lefebvre-Foinet collection, are Alberto Giacometti, Max Ernst, Henri Matisse and Zao Wou-Ki. The collection was amassed over five generations, with the latest in the family making the decision to sell.

A portrait of Maurice Lefebvre by Giacometti could fetch between $1 million and $1.5 million, but other lots are more attainable. "Lyrical Explosion C," by Alberto Magnelli, is expected to sell for $210,000 to $270,000, and Sonia Delaunay's "Colored Rhythms No. 615" could go for up to $160,000. Playing on the success of the market for Chinese art, Zao Wou-Ki's "5.11.64" could move for as much as $600,000.

Paris has done pretty well through the art market slump, especially when the auctions deviate at least somewhat from the norm. Though there aren't any guarantees, let's keep an eye on this one. It could be the touch of fresh air we need.

[Photo via Christie's]

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Tags: art, art auction, art auctions, art market, ArtAuction, ArtAuctions, Artists, ArtMarket, artwork, auction, auction-house, AuctionHouse, auctions, Christies, contemporary art, ContemporaryArt, giacometti, matisse, max ernst, MaxErnst, modern art, ModernArt, paris, paris france, ParisFrance, PostwarArt, surreal, surrealism, surrealist, Zao

Art Market Confidence Is Up, Sales Come Next

by Tom Johansmeyer (RSS feed) —

Filed under: Art

The hint of a recovery we got in the first half of 2009 has fallen off a bit,according to Art Price's Art Market Confidence Index. The latest report suggests that art prices have dropped 37 percent since January 1, 2008, when the art market first showed signs of weakness. But, there are some indications that it's headed in the right direction over all. Art Price does state that the third quarter is almost always weak. Only 12 percent of auction lots sold during all third quarters over the past decade, and low sales volumes tend to mean low prices.

The art market appears to have hit its worst point in the first quarter of this year, when art prices were down 38 percent over the previous 15 months. Values plunged to 2004 levels, and spectators figured that conditions would only get worse. Prices edged up 1.2 percent after the first quarter, but a slow summer didn't yield any real progress.

Art Price sees the November results as promising, with seasonally adjusted growth for the Post-War period up 2.1 percent since March and the Old Masters picking up 4.5 percent. And, for the past two quarters, only 38 percent of lots failed to sell, and it looks like October and November will stay consistent with that result.

More than anything else, the numbers suggest that confidence is increasing -- which is the first step in a recovery.

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Tags: art, art auction, art auctions, art market, art sales, ArtAuction, ArtAuctions, ArtMarket, ArtSales, artwork, contemporary art, ContemporaryArt, Old Masters, OldMasters, PostwarArt

Art Market Turning? Autumn to Confirm or Deny

by Tom Johansmeyer (RSS feed) —

Filed under: Auctions, Art

The Art Price Global Index suggests that the art market started to turn at the middle of the year, but it's going to take the autumn art season to confirm whether this is a false positive or the start of a new trend. Maybe the slight improvements in economic conditions are leading to more art market confidence (and spending), or perhaps they're just sick to death of being in a slump.

Art prices increased by 4.97 percent at the end of the second quarter, according to the Art Price Global Index. This comes after the index fell a total of 30 percent from the start of 2008. The collective will of art collectors, dealers and auctioneers probably won't be enough to change the art world, but it could happen at the same time. The Art Market Confidence Index gained 20 points during the second quarter, supporting the notion that we're all ready for this to be over.

It was still a tough quarter for Post-War and Contemporary artwork, which saw prices drop nine percent and four percent, respectively. But, the rest of the art market has fared better, thanks in large part to the increase in the number of affordable works brought under the gavel. So far this year, 79 percent of pieces sold for less than €5,000, up from 73 percent in 2008. Paintings and multiples declined, as well, by 31 percent and 41 percent, respectively, since 2008. With 4 percent and 5 percent price drops in the second quarter of 2009, their prices have returned to 2004 levels.

But, the summer's pretty quiet for the art market. We won't be able to confirm a recovery until the fall auction season begins. Then, we'll know if wallets are ready to be opened and stay that way for a while.

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Tags: art, art auction, art auctions, art collecting, art collection, art collector, art market, ArtAuction, ArtAuctions, ArtCollecting, ArtCollection, ArtCollector, artist, ArtMarket, artwork, auction houses, auction-house, auctionhouse, AuctionHouses, contemporary art, ContemporaryArt, painting, paintings, postwar art, postwarart

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