francis bacon

Blame Andy Warhol for Drop in Auction Sales

Filed under: Art

It's no surprise that last year's art market looked nothing like that of 2007. Last year, the top 10 artists by sales racked up $1.7 billion and accounted for 20 percent of the global art market on 1.5 percent of transactions. This slip in the big revenue number is a lot different from 2007, in which the top 10 brought in $1.8 billion, a year-over-year gain of 50 percent, according to ArtPrice.

Andy Warhol was the problem last year.

The top artist of 2007 fell substantially last year. In 2008, only $236.7 million in Warhol sales occurred – compared to $420 million the year before. As a result, Warhol slid from the #1 spot to #3, and Picasso regained the apex. Francis Bacon moved from #3 to #2 on sales of $256 million. Unbelievable growth of 514 percent in his work from January 2005 to January 2008 turned abruptly, and the artist finished last year down 48 percent ... not that he'd give a tinker's damn about it.

Despite the economic challenges, the price of admission grew. Last year, sales in a particular artist at auction had to reach $91.8 million to hit the big time, up from $87 million in 2007, $59.6 million in 2006 and a comparatively paltry $33.7 million in 2005.

Take a look at the scorecard after the jump.

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Tags: andy warhol, AndyWarhol, bacon, claude monet, ClaudeMonet, damien hirst, DamienHirst, degas, francis bacon, FrancisBacon, gerhard richter, GerhardRichter, hirst, pablo picasso, PabloPicasso, picasso, warhol

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Sotheby's Opens in Doha, Bizarre Timing

by Tom Johansmeyer (RSS feed) —

Filed under: Auctions, Art

Once the undisputed land of conspicuous wealth and consumption, the United Arab Emirates is being squeezed by a large drop in oil prices. It's a shame this comes after the region's addiction to art has become fully entrenched. Sotheby's is planning its first contemporary art sale from its new Doha, Qatar branch on March 18, 2009 – also the opening day of the Art Dubai fair. Hell, it's enough to make you "scream" (see photo).

This looks like the triumph of ambition over common sense, but Sotheby's was probably too far into its Middle Eastern endeavors before the bottom fell out on the region's finances. And with Bonhams and Christie's already in town, Sotheby's had little choice but to follow.

The UAE has committed quickly to the art scene. Abu Dhabi is working on building a Louvre, and is erecting a Guggenheim. Last year, art auction revenues reached $34.9 million, up 70 percent from 2007. But, the upcoming auction should be tricky, particularly with the poor performance of the sector last fall in more established markets, like New York, London and Hong Kong.

In around two weeks, we'll see if Sotheby's will be able to make this new auction house work, or if it will fall victim to the greater recession-triggered decline in the art market. The Mei Moses All Art Index dropped 4.5 percent last year. This seems like a modest amount, but you need to remember that record-setting sales continued through the middle of the summer. Last May, Roman Abramovich was a billionaire with a new Francis Bacon piece in his collection. Today ... we know he feels pain, too. The second half of the year wiped out the first half's records and pulled prices down further.

It's a tough time to count on the market to make Sotheby's Doha a success, but the market doesn't give us choices.

[Photo: "El Grito" by Julio Aguilera]

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Tags: abramovich, abu dhabi, abu dubai, AbuDhabi, AbuDubai, art, art auction, art auctions, art market, ArtAuction, ArtAuctions, ArtMarket, artwork, bonhams, bonhams auction, BonhamsAuction, christies, contemporary art, ContemporaryArt, doha, dubai, francis bacon, FrancisBacon, guggenheim, guggenheim museum, GuggenheimMuseum, qatar, roman abramovich, RomanAbramovich, sothebys, sothebys international realty, SothebysInternationalRealty, uae, united arab emirates, UnitedArabEmirates

Francis Bacon Anthology

by Jared Paul Stern (RSS feed) —

Filed under: Art, Books

The contemporary art market has hit such hard times that even eternal bankables like Francis Bacon are being affected; even a relatively cheap painting of his failed to sell at Sotheby's in December. Expect interest in the twisted Irish genius to revive when a massive centenary exhibition if his work opens in at NYC's Metropolitan Museum of Art in the spring, however. Meanwhile, you can sate yourself on a slew of new Bacon books just hitting shelves. For starters there's an English edition of a lavish catalog produced for an exhibition in Milan earlier this year, Francis Bacon: Anthology by Rudy Chiappini (above), which covers the whole of Bacon's oeuvre dating from the 1930s, as well as a revised edition of Michel Leiris' landmark monograph on the artist. Others focus on Bacon's portraits and his photography collection - but if you just want a nice buzz as opposed to an OD, we'd go with the Anthology.

Tags: Contemporary Art, ContemporaryArt, Francis Bacon, FrancisBacon, Metropolitan Museum, MetropolitanMuseum

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

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

Abramovich's Girlfriend Parties with Supermodels in Moscow

by Jared Paul Stern (RSS feed) —

Filed under: Events, Art

Our friends at Kempt spotted Dasha Zhukova, Russian oligarch / Luxist mascot Roman Abramovich's gorgeous 27-year-old girlfriend, partying with supermodels and movie stars at an A-list art gallery opening in Moscow the other night. Zhukova (right) rubbed elbows with the likes of Russian supermodel Natalia Vodianova (left), sexy star of several ad campaigns, at the opening for megabucks art dealer Larry Gagosian in a former chocolate factory. As we reported recently, Abramovich has bankrolled a new Moscow art gallery for Zhukova, which will mount a major Francis Bacon exhibition in 2010. At the Gagosian show, works by the likes of Jeff Koons and Vuitton collaborator Takashi Murakami were on display.

Tags: dasha zhukova, DashaZhukova, Francis Bacon, FrancisBacon, Gagosian Gallery, GagosianGallery, Jeff Koons, JeffKoons, Kempt, Larry Gagosian, LarryGagosian, Moscow, natalia vodianova, NataliaVodianova, Russia, Supermodels, takashi murakami, TakashiMurakami

$6 Billion Francis Bacon Exhibit Opens in London

by Jared Paul Stern (RSS feed) —

Filed under: Art

Most of megabucks Irish artist Francis Bacon's major works - an estimated $6 billion worth in total - just went on exhibit at the Tate Britain in London. As my colleague Deidre Woollard reported in May, Luxist mascot Roman Abramovich slapped down a record-breaking $86.3 million for a Bacon triptych at Sotheby's.

The exhibition will run through January 2009; as we noted earlier this month, Abramovich is bankrolling a Bacon show of his own at his girlfriend's Moscow gallery in 2010. Meanwhile, the Times of London just declared Bacon, who died in 1992 long before his prices went ballistic, to be the "single greatest artist that Britain has produced in the past 100 years." That must come as something of a shock to Damien Hirst.

[via Men.Style]

Tags: contemporary art, ContemporaryArt, Francis Bacon, FrancisBacon, London, Museums, roman abramovich, RomanAbramovich, Sothebys, Tate Britain, TateBritain

Abramovich Bankrolls Bacon Show at Girlfriend's Gallery

by Jared Paul Stern (RSS feed) —

Filed under: Art, Wealth

Profligate Russian billionaire Roman Abramovich is bankrolling a major Francis Bacon exhibition at his gorgeous 27-year-old girlfriend Dasha Zhukova's new Moscow art gallery in 2010. The show at the luxe gallery, called the Garage Center for Contemporary Culture and also financed by Abramovich, will be entitled Death Shadowing Life: Francis Bacon: The Late Paintings, 1971-92, and will subsequently travel to the Hermitage Museum in St. Petersburg, The Art Newspaper reports. The announcement would seem to explain Abramovich's astounding $86.3 million acquisition of a Bacon triptych at Sotheby's in May. Zhukova's gallery officially opens on Sept. 16 with an Ilya Kabakov retrospective.

Tags: Art galleries, ArtGalleries, contemporary art, ContemporaryArt, Dasha Zhukova, DashaZhukova, entertainment-awards, Francis Bacon, FrancisBacon, Hermitage Museum, HermitageMuseum, Ilya Kabakov, IlyaKabakov, Moscow, roman abramovich, RomanAbramovich, Russia, Russian billionaires, RussianBillionaires, Sothebys

Bacon, Basquiat, Prince and Warhol Star in Sotheby's Sale

by Jared Paul Stern (RSS feed) —

Filed under: Auctions, Art

Not to be outdone by archrival Christie's, Sotheby's is staging its own major Contemporary Art auction in London on July 1st. With total pre-sale estimates topping $130 million, the event is being billed as "the highest value summer sale of contemporary art ever held by Sotheby's in Europe." The untitled Jean-Michel Basquiat painting belonging to Irish rockers U2 that my colleague Deidre Woollard mentioned earlier this month is a top draw in the auction, with an estimate of $8 - $12 million.

Other highlights include two important works by Francis Bacon: Figure Turning, painted 1962, est. $20 - $30 million, and Study for Head of George Dyer, painted in 1967, est. at over $16 million. Rounding out the other notable big-ticket items are Richard Prince's Overseas Nurse, 2002, est. at $8 - $12 million - more than the current Prince auction record; and Andy Warhol's 1964 Large Campbell's Soup Can (pictured right), est. $5 - $7 million. Also of interest: tennis great John McEnroe is selling his 1986 Warhol portrait with ex Tatum O'Neal, est. only $500,000 - $700,000. See the gallery for images.

Gallery: Sotheby's Summer Sale

Tags: Andy Warhol, AndyWarhol, Contemporary art, ContemporaryArt, Francis Bacon, FrancisBacon, Jean-Michel Basquiat, Jean-michelBasquiat, John McEnroe, JohnMcenroe, Richard Prince, RichardPrince, Sothebys, U2

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

Roman Abramovich, Last Week's Big Art Spender

by Deidre Woollard (RSS feed) —

It seems that whenever a question of big spending comes up all around the world, one name is always bandied about. Mukesh Ambani may be the world's richest man but it's Roman Abramovich who does the most spending. And he was at it again last week busy at both Sotheby's and Christie's. The Art Newspaper reports that the Russian billionaire bought both Francis Bacon's Triptych, 1976, which sold at Sotheby's New York for $86.3 million and Lucian Freud's Benefits Supervisor Sleeping, 1995, which sold at Christie's for $33.6 million. Why the interest in art from a man who is more famous for his real estate and his huge yachts? Apparently he's looking to furnish his London home. and his girlfriend, Dasha Zhukova, is also an art lover who is planning to is to open a new gallery in Moscow specializing in contemporary art.

[Thanks, Lana]

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Tags: art, contemporary, expire-images2009-5-19, francis bacon, lucien freud, roman abramovich, RomanAbramovich

$86 Million Worth of Bacon Sells At Sotheby's

by Deidre Woollard (RSS feed) —

Filed under: Auctions, Art

The big wow from Sotheby's contemporary art sale on Wednesday, was the record price set for a Francis Bacon. His "Triptych, 1976" sold for $86.281 million setting a record for postwar art and topping the estimate of around $70 million. Sotheby's had their best night in their nearly 300-year history bringing in a total of $362 million, which bested the $348.2 million haul from Christie's just the night before. While at the Christie's sale a Mark Rothko painting went for over $50 million, at this sale a similar painting went unsold. Seventeen other artists also set record including Robert Rauschenberg, who died this week. His "Overdrive" sold for $14.6 million. Takashi Murakami's amusing sculpture "My Lonesome Cowboy" went for $15.16 million which is rather amazing considering his previous record for $2.7 million. At the sale 87 percent of the 83 lots were sold and the sale exceeded the high presale estimate of $357 million. Fine art spending is alive and well, if there's a fall coming, well, inevitably there will be one, it seems it won't be for a while yet.

[Thanks, Rob!]

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Tags: art, francis bacon, robert rauschenberg, sothebys

Rothko and Neutra Sell Big at Christie's

by Deidre Woollard (RSS feed) —

Filed under: Auctions, Art

The economy may be slumping but you wouldn't know that from the numbers being racked up at Christie's. The auction house rang in strong numbers on Tuesday night for their spring Contemporary Art Auction which my colleague, Jared Paul Stern mentioned earlier this month. The NY Times reports that there were often only a couple of bidders on each piece but the total haul of $348.2 million falls neatly between the low estimate of $282 million and the high of $398.6 million. The majority of the buyers were American but the Russians were also out in force. The top lot was Rothko's No. 15 which sold for $50.4 million. A similar Rothko is set to be auctioned off tonight at Sotheby's. Lucian Freud's painting Benefits Supervisor Sleeping brought in $33.6 million setting a new record for a Freud sold at auction and giving him back the record of being the living artist with the most expensive work sold at auction (Jeff Koons claimed the title last November).

Perhaps the most interesting lot was the one you can live in. The Kaufmann House, in Palm Springs, Calif., a classic Richard Neutra home sold for $16.8 million including commission. The mystery buyer also purchased a plot of land adjacent to the property for $2.1 million.

[Thanks, Rob]

Gallery: Christie's Contemporary Art Auction

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Tags: francis bacon, kaufmann house, KaufmannHouse, lucian freud, rothko

A Primer on the Price of Bacon

by Jared Paul Stern (RSS feed) —

Filed under: Auctions, Art

Francis Bacon, that is. In this week's New York magazine, Marion Maneker, art world expert and author of the brilliant men's style book Dressing in the Dark, reveals how the Irishman who "painted meat and blurry popes" came to command $70 million per painting at auction these days. Before 2005, he hadn't crossed the $10 million mark.

Essentially, a bunch of billionaires bid up his work - buyout king Henry Kravis bought one for $35 million last year, and other bigwigs recently paid $53 million for one of those blurry popes and $43 million for a self-portrait (similar to the triptych above, which could fetch $35 million at Christie's next week). Maneker points out however it's also due to the fact that Bacon, who died in 1992, was literally "one of the last great oil painters." His entire estate was only worth £11 million when he succumbed to a heart attack at the age of 82 - less than one little picture would bring now.

Gallery: The Twisted Genius of Bacon

Tags: Christies, Dressing in the Dark, DressingInTheDark, Francis Bacon, FrancisBacon, Henry Kravis, HenryKravis, Marion Maneker, MarionManeker, New York magazine, NewYorkMagazine, Sothebys

$70 Million Francis Bacon Stars in Sotheby's Sale

by Jared Paul Stern (RSS feed) —

Filed under: Auctions, Art

A Francis Bacon triptych painted in 1976 is expected to fetch about $70 million in the star sale of Sotheby's Contemporary Art auction in New York on May 14. If the work, billed as the most important privately-held Bacon extant, does max out despite all the hand-wringing going on, the price will eclipse Impressionist claptrap like this $40 million Monet while still falling far short of some puffed-up Picassos. (The middle panel is pictured here; see the image gallery for the complete piece.) Back in February, a Bacon triptych sold for $46.1 million at Christie's in London, slightly below estimate, though the one currently on offer is the better work in our opinion.

Also included in the stunning sale is Mark Rothko's 1956 Orange, Red, Yellow, expected to fetch in excess of $35 million; Jean-Michel Basquiat's beautiful Untitled (Prophet I), est. $9 - $12 million; Robert Rauschenberg's 1963 Overdrive, est. $10 - $15 million; Richard Prince's Millionaire Nurse, est. $3.5 - $4.5 million; a 1986 Andy Warhol self-portrait, est. $2 - $3 million; an untitled Cy Twombly, est. $1.5 - $2 million; and a very naughty manga-inspired sculpture by Louis Vuitton collaborator Takashi Murakami, valued at an astonishing $3 - $4 million.

Gallery: Sotheby's Contemporary Art Auction