picasso

My colleague Jared Paul Stern wrote earlier this week about the blockbuster Picasso sale in New York. The sale of Pablo Picasso painting, "Nude, Green Leaves and Bust" brought in a record-breaking $106.5 million. But just where is all that money going? The late Frances Lasker Brody's art collection could bring The Huntington Library, Art Collections and Botanical Gardens in San Marino, California its largest cash gift ever, topping the $21 million gift received from Charles and Nancy Munger in 2002.

The Whittier Daily News reports that the staff at The Huntington gathered together to watch the bids rise on-line during the auction at Christie's in New York City on Tuesday. The grand total for Brody's art collection came to more than $224 million including Alberto Giacometti's 1954 bust, "Grande tête mince," which went for over $53 million at auction, and his 1951 bronze, "Le Chat," sold for over $20 million. Huntington president Steven Koblik is still waiting to hear how much from the sale of Brody's art collection will be set aside for The Huntington. The museum will also receive part of the proceeds from the sale of the Brodys Holmby Hills, California home which Bloomberg says is listed at $24.95 million. The home is on the market for the first time since it was built in 1949. The 2.3 acres include a guesthouse, pool and tennis court.

Brody died last November at 93. She had been involved with The Huntington for decades and the gift, which she had delineated in her will, will go toward all the programs at Huntington with special attention paid to the botanical gardens that Brody loved.

Last month The Classicist broke the news that a rarely-seen Picasso was expected to fetch up to $90 million at Christie's landmark Evening Sale of Impressionist and Modern Art, which took place yesterday in New York. Now the results are in and the painting, Nude, Green Leaves, and Bust (above) dated 1932, from the Collection of Mrs. Sidney F. Brody, was sold for a staggering $106.5 million to an unidentified telephone bidder, breaking the previous world record for any work of art sold at auction (set back in February when a Giacometti sculpture brought in $104.3 million). Yesterday's sale achieved a stunning $335.5 million in total. The Evening Sale portion of the Brody Collection also became the highest total for a single-owner sale offered at Christies New York, surpassing the landmark sale of the Collection of Victor and Sally Ganz sale in 1997. The 27 lots from the Brody Collection achieved $224.2 million.

Marc Porter, Chairman of Christie's Americas, commented: "This was a stellar night for Christie's and for the art market. The sale was led by exceptional prices for works by Pablo Picasso, Alberto Giacometti and Henri Matisse from the Brody Collection, one of the greatest private collections to come to market. In addition, we witnessed great depth of bidding and strong results for important works from other American and European collections, including additional paintings by Picasso and works by Giacometti and Pierre-Auguste Renoir. We are honored to have been entrusted with so many remarkable works this season, and we are delighted to have delivered such positive results, including three new world auction records for Picasso, Georges Braque, and Jean-François Raffaelli."

The Impressionist and Modern Art sales on May 4 and 5, 2010 are likely to confirm a continued climb in art auction pricing. We're now six months or so into the badly needed upswing, and there's plenty of room for optimism. Not only are the presale estimates and sales on the way up, but the number of pieces being resold quickly is on the rise, as well. This means that there's a high degree of liquidity in the art market: collectors can sell easily and without worry (as long as the inventory doesn't suck, in which case there's no hope, of course).

The increase in art market liquidity is due in part to the return of guaranteed minimum pricing, in which the auction houses assume some sales risk for attractive or desirable pieces that they feel can beat the numbers and attract buyers and sellers of other strong works. According to ArtPrice, there are "tens of millions of dollars for major works" committed via guaranteed minimum pricing, indicating that confidence is up.

It's the price guarantees that have led to the arrival of some strong pieces at the early may auctions this year, including pieces from the collections of Mrs Sidney Francis Brody, Raymond and Miriam Klein, Bernard Goldberg and Michael Crichton. Brody's works alone could fetch up to $150 million. The high estimate for Christie's is $300 million, a target that doesn't include the top lot, "Nude, Green Leaves" by Pablo Picasso, which as Jared Paul Stern revealed in a recent column is expected to bring in as much as $90 million. Other artists with eight-figure estimates include Henri Matisse, and Alberto Giacometti.

Don't just look for good news – also a expect a few records to b set. Sotheby's has high hopes for pieces by Salvador Dali and Auguste Rodin.

A collector's hidden art stash could be good for as much as $26 million. The collection, which had been owned by Ambroise Vollard, will be sold at Sotheby's sales in May and June. It's been hidden in a bank vault for four decades, and now people have shot at buying works by Pablo Picasso, Paul Cezanne and Andre Derain.

Derain's piece, shown above, is the top lot in the collection, a landscape that is estimated with a low end of $13.9 million and the potential to go over $20 million. It heads under the gavel on June 22, 2010 at Sotheby's in London. The following week, in Paris, 140 paintings, drawings, prints and books once belonging to Vollard will be sold, with a presale estimate staring at $3.4 million.

The 141 pieces in the collection were tossed in a Societe Generale vault in Paris by Vollard's associate, Eich Slomovic, in 1939. That's the year Vollard died car crash). Slomovich, who was given the collection to sell on consignment, died in 1942 (cause of death: NAZIs). The vault was opened in 1979 and was scheduled that year for auction. Legal challenges, however, kept the collection in limbo until 2006.

You think you've seen it all? Not a chance. Picasso may be the most researched artist of all time, even his laundry receipts have been studied, but the new exhibition at New York's Metropolitan Museum of Art yields something new at every turn. "Picasso in the Metropolitan Museum of Art" showcases some 300 works, the museum's complete collection of the artist's paintings, drawings, sculptures, ceramics, and works on paper.

The show's magic comes from its all encompassing range starting with a 1900 self-portrait of Picasso at 19 (and yes, he was a knockout) and ending with an exuberant musketeer, painted when he was 87. What's totally new and positively riveting are a series of10 videos that demonstrate how Picasso worked, reworked, and revised. Just one example is his melancholy 1901 "Woman Ironing," depicting a sad-faced woman pushing down vigorously on one of those heavy irons that had to be heated on a hot stove. The Met's technical team revealed that originally her knuckles were visible and the slope of her neck was amended. The scientific analysis also showed that there is a totally different composition beneath the final painting. One theory is that either Picasso or another artist painted the earliest version. Now, totally restored, it is a supreme example of Picasso's one time conviction that "art emanates from sadness and pain."

May is shaping up to be a megabucks month for the art market with some of the world's most notable collections of modern and contemporary master works crossing the block. Topping the list is a rarely-seen Picasso that's expected to fetch up to $90 million at Christie's landmark Evening Sale of Impressionist and Modern Art on May 4th in New York. The painting, Nude, Green Leaves, and Bust (above) dated 1932, is from the Collection of Mrs. Sidney F. Brody of real estate fame. The Brody collection boasts a wealth of master works by the "towering figures of the Modernist movement", including Picasso, Henri Matisse, Alberto Giacometti, Georges Braque, Edouard Vuillard, Marino Marini, and Henry Moore. The total value of the works to be offered is expected to exceed $150 million, making it one of the most valuable single-owner collections ever offered at auction.

Other standouts from the sale include Matisse's Nu au coussin bleu, 1924, estimated at $20–30 million, and Giacometti's Grande tête mince, 1954, estimated at $25–35 million. The Brodys acquired the Picasso direct from the artist's dealers in the 1950s and made it the focal point of their expanding collection at their mansion in Holmby Hills. The painting has only been exhibited once in the United States, when the Brodys loaned it to the 1961 exhibition Bonne Fête Monsieur Picasso, a retrospective staged in honor of Picasso's 80th birthday that was sponsored by the UCLA Art Council. The upcoming sale preview on April 30 marks the first time in 50 years the work will be publicly displayed.

Andrew Lloyd Webber is sending a "Blue Period" Picasso canvas under the gavel in June. A painting of an absinthe drinker, the composer has chosen Christie's as the auction house, with the proceeds going to Webber's charity. The Picasso could fetch as much as $60.9 million, a higher estimate than any other piece in Europe so far this year. Last year, Picasso was the top seller at auction, generating $121 million in sales, according to Artprice.

The painting, entitled "Portrait of Angel Fernandez de Soto (The Absinthe Drinker)," is a study of a young Spanish artist sitting at a Barcelona bar. Says Giovanna Bertazzoni, head of Christie's London-based Impressionist and Modern department to Bloomberg News, "A 'Blue Period' Picasso is the sort of painting that could appeal to a new Chinese buyer." She continues, "There is a new breed of Medici-style collectors who want to buy exceptional art from any period."

Lloyd Weber purchased the painting for $29.2 million in 1995 for his foundation using funds he donated. The painting almost went up for sale at Christie's in 2006 but was withdrawn at the last minute due to some concerns over ownership. A German man had claimed that the painting was lost by his family in a "forced sale" by Nazis but with all issues resolved the painting is now finally up for sale again.

A year from now, we'll look back on the art market 2009 as that last slither though the gutter before picking itself back up in 2010. But, we're not there yet: 2009 is in the rearview mirror, so it will remain our baseline for the next 12 months. When looking at the top performers at auction last year, there's a pretty consistent story – revenue declines ranged from 55 percent to 77 percent relative to 2008. Top 10 mainstays – such as Pablo Picasso, Andy Warhol, Alberto Giacometti, Edgar Degas and Claude Monet – got thrashed. These conditions led to some changes, as well, with a Chinese artist making the top 10 for the first time. In fact, he pushed into the top three.

1. Pablo Picasso
Pablo Picasso is back on top, after giving up the #1 position in 2008. And, it took only $121 million in auction sales to get him there. From 1998 to 2008, total sales for Picasso gained 96 percent, before falling by 54 percent last year, with pricing off 15 percent. The number of sales pushing past the $1 million mark declined precipitously, from 39 in 2008 to only 15 last year, and his top sale was for "Mousquetaire a la pipe," which moved for $13 million on May 6, 2009, at Christie's. This year could be a bit tough for Picasso collectors, as Artprice believes certain paintings were still overpriced.

Another rare Picasso painting has been the victim of an unfortunate accident. The Actor, a tall six foot by four foot painting completed by Picasso during his Rose Period in 1905, has been at the New York' City's Metropolitan Museum of Art for years. It was damaged last week when a woman who was at the museum attending an adult education art class, lost her balance and fell against the painting. The $80 million piece received a 6-inch vertical tear. A press release from the Met says the painting was immediately taken to the museum's paintings conservation studio for evaluation and treatment. The good news is that the damage was in the lower right hand corner and can be restored. The restored painting will be part of an upcoming exhibit of 250 works of art by the painter at the Met set to run April 27 through August 1, 2010.

The unusually larger canvas originally had another painting on it. The painting was part of Picasso's shift from the more somber Blue period to the more cheerful Rose period which featured warmer colors and a more energetic style. The Actor was given to The Metropolitan Museum of Art by Chrysler heiress Thelma Chrysler Foy in 1952.

Casino mogul Stephen Wynn. who suffers from retinitis pigmentosa, an eye disease that has damaged his peripheral vision, put his elbow through his beloved painting, Picasso's 1932 'Le Reve' in 2006. At the time Wynn was reportedly ready to sell the work for $139 million even though he had at one point considered naming his hotel after it (instead the name went to a show at the resort). This work was also the victim of a six-inch tear, this one in a more obvious place, the left forearm of the figure. Wynn took the incident as a sign and did not sell the painting. After a $90,000 repair, the painting was evaluated to be worth $85 million.

A big auction with major pieces actually beat the top-end estimate – when's the last time you heard that? Wednesday night at Sotheby's, the Impressionist sale brought in $181.8 million, thrashing the high estimate of $163 million and almost tripling the Christie's auction from November 3, 2009. It's also around three times the last equivalent sale by Sotheby's, which was back in May.

The Sotheby's auction was packed with notoriety. Conde Nast's top dog, S. I. Newhouse Jr., sent some work under the gavel, as did Louis Reijtenbagh. Artwork by Giacometti, Picasso and Renoir was sold. Sixty-six lots were offered, with only 10 failing to sell.

New York art dealer Helly Nahmad told Bloomberg News, "The art market is back," but that may be premature. Bidders were chasing the high-quality pieces, and it is tempting to believe that what auctioneer Tobias Meyer calls "a year of abstinence" is over. The fact that the Sotheby's auction was so much greater than that at Christie's, though, makes me want to see a few more sales before calling it a trend.

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 mood in the Hamptons has been affected by real estate prices, plunging bonuses and – of course – the ongoing art market slump. But, the collectors gathering at ArtHamptons are trying to keep stiff upper lips. Rick Friedman, its founder and executive director, is saying that now is the best time to enter the art market, with low prices building in an inherently greater upside. And, there's no doubt. If you have the cash to put into the art market – and the inclination to invest in this asset class – now is the time to do it.

The major constraint on the art market isn't the notion that it's a bad time to invest. Any fairly serious art collector can see that this is the time to make a move. Like any other "discount," you can't take advantage of it if you don't have the price of admission. You might be able to pick up the Old Masters for a relative song right now, but if your bonus got slashed this year, the opportunity may not be possible.

So, what's moving at ArtHamptons this year?

Jane Wilson, who one a Lifetime Achievement Award this year, has seen some success, along with Elliott Erwitt, Lillion Bassman and other artists who lean toward decorative pieces. For some, the year's even been positive, with gallery director Joseph Newman calling the first quarter of this year the best he's had. Trompe l'oeil is working well, too. Interested in buying a Madoff joke for $13,500? You can do it with Eric Forstmann's Made Off with the Bail Out Package.

Meanwhile, soft porn is moving ... so, at least someone is making money on the skin business (the hardcore guys sure aren't). Suggestive images have always packed a bit of a thrill, and pieces that ply the flesh are doing well out in the Hamptons this year. Boyarde Messenger's Frilly in Yellow ($3,350) and Changing Rooms III moved for almost three times that amount.

The feel is somewhat upbeat at ArtHamptons this year, but the action is definitely taking place in the emerging artist space. Nonetheless, there are some big ticket items up for sale. At Vered Gallery's booth, you'll find a Picasso, Chagall, de Kooning and Rauschenberg – not to mention a 1984 portrait of Michael Jackson by Andy Warhol. If you're liquid, now's the time to enter the market!

There's a tendency when it comes to the art market, to rely on the brand names. The auctions are full of many lots but its the marquee names, Warhol, Monet, Freud, Hirst, Picasso and others that get the bidders in the door or on the phone. Each year both Sotheby's and Christie's go to extreme lengths each season to shake loose the most desirable paintings from the collections of the wealthy. They wine, they dine, they cajole and they promise some pretty big returns, often following that up with a guarantee check (or at least they did before the bottom fell out of the market). But this year's spring auctions show that even the biggest names aren't always going to sell.

When it comes to Picasso there are a lot of works to chose from. Picasso was a wildly prolific artist and one who created a wide variety of pieces from drawings and print to sculpture that now sell for a comprehensive range of price points. But it's the big colorful portraits that make hearts quicken when they grace auction house covers.

This week's auctions saw several Picassos head to market with some differing results. The art market reeled on Tuesday because, although overall the results from the Sotheby's New York auction were strong, the lead lot, Picasso's "The Artist's Two-and-a-Half-Year-Old Daughter With a Boat" didn't sell. The piece was estimated at $16 to $24 million, a number that some say was optimistic at best. The NYT's Sourien Malikian called the piece one of those "one-day cartoon-style pictures dashed off by Picasso remembering Marcel Duchamp's celebration of the absurd and spewing contempt at the bourgeois capitalists he loathed." Not exactly a ringing endorsement. Truthfully it doesn't seem that bad to me, charming, playful, colorful, and as Judd Tully of ArtInfo.com points out, a piece painted during a very happy period of Picasso''s life (1938). While the Picasso didn''t reach its sales estimate, it did get a $12.25 million bid which is no small feat. And for Sotheby's which didn't guarantee the painting, the fact that it didn't sell was not as crushing as it could have been.

Artist Julio Aguilera has had his face pounded in bare-knuckle bouts around the world. He's also seen his works hang in the most prestigious homes in Manhattan. For the former world martial arts champion turned artist, though, there's nothing quite like a great cigar. Now solely an artist and no longer a fighter, Aguilera seeks relaxation, inspiration and even a market in the New York cigar community.

Elements of the cigar culture appear regularly in Aguilera's work. A number of paintings feature cigar smokers, including "General con Pipa" and "Harlequin con Cigar". Figures are sliced apart in the artist's signature geometric style and reassembled with perfect, though not evident, symmetry. In other pieces, the artist prefers to hide cigars on the canvas. "Still Life in Blue," for example, features a table stacked for a meal holding what could be a cigar or a large loaf of bread. The ambiguity is intentional, according to the artist. "I like to give a nod in one of my passions to another."

With Aguilera's enjoyment of cigars and the fact that they appear from time to time in his artwork, it is unsurprising that the community would have adopted him as its representative artist. Pieces from his sculpture series "New York Bull" have appeared in the windows of Davidoff Madison Avenue (where he has held a number of shows), and he regularly meets with collectors at De La Concha. In any mid-town cigar shop on any day, Aguilera suspects he would run into one of his collectors. "At least one," he laughs.