tate modern

EXCLUSIVE: Abramovich Said to Be Owner of World's Most Expensive Painting

Filed under: Art, Wealth

EXCLUSIVE: Abramovich is Likely Owner of World's Most Expensive Painting

When we first reported back in May that Pablo Picasso's 1932 painting Nude, Green Leaves, and Bust (above) had sold for a record-breaking $106.5 million at Christie's we heard whispers that the buyer was a certain Russian oligarch known for his eye-popping acquisitions: Roman Abramovich. Now that the world's most expensive painting has been lent to the UK's Tate Modern museum by the unnamed "private collector" who bought it (as my colleague Deidre Woollard reported), a strong indication that the owner is based in London where Abramovich spends most of his time, we're hearing them louder. [cont'd]

Gallery: Record-Breaking Art

Tags: abramovich, art, art auction, art collectors, auction, billionaire, chelsea, London, modern art, most+expensive+painting, mostexpensivepainting, museums, oligarch, Pablo Picasso, Picasso, Roman Abramovich, Russian billionaires, Tate Modern, UK, wealth, world record, worlds most expensive, worlds most expensive painting

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Most Expensive Painting Goes On Display In The UK

by Deidre Woollard (RSS feed) —

Filed under: Art

Picasso's Nude, Green Leaves and Bust stunned the world when it sold at Christie's New York last May for $106.5 million. Now the Telegraph reports that the most expensive painting ever sold at auction is on display for the first time in the UK at the Tate Modern. The painting was done in 1932 during Picasso's very fruitful year when he did a series of paintings of his mistress and muse Marie-Therese Walter. Picasso first saw young Marie-Thérèse on the streets of Paris in 1927, when she was just seventeen years old. Because of her age and the status of his marriage to Olga Khokhlova the relationship was kept quiet for several years. This painting was part of a colorful explosion of works painted in January 1932 in anticipation of the major retrospective that he was planning. The Steve-Wynn-owned painting Le Reve is from this period as is La Lecture which sold for over $40 million earlier this year. The painting has been lent to the gallery by a private collector and will have pride of place in the new Pablo Picasso room in the Poetry and Dream wing on Level 3 of the building.

Tags: Microsoft, museum exhibit, pablo picasso, tate modern

First Of Chinese Artist Ai Weiwei's Sunflower Seeds Up For Auction

by Deidre Woollard (RSS feed) —

Filed under: Auctions, Art

Chinese artist Ai Weiwei generated headlines around the world when he installed 100 million ceramic sunflowers seeds in the Tate Modern in London. The exhibit, which started last October, initially was open for guests to frolic through the seeds. Shortly after it opened health concerns about dust led the museum to restrict access to the exhibit. But if you want to run your hands through the seeds, you will soon be able to buy a 100-kilogram pile of seeds at Sotheby's in London on February 15. The first pile of seeds carries an estimate of £80,000 to £120,000.

Each porcelain sunflower seed was individually hand made and painted by specialists working in small-scale workshops in the Chinese city of Jingdezhen. The Sotheby's listing suggests that the piece can be installed either in a mound as shown above or smoothed out into a carpet-like experience. There will be a total of ten lots sold from this work. The Telegraph does a little math, figuring that if the seeds are valued by weight and the lot sells at the mid estimate, the Tate installation would be worth a total of £150 million.

Tags: ai weiwei, sunflower seeds, tate modern

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Lucian Freud at the Pompidou Could Boost Prices

by Tom Johansmeyer (RSS feed) —

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