Helping Humble Arts and Supporting MOCP – artmarketblog.com

Help Humble Arts and Support the MOCP – artmarketblog.com

Stein, Amy $300.00 Hillside from the series Domesticated, 2007 C-print 11 x 13 3/4 inches on 14 x 16.75 inch paper Edition of 50. Available from the MoCP

The financial crisis has undoubtedly had a significant effect on the arts especially those non-profit organisations that are the backbone of the art world. Many non-profit art organisations have funding programs that involve the sale of works of art so why not help support the arts and take advantage of some of the bargains currently available. The Humble Arts Foundation is a well known not-for-profit organisation that works to advance the careers of emerging fine art photographers. Like many other arts organisations, the Humble Arts Foundation is doing it tough. There are two ways you can help the Humble Arts Foundation. The first involves making a tax deductable donation of $15 or more which, if 3500 people obliged, would give Humble enough funds to continue supporting and exhibiting the work of emerging art photographers through 2012. The second way you can help support Humble is by purchasing one of their fantastic limited edition prints. To sweeten the deal a discount of 30% is available to those who use the code HAF30 which makes the Humble prints even better value.

To make a donation go here:
https://www.fracturedatlas.org/site/contribute/donate/1138

or to view the available prints go here:
http://humbleartsfoundation.org/editions/index.html

Another photography related organisation that I’m sure would love your support is the Museum of Contemporary Photography in Chicago. According to their website the Museum of Contemporary Photography (MoCP) is the only museum in the Midwest with an exclusive commitment to the medium of photography. By presenting projects and exhibitions that embrace a wide range of contemporary aesthetics and technologies, the Museum strives to communicate the value and significance of photographic images as expressions of human thought, imagination, and creativity. The MoCP recently launched their 2009 series of fine photographic prints which includes works by Amy Stein and Michael Wolf. To see all the fantastic prints available check out:
http://mocp.org/shop/index.php?main_page=index&cPath=11
**Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of http://www.artmarketblog.com, writes the art column for the magazine Antiques and Collectibles for Pleasure and Profit and contributes to many other publications.

Location Matters for Art Sales- artmarketblog.com

Location Matters for Art Sales- artmarketblog.com

At a recent art auction that I attended here in Australia a couple of prints by Sybil Andrews attracted huge amounts of interest resulting in both selling for well above their estimates. This wasn’t really surprising considering the level of interest that there seems to be in the work of Sybil Andrews at the moment. What was surprising, however, was the estimates given by the auction house for each of the works. The first print auctioned was:

“Coffee Bar”
linocut in 4 colours, 1952
signed, titled and editioned 20/60
8 x 9 in, 20.3 x 22.9 cm
Estimate: AUD $5000 – $7000
Sold for AUD $9000

and the second was:

“Grader”
linocut in 3 colours, 1959
signed, titled and editioned 10/60
11 7/8 x 11 3/4 in, 30.2 x 29.8 cm
Estimate: AUD $7000 – $9000
Sold for AUD $8000

With Andrews being a Canadian artist I did a bit of research into the market for her work in Canada and found some rather interesting information. In November 2008 the same two prints were sold one after the other, just as they were in Australia, at an auction in Canada conducted by Heffel Fine Art Auction House. “Coffee Bar” sold for $17,550.00 CAD ($20,416.48 AUD) against an estimate of $10,000 ~ $15,000 CAD (11,676.89 AUD to 17,515.34 AUD) and then “Grader” sold for $8,775.00 CAD (10,249.81 AUD) against an estimate of $6,000 ~ $8,000 CAD ($7,006.36 AUD to $9,341.81 AUD). What is particularly interesting is that Heffel gave a considerably higher estimate to “Coffee Bar” than they did “Grader” where as here in Australia a slightly higher estimate was given to “Grader” over “Coffee Bar”. Why did this happen?. Well, without having asked the auction houses myself I cannot be 100% certain but I think I have a pretty good idea. Because these two works are inspired by a particular place in Canada where the artist lived it would be safe to assume that these works would have a different significance to Canadians than they would to Australians.

Considering that both prints are of the same edition size and same condition the difference in the estimates between the two prints in the Heffel auction would have to be due to another factor. Size can’t be a factor because “Grader” is larger than “Coffee Bar” which would have meant that the estimate for “Grader” would have been higher than “Coffee Bar” if size was a factor in this auction whereas the opposite was the case. Provenance couldn’t be a factor because neither print has a provenance that would be make the provenance of one print more valuable than the other. Even the year each of these prints was produced is quite close with “Coffee Bar” having been produced in 1952 and “Grader” in 1959. The difference in date may have been a contributing factor to the assigned values considering that the earlier work has a higher estimate but the effect on price would not be that great. Having ruled out the potential for the above factors to have had an effect on the price paid for these works the only real remaining factor is subject matter. There must have been something about the subject of “Coffee Bar” that had a greater significance for Canadian collectors.

The two prints sold in the Australian auction have the same credentials as the two prints sold in Canada with both having come from the same private collection and being of the same condition etc. Here in Australia, however, the estimates provided by the auction house suggest that the Australian market has different priorities and that the significance of each of these works differs to that of the Canadians. First of all, the subject matter appears to be of much less importance to Australian buyers than the Canadian buyers judging by the fact that the estimates provided for “Grader” and “Coffee Bar” are much closer together and do not seem to have been assigned due to the subject matter. In fact, the fact that the larger print has a higher estimate would suggest that the auction house thought that size of the work was of more importance than the subject matter. Date appears not to have been a factor because the later work has a lower estimate which is at odds with the higher value usually given to earlier works.

So, had the person who sold the two Sybil Andrews prints in Australia made arrangements for the works to be sold in Canada or had they marketed the sale of the works in Canada they may have been able to obtain a higher price. The potential for a higher price would be much greater for “Coffee Bar” as this work is obviously considered to be of greater value in Canada than “Grader”. In fact, the top price paid for a copy of “Coffee Bar” was reached in February 2008 in Canada where number 54 of the edition of 60 sold for $27,500 CAD ($31,771.11 AUD) which was, interestingly enough, achieved by an online auction conducted by Heffel auctions. Instead of the $9000 AUD achieved for “Coffee Bar” in Australia, the Australian seller of this work may have been able to get up to three times as much for the same work in Canada.

The amount of money you can get from the sale of a work of art can depends on many different things including the location of the sale. To maximise the potential sale price one needs to take into consideration the best location for the sale as the value of a particular work may be considerably different in different countries. If you aren’t interested in return on return on investment then the hassle of selling in another country may deter you from selling overseas but if maximising the sale price is important to you then the location of the sale should be carefully considered.

image:

Sybil Andrews
CPE 1898 – 1992 Canadian

Coffee Bar
linocut in 4 colours 1952
signed, titled and editioned 20/60
8 x 9 pouces  20.3 x 22.9cm

**Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of http://www.artmarketblog.com,
writes the art column for the magazine Antiques and Collectibles for
Pleasure and Profit and contributes to many other publications.

Dissecting Christie’s Feb 09 Art Auction Pt. 2 – artmarketblog.com

Dissecting Christie’s Feb 09 Art Auction Pt. 2 – artmarketblog.com

A few weeks ago I posted the first half of the results from the Christie’s February 2009 Impressionist and Modern Art auction along with information relating to whether each lot had been sold at auction previously and if it had, when it was sold and how much it sold for. My purpose for doing this is to show that there is always far more to art auction results than the statistics provided by the auction houses will tell you. Just because an auction results in a high hammer total, high percentage of lots sold by value and a high percentage of lost sold by number doesn’t mean that the auction was a complete success. The statistics that the auction houses provides could be masking the fact that a majority of the works sold in the auction had been sold at auction before for a higher amount meaning that the people selling these works were selling at a loss. Although the purpose of the auction house is to sell works of art and not to ensure people make a profit on the works they are selling; the factors that may be beyond the control of the auction house, such as whether a person makes a profit or not, should still be used as a measure of the success of an auction. In the next post in this series I will look at the data I have provided in this and the previous post and provide an analysis of the data.

See part 1 of Dissecting Christie’s Feb 09 Art Auction here:

http://artmarketblog.com/2009/02/17/dissecting-christies-feb-09-art-auction-pt-1-artmarketblogcom/

Continuation of data relating to lots sold at the Christie’s February 09 Impressionist and Modern Art auction:

-Otto Mueller (1874-1930) Sitzender Akt in Landschaft, c.1927: Sold for £769,250 ($1,106,182) against an estimate of £650,000 – £850,000 ($926,250 – $1,211,250). No previous auction sale history

-Gustav Klimt (1862-1918) Dame en face mit plisiertem Kleid (Damenbildnis en face) , c. 1898: Sold for £1,385,250 ($1,991,990) against an estimate of £600,000 – £800,000 ($855,000 – $1,140,000). Previously sold by Christie’s on the 9th of November 2004 for USD$1,000,000 (GBP 524,700) against an estimate of USD$750,000 – 950,000 which represents an increase in price of $991,990

-Marino Marini (1901-1980) Gentiluomo a cavallo, c. 1937: Sold for £769,250 ($1,106,182) against an estimate of £700,000 – £1,000,000 ($997,500 – $1,425,000). No previous auction sale history

-Ossip Zadkine (1890-1967) Torse de femme, c. 1925: Sold for £421,250 ($605,758) against an estimate of £300,000 – £500,000 ($427,500 – $712,500). No previous auction sale history

-Marc Chagall (1887-1985) Les mariés aux deux bouquets, c. 1980: Sold for £541,250 ($778,318) against an estimate of £400,000 – £600,000 ($570,000 – $855,000). No previous auction sale history

-Pablo Picasso (1881-1973) Buste d’homme, 1971: Sold for £1,497,250 ($2,153,046) against an estimate of £1,200,000 – £1,800,000 ($1,710,000 – $2,565,000). No previous auction sale history

-Max Ernst (1891-1976) Temptation of St. Anthony, 1945: Sold for £97,250 ($139,846) against an estimate of £100,000 – £150,000 ($142,500 – $213,750). No previous auction sale history

-Julio González (1876-1942) Le rêve (Le baiser) 4/6, c. 1934: Sold for £577,250 ($830,086) against an estimate of £400,000 – £600,000 ($570,000 – $855,000). Number 5 of the edition of 6 was sold by Christie’s in 2002 for GBP 220,000 against an estimate of GBP 250,000 – 350,000 which represents a theoretical increase in value of GBP 377,000.

-André Masson (1896-1987) Le météore, 1939: Sold for £169,250 ($243,382) against an estimate of £120,000 – £180,000 ($171,000 – $256,500). No previous auction sale history.

-Joan Miró (1893-1983) Femme entendant chanter le coq aux éclats violets, 1972: Sold for £892,450 ($1,283,343) against an estimate of £500,000 – £700,000 ($712,500 – $997,500). No previous auction sale history.

-Paul Delvaux (1897-1994) Faubourg, 1956: Sold for £277,250 ($398,686) against an estimate of £200,000 – £300,000 ($285,000 – $427,500). Previously sold by Sotheby’s in 1975 – price unknown

-Francis Picabia (1879-1953) Geminis, 1936: Sold for £385,250 ($553,990) against an estimate of £120,000 – £180,000 ($171,000 – $256,500). Previously offered for sale at Christie’s Paris in May 2008 but failed to on an estimate of EUR 250,000 – 350,000. Previously sold by Sotheby’s in 1975 – price unknown.

-Joan Miró (1893-1983) Personnage, 1976: Sold for £481,250 ($692,038) against an estimate of £280,000 – £380,000 ($399,000 – $541,500). Previously sold by Sotheby’s in February 2004 for GBP 172,000 against an estimate of GBP 150,000 – 200,000 which represents an increase in price of GBP 309,000.

To be continued…..

**Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of http://www.artmarketblog.com, writes the art column for the magazine Antiques and Collectibles for Pleasure and Profit and contributes to many other publications.

YSL Collection Boosts French Market Share – artmarketblog.com

YSL Auction Boosts French Market Share – artmarketblog.com

The Bergé -YSL sale was a historical sale in more than one sense: the €373.5m total for the three-day auction is the world record for a private collection and the European record for an art sale of any sort. Moreover, the collection’s Fine Art generated a sum equivalent to 66.7% of total 2008 art auction sales in Paris and 53.2% of total French art auction revenue in 2008. Indeed, this total of €206m ($264.9m) for art works (excluding antiques, furniture and objects) could well modify the 2009 global auction revenue ranking by allowing France to recover the third place it has lost to China since 2007.

The first session of Christie’s Bergé – YSL sale opened on 23 February just as Wall Street posted its lowest level for 12 years (S&P 500 at 743.33 points). Despite the economic and financial alarm bells, Artprice’s AMCI suggested strong buy intentions from art market players (70.8% of respondents). These intentions were confirmed on the first day of Impressionist and Modern art sales which generated a total of €182m, a figure substantially higher than the previous world record for a private collection sale: €163,6m from the Victor and Sally Ganz collection in 1997 at Christie’s New York.

By the end of the evening on Monday 23 February, Christie’s had generated a number of new records for works by the grand masters of Modern art. These included €32m for Henri MATISSE’s Les Coucous, €26m (€6m above its estimate) for Constantin BRANCUSI’s sculpture Madame L.R., €7.9m (pulverising its “under-estimate” of €1.5m) for Marcel DUCHAMP’s historic ready-made Belle haleine-Eau de voilette, €19.2m for Piet MONDRIAAN’s Composition avec bleu, rouge, jaune et noir and €4.4m for James ENSOR’s Le Désespoir de Pierrot.

However, the overall prestige of the sale and the ownership history of the works did not trigger a “buy at any price” mood and collectors remained highly selective. Pablo PICASSO’s cubist painting, over-estimated at €25m, and four paintings by Théodore GÉRICAULT with high reservation prices remained unsold. Another Géricault masterpiece, Portrait d’Alfred et d’Elisabeth Dedreux, set a new record for the artist at €8m, refreshing a previous record dating back to 1989 when Portrait de Laure Bro, née de Comères fetched the equivalent of €4.9m at Sotheby’s in Monaco.

The exceptional quality of the collection attracted the attention of the French State which exercised its pre-emption rights three times on the first day, acquiring Giorgio CHIRICO de’s Ritornante for the Centre Pompidou, Édouard VUILLARD’s Les Lilas and James ENSOR’s Au conservatoire for the Musée d’Orsay. Total bill: €10.6m, excluding fees. Over the following two days, it intervened twice acquiring a miniature portrait of Louis XIV by Petitot and some XVI century wall plates in Limoges enamel for the Louvre.

This sale suggests that the art market is showing remarkable resistance to the financial crisis and the global economic recession… as long as the works offered are of exceptional quality.

Copyright@Artprice.com

**Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of http://www.artmarketblog.com, writes the art column for the magazine Antiques and Collectibles for Pleasure and Profit and contributes to many other publications.

The YSL Art Collection Sale – artmarketblog.com

The YSL Art Collection Sale – artmarketblog.com

For at least six months, the sale of the Pierre Bergé and Yves Saint Laurent collection has been the focus of much media attention, described as the “sale of the century”. At a time when The Art Market Confidence Index (AMCI) is firmly in the red, the means allocated to the sale of some 691 lots are commensurate with the works being presented: exceptional.

Pierre Bergé has chosen Christie’s to officiate and the Grand Palais de Paris as the stage for this prestigious sale. Under the monumental glass dome, this auction marathon will last three days (from 23 to 25 February 2009) with pieces from the Far-East, others dating back to Antiquity, numerous sculptures and works of art, works in gold and silver, enamels from the 16th century, drawings from the 19th century, works signed by the major names in Art Deco and numerous Old and Modern masterpieces. Some signatures seldom seen at public auctions will be offered including Ingres, Franz Hals, Jacques-Louis David and Géricault. Among the five Théodore GÉRICAULT works on offer is one of the most famous double portraits in the entire history of painting: that of Alfred and Elisabeth Dedreux. Christie’s is expecting €6m for this work, a figure that would refresh the previous Géricault record held since 1989 by Portrait de Laure Bro, née de Comères which fetched €4.9m at Sotheby’s in Monaco.

In the Modern Art category, there is a whole series of star names: Giacometti, Juan Gris, Vuillard, Paul Klee, Henri Toulouse-Lautrec, Amedeo Modigliani, Edward Munch, Odilon Redon, the Douanier Rousseau, Seurat, Manet, Gustav Klimt, and more. The collection contains some truly historic pieces including an oak wood sculpture by Constantin BRANCUSI entitled Madame L.R. (Portrait de Mme L.R.). This rarity could well fetch more than Brancusi’s current record for Oiseau dans l’espace ($24.5m in 2005 at Christie’s) if it reaches its high estimate of €20m. Before it joined the Bergé / Saint Laurent collection (where Pierre Bergé like to show it alongside a Sénoufo sculpture), Madame L.R. belonged to Fernand Léger. Apart from its artistic qualities, the ownership background of this piece is an undoubted bonus. No less than six works by Fernand LÉGER will be offered for sale, including the impressive painting La tasse de thé, a hymn to 1921 modernity. Should the work reach its €15m target, it will be among the artist’s four most expensive hammer prices. The art market, which rarely sees Piet MONDRIAAN paintings at auctions nowadays, will be offered three “neoplastic” Compositions by the artist on the same day (estimated at between €5m and €10m). The paintings are large formats. Nothing larger than 50 cm has been seen at auction for five years. The most recently sold large format Mondrian painting, New York, Boogie Woogie (95.2 x 92 cm) fetched $18.75m (€14.6m) at Sotheby’s NY in 2004. Christie’s expects to generate even more from a superb cubist work by Pablo PICASSO, Musical Instruments on a Pedestal Table (estimated at €25m to €30m).

Pierre Bergé and Yves Saint Laurent did not collect works of contemporary art, preferring to focus on historical works that represent the opening of the 20th century to contemporary art. One such work is Belle haleine – Eau de voilette, a ready-made bottle on which Marcel DUCHAMP appears dressed up as Rrose Sélavy from a photograph by Man Ray. This emblematic work is estimated at €1m to 1.5m.

Copyright@Artprice.com

**Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of http://www.artmarketblog.com, writes the art column for the magazine Antiques and Collectibles for Pleasure and Profit and contributes to many other publications.

Evaluating Art Auction Results Pt. 2 – artmarketblog.com

Evaluating Art Auction Results Pt. 2 – artmarketblog.com

In Evaluating Art Auction Results Pt. 1 (see here) I began to take an in depth look at how people interpret auction results and exactly what it is that determines whether an art auction has been a success or not. Continuing on from that post I want to take a closer look at the different statistics that are used to determine whether an art auction has been a success or not and exactly what each of those statistics can tell us. I will conduct this analysis over several posts as the whole subject of art auction statistics is rather more complex and complicated than it would appear to be.

1. Percentage of lots sold by number:

The total number of works sold compared to the total number of works offered for sale is a widely used statistic that can be useful when analysing an auction but only when compared with statistics from similar auctions or, when the difference between the two auctions being compared is taken into account. By a similar auction I mean an auction that has a similar number of lots, the same type of art, estimates of a similar range and works of a similar price range. Just looking at the sold by lot percentage of a single auction doesn’t really tell us much about how successful an auction was because there are a number of factors that are able to be manipulated by an auction house to alter the chances of selling a higher percentage of offered lots.  There are also other statistics that can result in two auctions with the same sold by lot percentage having different levels of success (or failure). As an example of the problems related to the use of the sold by lot percentage as a sole indicator of an auction’s success, if someone were to reach a conclusion that an auction which took place that had the following statistics (auction 1) was a huge success because of the high percentage of lots sold:

Statistics for auction 1 (2009)

Number of lots: 20
Sold by lot: 80%
Sold by value: 80%
Total value: $20,000,000

but this person had failed to look at the statistics for the same sale by the same auctioneer for the previous year (auction 2) which had the following statistics:

Statistics for auction 2 (2008)

Number of lots: 80
Sold by lot: 80%
Sold by value: 80%
Total value: $120,000,000

the person’s conclusion that auction one was a huge success would be questionable to say the least because although the percentage of lots sold is the same for both sales the previous year’s sale had a higher total and a higher average sale price. The significance of this is that an auction house is a business that has to make a certain amount of profit to continue operating and achieve a certain level of financial success to retain people’s confidence in the business. The auction house would have made more profit from the previous year’s sale even though the sold by lot rates were the same which means that from the auction houses point of view, the previous year’s sale would have been more successful because it made them more money.

By reducing the number of total lots being sold at an auction, reducing the estimates and limiting the works that are included in the auction to those that are most likely to sell, an auction house can reduce the likelihood of a low sold by lot percentage. This is exactly what has happened with the auctions that have taken place so far in 2009 as auction houses attempt to keep up appearances in a much more conservative and challenging market. So far this year there have been several sales that have achieved very good sold by lot percentages as a result of changes made by the auction houses to their auctions which I will discuss in more detail as this series of posts progresses.

The fact that it is virtually impossible to analyse one of the statistics without referring to another statistic suggests that there is an important relationship between the various different art auction statistics. Each of the different statistics can tell us something different about an auction but only when each of those statistics are analysed together and the results of that analysis viewed in the wide context of past results with the current market conditions taken into consideration.

There is no doubt that achieving a high sold by lot percentage is a positive achievement regardless of whether or not an auction house has altered a sale to increase the chances of better figures and regardless of whether the results from a comparable sale are better overall. It is important, however, to recognise that a high sold by lot percentage doesn’t necessarily mean that an auction was a massive success.  As I have shown above, art auction results are not as simple or as clear-cut as they may appear.

to be continued……

**Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of http://www.artmarketblog.com, writes the art column for the magazine Antiques and Collectibles for Pleasure and Profit and contributes to many other publications.

Photography Auction at iGavel – artmarkeblog.com

Photography Auction at iGavel – artmarkeblog.com

William Eggleston, Untitled (Reflectors), c. 1970's

As I have mentioned before, the great thing about iGavel auctions is that all the sellers are professionals and all the objects offered on the iGavel site are guaranteed for authenticity and condition. The only way anyone other than the a registered associate of iGavel can sell an item on the site is by consigning items through one of the iGavel associates. This means that the items being sold on iGavel are all sold by industry professionals. Founded by Lark Mason, the former director of online auctions at Sothebys, iGavel is a fantastic source of top quality fine art at reasonable prices.

One of the most popular sellers on iGavel is Daniel Cooney Fine Art, a Brooklyn based gallery specialising in photographs and works on paper. Daniel Cooney Fine Art hold auctions on iGavel three times a year and always have fantastic range of works to choose from at very good prices. The current auction which ends on the 18th of February offers some beautiful images by long time luminaries such as William Eggleston, Joel Meyerowitz and Garry Winogrand. The auction also features a group of portfolios and books by Dorothy Norman, Ralph Gibson and Jerome Liebling among others.

See the works available and bid here:
http://auction.igavel.com/ClientInfo.taf?_function=info&id=2846&skip=1

All lots available for viewing at Daniel Cooney Fine Art during regular business hours and by appointment.

Daniel Cooney Fine Art
511 West 25th Street, #506
New York, NY 10001,
212 255 8158
dan@danielcooneyfineart.com
Gallery Hours: Tuesday – Saturday 11 – 6 and by appointment.

**Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of http://www.artmarketblog.com, writes the art column for the magazine Antiques and Collectibles for Pleasure and Profit and contributes to many other publications.

The Reality of Feb 09 Art Auctions – artmarketblog.com

The Reality of Feb 09 Art Auctions – artmarketblog.com

The first round of major art auctions for 09 have proven that there is still a considerable amount of money available to be spent on top quality and rare works of art provided the price is right. Fresh works from private collections appeared to be particularly sought after, a sign that solid and extensive provenance continues to be a big draw card. Even some of the less impressive works were eagerly fought over which suggests that the low prices and the excitement of the year’s first major auctions may have induced a bit of over-enthusiasm. The conservative estimates gave buyers plenty of reason to open their wallets and the smaller sales encouraged healthy competition for the top works.

Christie’s Impressionist and Modern Art Evening Sale was the most impressive sale realising a total of £63,428,750 / $91,210,543 / €70,088,769 with 83% sold by lot and 88% by value. Sotheby’s Impressionist and Modern Art Evening Sale wasn’t quite as successful as Christie’s bringing in a total of £32.6 million with 76% sold by lot and 68% by value. Sotheby’s failure to mention the sold by value percentage of their evening sale even though they did mention the sold by lot percentage suggests that they weren’t quite as impressed with their results as Christie’s were.

With the Impressionist and Modern Art Day Sales, Sotheby’s trumped Christie’s with the sold by lot and sold by value percentages but Christie’s sale total was higher than that of Sotheby’s. Christie’s sold £14,131,975 / $20,307,648 / €15,841,944 work of works with a 76% sold by lot percentage and an 81% sold by value percentage where as Sotheby’s sold £11,292,825 / $16,179,230 / €12,687,503 work of work with 83% sold by lot and 90% sold by value.

The figures look impressive considering the events of the past six months but were the auctions really as successful as the figures suggest?. In short, no. And here’s why. First of all, Christie’s 2008 Impressionist and Modern Art Evening Sale realised £105,372,000 which is considerably more than the £63,428,750 taken at this years sale. Sotheby’s 09 Impressionist and Modern Art Evening Sale faired even worse when compared with their 08 sale which realised £117 million pounds, more than three times what the 09 sale achieved. Yes, the sales were much smaller, but the auction houses conducted smaller sales because there is not as much money available to be spent on art and the buyers are much more discerning. A smaller sale means that there are less works to fight over thus increasing the chance that the chance that the bidding will be far more competitive. Low estimates provided even more encouragement for bidders to get involved and, as I am sure many of you know, once you get involved in a bidding competition with someone else you don’t want to come out the loser.

Had this years sales had the same number of works and the same estimates it is unlikely that the results would have been as good as they were. Because of this, the only way that they true state of the art market could have been measured using these auctions was if the circumstances (auction size, estimates) were the same as they were the previous year. Sold by lot percentages and sold by value percentages are easily manipulated by the auction houses using the tactics that I have mentioned above. What can’t be manipulated by the auction houses is the total number of people that are willing and able to spend money on art and the total dollar value that they are able to spend. The success of a business such as Sotheby’s is determined by the dollar amount of profit that they make. Common sense would suggest that the dollar amount of profit that Sotheby’s and Christie’s made from their significantly smaller auctions would be far less than the dollar amount of profit they made in the much larger sales of 2008. Adjusting to the conditions to achieve results that appear to be positive is not the same as achieving a positive result.

To be continued…….

**Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of http://www.artmarketblog.com, writes the art column for the magazine Antiques and Collectibles for Pleasure and Profit and contributes to many other publications.

Single-Owner Art Sale Success Part 2 – artmarketblog.com

Single-Owner Art Sale Success Part 2 – artmarketblog.com

Following on from my last post on the recent success of auctions of single-owner art collections , I think that it is important to look at a few examples of such sales to see exactly how successful these sales have been and to put these sales in context. The first auction that I would like to look at is the sale of “A GREAT BRITISH COLLECTION: The pictures collected by Sir David and Lady Scott, sold to benefit the Finnis Scott Foundation” which was conducted by Sotheby’s on the the 19th of November 08. According to a Sotheby’s pre-sale press release:
“This extraordinary collection is a great testament to Sir David and Lady Scott as collectors and offers an opportunity to acquire works that exemplify two centuries of British art. Sir David was born and brought up in the reign of Queen Victoria and, together with Lady Scott, was a passionate enthusiast of the art of the Victorian age.”
The results of the auction were:
– 87.6 sold by lot and 77.6% sold by value
– 56.6% of the works sold achieved prices above their high estimate
– At least 14 new artist records established
– More than 280 registered bidders in the sale
In the current climate art auctions are routinely achieving only around 60% sold by lot and around the same for value so 87% and 77% represents a very successful sale. In the post-sale press release Grant Ford, Senior Director and Head of Victorian Art at Sotheby’s, commented that “As many of the paintings had not been seen in public
for several decades and were in a wonderfully fresh condition, a great deal of excitement was generated”. He also said “Today’s results are a testament to the discerning eye of two individuals who were collectors in the very truest sense.” These comments are important because they highlight two characteristics that make many of the works sold from single-owner collections so desirable. As explained in my previous post, these two characteristics are a long period since the work was previously offered for sale and the fact that works in such collections are usually chosen for their exceptional quality and rarity.

Another successful single-owner sale was held by Christies on the 13th of October 2008 which was an auction of “Photographs by William Eggleston from the Collection of Bruce and Nancy Berman”. The results of the sale were:
Lots Sold: 54
Lots Offered: 60
Sold by Lot: 90%
Sold by $: 99%
These results would have be exceptional even during the height of the art market boom so to achieve such success during a market downturn is testament to the power of the single-owner sale. In the post-sale press release the Head of Sale, Joshua Holdeman, said that “Head of Sale Joshua Holdeman, comments: “After the 100% sold sale “Photographs by Diane Arbus from the Bruce and Nancy Berman Collection,”we could not be more thrilled by the results from the second sale from the same collection, “Photographs by William Eggleston.” At 99% sold by value and totaling $2,998,250 from a pre-sale estimate of $1.5-2.1 million, bidding was international, and fiercely competitive. Our own world record for William Eggleston’s work was eclipsed this evening with the sale of the Los Alamos portfolio, which realized $ 1,022,500 from a pre-sale estimate of $350,000-550,000.”
It appears from my research that a single-owner collection of works by a single artist attracts even more interest than general single-owner sales. The reason for this is most likely that sales of works by a single artists tend to attract extremely passionate and motivated collectors of that artist’s work which creates a fierce rivalry.

There is definitely a trend associated with auctions of single-owner collections that has emerged since the financial crisis took hold and there are plenty more examples of the success achieved by single-owner sales compared with non single-owner sales. It is important to remember, however, that although the results of single-owner art sales have been very good compared to non single-owner art sales, not all single-owner sales have been as successful as the two highlighted above.   Marc Porter, President of Christie’s Americas sums the trend up nicely when he said “Private collectors continue to be the primary force on the market,
collecting masterworks against a backdrop of a difficult economic climate”

**Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of http://www.artmarketblog.com, writes the art column for the magazine Antiques and Collectibles for Pleasure and Profit and contributes to many other publications.

Single Owner Art Auctions Defy Downturn – artmarketblog.com

Single Owner Art Auctions Defy Downturn – artmarketblog.com

Over the last few months I have noticed a particularly interesting trend emerge that says a lot about the way people perceive, and are approaching, the art market. There have been quite a few auctions of single owner collections in recent months most of which have achieved particularly good results. Thee results achieved by these single owner sales have been anomalous when compared to the far less successful auctions that did not consist of works from a single owner collection. Why has this been the case I hear you ask, well, let me tell you.

There are two characteristics that become even more important and desirable during times of financial crisis and those characteristics are provenance and rarity. Because of the financial crisis investors and collectors are having to justify their purchases far more than usual. This means that works which represent a higher level of risk are less likely to find buyers and that buyers are attracted to works that have as many evident and indisputable sources or indications of value as possible. By evident and indisputable sources of value I mean such things as provenance, rarity and quality which are all characteristics that:
-add a certain value to a work of art that cannot be taken away
-are not reliant on people’s opinions
-are based on factual information
Because these characteristics are a particularly reliable and stable source of value they provide the collector or investor with a certain level of reassurance and confidence when faced with a decision of whether or not to make the purchase.

The best way to explain how the characteristics of a work of art have an effect on a buyers perception of a work of art is using a horse racing analogy. If your were a horse racing fanatic and were faced with a financial crisis that meant your financial security was under threat you would be more likely to bet on races that offered less risk. Betting on a horse that came from a successful stable, had a high success rate and a was being ridden by a champion jockey would be far easier to justify during a time of financial crisis than a risky bet on an outsider.

Works of art that come from a single owner collection that is being sold as a collection often have excellent provenance and are also often fresh to market which can be translated as rarely put on the market. Because works from single owner collections offer both provenance and rarity they tend to be more desirable and highly valued than if the works had not been part of a sale of a single owner collection. Other reasons that works from single owner collections are so desirable are:
-A certain credibility is afforded to works that have been part of a significant collection
-Collectors who have put together a collection over a long period of time usually focus on a very specific area and will aim to obtain the best examples from the area and to build as complete a story as possible
-Works in a collection represent an approach to art that is fueled by passion and devotion that suggests that the person who put the collection together focused on the art instead of the money and would not compromise their collection with inferior or dubious works.
-The purchase of the work has already been justified by someone else who has included that work in their collection

I’ll leave you with a quote that I particularly like from the Christie’s Private Collection and County House Sales Department which reads:
“The magic of the objects, the styles of their owners and the romance of times past are
intertwined in the sale of a single-owner collection. Sometimes conducted at the collection’s location, such auctions evoke the ambiance of the property’s original setting and suggest to buyers how pieces can be displayed in their own homes.”

To be continued….

**Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of http://www.artmarketblog.com, writes the art column for the magazine Antiques and Collectibles for Pleasure and Profit and contributes to many other publications.

Aquarium Gallery Closing Sale – artmarketblog.com

Aquarium Gallery Closing Sale – artmarketblog.com

The London based Aquarium L-13 Gallery (http://www.theaquariumonline.co.uk/index.html) is a contemporary commercial art gallery run by Steve Lowe. The gallery specialises in work of more unorthodox punk-based artists including Jamie Reid, Jimmy Cauty, Billy Childish, Sexton Ming and stop21stcplanb. On the 23rd of December the Aquarium L-13 will be closing it’s doors for good which has resulted in a rather spectacular closing down sale which includes works by the artists mentioned above at crazy prices that are unlikely to ever be repeated.

According to the Aquarium L-13 website before the gallery re-emerges in 2009 as a new and exciting outfit whcih will be called thel-13 Light Industrial Workshop and Private Ladies and Gentlemen’s Club for Art, Leisure and the Disruptive Betterment of Culture which will present a program of idea based exhibitions and creative projects “we must get rid of everything else so we are clearing out our cupboards and drawers, opening up tubes and boxes, and putting out everything we find up for sale. On top of that we are offering a selection of our existing editions at incredible knock down prices and others with modest reductions”. Most of this will only be available directly from the gallery however there are still many fantastic works available to purchase online.

As well as offering fantastic works of art with awesome discounts the gallery is also giving works away!! Every day during the sale the gallery will be putting up a free item for you to find. If for some reason their are duplicate orders due to many people crashing the system it will be awarded to the first order that comes through online… Sorry dems da rules.

THE RULES FOR THE FREE PRINT:
Right let’s be VERY CLEAR THIS TIME!!
One of the these is available for free. It will be given to the first person to order it online in a first come first serve basis. In the event of multiple orders being taken before the system refreshes it will be given to the first person who placed the order. You order confirmation DOES NOT mean you have won the item, It means your order has been logged. We will email you if you have won, and will email you if you haven’t one./ Please do not phone us. It’s not a prefect system, but it is a free print of you win.

To check out the works included in the sale go to:
http://www.theaquariumonline.co.uk/acatalog/Crazy_Stupid_Cut_Price_Section.html

If you are having trouble choosing I would go for one of the “God Save the (Ronnie Biggs, Jack the Ripper, Dick Turpin)” signed AP prints by the legendary Jamie Reid that are going for only 125 pounds which is a fraction of what they are worth.

Happy shopping!!!

**Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of http://www.artmarketblog.com, writes the art column for the magazine Antiques and Collectibles for Pleasure and Profit and contributes to many other publications.

Milan Contemporary Art Sale Success – artmarketblog.com

Milan Contemporary Art Sale Success – artmarketblog.com

In a market where a majority of the major art auctions being held since the beginning of the financial crisis are experiencing far from positive results it is important to be aware that there are still many promising signs of art market resilience. One such sign is the Milan Contemporary Art Sale held by Sotheby’s on the 25th and 26th of November which raised a result of 70.6 % sold with excellent prices set for good quality works with updated estimates. Although 70.6% may not seem like a great result when compared to the 50-60% of lots being sold at other major auctions the 70.6% by the Milan sale is very positive. Even more positive is the fact that this sale was the highest ever total for a contemporary art auction in Italy at EUR 25,083,080 which is 4% higher than the total achieved for the 2007 sale.

Many of the works in the sale achieved excellent results including Cy Twombly’s “On returning from Tonnicoda” which sold for EUR 432,750 (EUR 348991 without buyers premium) which was well above the 200,000—300,000 EUR estimate and ENRICO CASTELLANI’s “SUPERFICIE BIANCA” which sold for EUR 198,750 (160,280 without premium) against an estimate of 75,000—95,000 EUR. According to Sotheby’s, good results were also achieved for works by Jean Dubuffet, Yves Klein, Sam Francis and Gilbert and George.

Considering the current state of the art market and the global financial crisis this sale shows that there is still plenty of drive left in the art market especially in countries that have not been as severely affected by the global financial crisis as the US and UK have.

image:

LOT 247

CY TWOMBLY
N. 1928
ON RETURNING FROM TONNICODA

200,000—300,000 EUR
Lot Sold. Hammer Price with Buyer’s Premium:  432,750 EUR

**Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of http://www.artmarketblog.com, writes the art column for the magazine Antiques and Collectibles for Pleasure and Profit and contributes to many other publications.