First Masters Week Series to Achieve $100 Million at Sotheby’s New York Since 2011
620+ Works Sold Across Five Auctions With Nearly 50% of Sold Lots Achieving Prices Above Expectations
The Female Triumphant: Works by Trailblazing Female Artists from the 16th – 19th Centuries Totals $14.6 Million and Sets Seven Auction Records
Master Drawings Achieve an Exceptional $15.1 Million – Highest Total for Any Old Master Drawings Sale at Sotheby’s
Sales Series Continues with Online Sales of Old Masters and 19th Century European Art Open for Bidding through 6 February
Sotheby’s (NYSE: BID) annual Masters Week auctions concluded over the weekend in New York, with 620+ paintings, drawings and sculptures selling for an overall total of $99.8 million and nearly 50% of sold lots achieving prices above their high estimate. This total represents the first Masters Week series to achieve $100 million at Sotheby’s New Yorksince 2011.
Christopher Apostle, Head of Sotheby’s Old Master Paintings Department in New York, commented: “We are very pleased with the results of this year’s Masters Week sale series, which demonstrated an enthusiastic, sophisticated and confident market for paintings, sculpture and drawings spanning the 13th – 19th centuries. Top prices were buoyed by demand for museum-caliber, fresh-to-market material, and global participation across private collectors, institutions and the trade.”
Below is a look at some of the highlights that drove the results of our Masters Week series:
MASTER PAINTINGS EVENING SALE – Auction Total: $52.7 Million
To highlight this year’s Masters Week sales series, Sotheby’s assembled a group of works by female artists of the pre-Modern era, celebrating the lives and important work of these groundbreaking women. Titled The Female Triumphant, the group featured major paintings created by leading female artists from the 16th through the 19thcenturies, totaling $14.6 million and establishing new auction records for seven female artists.
The evening sale also featured a group of Dutch masterworks emerging from a distinguished private collection, which was led by Joachim Anthonisz. Wtewael’s work on copper A Banquet of the Gods, which sold for $5.9 million to the Centraal Museum in Utrecht.
MASTER PAINTINGS & SCULPTURE DAY SALE – Auction Total: $10.8 Million
Wednesday’s Master Paintings & Sculpture Day sale was led by a 17th century replica of Leonardo da Vinci’s iconic Mona Lisa, which smashed its pre-sale high estimate of $120,000 after a ten minute bidding battle, selling for $1.7 million.
OLD MASTER DRAWINGS – Auction Total: $15.1 Million
Tuesday’s sale was highlighted by a magnificent collection of drawings assembled by King William II of the Netherlandsand his wife Anna Pavlovna, who together amassed one of the finest collections formed anywhere in Europe in the 19thcentury.
The collection was led by Sir Peter Paul Rubens’s Nude Study of Young Man with Raised Arms – one of the most important drawings by the iconic artist to appear on the open market in over 50 years – which sold for $8.2 million after intense competition between two bidders. That price more than doubled the work’s high estimate of $3.5 million, and established a new world auction record for a drawing by the artist.
19TH CENTURY EUROPEAN ART – Auction Total: $16.1 million
Friday’s auction saw strong prices achieved for quintessential 19th-century pictures – many of which had not been seen in public for generations. ”
Seven works by William Bouguereau were sold, demonstrating the demand for works by the master of French Academic painting as well as the commitment from collectors to acquire the best works. His 1901 canvas Le livre de prix – which led the sale – achieved $1.3 million. Formerly in the collection of Henry May, Vice President and General Manager of the Pierce-Arrow Motor Company, the work has remained in the same family’s collection for over 100 years and until recently, was known only through a black and white photograph from Bouguereau’s studio.
THE GILDED AGE: PROPERTY FROM A DISTINGUISHED AMERICAN COLLECTION – Auction Total: $5.2 Million
Our Masters Week live auctions concluded on Saturday afternoon with a collection of paintings and decorative arts, ranging from Old Masters to the Impressionists, exceptional pieces of 18th and 19th Century continental furniture, decorative art and Asian art, assembled by an American collector over decades.
The sale was led by William Bouguereau’s 1984 Pâquerettes, which brought $1.2 million – nearly double its pre-sale high estimate of $600,000.
Artprice: The 10 Top-selling Artworks Created After the 2008 Financial Crisis
The year 2008 marked a turning point for the Art Market and for the global economy as a whole. In retrospect, Sotheby’s 15 September 2008 sale Beautiful Inside My Head Forever dedicated to works by Damien Hirst – just hours before the collapse of Lehman Brothers Bank and its repercussions on art sales throughout the world – now looks like the swan song of a different era.
However, as thierry Ehrmann, Founder/CEO of Artprice tells us, “The impact of the financial crisis did not affect artistic creation; the significant changes we have seen since 2008 are essentially due to changes within the internal structure of the Art Market.
“The main development is of course the growth of the Chinese market, but we have also seen the growth of Art as a financial investment. Negative or near-zero interest rates, which undermine the value of savings, have increasingly pushed capital towards alternative investments… and Art generates very attractive returns. The large number of artworks created over the last ten years that have already sold in public auctions prove that Contemporary Art represents a sensational market.”
Global Fine Art auction turnover
Artprice presents 10 artists who have already marked the secondary market with works created after the 2008 financial crisis.
1. Cui Ruzhuo (b. 1944): The Grand Snowing Mountains (2013)
$39,577,000 – 4 April 2016, Poly Auction, Hong Kong
The Chinese painter Cui Ruzhuo is one of the most successful living artists in the Art Market, on a par with Gerhard Richter and David Hockney. However, unlike the latter two, his best works – those for which demand is the strongest – are his most recent. The result hammered for a mountain-scene panorama measuring over 8 meters wide and 3 meters high – The Grand Snowing Mountains (2013) – illustrates the immense success of this new giant of Chinese painting who remains far too unknown in the West.
2. Jeff Koons (b. 1955): Popeye (2009/11)
$28,165,000 – 14 May 2014, Sotheby’s, New York
A month before his retrospective began at the Whitney Museum (27 June 27 – 19 October 2014), the Prince of Kitsch Jeff Koons saw his Popeye sculpture (2009/11) become the subject of furious bidding at an evening sale at Sotheby’s New York. The sculpture, the first in a series of three, was to be one of the highlights of the Jeff Koons exhibition at the Whitney Museum, and was also shown at the Centre Pompidou in Paris and the Bilbao Guggenheim.
3. Mark Grotjahn (b. 1968): Untitled (S III Released to France Face 43.14) (2011)
$16,767,500 – 17 May 2017, Christie’s, New York
Represented by the Gagosian Gallery since 2008, the American painter Mark Grothjahn saw his prices rise gradually until 2017. Then, in the space of just twelve months, his price index shot up 75%… before falling back again the following year. In 2018, another of his large format paintings, Untitled (Black over Red Orange “Mean as a Snake” Face 842)(2010), fetched $7,073,000.
4. Gerhard Richter (b. 1932): Abstraktes Bild (2009)
$9,093,300 – 5 March 2019, Sotheby’s, London
Large abstract paintings by Gerhard Richter are among the most expensive artworks in the world. In February 2015, Abstraktes bild (1986) fetched over $46 million setting a sensational record for Germany’s Art Market leader. The sale of Abstraktes Bild (2009) shows that collectors are increasingly valuing his recent production, which could be as valuable as his earlier works (1965 – 1990) in the long run.
5. Rudolf Stingel (b. 1956): Untitled (2012)
$7,939,000 – 8 March 2018, Phillips London
Rudolf Stingel is also supported Larry Gagosian and has also greatly benefited from the dealer’s international power and standing. In 2015, the Gagosian presented Stingel’s work in Asia for the first time with a series of paintings Untitled(2012) that reproduced wall fragments from his double exhibition at the Chicago Museum of Contemporary Art and the Whitney Museum in New York in 2007. During those shows, visitors were invited to write inscriptions of all kinds on the walls of the two prestigious museums. Stingel reproduced certain details using electro-formed copper which he subsequently covered with gold.
6. Jin Shangyi (b. 1934): Peony Pavilion (2013)
$7,829,400 – 31 May 2014, China Guardian, Canton
Chinese painter Jin Shangyi is a master oil painter. Known for his portraits (including female nudes in the late 1980s), he is one of the most original Chinese artists of his generation. His work was much in demand in 2013, as shown by the value of his 1999 canvas Monk Painter Kun Can:
– $2,088,500, 13 May 2007 – China Guardian, Beijing
– $6,326,500, 1 June 2013 – Poly Auction, Beijing
– $4,436,500, 16 June 2018 – China Guardian, Beijing
7. Yayoi Kusama (b. 1929): Pumpkin (TWPOT) (2010)
$6,937,500 – 1 April 2019, Sotheby’s, Hong Kong
She is the most successful female artist on the global Art Market, all periods of creation combined. The 707 works by Yayoi Kusama auctioned around the world in 2018 generated $103 million, covering more than sixty years of artistic creation from the early 1950s to canvases painted in the past 5 years, which are already being resold.
8. Adrian Ghenie (b. 1977): Boogeyman (2010)
$6,354,000 – 5 October 2018, Sotheby’s, London
The youngest artist in this ranking and the figurehead of new European expressionism, the Romanian painter Adrian Ghenie joined the Pace Gallery in 2013 and his work has already been purchased by some of the world’s leading Contemporary Art museums, including the Centre Georges Pompidou. Both tenebrous and colorful, his paintings do not hide the influence of Van Gogh and Francis Bacon, sometimes with quite direct references.
9. George Condo (b. 1957): Nude and forms (2014)
$6,162,500 – 17 May 2018, Christie’s, New York
In 2018, George Condo conquered the world. With more than $55 million in auction turnover between New York (56%), London (30%) and Hong Kong (12%), Condo is one of the top 50 most successful artists of all time. His market is now more active than that of Jasper Johns or Frank Stella.
10. Mark Tansey (b. 1949): Hedge (2011)
$5,653,000 – 14 May 2015, Phillips, New York
Although Mark Tansey’s works rarely appear at auction (a total of just 103 lots over the last 30 years), demand is ever-stronger for his work. Today his market is entirely divided between New York (90%) and London (10%), but he is very likely to be sold in Asia soon.
WPP India CSR Foundation Hosts its Annual Music Recital
WPP Foundation, the CSR entity of WPP India, in collaboration with Furtado’s School of Music, today hosted its Annual Music Recital, an annual music program at the a Mumbai suburban auditorium. The recital saw 400 children across two of WPP Foundation’s adopted schools perform a two-hour long recital, as they completed the first academic year of their school music program.
The school music program was launched in 2018 by WPP Foundation across four schools adopted by the WPP Foundation. So far, 1000 children have been taught to read musical notes, rhythms and chords as well as trained in playing a key instrument based on their interests like an acoustic guitar or keyboards. Besides imparting professional music training to the children, who otherwise may not have access to these opportunities, the program also aims to instill confidence in these young children to take up performing arts.
On the occasion, Rama Iyer – Director General, WPP Foundation, said, “At WPP India Foundation and our flagship Education to Livelihood (E2L) program, we envision to create varied interventions to open doors of opportunities for our children in both mainstream and diverse livelihoods by providing them with holistic development. Aligned to this vision, we develop future skills in the field of professional music enabling our children to explore professional career options in music. It is a proud moment to see our children performing together in such large numbers and stage such mesmerizing performances.“
SOURCE WPP Foundation
Chevening Scholarships Programme: Photography Exhibition Celebrates UK’s History of Educating Global Changemakers
Global leaders who are determined to overcome humanity’s most pressing problems are featured in a photography exhibition opening in London’s Noho Showrooms on 14 March.
The exhibition, called ‘Changemakers: 35 visions of global leadership’, will feature 35 specially-commissioned portraits of UK-educated leaders taken by photographers from all over the world. The images, accompanied by reflections on their time spent studying in the UK, demonstrate the strength and global appeal of UK higher education, along with the UK’s commitment to welcoming talented individuals from around the world.
Amongst the leaders featured are the current President of Costa Rica; Botswana’s youngest ever government minister; a Sundance and Emmy Award-winning filmmaker; the first female judge in Gilgit-Baltistan, Pakistan; and a winner of the Commonwealth Young Person of the Year award.
The exhibition celebrates the international ties forged through 35 years of the UK Government’s Chevening Scholarships programme.
Chevening was established in 1983 to help identify and develop future world leaders in a variety of fields. Since then, the programme has enabled 50,000 future leaders to transform their careers and their communities.
Louise Thomson, Head of Programme Management, said: ‘The spirit of 50,000 Chevening Alumni around the world is exemplified through our 35 changemakers.
‘From defending human rights, to campaigning for climate justice and countering extremism, those featured in our exhibition are diverse, but there is one thing that unites them: they have made the most of their UK education, and are using it to drive positive change in their home countries.’
Exhibition opening times:
Changemakers is free to attend, and open every day between 14 to 17 March 2019 from 10:00 to 18:00 at Noho Showrooms, 67 Great Titchfield Street, London, W1W 7PT.
The exhibition is part of a programme of events and campaigns to celebrate Chevening’s 35th anniversary.
The name ‘Chevening’ comes from Chevening House in Sevenoaks, Kent – currently the joint official residence of the UK’s Foreign Secretary.
More information is available at www.chevening.org.
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