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Artprice: The 10 Top-selling Artworks Created After the 2008 Financial Crisis

Vlad Poptamas

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Global Fine Art auction turnover
Reading Time: 4 minutes

 

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
[https://imgpublic.artprice.com/img/wp/sites/11/2019/04/auction-turnover.png]

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 2015Abstraktes 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 2018Phillips 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 2014China 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 GuardianBeijing

– $6,326,500, 1 June 2013 – Poly Auction, Beijing

– $4,436,500, 16 June 2018 – China GuardianBeijing

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.

 

SOURCE Artprice.com

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Artprice: Big Is Beautiful! Expected Record at New York Auction for Louise Bourgeois

Vlad Poptamas

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Giuseppe Bezzuloli (1784 - 1855) - Folly driving the chariot of Love L: 4.8 m; H: 3.4 m.
Reading Time: 3 minutes

 

One of Louise Bourgeois’s six Spider sculptures, measuring more than 7 meters across and 3 meters tall, will be offered for sale at Christie’s on 15 May 2019 in New York. Numbered 3/6 in the series, the work already fetched $28.2 million in 2015 and Louise Bourgeois’s prices have stayed steady since then.

It could become the most expensive artwork by a female artist ever sold at auction.

Like it or not, when it comes to art, size is very important. Giant works fascinate us because they transcend our own scale. Who isn’t impressed by huge paintings like Pablo Picasso’s Guernica (at the Reina Sofía Museum in Madrid) or Veronese’s Les Noces de Cana (at the Louvre Museum in Paris)?” says thierry Ehrmann, Artprice’s Founder/CEO.

In general, an artist’s largest works attract the strongest demand. For equivalent quality, the larger works will almost always be worth more than the smaller works.

This week, Artprice picks out a selection of 10 monumental works auctioned in 2018 in each of the major artistic mediums.

PAINTINGS

Zao Wou-Ki – Juin-Octobre 1985 
10 x 2.8 meters

On 30 September 2018Zao Wou-Ki’s Juin-Octobre 1985 triptych – his largest work still in circulation – caused a major sensation when it was re-offered for sale at Sotheby’s. In May 2005, Christie’s sold the same work in Hong Kong for $2.3 million. Thirteen and a half years later, its value exceeded $65 million, i.e. no less than 28 times its previous value.

Mark Bradford – Helter Skelter I (2007)
10 x 3.65 meters

American painter Mark Bradford had a particularly good year in 2018. In 2017, he represented the United States at the Venice Biennale. But it wasn’t until the first half of the following year that his prices began to inflate rapidly, generating three new auction records.

On 8 March 2018, his Helter Skelter I (2007) came close to $12 million at Phillips in London. This huge piece was a key element in the exhibition Collage: The Unmonumental Picture organized by the New York Museum in New York in 2008.

Osgemeos – It is Supposed to be Raining But… (2008)
2.5 x 2.5 metres

This large format canvas allowed the Brazilian duo of graphic artists to express their art in superb style. Accustomed to large facades, the two street artists have produced a large number of reasonably dimensioned paintings for the market. However, their very large canvases capture all the power of their street art. On 26 June 2018, the painting fetched $132,000 at Phillips in London.

DRAWINGS

Takashi Murakami – Dragon in Clouds-Red Mutation (2010)
18 x 3.6 meters

Takashi Murakami’s imaginary world stands at the crossroads of manga culture and Sino-Japanese mythology. In April 2018, the auction house Council sold one of his three large-scale interpretations of Asia’s most popular mythical creature, the dragon. His colossal drawing – red ink on paper – titled Dragon in Clouds-Red Mutation seduced Chinese collectors in Shanghai, fetching more than $8.8 million.

Giuseppe Bezzuloli – Folly driving the cart of Love 
481 x 344 cm

Commissioned in 1848 to paint the ceiling of the Palazzo Gerini in Florence, Giuseppe Bezzuloli executed this study on the theme of Love and Madness. The final fresco still adorns the ceiling of the famous Tuscan Palace.

Estimated between $50,000 and $80,000, the drawing was purchased for $275,000 at Christie’s in New York on 30 January 2018. Nowadays, very large-scale historical works are extremely rare on the market and this post-Renaissance drawing – which still retains all its power – was a superb acquisition.

SCULPTURE

KAWS – Clean Slate (2014)
5.5 x 5.5 x 7.5 meters

Kaws is currently an in vogue artist par excellence… from New York… to Hong Kong. The American street artist has conquered the international art market with his colorful paintings, his large-scale figurines and his monumental sculptures. Clean Slate (2014) was shown all around the world (Shanghai, Ibiza, Hong Kong and Fort Worth) before being put on sale by Phillips in New York, where it was acquired for nearly $2 million.

Philippe de Buyster (Attrib.) – Vierge de pitié (c.1650-60)
1.6 x 0.5 x 1.3 meters

This 17th century Pietà was one of the very few large-scale Old Master works sold last year. In perfect condition, the terracotta sculpture came from the Chapel of Château d’Autricourt in Burgundy (France). Christie’s sold the piece for $58,000 (including costs) in Paris on 19 June 2018.

Joana Vasconcelos – Betty Boop (2010)
4.1 x 1.5 x 3 meters

This huge high-heeled shoe made of stainless steel pots and concrete is a perfect example of Joana Vasconcelos’s taste for oversize. The Franco-Portuguese artist has never been afraid to invest large places like the Bon Marché department store in Paris or the Palace of Versailles where Betty Boop (2010) was presented in the Hall of Mirrors in 2012.

PHOTOGRAPHY

Gilbert & George – Thirty-Five Locations (2003)
422 x 361 cm

The British duo Gilbert & George is not doing as well on the secondary market as in 2008, but their unique large-format photos continue to fetch very good prices. Consisting of 24 rectangular sections, Thirty-Five Locations resembles a huge stained glass window in black, white and red. It was the largest photographic work sold during 2018 and fetched $150,000 at Sotheby’s in New York (17 May).

MIXED MEDIA

Tracey Emin – Dark Dark Dark (2007)
3.6 x 1.6 x 1.5 metres

In 2007 Artwise commissioned Tracey Emin to customise four Fiat 500s (each unique) for a charity sale. On 5 December 2018 at Phillips’ New Now sale, one of them fetched $8,000. In the catalogue Phillips warned Please note this lot is offered as an art work, and not a motor vehicle…

The use of motor vehicles as an artistic medium may seem bizarre, but several major artists have lent themselves to the exercise in the past. The BMW Art Car project, for example, allowed Andy WarholDavid Hockney and Jeff Koons to completely transform the exteriors of cars.

Copyright ©2019 thierry Ehrmann – www.artprice.com

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SOURCE Artprice.com

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WPP India CSR Foundation Hosts its Annual Music Recital

Vlad Poptamas

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Children performing at the recital
Reading Time: 1 minute

 

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

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Chevening Scholarships Programme: Photography Exhibition Celebrates UK’s History of Educating Global Changemakers

Vlad Poptamas

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Photo source: worldphoto.org
Reading Time: 2 minutes

 

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 RicaBotswana’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 SevenoaksKent – currently the joint official residence of the UK’s Foreign Secretary.

More information is available at www.chevening.org.

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