The Economist reports that FTSE 100 index has fallen 30%, the Dow 40%. The interbank market is virtually frozen and Goldman Sachs is one of many firms that is defenestrating bankers by the bushel. That is the news from October alone, which goes some way towards explaining why, as the season opened for the autumn auctions of contemporary art, pundits were predicting a bloodbath. There were bad moments, it is true. Phillips de Pury, which had to be bailed out by a Russian luxury-goods group, Mercury, over the summer, fared worst of all, buying in 31 of the 70 lots on offer at its art sale on October 18th. Richard Hamilton’s circular “Epiphany”, which a Sotheby’s marketeer thought to have reproduced as a badge for guests to wear at the launch party for its autumn sale and which featured on the contents page of the art auction catalogue, also failed to find a buyer on October 17th. So did works by Howard Hodgkin, Anish Kapoor and Cindy Sherman.
Bidders, together with art-market observers, will be turning to New York next for the Impressionist and Modern sale on November 6th. If it is true that only rare and beautiful work will do well in recessionary times, the picture to look out for is Lot 58, “Deux Personnages (Marie-Thérèse et sa Soeur Lisant)”. Two figures stand at an open window reading from the same book. Such is the radiance and light-heartedness of this creation that you can almost smell the lemony light of early morning that is shining into the room. Owned since 1984 by a private European art collector, “Deux Personnages” has rarely changed hands or been exhibited in public. The painting easily outshone the others hanging around it when it was put on display in Christie’s newly decorated main hall in London earlier this month. It is not the artist’s most obvious work, and many viewers will have looked with some surprise at the signature in the top left-hand corner of the frame. It belongs to Pablo Picasso. The estimate in the catalogue is $18m-25m, but if the consignors are willing to lower their reserve, you might just pick up a bargain. (For full source and full article click the Headline).
Irish Art
Snippets of interest to lovers of Art. News about Irish Artists or otherwise. The odd rant...
Saturday
More Art Buyers Than Expected
The Economist reports that FTSE 100 index has fallen 30%, the Dow 40%. The interbank market is virtually frozen and Goldman Sachs is one of many firms that is defenestrating bankers by the bushel. That is the news from October alone, which goes some way towards explaining why, as the season opened for the autumn auctions of contemporary art, pundits were predicting a bloodbath. There were bad moments, it is true. Phillips de Pury, which had to be bailed out by a Russian luxury-goods group, Mercury, over the summer, fared worst of all, buying in 31 of the 70 lots on offer at its art sale on October 18th. Richard Hamilton’s circular “Epiphany”, which a Sotheby’s marketeer thought to have reproduced as a badge for guests to wear at the launch party for its autumn sale and which featured on the contents page of the art auction catalogue, also failed to find a buyer on October 17th. So did works by Howard Hodgkin, Anish Kapoor and Cindy Sherman.
Bidders, together with art-market observers, will be turning to New York next for the Impressionist and Modern sale on November 6th. If it is true that only rare and beautiful work will do well in recessionary times, the picture to look out for is Lot 58, “Deux Personnages (Marie-Thérèse et sa Soeur Lisant)”. Two figures stand at an open window reading from the same book. Such is the radiance and light-heartedness of this creation that you can almost smell the lemony light of early morning that is shining into the room. Owned since 1984 by a private European art collector, “Deux Personnages” has rarely changed hands or been exhibited in public. The painting easily outshone the others hanging around it when it was put on display in Christie’s newly decorated main hall in London earlier this month. It is not the artist’s most obvious work, and many viewers will have looked with some surprise at the signature in the top left-hand corner of the frame. It belongs to Pablo Picasso. The estimate in the catalogue is $18m-25m, but if the consignors are willing to lower their reserve, you might just pick up a bargain. (For full source and full article click the Headline).
Irish Art
