Every Friday, Artnet Pro News members get exclusive access to the back room, with our animated recap channeling only the week’s must-see information into nimble reading you’ll actually enjoy.
This week in the back room: we take a look at where London auction week will take us, Adam Lindemann’s Montauk movements, a remarkable sultry sculpture by rising art star Kennedy Yanko, and much more—all in a 6-minute read (1,652 words).
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Top of the market
Save the replica
Gustave Klimt, Dame mit Fächer (Lady with a fan) (1917–18). Courtesy of Sotheby’s London.
The record sale of Gustave Klimt’The final portrait from earlier this week drew cheers from art market watchers, and much ink has been spilled in art and mainstream media. Dame mit Fächer (Lady with a fan) became the most expensive work of art to be sold at auction in Europe – and the most expensive Klimt recorded in a public sale – when it traded for £85.3 million (£108.4 million). dollars) during an evening sale at Sotheby’s London June 27.
But the headlines don’t accurately reflect the big picture.
Like Artnet Eileen Kinsella wrote just after the sale closed, the house’s valuation “over £65m”, has already indicated the work to break the record – the sale of £40.9m (80.4 million dollars) of Water Lily Pond by Claude Monet To Christie’s London, which had been the high water mark for 15 years – and it was backed by a third-party guarantee, so the picture would have sold no matter what. It was hammered in at £74m ($93.5m), an undoubtedly respectable sum, and surely a bargain for Sotheby’s. The last time the new record holder hit the block, in 1994, he also set a new benchmark for the artist, with an $11.6 million sale at Sotheby’s New York.
But the performance of the star lot may have belied some of the other realities of London’s summer sale temperature, given that…
- The Klimt alone represented almost half of the total sales of the Modern and Contemporary sale where it was offered.
- It was the only work offered with an eight-figure estimate. The second highest price was the £9.6 million ($12.2 million) paid for by Lucian FreudNight interior (1968–69).
- Several other works were passed or hammered below their low ratings.
And it’s worth remembering that elsewhere in London’s summer auction season, the results were far from perfect…
- Sotheby’s ultra-contemporary art sale The Now, which took place just before the Modern and Contemporary auction, featured slim selections, which were further whittled down even before the sale began when three lots were withdrawn, bringing the proposed total to 14.
- Christie’s 20th/21st Century sale on June 28 brought in $81 million. It reached a hammer total of £51.7m ($65m), which fell below the overnight low of expectations of £55m ($69.8m) a times adjusted to reflect two batches withdrawn.
- During this same sale, more than 25% of the lots went up for auction below the low estimate, including works by Gerald Fineberg Collection, which last month flopped at Christie’s New York and launched proclamations that the art market is in fact, completely, truly, in a correction. It seems that the contagion has spread through the pond.
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The essential
This week’s auctions in London were under close scrutiny, as our guest columnist Colin Gleadell written Monday. Consider that presale estimates for Impressionist, Modern and Contemporary art on offer this week were between £267m ($339.7m) and £360m ($458m), excluding premium the buyer. The comparable figure to the 2015 peak was £600m. As the jittery macro outlook quickly turns into a more urgent one, topped off by the word “recession” on Twitter earlier this week, is a record-breaking Klimt cause for celebration? While it’s undeniable – and heartening – that there’s always high demand for once-in-a-lifetime masterpieces, it’s important not to let a single title distort the picture. ‘picture.
[Read the Sales Report]
[Read More on the Consignors]
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paint drops
The last Fresh paint follow how Henry Street galleries do in today’s economy, and card dealers and collectors by Adam Lindeman Montauk farms.
Here is what has marked the industry since last Friday morning…
Art fairs
- The 20th edition of Curly London, this October, will welcome 160 galleries and include a new section called “Artist to Artist” which invites artists whoseAnthea Hamilton, Tracey EminAnd Rirkrit Tiravanija to propose other artists for a solo stand during the fair. (Curly)
- THE Art Dealers Association of America brings together 78 exhibitors from its members for the 35th edition of its annual art exhibition, with several newcomers to the list, including Gallery Anat Ebgi, Nicelle Beauchene GalleryAnd Perrotin. (ART news)
Auction houses
- Of the 66 lots offered at Christie’s 20th/21st Century Evening Sale in London, 92% found buyers. However, the sale was accompanied by several disappointments of varying degrees, such as an estimated Gerard Richter piece that failed to sell. A quarter of the work went under the hammer below the low estimate. (Artnet News)
- Media mogul Michael Green and Berlin collector and haircare heir Wella Thomas Olbricht are among the consignors of works offered at this week’s auctions in London. (Artnet News)
Galleries
- Lyles and King added an award-winning photojournalist Lynsey Addarioto his list, (Press release) Gallery Tanya Bonakdar added Kimsoojato their stable, (Press release) And Daniel Turner is the latest artist to join Hauser & Wirth (Press release)
- Jack Eisenberg left the office of Amy CappelazzoIt is World Intelligence Art become a director of Matthew Brown. (Fresh paint)
- Antonia Ruder will take the direction of Berlin Weekend Gallery this month of November, following Maike Cruse which went to the head Art Baselis the Swiss fair. (Press release)
Establishments
- Yasufumi Nakamoricurator at Tatewas named director of New York’s Asia Society, a role left empty at the start of Michelle Yun Mapplethorpe last summer. (New York Times)
- Stephane Reilily will be the founding director of Remuséea new initiative from the Crystal Bridges Museum. Remuseum bills itself as “an independent research project aimed at promoting innovation among art museums across the United States.” (Press release)
Technical and legal news
- The daughter of Douglas AJ Latchford will lose $12 million of his estate to settle a legal complaint against the deceased antiques dealer regarding the theft and sale of Cambodian antiques. She will also hand over a 7th-century Vietnamese bronze sculpture that Latchford purchased with ill-gotten gains. (Artnet News)
- Before Art announced its partnership with pseudonymous patron of digital art, Cozomo de’ Medici, who will organize an ongoing artist program. (Press release)
- Italian authorities have arrested Pasquale “Lino” Frongiathe artist suspected of having forged a chain of old master paintings that have appeared in renowned museums and fetched millions at auction passing for the work of Francois Hals, Orazio Gentileschi, Diego Velasquez, El GrecoAnd Parmigianino, among others. (Artnet News)
[Read More]
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“Why would we withdraw this marvelous Renoir?
— Sotheby’s auctioneer Helen Newman during a brief mishap during the Modern and Contemporary sale where a lot was mistakenly announced as withdrawn. (Artnet News)
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work of the week
by Kennedy Yanko P2
Kennedy Yanko P2 (2019). Image courtesy Phillips.
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Date: 2019
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Seller: Private collection
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Estimate: £25,000 to £35,000 ($31,500 to $44,000)
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Sell to : Philip London
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Date of sale: June 30, 2023
It’s no secret that the artist by Kennedy Yanko the star has been on the rise recently. Known for her sensual sculptures made from what are called paint skins (sheaths of latex paint), she did an artist residency at the Rubell-Collection in 2021, and created his largest sculpture to date during the 2022 edition of Art Basel in Switzerland last summer.
“I think Kennedy is one of the most important artists working today,” the dealer said. Robert Dimini, whose gallery hosted his first solo exhibition in New York in 2019, where this particular work was included. Since that show, she “has reached the super star status that I’ve seen in the work,” he said. “She has received tremendous support from the museum since 2019.” Dimin cited highlights including a show at the Parish museum last summer organized by Mickalene Thomas as well as a giant installation at Brooklyn Museum Last year.
Dimin says his work is extremely sought after in the primary market and odd jobs are rare. He added that the estimate of P2 is “very fair [given] at what price does his work sell on the primary market.
To date, only two other works by the artist have been auctioned, according to the Artnet price database. Both performed well. Ignite and warm (2022) sold for $176,400 at Sotheby’s last September, exceeding the high estimate of $80,000; Antoinette (2019), sold for $100,800 at Sotheby’s last November, beating the high estimate of $70,000.
—Eileen Kinsella
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Please join us in the Bedroom at the back. See you next Friday.
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