Returning a Kerry James Marshall, Day Sale Surprises & Jeff Koons Quirks – ARTnews.com
Kerry James Marshall breaks record
As you may have heard, Leonardo Salvator Mundi (ca. 1500) brought down the house at Christie’s New York on Wednesday night, selling for $ 450.3 million, the highest price ever paid for a work of art at auction and the best selling in a transaction for a single work of art, at least as much as everyone knows.
But it wasn’t the only record breaking job. Minutes before this 500-year-old coin hits the block, a two-year-old Kerry James Marshall painting, Still life with wedding portrait, went on sale and drew strong auctions, ultimately selling for $ 5.04 million with the buyer’s premium, a new record for the artist at auction and a figure well above the the high estimate of $ 1.5 million that the auction house attributed to the piece.
Marshall donated the then brand new painting to a charity sale benefiting the Museum of Contemporary Art in Chicago in 2015, where it was sold for $ 750,000. ARTnews understands that a rumor was circulating after this sale that the sender had potentially planned to give the painting, which depicts Harriett Tubman and her first husband, John, as a gift to the MCA. It was included in Marshall’s mid-career retrospective, which opened at the MCA in April 2016 and visited the Met Breuer in New York and the Museum of Contemporary Art in Los Angeles.
According to industry newsletter Baer Faxt, gallery owner and art advisor Jeanne Greenberg Rohatyn sued the Marshall for $ 4.2 million. Greenberg also made an offer on the board when it was on sale at the MCA (which explains the discussions around Chicago around the time Jay Z and Beyoncé, known to be Greenberg clients, were in contention). She was happy to have another photo of the room Wednesday night, she said, and sorry that she lost it, but expressed dismay at being returned after a charity sale.
While $ 5.04 million is a huge result for any image, placing Marshall in a rarefied field of contemporary artists whose work can command such numbers at auction, it is not an anomaly in the market. For his work. Merchant Jack Shainman, who has exhibited the artist since 1993, said ARTnews that Marshall’s paintings sold at comparable prices in the secondary market.
Marshall has expressed his goal of bringing more black figures into museums, starting with his own work, and many of his most important paintings are held by institutions. This partly explains the rarity of his auction work. Artists take the risk, when they offer their work for a charity, that it ends up in the market. It remains to be seen whether the current owner will Still life with wedding portrait available for public view.
Sources say the seller was Jay and Gretchen Jordan. Jay is an industrialist and investor based in Deerfield, Ill., And co-founder of Jordan Co., a private investment firm. The Jordans attended the charity sale and are listed in the Marshall Traveling Retrospective catalog as lenders of the painting.
“It carries enormous weight in his practice and was done with such sincerity,” collector Bob Rennie said of Still life with wedding portrait. Rennie, who is based in Vancouver, owns a staggering number of Marshall’s works and will open a Marshall exhibition on June 1 at his private museum in the city. He said that while nothing prevents a collector from selling a work of art, and it happens frequently, in this case he “felt it in the pit of my stomach” and wondered if Marshall might feel like they’ve been “taken advantage of.” “
“We should all be talking about these things,” Rennie said. “None of us are saints, but perhaps there is a safer route for the relationship between collectors, dealers and artists.”
George Condo Madness
The locals in the daily sale couldn’t get enough of George Condo this week.
At Phillips, a 1990 work estimated between $ 100,000 and $ 150,000 resulted in a sports prize of $ 591,000. At Christie’s, a 2005 condo sold for $ 924,500, nearly three times its high estimate of $ 350,000. And a condo at Sotheby’s was set to go even higher, with its estimate already high at $ 1.2 million.
At the auction opening Friday afternoon at Sotheby’s, specialist Bernie Lagrange presented a quick bid of $ 1.2 million before being overwhelmed by colleagues Clarissa Vallet, Yuki Terase and David Rothschild, who chilled things for a second with an offer of $ 1.6 million. But after a few more fights, postwar and contemporary leader Alex Branczik entered the fray with a $ 2.6 million lob, before being out of nowhere by an online bidder. This online bidder then came face to face with Terase – who may have responded to offers from one of his clients, Condo fanatic Yusaku Maezawa?
Whoever it was, this bidder didn’t win it, as the online bidder ripped him off a hammer for $ 3.4 million, or $ 4.1 million with fees. Evening sale prices on a Friday afternoon!
Daytime action at Christie’s
Thursday, while the press and personalities were invited to attend the Anselm Kiefer / Auguste Rodin show at the Barnes Foundation in Philadelphia, Kiefer’s Makulist, Immakulisten (2008) has just reached this magic number of $ 1 million, out of an estimate of $ 800,000.
Some Californian artists, both native and adopted, have done well. that of Ed Ruscha Ice (1993) got hot! With a high estimate of $ 800,000, it rose to $ 1.9 million. Jonas Wood’s star continues to rise, with a still life of around six square feet from 2008, surpassing its high estimate of $ 350,000 to $ 588,500. And one Martin Wong belonging to the late great collector Melva Bucksbaum, Flooding (1984), more than doubled its high estimate of $ 70,000 to $ 162,500.
stir KAWS! The artist offered a painting for $ 396,000, well above his high estimate of $ 250,000, and a 2014 Aaron Garber-Maikovska won $ 118,750 against a high estimate of $ 50,000.
No one wanted Jeff Koons’ gigantic 120 x 168 inch painting depicting the artist’s beginnings of the flower Puppy in an unveiling of Documenta 9 in front of the Residenzschloss Arolsen in Hesse, Germany, in 1992. Very good. We will take it.
Today’s sales at Phillips
Remember a few months ago when Mark Grotjahn saw an artwork, featured as his own, ready for sale at the Phillips New Now sale, and posted it on Instagram with a caption that read: ” I’m not sure I did that. Either way, that sucks, ”then Phillips pulled the job off the sale? Well, he finally hit the block yesterday in today’s house sales and sold for an admirable price of $ 75,000, or over $ 30,000, the same estimate he had on the sale. “New Now” before its withdrawal. (Rumors circulated after the artwork’s initial takedown that the sender was art advisor Kimberly Chang, and that Grotjahn had done the little work for her, hence the giant “K” in the lower right corner. )
Phillips has also set records for a number of artists, including painter Shara Hughes, one of the stars of this year’s Whitney Biennial, whom Bloomberg reporter Katya Kazakina described last month as an artist with a rapidly growing market. His work topped his high estimate of $ 15,000, selling for $ 85,000. Other artists with new records thanks to Phillips include Sanya Kantarovsky ($ 32,500), Kon Trubkovich ($ 56,250) and Titus Kaphar ($ 40,000).
Laura Owens saw her work go way beyond estimates at Sotheby’s evening sale on Thursday night, and the buzz of her show at the Whitney has spread to the day’s sales as well. At Phillips, a lot of two works sold separately at Christie’s in March 2005, for $ 10,200 and $ 4,800, went away for $ 37,500, above a high estimate of $ 18,000.
You still get a few daily sales passes, but they can be interesting. The price was perhaps too high for the creations of Louise Bourgeois The beloved hand—High estimate $ 250,000 —and ditto for a cabinetmaking job by Damien Hirst which had a high estimate of $ 800,000.
And – why not close this section with that? – a magenta multiple by Jeff Koons, Venus balloon, made to accompany a bottle of Dom Pérignon, sold for $ 75,000, exceeding its high estimate of $ 50,000. The work was from an edition of 650 plus 40 artist proofs, meaning that at the Phillips selling price, the entire print could be valued at around $ 51.8 million.
The action as the sun shines on Sotheby’s
Ad Reinhardt had a hell of a day today on York Avenue. A 1950 work that made its way into various collections in New York and Los Angeles surpassed its high estimate of $ 600,000 en route to a profit of $ 1.15 million. Another Reinhardt painting, which debuted at an exhibition in a Brooklyn synagogue, cost more than four times its high estimate of $ 200,000, also selling for $ 1.15 million.
Unreserved alert! A Julian Schnabel sketch by artist Blinky Palermo sold for just $ 6,250, although the low estimate was $ 20,000. Indeed, there was business to be done, especially in the case of a 1975 Louise Nevelson wood sculpture with a low estimate of just $ 1,500 that sold for just $ 3,500.
On the flip side, there were also some very expensive actions – a trio of works by Willem de Kooning sold at today’s auctions for $ 1.1 million, $ 1.3 million, and $ 2.7 million. dollars.
Many lucky people are in New Orleans for the opening of the triennial Prospect.4, which opens to VIPs today. One of the featured artists is the late Barkley L. Hendricks, and one of his works sold for $ 200,000, above a high estimate of $ 150,000.
The afternoon sales began with a series of works by some of the market’s most coveted artists, such as Jennifer Guidi, an artist from Los Angeles known to be quite calculating when it comes to the price and placement of his work. Estimated to sell for a high of $ 40,000, it exploded and ended up going for $ 137,000.
A few prizes later, a Mark Grotjahn (who happens to be Guidi’s husband) arrived and David Schrader beat a few other Specialists to take him away at $ 140,000 at the hammer, $ 175,000 with fees. And then Wood continued her strong performance when specialist Charlotte Van Dercook won Rose Plant Two (2014) for $ 915,000, well above the high estimate of $ 400,000.
And while Sotheby’s sale is still ahead, with around 100 lots still to go as this story goes to press, we’ve already seen at least one major auction record. Jack Whitten’s Ghost of Joseph Beuys (1986) sold to a telephone bidder with Sotheby’s Europe President Helena Newman for a hammer of $ 700,000, or $ 855,000 with fees, breaking the record set at Sotheby’s Day sales last May, when Epsilon Group, III (1976) sold for $ 672,500. Next May, you may be able to find a work by Whitten inserted in the evening sales.