The stratospheric state of the global art market has been underlined by figures that show last month’s ‘Monet’ auction at Christie’s in London was the most lucrative in European history.

Despite the global economic slowdown, Christie’s evening sale of Impressionist and Modern Art fetched £144 million.

Of that total, £40.9 million was accounted for by the sale of Claude Monet’s Le bassin aux nymphéas, from the Frenchman’s waterlily series.

That was a world record for a work by the artist at auction – almost doubling the previous record of £21 million, set earlier this year at Christie’s for Le Pont du chemin de fer á Argeneuil.

Humble motorists are effectively paying at the pump for the rocketing price of top works, art market analysts believe.

Controllers of Middle Eastern sovereign funds and Russian oligarchs are the new power brokers, they say.

That seems to have been born out by the £44 million Sotheby’s sale in May of Francis Bacon’s Triptych (1976) – the highest price ever paid for a work of contemporary art at auction. It was apparently sold to Chelsea FC owner Roman Abramovich.

Although the billionaire has not confirmed the purchase, it is thought he bought it for his young girlfriend Daria ‘Dasha’ Zhukova.

She is in the process of setting up a major new art gallery, the Garage Centre for Contemporary Culture Moscow, or CCC, due to open in September.

Another world record to be smashed this year is the £17.3 million spent on a painting of a naked JobCentre worker by Lucian Freud, Benefits Supervisor Sleeping, the most ever spent on a work by a living artist.

The first half of 2008 has brought worldwide sales of £1.8 billion for Christie’s International, a 10 per cent increase on the same period last year. It’s Asian salesrooms have seen 63 per cent year-on-year growth.

Edward Dolman, chief executive officer of Christie’s International, said the figures reflected “the ongoing strength of the international art market.”

He added: “Collectors across the globe have remained active and confident, despite more uncertain economic conditions in some regions.

“Christie’s extensive international network has introduced an increasing number of buyers to the international art market from growth markets including Russia and the CIS states, the Middle East, India and China.”

The post Claude Monet auction most expensive in European art history first appeared on Indian Art News.

Is there a bubble in the art market? Sales of high-end works defy expectations amid an expanding pool of oil-rich buyers.

NEW YORK (Fortune) — Luxury these days is a tale of two markets: consumers continue to snap up high-priced Louis Vuitton bags even as they balk at paying full price for Coach handbags. The same can be said of demand for works of art.
Recent auctions of high-end art on both sides of the Atlantic have been a huge success. The sales, fueled in part by rich oil barons, have defied expectations that a shaky global economy would curb demand.
In London, works by Claude Monet and Jeff Koons fetched stratospheric prices, with Monet’s water lilies masterpiece, “Le Bassin aux Nympheas” selling for $80.5 million last week – well above its $47 million high estimate. In May, Francis Bacon’s “Triptych, 1976” set the record for most expensive contemporary work at auction when it sold for $86.3 million at Sotheby’s in New York.
Trendy categories like post-WWII and contemporary art have seen triple-digit price gains since 2002, but the boom was supposed to end after the credit crisis hit last summer. Instead, buoyant sales are just the latest example of a market that seems impervious to the downturn driven by climbing oil prices, a floundering financial sector, and a looming U.S. recession.
One reason the auctions are still buzzing is the influx of commodity-rich buyers who chase trophy works and push prices to ever-loftier heights. Roman Abramovich, a London-based Russian oligarch, reportedly bought two of the top works at the New York sales in May: the $86.3 million Bacon triptych and Lucien Freud’s “Benefits Supervisor Sleeping,” which sold for $33.6 million, making Freud the priciest living artist.
Meanwhile, the Al-Thani family of Qatar was the reported buyer last year of Mark Rothko’s “White Center (Yellow, Pink, and Lavender on Rose)” for $72.8 million. It was the highest price for a post-war work sold at auction at the time – a title now held by Bacon’s “Triptych.”
Signs of softness
This trophy-lot frenzy, however, has obscured some underlying weakness.
“We have two markets going on,” says Ian Peck, CEO of New York-based Art Capital Group, which provides financing against art assets. “There’s the super-rich market, which is very active right now. Then there’s the middle market, which is soft and patchy.”
According to research firm ArtTactic, works priced at more than $1 million made up about 70% of the contemporary art auction volume this year. Lower-priced pieces, which are offered by the auction houses at day sales rather than at the high-profile evening auctions, were more likely to sell below their top estimates or to fail to sell.
This softness shows that middle-market buyers are balking at rapidly escalating prices. For example, this week Christie’s featured six works by Damien Hirst at its day sale in London. Two didn’t sell, including a medicine cabinet that was estimated at $690,000 to $880,000. In its last auction four years ago, the Hirst piece fetched $212,000, nearly three times its top estimate.
The high-end market, on the other hand, has been resilient thanks to a buyer’s pool that is bigger and more global than ever. As recently as the late 1980s – when Japanese buyers bid up Impressionist art – American and European collectors were the only other major players, says Olivier Camu of Christie’s in London. When the Japanese economy faltered, so did the art market, and prices fell precipitously in the early 1990s.
“The reason the market is doing so well is because it’s so much deeper and broader,” says Camu. Big bidders now also hail from the former Soviet Union, the Middle East, and Asia.
With growing demand for a limited supply, quality has been able to command record prices. The $80.5 million Monet, for example, was a rare masterpiece in top condition whose companion paintings are in museum or private collections or, in one instance, damaged.
Still, observers question whether even the trophy-art market can continue to soar as economic conditions deteriorate. “We think if there is a shift it could happen quickly,” says Peck. “It would take one or two major pieces to do poorly, and that could trigger a chain reaction. It’s a very neurotic sort of market.”

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Sunday, 6 July 2008

Laurie Lewis
Bridget Riley, with her painting Cataract

Women artists face prejudice and discrimination, with their works selling for a fraction of the price of their male counterparts, one of the world’s leading art dealers claimed yesterday.

Iwan Wirth, who represents the French-American artist Louise Bourgeois, whose giant spider, Maman, became a landmark outside Tate Modern in London last year, said the huge gap in prices between the likes of Lucian Freud and Bourgeois was “a constant source of disappointment”.

Sales in London last week generated a fresh round of head-spinning prices: a Freud for £11.8m and a Jeff Koons sculpture for £13m. By comparison, the South African-born artist Marlene Dumas became the most expensive living woman artist at auction on Tuesday when her work The Visitor sold for £3.2m at Sotheby’s.

“It’s a constant source of disappointment to see the discrepancy in prices between outstanding female artists and their male counterparts,” Mr Wirth said.

“An artist’s gender should have nothing to do with their market value. I see this happen with the major artists we represent, such as Bourgeois, Joan Mitchell and Eva Hesse, who are exceptionally high-ranking artists.”

This week saw a new record price for the female British artist Bridget Riley, who sold for £2.5m at Sotheby’s. Bourgeois herself set the record for a living female artist in May this year when one of her spiders sold in Paris for £2.3m.

The Russian avant-garde artist Natalia Goncharova, who died in 1962, holds the record for the most expensive female artist sold at auction, with her Les Fleurs selling for £5.5m at Christie’s in June. Yet this pales in comparison with the £43m made by Bacon’s Triptych, 1976 in May – the most expensive piece of contemporary art sold at auction.

Mr Wirth complained that, while even the best-known female artists sell for around £2m-3m, lesser male artists make more money at auction: “Surely the art market, of all places, should be free of such prejudices. I was delighted to see an important painting by Dumas sell at Sotheby’s for £3.2m. However, one has to compare this with works from the same sale, which included a Bacon that sold for £13.7m, a [Jean-Michel] Basquiat for £5m and a Richard Prince for £4.2 m. Female artists are the bargain in today’s markets.”

The writer and sociologist Sarah Thornton, whose book on the art market will be published later this year, said that only 30 per cent of works in museums and galleries are by women, while the top 100 artists at auction in 2007 includes only four women, with the highest at No 49.

“You cannot equate the monetary value of art with the aesthetic worth of the artist,” she said. “One would expect the art world to be more egalitarian. It was only in 2004 that a living woman, Marlene Dumas, broke through the $1m barrier. At the top end of the market, the people who can afford to spend a lot are entrepreneurial men. And they buy entrepreneurial artists – Warhol, Hirst, Koons – artists they perhaps identify with.

“Second, it’s about volume. Women don’t tend to have factories of assistants churning out work. If you want to boost an artist’s price you need to bring their work to auction again and again. Women don’t usually work in that way.”

But the art critic Brian Sewell pointed out that, historically, women have done better in the art world than elsewhere. Throughout the 16th, 17th and 18th centuries, women artists were praised by male contemporaries. The likes of Artemisia Gentileschi, born in 1593, and her contemporary Fede Galizia were considered great painters of their day.

“The art market is not sexist,” Mr Sewell said. “The likes of Bridget Riley and Louise Bourgeois are of the second and third rank. There has never been a first-rank woman artist.

“Only men are capable of aesthetic greatness. Women make up 50 per cent or more of classes at art school. Yet they fade away in their late 20s or 30s. Maybe it’s something to do with bearing children.”

Mr Wirth, however, believes things could change. “The problem has been that female artists have been historically excluded from museums,” he told The Art Newspaper. “Now there are more female curators and a new generation of male curators rewriting art history.”

Pilar Ordovas, the head of contemporary art at Christie’s, also rejected claims the market is sexist. “There are many male artists who sell for the same as women,” she said. “It is too simplistic to suggest that gender or age determines price.”

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