Skate's Art Investment Review

Less than two years has passed since the bestselling author Michael Crichton lost his unfortunate battle with throat cancer. Famous worldwide for his science fiction and medical thrillers, Crichton’s love of modern and contemporary art was less well known—but not that less well known, as attested in the auction catalogue by LACMA’s Michael Govan and Steven Spielberg. This evening Christie’s will auction 31 lots from his collection, including works by such masters as Roy Lichtenstein, Robert Rauschenberg, Andy Warhol and his long-time friend, Jasper Johns.

Indeed it is Johns’ Flag (1960–1966), featured on the auction catalogue’s cover, which will draw the most interest due to its estimate of $10–15 million. It’s the only work in the sale estimated to bring eight figures…

…Though Flag will certainly capture most of the attention from the press and market observers, it is not the only flag by Johns to be auctioned this evening. Flags I (ULAE 128) (pictured below), a 1973 screenprint in colors is, according to Christie’s catalogue, “number fifty-four from an edition of sixty-five plus seven artist’s proofs.” It is estimated to sell for $300,000–400,000. Six works make up the peer group for Flags I (ULAE 128), including one which was bought in at Christie’s last October; their average price has been $518,460….

To read the full article and comment, please visit Art in America.

To read the full article with peer groups, please visit Skate’s.

In early February, the art market was abuzz with the news that Alberto Giacometti’s Walking Man I (L’homme qui marche I) had set the world price record for an artwork sold at auction. In our comment following the sale, we respectfully disagreed that Picasso’s 2004 record for Garçon à la pipe had been broken, arguing that Sotheby’s, at least publicly, had begun using an arbitrary exchange rate that allowed for such an announcement.

Tonight, however, Picasso has clearly beaten his own record. In Christie’s sale of Property from the Collection of Mrs. Sidney F. Brody, which has yet to conclude, Picasso’s Nude, Green Leaves and Bust sold for $106,482,500, including buyer’s premium.

In itself, the sales means little save for a new record to discuss for the next few days. For us, it means a new placeholder to top Skate’s Top 1000. For art investors, it provides further confirmation that the market for Impressionist and Modern art is far from losing steam, at least for this particular master, which in turn should be taken as an indication that the best deals (i.e., the best investments) surely lie elsewhere at this point.

When this week’s sales are said and done we will provide further post-auction analysis, including on the sales of two Matisse nudes we discussed in depth earlier today (hint: the one auctioned at the Brody sale tonight didn’t live up to expectations).

Since the fall of 2008, the market for Impressionist and Modern art has thrived amidst a general decline in the greater market for fine art, especially contemporary art. And although contemporary art has begun to show signs of a recovery in emerging markets like China and is poised to see major sales next week at Christie’s and Sotheby’s, tonight and tomorrow evening will witness a major test of whether Impressionist and Modern art can continue to generate strong demand.

A number of works by canonical names are up for sale—Picasso, Giacometti, Renoir, Munch. Beyond the eight-figure estimates and the hype arising from the auction houses’ flashy catalogue covers, however, are two particular works, both nudes, by Henri Matisse, which are worthy of comment. Visually, they are very similar in terms of subject matter and, at least at first glance, in style. Their estimates differ considerably.

The first work is Nu au Coussin Bleu (1924, pictured left), which will be auctioned at Christie’s in this evening’s highly publicized sale of Property from the Collection of Mrs. Sidney F. Brody. This work is estimated to sell for $20,000,000 to $30,000,000. Although two of Matisse’s paintings have exceeded this range in the past—Les Coucous, Tapis Bleu et Rose (1911) for $46,055,344 early last year at Christie’s and L’Odalisque, Harmonie Bleue (1937) for $33,641,000 at Christie’s in November 2007—a successful sale of Nu au Coussin Bleu will further cement his position as one of the most highly valued modern artists. It would also be the highest priced nude by Matisse to ever sell at auction, beating Nu Couché Vu de Dos (1927), which sold for $18,496,000 at Sotheby’s in May 2006.

Tomorrow at the Impressionist & Modern Art Evening Sale, Sotheby’s will auction an earlier nude by Matisse, Nu au Fauteuil, Jambes Croisées (1920, pictured below). Its estimate is significantly lower at $2,500,000 to 3,500,000.

Why are these two works, painted four years apart and so similar at first glance, so very different in estimated value?

To read the full article and comment, please visit Art in America.