SG MAG AUGUST 2019 MAIN_2a

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The New Classics of Contemporary Art So far this year Modern art – which has driven the high-end art market over the last twenty years – has played a relatively diminished role in the market and, at the half-way point, is posting a -22% turnover contraction. There were no major works by Pablo Picasso, Amedeo Modigliani or Alberto Giacometti on offer, each of whom has several results above the $100 million threshold (including buyer fees) to his name (accounting for 9 of the 16 hammered for works of Fine Art). Nevertheless, Modern Art remained the biggest segment of the art market in H1 2019. Global Fine Art auction turnover by period of creation In the absence of Modern masterpieces, demand turned to other signatures, other movements and other creative periods. In the early part of the year we saw particular interest in London for several major 19th century signatures. Nevertheless, the first half of 2019 was clearly dominated by Claude Monet. The year started badly when his Saule pleureur et bassin aux nymphéas (Weeping Willow and Water Lily Pond) (1916-19) failed to sell at Christie’s on 27 February in London against an estimate of $60 million. But as things turned out, this failure contributed to the balance between supply and demand, since of the 27 other Monet works offered in H1 2019, more than 85% found buyers, generating a total of $251 million and making Claude Monet the world’s best performing artist in H1 2019, ahead of Pablo Picasso and Zao Wou-Ki. Even more surprising was a series of new auction records for Post-Impressionist artists, including Paul Signac, Gustave Caillebotte, Pierre Bonnard, proving that the best canvases of this period are still very much in demand. For his part, Paul Cézanne’s auction performance was the best for 20 years, with his second best-ever result at $59.3 million. The value of Bouilloire et fruits (c.1888-90) doubled since its last appearance in 1999. 10
Top 10 artists’ auction records hammered in H1 2019 Artist Work Price Sale 1 Claude MONET (1840-1926) Meules (1890) $110,747,000 14 May, Sotheby’s New York 2 Jeff KOONS (1955) Rabbit (1986) $91,075,000 15 May, Christie’s New York 3 Robert RAUSCHENBERG (1925- 2008) Buffalo II (1964) $88,805,000 15 May, Christie’s New York 4 Louise BOURGEOIS (1911-2010) Spider (1997) $32,055,000 15 May, Christie’s New York 5 Frank STELLA (1936) Point of Pines (1959) $28,082,500 15 May, Christie’s New York 6 Paul SIGNAC (1863-1935) Le Port au soleil couchant (1892) $25,934,244 27 Feb., Christie’s London 7 Gustave CAILLEBOTTE (1848- 1894) Chemin montant (1881) $22,160,721 27 Feb., Christie’s London 8 Pierre BONNARD (1867-1947) Une terrasse à Grasse (1912) $19,570,000 13 May, Christie’s New York 9 BALTHUS (1908-2001) Thérèse sur une banquette (1939) $19,002,500 13 May, Christie’s New York 10 KAWS (1974) The Kaws Album (2005) $14,772,677 1 Apr., Sotheby’s Hong Kong © Artprice.com Moreover, the market seems to have elected some new “classics” among exceptional works produced by Post- War and Contemporary artists. Jeff Koons’ Rabbit (1986) was probably the most striking example of how the major auctioneers (in this case Christie’s) succeed in elevating certain artworks, made in the second half of the 20th century, to the status of veritable masterpieces. This 1-meter high stainless steel sculpture (from an edition of 3 plus an artist’s proof) is the last one still in circulation. Number 2 of the 3 produced, it was exhibited by Christie’s in an immaculate white room and presented as “a chance to own the controversy”. Shortly after, it became the world’s most expensive work by a living artist, having fetched the 20th best result ever recorded for a work of fine art in auction history. 11
Page 2 and 3: Copyright. All material appearing i
Page 4 and 5: The art market is a multi-billion d
Page 6 and 7: • Turnover in the USA (-20%), Chi
Page 8 and 9: No of lots sold per price range H1
Page 12 and 13: Evolution of the record auction pri
Page 14 and 15: Soft Power: the contraction benefit
Page 16 and 17: Top 10 Auction Records for Women Ar
Page 18 and 19: Auction prices of Yayoi Kusama’s
Page 20 and 21: Star Global International who conce
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Page 24 and 25: The biopic about the modern cosmic
Page 26 and 27: A POLICE REPORT WAS FILED EARLY MAY
Page 28 and 29: THIS SIGNATURE PAINTING, THE LARGES
Page 30 and 31: Coming soon will be the ultimate lu
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Page 38 and 39: ALL ENQUIRIES 1 (888) 647-8274 or o
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Page 48 and 49: Welcome to the summer issue of Art
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Legendary artist Cosmic Jack Armstr
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SG MAG AUGUST 2019 MAIN_2a

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