Picasso's "Tete de Femme (Dora Maar)1941"* sold for $16.2 million, more than double the presale estimate at Christie's last night. The sale of Impressionist and Modern art was estimated to bring between $349 million and $487 million and the sale ended up bringing in $394 million. Not bad for art sales on the cusp of big global market tremors. Henri Matisse's "L'Odalisque, harmonie blue" sold for $33.6 million, breaking Matisse's previous record of $21.7 million. Alberto Giacometti works set records yet some works by Picasso, Cezanne and Renoir failed to meet their reserves. Sotheby's Impressionist and Modern Art auctions are continuing today...
But...still... I'm waiting to find out about the Warhol Liz with the clownish lips, right. Actor Hugh Grant is selling his Warhol "Liz" at a $25 million to $35 million price estimate at Christie's Post War and Contemporary Art Sale in NYC on November 13. He paid $3.6 million six years ago. If it doesn't sell at the price, the loss is Christie's, not Grant's -- the Warhol Liz carries a guarantee, like more than 100 of the artworks in the evening sales, according to an article on 11/6 by Alexandra Peers in the WSJ.
The turquoise 'Liz' (one of the ugliest ones in the series) is one of 13 images of Elizabeth Taylor that Andy Warhol made from a publicity photograph in 1963. Another in the series, the scarlet 'Liz', sold for $12.9 million in 2005, the highest at auction for the Liz series.
The New York Sun's article on the Christie's sale last night, Weak Dollar, Strong Sale, addressed the market jitters in the headline. Elsewhere the newspaper headlines blared about Recession Obsessions -- as consumers endured a week of sinking confidence as the housing market continues to slide, credit problems mount and the subprime issues continue to unfurl.
Gee. What a day today! Jitters, yea, right. While watching these art happenings, the New York Sun (I'm so glad I can continue to read this paper online now that I'm not in NYC) editorial notes "five of the largest Wall
Street finance houses have announced that they will disburse a total of
an astounding $36 billion in bonuses to a total of 173,000 employees, a
30% increase over last year....The list of financial
institutions offering the record bonuses — Goldman Sachs, Morgan
Stanley, Merrill Lynch, Lehman Brothers, and Bear Stearns — doesn't
even include the three largest American banks...Citigroup,
Bank of America, and JPMorgan Chase." Me? I thought it was all rather surreal when I lived there, a post-modern house of myopic mirrors. Outsider status views. But most there see NYC as the world's capital city, where art and finance feather pockets and walls and flying money is seen as the beacon of success. I guess it does seem so to some. Funny money ? I've wondered where the money is tethered.
The Dow Jones fell more than 360 points today, just about matching last Thursday's drop. Oil today traded above $98 per barrel for the first time, gold closed at a record $833, the 13-nation euro hit a new record against the dollar, not to mention jitters with financial stocks. Standard and Poor's fell below the psychological benchmark of 1,500...
I'm watching the art markets for signs of frivolous expenditures or good investments...
Hugh Grant is smiling, regardless. He should be. His timing is excellent. His Warhol will go on auction next week and is the cover of the Christie's catalogue. He's guaranteed to make a tidy profit on his art investment. Last year Warhol's Blue Mao set an auction record for a Warhol (with a Hong Kong buyer and I covered it in How Now Blue Mao). Warhol's record was broken again last May with a $71.7 million sale at Christie's.
Who is buying? What is selling, what isn't? That is what I wondered about the hot Chinese Art Market, going out the roof. I always think the art markets are the last fluffy time of feeling all bubbly before the bubbles burst. Well... I'm no expert. I'm just another (art lovin') mother.
*11/8 correction update: originally I posted the 31.5 inch bronze Picasso, left, at the top of this post rather than the painting by Picasso. 11/14 update: Both are titled "Tete de la Femme (Dora Maar). This one, at left, is dated 1955 and was sold at Sotheby's the same night. It was estimated to sell between $20 $30 million and sold at $26 million.