Archive for October, 2007

Following the Sale of a Rembrandt

October 30, 2007

In today’s NYTimes was this article about a “Rembrandt” that sold at a regional auction house in the UK for $4.5 million even though it was catalogued as “by a follower of Rembrandt”. The article ends with “If the experts change their minds someday, Friday’s buyer will have had a bargain”…

Friday’s buyer isn’t an English Ira Spainerman, trust me, if the Rijksmuseum in Amsterdam says its fake (which they did) it is.

But let me tell you the back-story, the one that takes place before the NYTimes picked it up, and I’ll do it like a Visa commercial.

A guy gets an insurance appraisal (₤2000). The appraiser finds this unusual work in this local home and gets excited (priceless). He sends some jpegs to Christie’s and Sotheby’s Old Master departments and they ask them to bring the work to London (₤50 parking and city driving tax). Upon inspection, one or both of the auction agents first checks the Art Loss Registry (₤100 each) to make sure it wasn’t stolen. It wasn’t so they take new images of the work – front, corners, details of hands and hair and verso and send transparencies to the associate they just got off the phone with at the Rijksmuseum (₤250). The Rijks, which is the employer of the leading scholars in Dutch painting, needs to see the work in person. The owner of the work is told by the auction house that someone will have to authenticate the work and that could be costly (₤2500), but that “they would be happy to subtract that fee from the seller’s commission after the sale…” (Estimated sale price if the Rembrandt were real ₤26 million).

2 Dutch board and plane and travel to London to inspect the work (₤500). It doesn’t meet their requirements and they go home, this time on Ryan Air (₤15). The appraiser advises the guy to go to a smaller regional auction house and have them sell the work so atleast he’ll make back the authentication fee and the appraiser will finally get an introductory commission (2% of sale price) from some auction house. The auction house decides to sell the work but since the leading authority already gave it the no, they decide to catalogue the work including the word “follower”. Now Reader, please see below for important information regarding what these below clauses mean in your auction catalogue:

a. “Attributed to” – work is of the period of the named artist and maybe the work of that artist, but not definitely so.

b. “Circle of” – work of the period closely associated with the artist or from his studio.

c. “School of’ – work by a pupil or follower of the artist, in his style.

d. “After” – in our opinion, a copy of the work of the artist.

e. “Signed” – has a signature which in our qualified opinion is the signature of the artist.

f. “Bears signature” – has signature which in our qualified opinion, might be the signature of the artist.

Story continues – On Friday, someone buys a painting from “the School of Rembrandt” for at a regional auction house ($4.5million).

Stats:

Local guy ($4.05 million after his 10% seller’s commission)

Appraisal ($90,000 for intro commission)

Auction house ($1.125 million – 675,000 from buyer and 450,000 from seller)

Buyer a.k.a. He who got the Bargain (-$5.175 million and an appraiser who is sure he needs his collection revalued…)

The End

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A Follower of Rembrandt

The Young Rembrandt as Democrates the Laughing Philosopher

Oil on copper, 9.5 x 6.5 in.

Chinese Government Backs Boom

October 23, 2007

This ran last week and then got buried by fluff. Charlie Finch gets political and it’s a very interested read.

Capital Roundup

October 18, 2007

While we in DC are aware of our progress and success, now the rest of the art world knows thanks to this month’s Capital Roundup.

Thank you Sidney Lawrence

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Paul D. Miller (DJ Spooky)
still from New York Is Now
2006-07
Irvine Contemporary

It’s Crunch Time

October 16, 2007

So the results from the London auctions are in, discussions with my associates who visited Frieze were had, Richard Polsky published his official (and kinda cheesy) buy, sell, hold “art market guide 2007” and then a handsome financial advisor from Chicago sent me this article from yesterday’s WSJ.

After processing all of this – these are my thoughts:

The most important info from the WSJ article is at the bottom when Rubell, the alpha collector, claims that its not the credit crunch affecting him, its the exchange rate. That was the same thing I heard from those with dollars at Frieze.

Then the article went on to say that only 19% of the buyers at Sotheby’s Contemporary auction in London were American. That is low (12% Asian, Middle Eastern & 42% European), really low and very telling of the future. So is the fact that the Chinese Contemporary sales did so well.

I missed the art market’s passing from Paris to New York, but I think I will live to see its move to London.

As for Polsky’s art market guide published on ArtNet News, his advice resonated well with WSJ and the auction results. He stamped Doig, Hirst, Yuskavage with a SELL in his guide. But re: his Yuskavage commment, I didn’t get it, I thought the opposite was true.

Overall, I thought his advice was very conservative and was surprised that Warhol was a BUY – but maybe he is doomed to claim that forever (if you don’t get it, you should be ashamed, please click here)
So, are the young contemporary Western artists going to suffer from this financial uncertainty? We will have to wait until December for the next round of auctions and fairs to see.

Not to beat a dead horse

October 11, 2007

but it reads like fiction and at the end you will feel compelled to visit an “alternate reality” blog

http://nymag.com/news/features/36091/

Only 2 more weeks until his show at The Corcoran!

Annie Leibovitz is in DC

October 10, 2007

and she’ll be at tonight’s Corcoran preview of A Photographer’s Life. I’m definitely going to talk to her. I don’t know what I’m going to say (other than sorry it’s so hot here) I have 4 hours…

Also DC is going to get some coverage on ArtNet News in the Capital RoundUp – I’ll post it as soon as I can – curious to see what and who they are going to mention…

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1869 Society

October 1, 2007

I get alot of emails regarding which young benefactor group to join in DC. There are several to choose from and if you are familiar with some of my past posts it’s obvious which one I believe in enough to be affiliated – and that is the 1869 Society at The Corcoran Gallery of Art.

For several reasons: The programming at the Corcoran Gallery is the most progressive; Yes, I’m sure moms in Virginia are more pumped about the Ansel Adams show than me, but an evening with Annie Leibovitz or Jeremy Blake is much more enticing than another Turner Retrospective.

The other members are commmitted and vibrant supporters of the regional art community. You can always count on meeting someone enriching and enjoying some event or exhibition that has its finger on the pulse of what’s important in today’s art world – not what was fashionable 400 years ago.

1869′s first event is the scavenger hunt during the cultural cocktails evening:

Cultural Cocktails
Thursday, October 18 at 6:30 p.m.
1869 Society FREE, Members $10, Public $24

What was the age of the photographer in the oldest of the prints in Ansel Adams? Which Annie Leibovitz photograph is being exhibited to the public for the first time here at the Corcoran? Join us for Find the Photograph, a Corcoran scavenger hunt on October 18, for a chance to win complimentary tickets to the 1869 Society’s Fall Fête: Natural Glamour in Black and White. Light Hors d’oeuvres and open bar.

Hope to see you there!

Annie Leibovitz’s renditon of the 1869 Society:

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Just kidding – its from her Marie Antoinette shoot – sorry guys, Kirsten Dunst is not a member


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