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The Sales of Big-Ticket Artworks at Art Basel Give a Peek Into the State of the Market

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1 year ago

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If you want to know how the art market is performing, one easy benchmark is the number of big-ticket artworks up for sale at Art Basel, and how they did on the fair’s first day.

Acquavella had several million-dollar works on offer across its booth, with the highlight being Mark Rothko’s 1955 Untitled (Yellow, Orange, Yellow, Light Orange) for $60 million. By day’s end, the work, which was mounted on its own wall, was still held on reserve. The gallery also had two works by Jean-Michel Basquiat in its booth, one for $9 million and the other for $8 million. Over at Simon Lee, a Basquiat painting in the $10 million–$15 million range was also on reserve.

At Hauser & Wirth, meanwhile, several big-ticket works sold, including Louise Bourgeois’s Spider IV (1996), from an edition of six, for $22.5 million, as well as one of the artist’s “Personages” sculptures, from 1953, for $7.5 million.

“Being a Swiss-born gallery, Art Basel is of course our touchstone, and we bring the rarest and most exceptional works,” Hauser & Wirth president Iwan Wirth said in a statement. “But our stand is equally a reflection of our relationships with our collectors—the people who share our passions and rigor, and with whom we have worked closely and consistently for a very long time.”

Pace also reported several first day sales on the first day, but its highest priced item, a $14 million Joan Mitchell from 1963, was also still on reserve by the end of Tuesday. Similarly, a $6 million Keith Haring work at Skarstedt was also not yet sold.

One surprise at the fair was Sigmar Polke’s 2007 lens painting The Illusionist, a rare work to come to market, courtesy of Michael Werner. The piece was exhibited in Polke’s traveling retrospective, which opened at the Museum of Modern Art in 2014 before heading to the Tate Modern in London and Museum Ludwig in Cologne. The work most recently belonged to a private collection in Dallas, according to the gallery, and had featured in an exhibition at the Warehouse, the private museum founded by Dallas-based ARTnews Top 200 collectors Cindy and Howard Rachofsky. The Warehouse’s website lists the work as being jointly owned by the Rachofsky Collection and Jennifer and John Eagle, another Dallas collecting couple.

BASEL, SWITZERLAND - JUNE 13: A visitor looks at the artwork of Yinka Shonibare "The African Library", 2018 on June 13, 2023 in Basel, Switzerland. Art Basel is one of the most prestigious art fairs in the world, showcasing the work of artists selected by 284 of the world’s leading art galleries. (Photo by Harold Cunningham/Getty Images)

A visitor looks at the artwork of Yinka Shonibare “The African Library”, 2018 on June 13, 2023 in Basel, Switzerland.

Harold Cunningham/Getty Images)

Interestingly, the fair had two de Kooning paintings from the late ’70s, both of which were put up for sale at Christie’s last year and are on offer for north of $20 million a piece.

Untitled XXI (1977) which is being exhibited by Mnuchin Gallery, sold at Christie’s in May for $25 million, backed by a third-party guarantee; Mnuchin declined to give an asking price on the record. However, a collector at the fair with direct knowledge of the price pre-fair said it was around $28 million. Meanwhile, at the Gagosian booth, a sales associate quoted the price of de Kooning’s Untitled III (ca. 1978) at $33 million; that painting notably failed to sell at Christies in November. As ARTnews reported at the time, the painting, which Christie’s guaranteed, had an asking price over $35 million and was declared a “pass” after a mere minute on the block. In the post-sale press conference, Christie’s executives said that the auction now owned the painting. Gagosian gallery confirmed that the painting, now in its booth, is on consignment; assuming it hasn’t sold between November and now, the consignor is most likely Christie’s. (The gallery did not return a request for comment by press time.) Other dealers said it is not unusual for auction houses to consign works to dealers’ booths at art fairs.

In an unusual move in an era where reporting secondary market sales and prices has become de rigeur for some large galleries, David Zwirner gallery sent out a press release noting second market sales for Joan Mitchell, Agnes Martin, and others, while also nothing that the gallery would, in the future, only report prices for works sold on the primary market. The statement once again raises the question of whether galleries are to be trusted when reporting prices of sold works. Unless otherwise noted, all prices in this report are asking prices; whether a collector was able to negotiate a discount generally remains unknown to the press.

Zwirner told ARTnews that he made the move in order to protect his consigners. “For their privacy,” he said, “we will not share prices post-sale. This protects a part of my business.” Zwirner added that he was fine with press having knowledge of asking prices before the fair, something that is all but unavoidable. (Case in point: a collector with knowledge of the pre-fair prices at Gagosian said the de Kooning had had a price tag of $35 million.) Zwirner added that he took issue with all of the doom-and-gloom reporting around the New York auctions in May, when reserve prices were lowered and some sales failed to produce fireworks.

“The May sales showed us where the market is, and we can have sensible conversations with our consignors,” he said.

Zwirner said that, overall, his sales so far this year—including primary works like Noah Davis’s painting Graduation (2015) for $2 million and Elizabeth Peyton’s painting Spencer Drawing (1999) for $1 million—are “vastly improved” over last year, and that when the clock struck 3 p.m. during today’s VIP preview he was 30 percent over what he’d sold last year by value, and even more by volume.

Correction, June 13, 2023: An earlier version of this article misattributed a statement from Iwan Wirth to Marc Payot.

 

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Calvin Lucyshyn: Vancouver Island Art Dealer Faces Fraud Charges After Police Seize Millions in Artwork

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3 days ago

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September 13, 2024

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In a case that has sent shockwaves through the Vancouver Island art community, a local art dealer has been charged with one count of fraud over $5,000. Calvin Lucyshyn, the former operator of the now-closed Winchester Galleries in Oak Bay, faces the charge after police seized hundreds of artworks, valued in the tens of millions of dollars, from various storage sites in the Greater Victoria area.

Alleged Fraud Scheme

Police allege that Lucyshyn had been taking valuable art from members of the public under the guise of appraising or consigning the pieces for sale, only to cut off all communication with the owners. This investigation began in April 2022, when police received a complaint from an individual who had provided four paintings to Lucyshyn, including three works by renowned British Columbia artist Emily Carr, and had not received any updates on their sale.

Further investigation by the Saanich Police Department revealed that this was not an isolated incident. Detectives found other alleged victims who had similar experiences with Winchester Galleries, leading police to execute search warrants at three separate storage locations across Greater Victoria.

Massive Seizure of Artworks

In what has become one of the largest art fraud investigations in recent Canadian history, authorities seized approximately 1,100 pieces of art, including more than 600 pieces from a storage site in Saanich, over 300 in Langford, and more than 100 in Oak Bay. Some of the more valuable pieces, according to police, were estimated to be worth $85,000 each.

Lucyshyn was arrested on April 21, 2022, but was later released from custody. In May 2024, a fraud charge was formally laid against him.

Artwork Returned, but Some Remain Unclaimed

In a statement released on Monday, the Saanich Police Department confirmed that 1,050 of the seized artworks have been returned to their rightful owners. However, several pieces remain unclaimed, and police continue their efforts to track down the owners of these works.

Court Proceedings Ongoing

The criminal charge against Lucyshyn has not yet been tested in court, and he has publicly stated his intention to defend himself against any pending allegations. His next court appearance is scheduled for September 10, 2024.

Impact on the Local Art Community

The news of Lucyshyn’s alleged fraud has deeply affected Vancouver Island’s art community, particularly collectors, galleries, and artists who may have been impacted by the gallery’s operations. With high-value pieces from artists like Emily Carr involved, the case underscores the vulnerabilities that can exist in art transactions.

For many art collectors, the investigation has raised concerns about the potential for fraud in the art world, particularly when it comes to dealing with private galleries and dealers. The seizure of such a vast collection of artworks has also led to questions about the management and oversight of valuable art pieces, as well as the importance of transparency and trust in the industry.

As the case continues to unfold in court, it will likely serve as a cautionary tale for collectors and galleries alike, highlighting the need for due diligence in the sale and appraisal of high-value artworks.

While much of the seized artwork has been returned, the full scale of the alleged fraud is still being unraveled. Lucyshyn’s upcoming court appearances will be closely watched, not only by the legal community but also by the wider art world, as it navigates the fallout from one of Canada’s most significant art fraud cases in recent memory.

Art collectors and individuals who believe they may have been affected by this case are encouraged to contact the Saanich Police Department to inquire about any unclaimed pieces. Additionally, the case serves as a reminder for anyone involved in high-value art transactions to work with reputable dealers and to keep thorough documentation of all transactions.

As with any investment, whether in art or other ventures, it is crucial to be cautious and informed. Art fraud can devastate personal collections and finances, but by taking steps to verify authenticity, provenance, and the reputation of dealers, collectors can help safeguard their valuable pieces.

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Ukrainian sells art in Essex while stuck in a warzone – BBC.com

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2 weeks ago

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September 2, 2024

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Ukrainian sells art in Essex while stuck in a warzone  BBC.com

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Somerset House Fire: Courtauld Gallery Reopens, Rest of Landmark Closed

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4 weeks ago

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August 18, 2024

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The Courtauld Gallery at Somerset House has reopened its doors to the public after a fire swept through the historic building in central London. While the gallery has resumed operations, the rest of the iconic site remains closed “until further notice.”

On Saturday, approximately 125 firefighters were called to the scene to battle the blaze, which sent smoke billowing across the city. Fortunately, the fire occurred in a part of the building not housing valuable artworks, and no injuries were reported. Authorities are still investigating the cause of the fire.

Despite the disruption, art lovers queued outside the gallery before it reopened at 10:00 BST on Sunday. One visitor expressed his relief, saying, “I was sad to see the fire, but I’m relieved the art is safe.”

The Clark family, visiting London from Washington state, USA, had a unique perspective on the incident. While sightseeing on the London Eye, they watched as firefighters tackled the flames. Paul Clark, accompanied by his wife Jiorgia and their four children, shared their concern for the safety of the artwork inside Somerset House. “It was sad to see,” Mr. Clark told the BBC. As a fan of Vincent Van Gogh, he was particularly relieved to learn that the painter’s famous Self-Portrait with Bandaged Ear had not been affected by the fire.

Blaze in the West Wing

The fire broke out around midday on Saturday in the west wing of Somerset House, a section of the building primarily used for offices and storage. Jonathan Reekie, director of Somerset House Trust, assured the public that “no valuable artefacts or artworks” were located in that part of the building. By Sunday, fire engines were still stationed outside as investigations into the fire’s origin continued.

About Somerset House

Located on the Strand in central London, Somerset House is a prominent arts venue with a rich history dating back to the Georgian era. Built on the site of a former Tudor palace, the complex is known for its iconic courtyard and is home to the Courtauld Gallery. The gallery houses a prestigious collection from the Samuel Courtauld Trust, showcasing masterpieces from the Middle Ages to the 20th century. Among the notable works are pieces by impressionist legends such as Edouard Manet, Claude Monet, Paul Cézanne, and Vincent Van Gogh.

Somerset House regularly hosts cultural exhibitions and public events, including its popular winter ice skating sessions in the courtyard. However, for now, the venue remains partially closed as authorities ensure the safety of the site following the fire.

Art lovers and the Somerset House community can take solace in knowing that the invaluable collection remains unharmed, and the Courtauld Gallery continues to welcome visitors, offering a reprieve amid the disruption.

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