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Before the big auctions: New York relaxes rules for the art market

KJust before the most important auctions of the spring season 2022, the New York auction houses were surprised by the city authorities. To improve the business climate after more than two years of pandemic, consumer protection regulations have been relaxed and economic regulations have been abolished. This should actually relieve smaller businesses such as laundries or cafés, but the amended “Local Law 80” now means that restrictions on the art trade are also lifted, even for large companies.

For example, auctioneers no longer have to disclose whether they have financial interests in works that are for sale. After deregulation, they would now even be allowed to announce fictitious bids to drive the auction or to raise the price above the reserve price with so-called “chandelier bids” – in which the auctioneer looks up at the chandelier instead of in the hall. And auctioneers will soon not even need a license.

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Many of the rules were specifically created by the city of New York 30 years ago to tame the art market, which was considered opaque. At least the great international houses declared but that they want to continue to “work fairly” (Sotheby’s), adhere to “the highest ethical standards” (Christie’s) and “run auctions transparently and in the best interests of customers” (Phillips).

Just as if the previous regulations were still in force. After all, the relative transparency of the auction market has also benefited the grandees of the industry in the past boom years.

Strong demand expected

Trust – from consignors as well as bidders – is the basis of your business with art. A deal that could bring a good billion dollars into the auction house coffers in the coming week. Because the offer of the “New York Sales” in May 2022 is top-class. Some consignors have probably also been waiting for the pandemic to subside in order to put their most promising pieces on the market. And the high estimates suggest that the auction houses are sure of strong demand.

Christie’s is expecting the highest hammer price ever in the coming weeks – for Andy Warhol’s “Shot Sage Blue Marilyn”. It’s supposed to be $200 million. Another screen print from the four-piece edition of the Monroe from 1964 is said to have been privately procured for the same price. The picture comes from the 100-piece collection of the art dealer couple Ammann from Zurich, which is dissolved.

Andy Warhol, „Shot Sage Blue Marilyn“, 1964 – –

Andy Warhol, „Shot Sage Blue Marilyn“, 1964

Which: Christie’s Images

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Having remained childless, Doris Ammann, who died in 2021, had set up a foundation to direct the proceeds of the auction (total estimate of around $320 million) to children’s aid projects. A “hand-painted picture” by Martin Kippenberger is estimated at three million; several paintings by Transavanguardia artist Francesco Clemente are offered in the five-figure range.

For 27 years, an anonymous collector kept a kind of three-winged altarpiece by Jean-Michel Basquiat. Now ‘Portrait of the Artist as a Young Derelict’ is going under the hammer as a major lot in the evening contemporary art auction at Christie’s. Around $30 million is expected.

Jean-Michel Basquiat, „Portrait of the Artist as a Young Derelict“, 1982 – –

Jean-Michel Basquiat, „Portrait of the Artist as a Young Derelict“, 1982

Which: CHRISTIE’S IMAGES LTD. 2022

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The top lot at Phillips is also a Basquiat: In 2016, the Japanese entrepreneur Yusaku Maezawa bought the giant painting of a horned grimace in front of graffiti for 57 million dollars (and shortly afterwards another Basquiat for 110 million dollars). But now Maezawa wants to get rid of it, his interest has recently shifted to space travel. Phillips doesn’t want to reveal the estimate.

At Christie’s, an incunabula of the American collective memory is said to fetch 15 million dollars: “Washington Crossing the Delaware”. The history painter Emanuel Leutze, who was born in Schwäbisch Gmünd, painted the motif three times. The first version burned down during the air raid on the Kunsthalle Bremen in World War II.

Emanuel Leutze, „Washington Crossing the Delaware“, 1851 – –

Emanuel Leutze, „Washington Crossing the Delaware“, 1851

Which: CHRISTIE’S IMAGES LTD. 2022

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The second illustration of that founding myth of the USA – the surprise attack on British troops in the War of Independence in 1776 – hangs in the Metropolitan Museum. And the third (of 1851) spent decades decorating the White House on loan from the Manoogian Collection. Until the billionaire Robert Kierlin bought the picture in 2015, but is now looking for a new buyer for it.

Anne H. Bass owned two orange-red Rothkos, who invested her divorce royalties wisely and built up an exquisite art collection. In addition, a Monet with a London parliament building at sunset is to be passed on for at least 40 million.

Sotheby's is auctioning a view of Venice by Claude Monet – –

Sotheby’s is auctioning a view of Venice by Claude Monet

Quelle: Julian Cassady/Sotheby’s

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The painting is in direct competition with a Venice Grand Canal veduta, another of Monet’s series subjects, being called up at Sotheby’s. There is talk of 50 million, even if the auction house officially backs behind the phrase “estimate on request”. The claim behind Picasso’s “Femme nue couchée”, a surrealistic cephalopod born in 1932, is also discreetly concealed.

Top lots in the contemporary art segment, which stretches back quite a long way at Sotheby’s, are a 1969 canvas called Abstract by Cy Twombly ($40 million), one of Philip Guston’s recently much-maligned hooded paintings of the same year ($5 million), a slightly more recent study of the Pope by Francis Bacon (40 million) and a classic Alex Katz from 1976 (“Rackstraw and Pamela”, two million).

Alex Katz, „Rackstraw and Pamela“, 1976 – –

Alex Katz, „Rackstraw and Pamela“, 1976

What: Sotheby’s

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Sigmar Polke’s 1967 raster image “House Front” hung on permanent loan in the Hamburger Kunsthalle for two decades. Upgraded to museum status, it is now going under the hammer at an estimate of ten million dollars. There may even be a record, which is 27 million for a “jungle” picture from the same year.

The auction houses have also provided something for collectors who enjoy the Venice Biennale. Sotheby’s has paintings by Leonora Carrington (“Garden of Paracelsus”, $1.2 million; “The Saints of Hampstead Heath”, $70,000).

The surrealist served the Biennale curator Cecilia Alemani as a muse for her show. Christina Quarles, who is occupying a room in Venice, is currently hip. Her large painting, Night Fell Upon Us Up On Us, could fetch $600,000.

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Cecilia Alemani, Director of the 59th Venice Art Biennale – –

Biennale-Chefin Cecilia Alemani – – – – –

The winner of the Golden Lion, Simone Leigh, is also there with a customary eyeless sculpted head. And after long oblivion, Ruth Asawa’s work has finally arrived on the market not only because of the Biennale, but also thanks to his dealer David Zwirner. At Christie’s, a 1955 wire sculpture is now valued at $1 million.

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