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Subject: What We Learned this Week (2342)
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View this post on the web at https://artelligence.substack.com/p/what-we-le=
arned-this-week-2342
Welcome to Artelligence
This free Artelligence newsletter is published most Fridays throughout the =
year. Additional newsletters analyzing auction data from LiveArt or featuri=
ng our own reporting are for paid subscribers only.
Next week, we will begin analyzing the markets for prominent works in the N=
ovember sales as we begin the run into the season=E2=80=99s most important =
auctions.=20
If you want to share some insights of your own, have suggestions for covera=
ge, a question you want us to poll our readers about, or simply want to ven=
t=E2=80=94feel free to =E2=80=A6
Subscriptions are $12 a month or $120 for a year. For organizations, we off=
er group discounts for 30% for each subscription of two or more. Sharing a =
newsletter on occasion is fine; consistently circumventing group subscripti=
ons is not (we will be contacting the worst offenders soon.)=C2=A0
There is also an option to get a 7-day free trial. Just choose the subscrip=
tion plan you want and click on the 7-day trial option before checkout.=C2=
=A0
In This Issue
Lot Watch: Richard Diebenkorn=E2=80=99s $25m early work; Sotheby=E2=80=99s =
big Richter Abstract; a Twombly Bacchus painting looks for $18m; a $3m Rusc=
ha; the Phillips family Signac
Paris Impressions: Rainy Paris has plenty of bright spots for the art marke=
t
Results: Titze Collection =3D =E2=82=AC27.7m; Sotheby=E2=80=99s Modern & Co=
ntemporary African Art =3D =C2=A31.2m
Lot Watch
Pivotal $25 Million Richard Diebenkorn at Christie=E2=80=99s in November
Richard Diebenkorn visited the Soviet Union in 1964 as part of a cultural e=
xchange program that allowed him to visit the important collections of Mati=
sse=E2=80=99s paintings held in the city then called Leningrad. The paintin=
g represents Diebenkorn=E2=80=99s own ideas about melding the work of Matis=
se and Mondrian. The artist painted it upon his return and the work has bec=
ome a turning point in his move away from figuration and begin to work with=
some of the distinctive formal elements that would define the Ocean Park s=
eries of paintings. Although held by one owner since 1969, the work has bee=
n featured in important museum shows and publications from the last decade.=
The consignors hope to realize at least $25 million from the sale at Chris=
tie=E2=80=99s in November.=20
Sotheby=E2=80=99s Debuts in Paris Large Richter Abstract for November Sales
Sotheby=E2=80=99s put a large untitled (849-1) abstract painting by Gerhard=
Richter on display days after a slightly smaller but strong work with a de=
sirable 1986 date failed to find a buyer at =C2=A316 million hammer price. =
Very large Richter abstracts, this one is more than six feet tall, are rare=
and quite valuable. Just how valuable, in a market that peaked several yea=
rs ago, is the question after a work that made a record price in 2012 at $3=
4 million retraded last year for $36.5 million. In Paris, Sotheby=E2=80=99s=
is estimating the current work at $30 million which would put the price to=
an auction buyer 50% above the one that was bought in in London and quite =
close to the 2012 record setter. On Sotheby=E2=80=99s website, the work car=
ries a $25 million estimate which may be more enticing to bidders.
Christie=E2=80=99s to Sell Twombly Bacchus for $18 million
Christie=E2=80=99s will be offering one of Cy Twombly=E2=80=99s Bacchus pai=
ntings in its November 7th sale with an $18 million estimate. The only othe=
r portrait-orientation Bacchus painting to come to auction made $15.3 milli=
on seven years ago. Two other larger, landscape-orientation works from the =
series were sold at auction. One made $46.4 million in 2017, a year after t=
he first Bacchus was auctioned. A second landscape-orientation Bacchus was =
sold last year for $41.6 million. Christie=E2=80=99s offers this helpful br=
eakdown of the composition of the 20-painting series: The 2003 =E2=80=93 20=
08 Bacchus series is broken into three distinct sets. Untitled (Bacchus 1st=
Version II) comes from the first set: it is one of six portrait-format pai=
ntings Twombly completed in 2004, not exhibited until 2008 at the Red Octob=
er Chocolate Factory in Moscow. This set includes the only works with text.=
Four, including the present example, are inscribed with =E2=80=98Psilax=E2=
=80=99 translating to =E2=80=9Cthe Giver of Wings=E2=80=9D a surname attrib=
uted to Dionysus.
The second set of the 2003 =E2=80=93 2008 Bacchus series comprises eight la=
ndscape-format paintings completed in 2005 and exhibited together that year=
at the Gagosian Gallery in New York. The third and final set includes an a=
dditional tranche of six landscape-format paintings, made by Twombly in res=
ponse to attending his own museum retrospective at the Tate Modern in 2008.=
After seeing his Bacchus canvases hung in a pair and coming to the conclus=
ion that they looked quite good together, he painted the final installment.=
He donated the three largest works to the Tate, and kept the remaining thr=
ee for himself.
A $3 million Ruscha Harkens Back to his Breakthrough Work at Christie=E2=80=
=99s
The art market can be like a time machine. Prescient collectors who buy wor=
ks early are rewarded later when others are willing to pay much more to hav=
e access to the art they either were not around to buy or missed out on buy=
ing. On rare occasions, artists also revisit themes from their work later o=
n. Ed Ruscha, whose career can be seen laid out at MoMA=E2=80=99s eye-openi=
ng retrospective, made work in the 1960s around signs and Los Angeles landm=
arks. Those early works are now priced in the tens of millions of dollars. =
The Broad, the contemporary art collection of Los Angeles civic figures Eli=
and Edythe Broad, holds a 1964 work Norm=E2=80=99s, La Cienega, on Fire, a=
large-scale example of Ruscha=E2=80=99s most dramatic work. The only other=
painting that employs the Googie landmark Norm=E2=80=99s signage is Norm=
=E2=80=99s La Cienega Sinking into a Petrochemical Swamp from 2006. That wo=
rk plays on the presence of oil fields near the restaurant. It also harkens=
back four decades to Ruscha=E2=80=99s pioneering images. When the work was=
bought, it was an opportunity to own imagery from Ruscha=E2=80=99s break-t=
hrough moment but at the price of an early 21st Century work. In other word=
s, the work is priced at a fraction of a 1960s work. Ruscha=E2=80=99s marke=
t has been transformed since the first decade of this century. Works from t=
he 1960s have made as much as $52 million at auction. No large-scale archit=
ectural work from the period has come up for bidding but the Press family=
=E2=80=99s small Burning Gas Station from 1969 sold in May for $22.2 millio=
n at Christie=E2=80=99s along with a number of other works from the family=
=E2=80=99s deep holdings of Ruscha=E2=80=99s work. What would a big work li=
ke The Broad=E2=80=99s Norm=E2=80=99s, La Cienega, on Fire be priced at for=
auction? A conservative guess is $30-40 million which makes the $3 million=
estimate for Norm=E2=80=99s La Cienega Sinking into a Petrochemical Swamp =
still the same value play=E2=80=94as it was seventeen years ago=E2=80=94whe=
n it comes up for sale at Christie=E2=80=99s in November.
$18 Million Signac Stars in Phillips Family Collection at Christie=E2=80=99=
s
This Paul Signac seascape, Tertre Denis, Portrieux, Opus 189, from 1888 was=
painted in the fishing village of Portrieux. That same summer, Signac made=
a series of nine oil paintings and six studies focused on port scenes and =
seascapes, a time when Signac was perfecting his pointilliste style under t=
he guidance of Seurat. The work is the prized lot among the Phillips family=
collection of 20 works that Christie=E2=80=99s will sell this Fall. Begun =
by Canadian lawyer and politician Lazarus Phillips and his wife Rosalie Phi=
llips, the collection is being sold by their sons Ivan and Neil Phillips.=
=C2=A0The Signac is estimated at $15 million along with works by Matisse, P=
issarro, Bonnard, Seurat and Sisley.
It Rained in Paris but the Art Market Seemed to Shine=20
The art market seemed to turn positive this week in Paris after nearly a ye=
ar of apprehension and muted dread. It=E2=80=99s not possible to quantify t=
he difference even between last week in London and this week in Paris but t=
he anecdotal evidence would suggest that after waiting a year for the botto=
m to fall out of the world economy (and the art market with it) buyers gave=
up waiting and started spending. The new mood could be seen in the announc=
ement of some significant sales by galleries at Paris + and the feeling tha=
t even though the fair followed Frieze by a matter of days, there was a who=
lesale change of constituency at the fair, more American clients, a greater=
number of serious buyers.=20
Although the fair venue in Paris is still temporary and its physical limita=
tions were felt, the city itself already seems to have ramped up the cultur=
al capacity to boost the fair. The Fondation Louis Vuitton=E2=80=99s Rothko=
retrospective, the Mus=C3=A9e D=E2=80=99Orsay=E2=80=99s van Gogh and Pete=
r Doig shows, the City of Paris=E2=80=99s Mus=C3=A9e d=E2=80=99Art Moderne=
=E2=80=99s dual shows of Dana Schutz and Nicolas de Sta=C3=ABl were all bri=
mming with visitors. (A macabre theme undergird the retrospectives of so ma=
ny artists who ended their lives or careers by choice: Van Gogh, Rothko, de=
Sta=C3=ABl, Mike Kelley and Lee Lozano.) In its second year, the fair alre=
ady seemed to have a significant presence throughout the city. The Rugby Wo=
rld Cup was equally present in parts of the city. If we see something simil=
ar to what happened in Miami over two decades, the future of =E2=80=9CParis=
Art Week=E2=80=9D could be somewhat terrifying. Paris is the capital of th=
e global luxury industry. Art and fashion have created a symbiotic relation=
ship=E2=80=94often on display in Miami during Art Basel=E2=80=99s annual ev=
ent there. If fashion and luxury businesses start creating events to capita=
lize on the presence of the art world in Paris in October, there=E2=80=99s =
potential for real chaos.=20
Results
Christie=E2=80=99s Anne and Wolfgang Titze Collection =3D =E2=82=AC27m
When it was announced, the sale of works from the respected collection of A=
nne and Wolfgang Titze to fund a foundation to support further exhibitions =
seemed like a key gauge of the Contemporary art market. So much has happene=
d in recent years to shift collecting interest away from the pre-occupation=
s that drove the Titze=E2=80=99s acquisitions, would the works and their pr=
ovenance still resonate especially since the purpose of the sale was not to=
part with the most significant works. Yesterday=E2=80=99s sale suggests th=
e old gods still have their supplicants. The top lots by price were from Ju=
lie Mehretu, Adrian Ghenie, Gerhard Richter and Yayoi Kusama. These all sol=
d within the estimates for fair prices. An interesting Agnes Martin perform=
ed well to make $2.2 million. Works that saw the most aggressive bidding we=
re by Elizabeth Peyton, Wolfgang Tillmans, Paolo Pivi, Sherrie Levine, Sara=
h Lucas and Rebecca Warren.=20
Sotheby=E2=80=99s Modern & Contemporary African Art =3D =C2=A31.2m
With both art fairs in London and Paris brimming with African figurative pa=
inters, many booths debuting new talent, it is worth noting that Sotheby=E2=
=80=99s London sale of Modern & Contemporary African art was down by 40% fr=
om last October. The sale=E2=80=99s .50 hammer ratio and 57% sell-through r=
ate suggest the market turn was unexpected. Although it would be unfair to =
drawn too many conclusions from a single sale, the biggest weakness for the=
sale came from multiple unsold lots in the =C2=A350-60,000 estimate range.=
Ben Enwonwu dominated the sale=E2=80=99s value but only six of his eight o=
ffered works sold. Only one of three works by Aboudia found a buyer. The sa=
me with Isshaq Ismail. None of the three William Kentridge works was sold.
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</style></head><body class=3D"email-body" style=3D"font-kerning: auto;"><im=
g src=3D"https://eotrx.substackcdn.com/open?token=3DeyJtIjoiPDIwMjMxMDIwMTI=
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wiciI6ImVuem9Ac2hvd2ZpbGUuY29tIiwiZCI6Im1nMi5zdWJzdGFjay5jb20iLCJwIjoxMzgwO=
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big lots from Diebenkorn, Richter, Signac and Twombly for November  &=
#8204; ‌ ‌ ‌ ‌ ‌=
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n" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" class=3D=
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cSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color=
Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 32px; font-weight:=
bold; line-height: 36px; margin: 0;"><a href=3D"https://substack.com/app-l=
ink/post?publication_id=3D2259&post_id=3D138097855&utm_source=3Dpost-email-=
title&utm_campaign=3Demail-post-title&isFreemail=3Dtrue&r=3D27cer9&token=3D=
eyJ1c2VyX2lkIjoxMzMyNjg2NjEsInBvc3RfaWQiOjEzODA5Nzg1NSwiaWF0IjoxNjk3ODA1MTQ=
4LCJleHAiOjE3MDAzOTcxNDgsImlzcyI6InB1Yi0yMjU5Iiwic3ViIjoicG9zdC1yZWFjdGlvbi=
J9.zAXYjRStjuZDP418ZIkB3x9dkZGzJgXZ1eHcJyLNvhw" style=3D"color: rgb(64, 64,=
64); text-decoration: none;">What We Learned this Week (2342)</a></h1><h3 =
class=3D"subtitle" style=3D"-moz-appearance: optimizelegibility; -moz-osx-f=
ont-smoothing: antialiased; -webkit-appearance: optimizelegibility; -webkit=
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0; font-family: 'SF Compact Display', -apple-system, BlinkMacSystemFont, 'S=
egoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe=
UI Emoji', 'Segoe UI Symbol'; font-size: 18px; font-weight: normal; line-h=
eight: 24px; margin: 4px 0 0; margin-top: 12px;">Paris pierces the market g=
loom + big lots from Diebenkorn, Richter, Signac and Twombly for November</=
h3><table role=3D"presentation" width=3D"100%" border=3D"0" cellspacing=3D"=
0" cellpadding=3D"0" class=3D"post-meta" style=3D"align-items: center; heig=
ht: 20px; margin: 1em 0;"><tr><td><table role=3D"presentation" width=3D"aut=
o" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tr><td><table role=3D"=
presentation" width=3D"auto" border=3D"0" cellspacing=3D"0" cellpadding=3D"=
0"><tr><td style=3D"vertical-align: middle;"><div class=3D"pencraft fronten=
d-pencraft-Box-module__reset--VfQY8 frontend-pencraft-Text-module__size-11-=
-k1e8b frontend-pencraft-Text-module__line-height-20--p0dP8 frontend-pencra=
ft-Text-module__weight-medium--x7khA frontend-pencraft-Text-module__font-me=
ta--U_nxy frontend-pencraft-Text-module__color-primary--ud4Z0 frontend-penc=
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to, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'S=
egoe UI Symbol'; font-size: 11px; font-weight: 500; letter-spacing: .2px; l=
ine-height: 20px; margin: 0; text-decoration: unset; text-transform: upperc=
ase;"><a style=3D"color: rgb(64, 64, 64); font-family: 'SF Compact', -apple=
-system, -apple-system, -system-ui, BlinkMacSystemFont, 'Segoe UI', Roboto,=
Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Sego=
e UI Symbol'; font-size: 11px; font-weight: 500; letter-spacing: .2px; line=
-height: 20px; margin: 0; text-decoration: none; text-transform: uppercase;=
" href=3D"https://substack.com/@artelligence" class=3D"pencraft frontend-pe=
ncraft-Box-module__reset--VfQY8 frontend-pencraft-Text-module__size-11--k1e=
8b frontend-pencraft-Text-module__line-height-20--p0dP8 frontend-pencraft-T=
ext-module__weight-medium--x7khA frontend-pencraft-Text-module__font-meta--=
U_nxy frontend-pencraft-Text-module__color-primary--ud4Z0 frontend-pencraft=
-Text-module__transform-uppercase--IDkUL frontend-pencraft-Text-module__res=
et--dW0zZ frontend-pencraft-Text-module__meta--jzHdd">Marion Maneker</a></d=
iv></td></tr></table></td></tr><tr><td><table role=3D"presentation" width=
=3D"auto" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tr><td style=3D=
"vertical-align: middle;"><div class=3D"pencraft frontend-pencraft-Box-modu=
le__reset--VfQY8 frontend-pencraft-Text-module__size-11--k1e8b frontend-pen=
craft-Text-module__line-height-20--p0dP8 frontend-pencraft-Text-module__wei=
ght-medium--x7khA frontend-pencraft-Text-module__font-meta--U_nxy frontend-=
pencraft-Text-module__color-secondary--WRADg frontend-pencraft-Text-module_=
_transform-uppercase--IDkUL frontend-pencraft-Text-module__reset--dW0zZ fro=
ntend-pencraft-Text-module__meta--jzHdd" style=3D"color: rgb(128, 128, 128)=
; font-family: 'SF Compact', -apple-system, -apple-system, -system-ui, Blin=
kMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Co=
lor Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 11px; font-weig=
ht: 500; letter-spacing: .2px; line-height: 20px; margin: 0; text-decoratio=
n: unset; text-transform: uppercase;"><time dateTime=3D"2023-10-20T12:31:39=
=2E129Z">Oct 20</time></div></td></tr><=
/table></td></tr></table></td></tr></t=
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DU1LCJzIjoyMjU5LCJmIjp0cnVlLCJ1IjoxMzMyNjg2NjEsImlhdCI6MTY5NzgwNTE0OCwiZXhw=
IjoxNzAwMzk3MTQ4LCJpc3MiOiJwdWItMCIsInN1YiI6ImxpbmstcmVkaXJlY3QifQ.lTclImAK=
RB-TX9KqMkC07qd_uogO5FC79yJAbMM5QOY?&utm_medium=3Demail&utm_source=3Dsubscr=
ibe-widget&utm_content=3D138097855" class=3D"button subscribe-btn primary" =
style=3D"background-color: #653366; border: none; border-radius: 6px; box-s=
izing: border-box; color: #ffffff !important; cursor: pointer; display: inl=
ine-block; font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Robo=
to, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'S=
egoe UI Symbol'; font-size: 14px; font-weight: 600; height: auto; line-heig=
ht: 20px; margin: 0 auto; opacity: 1; outline: none; padding: 12px 20px; te=
xt-align: center; text-decoration: none !important; white-space: nowrap;"><=
span style=3D"color: #ffffff; text-decoration: none;">Upgrade to paid</span=
></a></p></div><div style=3D"font-size: 16px; line-height: 26px;"><hr style=
=3D"background: #e0e0e0; border: none; height: 1px; margin: 32px 0; padding=
: 0;"></div><h2 class=3D"header-with-anchor-widget" style=3D"-moz-appearanc=
e: optimizelegibility; -moz-osx-font-smoothing: antialiased; -webkit-appear=
ance: optimizelegibility; -webkit-font-smoothing: antialiased; appearance: =
optimizelegibility; color: rgb(64, 64, 64); font-family: 'SF Compact Displa=
y', -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial=
, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; fon=
t-size: 1.625em; font-weight: bold; line-height: 1.16em; margin: 1em 0 0.62=
5em 0; position: relative;">In This Issue</h2><ol style=3D"margin-top: 0; p=
adding: 0;"><li style=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizing: bor=
der-box; color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin=
: 0; margin-bottom: 0; padding-left: 4px;"><strong>Lot Watch: </strong><spa=
n>Richard Diebenkorn’s $25m early work; Sotheby’s big Richter A=
bstract; a Twombly Bacchus painting looks for $18m; a $3m Ruscha; the Phill=
ips family Signac</span></p></li><li style=3D"margin: 8px 0 0 32px;"><p sty=
le=3D"box-sizing: border-box; color: rgb(64, 64, 64); font-size: 16px; line=
-height: 26px; margin: 0; margin-bottom: 0; padding-left: 4px;"><strong>Par=
is Impressions: </strong><span>Rainy Paris has plenty of bright spots for t=
he art market</span></p></li><li style=3D"margin: 8px 0 0 32px;"><p style=
=3D"box-sizing: border-box; color: rgb(64, 64, 64); font-size: 16px; line-h=
eight: 26px; margin: 0; margin-bottom: 0; padding-left: 4px;"><strong>Resul=
ts: </strong><span>Titze Collection =3D €27.7m; Sotheby’s Moder=
n & Contemporary African Art =3D £1.2m</span></p></li></ol><div st=
yle=3D"font-size: 16px; line-height: 26px;"><hr style=3D"background: #e0e0e=
0; border: none; height: 1px; margin: 32px 0; padding: 0;"></div><h2 class=
=3D"header-with-anchor-widget" style=3D"-moz-appearance: optimizelegibility=
; -moz-osx-font-smoothing: antialiased; -webkit-appearance: optimizelegibil=
ity; -webkit-font-smoothing: antialiased; appearance: optimizelegibility; c=
olor: rgb(64, 64, 64); font-family: 'SF Compact Display', -apple-system, Bl=
inkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple =
Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 1.625em; font=
-weight: bold; line-height: 1.16em; margin: 1em 0 0.625em 0; position: rela=
tive;">Lot Watch</h2><p style=3D"color: rgb(64, 64, 64); font-size: 16px; l=
ine-height: 26px; margin: 0 0 20px 0;"><strong>Pivotal $25 Million Richard =
Diebenkorn at Christie’s in November</strong></p><div class=3D"captio=
ned-image-container-static" style=3D"font-size: 16px; line-height: 26px; ma=
rgin: 32px auto;"><figure style=3D"margin: 0 auto; width: 100%;"><table cla=
ss=3D"image-wrapper" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadd=
ing=3D"0" data-component-name=3D"Image2ToDOMStatic" style=3D"mso-padding-al=
t: 1em 0 1.6em;"><tbody><tr><td style=3D"text-align: center;"></td><td alig=
n=3D"left" class=3D"content" width=3D"1456" style=3D"text-align: center;"><=
a class=3D"image-link" target=3D"_blank" href=3D"https://substack.com/redir=
ect/1dd5e0c8-83b7-41ae-83d0-ff49897e150d?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d=
0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"align-items: center; border=
: none; display: block; flex-direction: column; height: auto; margin: 0; pa=
dding: 0; position: relative; text-decoration: none; width: auto;"><img dat=
a-attrs=3D"{"src":"https://substack-post-media.s3.amazonaws.=
com/public/images/f32d3dd5-c7b1-4fc0-9137-b7f70a8682b5_4000x3500.jpeg"=
,"srcNoWatermark":null,"fullscreen":null,"imageSiz=
e":null,"height":1274,"width":1456,"resizeWid=
th":null,"bytes":4648336,"alt":null,"title&qu=
ot;:null,"type":"image/jpeg","href":null,&quo=
t;belowTheFold":true,"topImage":false,"internalRedirect=
":null}" alt width=3D"550" height=3D"481.25" class=3D"wide-image" src=
=3D"https://substackcdn.com/image/fetch/w_2912,c_limit,f_auto,q_auto:good,f=
l_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpu=
blic%2Fimages%2Ff32d3dd5-c7b1-4fc0-9137-b7f70a8682b5_4000x3500.jpeg" style=
=3D"-ms-interpolation-mode: bicubic; border: none !important; display: bloc=
k; height: auto; margin: 0 auto; margin-bottom: 0; max-width: 100% !importa=
nt; vertical-align: middle; width: auto !important;"></a></td><td style=3D"=
text-align: center;"></td></tr></tbody></table><figcaption class=3D"image-c=
aption" style=3D"box-sizing: content-box; color: #808080; font-size: 14px; =
font-weight: 400; letter-spacing: -.15px; line-height: 20px; margin-top: 8p=
x; padding-left: 15%; padding-right: 15%; text-align: center; width: 70%;">=
<span>Richard Diebenkorn,</span><strong> </strong><em>Recollections of a Vi=
sit to Leningrad </em><span>(1965) Estimate on Request</span></figcaption><=
/figure></div><p style=3D"color: rgb(64, 64, 64); font-size: 16px; line-hei=
ght: 26px; margin: 0 0 20px 0;">Richard Diebenkorn visited the Soviet Union=
in 1964 as part of a cultural exchange program that allowed him to visit t=
he important collections of Matisse’s paintings held in the city then=
called Leningrad. The painting represents Diebenkorn’s own ideas abo=
ut melding the work of Matisse and Mondrian. The artist painted it upon his=
return and the work has become a turning point in his move away from figur=
ation and begin to work with some of the distinctive formal elements that w=
ould define the Ocean Park series of paintings. Although held by one owner =
since 1969, the work has been featured in important museum shows and public=
ations from the last decade. The consignors hope to realize at least $25 mi=
llion from the sale at Christie’s in November. </p><p style=3D"color:=
rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">=
<strong>Sotheby’s Debuts in Paris Large Richter Abstract for November=
Sales</strong></p><div class=3D"captioned-image-container-static" style=3D=
"font-size: 16px; line-height: 26px; margin: 32px auto;"><figure style=3D"m=
argin: 0 auto; width: 100%;"><table class=3D"image-wrapper" width=3D"100%" =
border=3D"0" cellspacing=3D"0" cellpadding=3D"0" data-component-name=3D"Ima=
ge2ToDOMStatic" style=3D"mso-padding-alt: 1em 0 1.6em;"><tbody><tr><td styl=
e=3D"text-align: center;"></td><td align=3D"left" class=3D"content" width=
=3D"671" style=3D"text-align: center;"><a class=3D"image-link" target=3D"_b=
lank" href=3D"https://substack.com/redirect/84a1ae91-fefd-48ee-8b08-14c5a4a=
43518?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" =
rel style=3D"align-items: center; border: none; display: block; flex-direct=
ion: column; height: auto; margin: 0; padding: 0; position: relative; text-=
decoration: none; width: auto;"><img data-attrs=3D"{"src":"h=
ttps://substack-post-media.s3.amazonaws.com/public/images/4b1b6be9-0e3a-491=
4-b882-99b4ac2c14a6_671x673.jpeg","srcNoWatermark":null,&quo=
t;fullscreen":null,"imageSize":null,"height":673,&=
quot;width":671,"resizeWidth":null,"bytes":380226,=
"alt":null,"title":null,"type":"image/jp=
eg","href":null,"belowTheFold":true,"topImage=
":false,"internalRedirect":null}" alt width=3D"550" height=
=3D"551.639344262295" class=3D"wide-image" src=3D"https://substackcdn.com/i=
mage/fetch/w_1342,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%=
2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4b1b6be9-0e3a=
-4914-b882-99b4ac2c14a6_671x673.jpeg" style=3D"-ms-interpolation-mode: bicu=
bic; border: none !important; display: block; height: auto; margin: 0 auto;=
margin-bottom: 0; max-width: 100% !important; vertical-align: middle; widt=
h: auto !important;"></a></td><td style=3D"text-align: center;"></td></tr><=
/tbody></table><figcaption class=3D"image-caption" style=3D"box-sizing: con=
tent-box; color: #808080; font-size: 14px; font-weight: 400; letter-spacing=
: -.15px; line-height: 20px; margin-top: 8px; padding-left: 15%; padding-ri=
ght: 15%; text-align: center; width: 70%;">Gerhard Richter, Abstraktes Bild=
(849-1) (1997) estimated at $25 million</figcaption></figure></div><p sty=
le=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0=
0 20px 0;">Sotheby’s put a large untitled (849-1) abstract painting =
by Gerhard Richter on display days after a slightly smaller but strong work=
with a desirable 1986 date failed to find a buyer at £16 million hamm=
er price. Very large Richter abstracts, this one is more than six feet tall=
, are rare and quite valuable. Just how valuable, in a market that peaked s=
everal years ago, is the question after a work that made a record price in =
2012 at $34 million retraded last year for $36.5 million. In Paris, Sotheby=
’s is estimating the current work at $30 million which would put the =
price to an auction buyer 50% above the one that was bought in in London an=
d quite close to the 2012 record setter. On Sotheby’s website, the wo=
rk carries a $25 million estimate which may be more enticing to bidders.</p=
><p style=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; ma=
rgin: 0 0 20px 0;"><strong>Christie’s to Sell Twombly Bacchus for $18=
million</strong></p><div class=3D"captioned-image-container-static" style=
=3D"font-size: 16px; line-height: 26px; margin: 32px auto;"><figure style=
=3D"margin: 0 auto; width: 100%;"><table class=3D"image-wrapper" width=3D"1=
00%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" data-component-name=
=3D"Image2ToDOMStatic" style=3D"mso-padding-alt: 1em 0 1.6em;"><tbody><tr><=
td style=3D"text-align: center;"></td><td align=3D"left" class=3D"content" =
width=3D"1248" style=3D"text-align: center;"><a class=3D"image-link" target=
=3D"_blank" href=3D"https://substack.com/redirect/147c4278-2c2b-490c-b299-2=
3f51e81a3c5?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7=
gWdY" rel style=3D"align-items: center; border: none; display: block; flex-=
direction: column; height: auto; margin: 0; padding: 0; position: relative;=
text-decoration: none; width: auto;"><img data-attrs=3D"{"src":&=
quot;https://substack-post-media.s3.amazonaws.com/public/images/c89ac5ea-d0=
82-4eb1-b733-3134026fe2b3_1248x1600.jpeg","srcNoWatermark":n=
ull,"fullscreen":null,"imageSize":null,"height&quo=
t;:1600,"width":1248,"resizeWidth":null,"bytes&quo=
t;:null,"alt":null,"title":null,"type":null,&=
quot;href":null,"belowTheFold":true,"topImage":fal=
se,"internalRedirect":null}" alt width=3D"550" height=3D"705.1282=
051282051" class=3D"wide-image" src=3D"https://substackcdn.com/image/fetch/=
w_2496,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubsta=
ck-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc89ac5ea-d082-4eb1-b733-=
3134026fe2b3_1248x1600.jpeg" style=3D"-ms-interpolation-mode: bicubic; bord=
er: none !important; display: block; height: auto; margin: 0 auto; margin-b=
ottom: 0; max-width: 100% !important; vertical-align: middle; width: auto !=
important;"></a></td><td style=3D"text-align: center;"></td></tr></tbody></=
table><figcaption class=3D"image-caption" style=3D"box-sizing: content-box;=
color: #808080; font-size: 14px; font-weight: 400; letter-spacing: -.15px;=
line-height: 20px; margin-top: 8px; padding-left: 15%; padding-right: 15%;=
text-align: center; width: 70%;"><span>Cy Twombly, </span><em>Untitled (Ba=
cchus 1st Version II) (2004) estimated at $18 million</em></figcaption></f=
igure></div><p style=3D"color: rgb(64, 64, 64); font-size: 16px; line-heigh=
t: 26px; margin: 0 0 20px 0;"><span>Christie’s will be offering one o=
f Cy Twombly’s Bacchus paintings in its November 7th sale with an $18=
million estimate. The only other portrait-orientation Bacchus painting to =
come to auction made $15.3 million seven years ago. Two other larger, lands=
cape-orientation works from the series were sold at auction. One made $46.4=
million in 2017, a year after the first Bacchus was auctioned. A second la=
ndscape-orientation Bacchus was sold last year for $41.6 million. Christie&=
#8217;s offers this helpful breakdown of the composition of the 20-painting=
series: The 2003 – 2008 Bacchus series is broken into three distinct=
sets. </span><em>Untitled (Bacchus 1st Version II) </em><span>comes from t=
he first set: it is one of six portrait-format paintings Twombly completed =
in 2004, not exhibited until 2008 at the Red October Chocolate Factory in M=
oscow. This set includes the only works with text. Four, including the pres=
ent example, are inscribed with ‘Psilax’ translating to “=
the Giver of Wings” a surname attributed to Dionysus.</span></p><p st=
yle=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin: =
0 0 20px 0;">The second set of the 2003 – 2008 Bacchus series compris=
es eight landscape-format paintings completed in 2005 and exhibited togethe=
r that year at the Gagosian Gallery in New York. The third and final set in=
cludes an additional tranche of six landscape-format paintings, made by Two=
mbly in response to attending his own museum retrospective at the Tate Mode=
rn in 2008. After seeing his Bacchus canvases hung in a pair and coming to =
the conclusion that they looked quite good together, he painted the final i=
nstallment. He donated the three largest works to the Tate, and kept the re=
maining three for himself.</p><p style=3D"color: rgb(64, 64, 64); font-size=
: 16px; line-height: 26px; margin: 0 0 20px 0;"><strong>A $3 million Ruscha=
Harkens Back to his Breakthrough Work at Christie’s</strong></p><div=
class=3D"captioned-image-container-static" style=3D"font-size: 16px; line-=
height: 26px; margin: 32px auto;"><figure style=3D"margin: 0 auto; width: 1=
00%;"><table class=3D"image-wrapper" width=3D"100%" border=3D"0" cellspacin=
g=3D"0" cellpadding=3D"0" data-component-name=3D"Image2ToDOMStatic" style=
=3D"mso-padding-alt: 1em 0 1.6em;"><tbody><tr><td style=3D"text-align: cent=
er;"></td><td align=3D"left" class=3D"content" width=3D"1456" style=3D"text=
-align: center;"><a class=3D"image-link" target=3D"_blank" href=3D"https://=
substack.com/redirect/382d797b-214b-4b4e-a8c9-cf6bdbecbe29?j=3DeyJ1IjoiMjdj=
ZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"align-ite=
ms: center; border: none; display: block; flex-direction: column; height: a=
uto; margin: 0; padding: 0; position: relative; text-decoration: none; widt=
h: auto;"><img data-attrs=3D"{"src":"https://substack-post-m=
edia.s3.amazonaws.com/public/images/6833f26d-b841-4b2b-8e95-e549d7d42060_20=
00x1063.jpeg","srcNoWatermark":null,"fullscreen":n=
ull,"imageSize":null,"height":774,"width":145=
6,"resizeWidth":null,"bytes":91133,"alt":null=
,"title":null,"type":"image/jpeg","href&=
quot;:null,"belowTheFold":true,"topImage":false,"i=
nternalRedirect":null}" alt width=3D"550" height=3D"292.3763736263736"=
class=3D"wide-image" src=3D"https://substackcdn.com/image/fetch/w_2912,c_l=
imit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-me=
dia.s3.amazonaws.com%2Fpublic%2Fimages%2F6833f26d-b841-4b2b-8e95-e549d7d420=
60_2000x1063.jpeg" style=3D"-ms-interpolation-mode: bicubic; border: none !=
important; display: block; height: auto; margin: 0 auto; margin-bottom: 0; =
max-width: 100% !important; vertical-align: middle; width: auto !important;=
"></a></td><td style=3D"text-align: center;"></td></tr></tbody></table><fig=
caption class=3D"image-caption" style=3D"box-sizing: content-box; color: #8=
08080; font-size: 14px; font-weight: 400; letter-spacing: -.15px; line-heig=
ht: 20px; margin-top: 8px; padding-left: 15%; padding-right: 15%; text-alig=
n: center; width: 70%;"><span>Ed Ruscha, </span><em>Norm’s Sinking in=
to a Petrochemical Swamp</em><span> (2006), estimated at $3 million</span><=
/figcaption></figure></div><p style=3D"color: rgb(64, 64, 64); font-size: 1=
6px; line-height: 26px; margin: 0 0 20px 0;"><span>The art market can be li=
ke a time machine. Prescient collectors who buy works early are rewarded la=
ter when others are willing to pay much more to have access to the art they=
either were not around to buy or missed out on buying. On rare occasions, =
artists also revisit themes from their work later on. Ed Ruscha, whose care=
er can be seen laid out at MoMA’s eye-opening retrospective, made wor=
k in the 1960s around signs and Los Angeles landmarks. Those early works ar=
e now priced in the tens of millions of dollars. The Broad, the contemporar=
y art collection of Los Angeles civic figures Eli and Edythe Broad, holds a=
1964 work </span><em>Norm’s, La Cienega, on Fire</em><span>, a large=
-scale example of Ruscha’s most dramatic work. The only other paintin=
g that employs the Googie landmark Norm’s signage is </span><em>Norm&=
#8217;s La Cienega Sinking into a Petrochemical Swamp</em><span> from 2006.=
That work plays on the presence of oil fields near the restaurant. It also=
harkens back four decades to Ruscha’s pioneering images. When the wo=
rk was bought, it was an opportunity to own imagery from Ruscha’s bre=
ak-through moment but at the price of an early 21st Century work. In other =
words, the work is priced at a fraction of a 1960s work. Ruscha’s mar=
ket has been transformed since the first decade of this century. Works from=
the 1960s have made as much as $52 million at auction. No large-scale arch=
itectural work from the period has come up for bidding but the Press family=
’s small </span><em>Burning Gas Station </em><span>from 1969 sold in =
May for $22.2 million at Christie’s along with a number of other work=
s from the family’s deep holdings of Ruscha’s work. What would =
a big work like The Broad’s </span><em>Norm’s, La Cienega, on F=
ire</em><span> be priced at for auction? A conservative guess is $30-40 mil=
lion which makes the $3 million estimate for </span><em>Norm’s La Cie=
nega Sinking into a Petrochemical Swamp </em><span>still the same value pla=
y—as it was seventeen years ago—when it comes up for sale at Ch=
ristie’s in November.</span></p><p style=3D"color: rgb(64, 64, 64); f=
ont-size: 16px; line-height: 26px; margin: 0 0 20px 0;"><strong>$18 Million=
Signac Stars in Phillips Family Collection at Christie’s</strong></p=
><div class=3D"captioned-image-container-static" style=3D"font-size: 16px; =
line-height: 26px; margin: 32px auto;"><figure style=3D"margin: 0 auto; wid=
th: 100%;"><table class=3D"image-wrapper" width=3D"100%" border=3D"0" cells=
pacing=3D"0" cellpadding=3D"0" data-component-name=3D"Image2ToDOMStatic" st=
yle=3D"mso-padding-alt: 1em 0 1.6em;"><tbody><tr><td style=3D"text-align: c=
enter;"></td><td align=3D"left" class=3D"content" width=3D"1456" style=3D"t=
ext-align: center;"><a class=3D"image-link" target=3D"_blank" href=3D"https=
://substack.com/redirect/1d808771-5822-4c8a-935c-1866bed04c44?j=3DeyJ1IjoiM=
jdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"align-=
items: center; border: none; display: block; flex-direction: column; height=
: auto; margin: 0; padding: 0; position: relative; text-decoration: none; w=
idth: auto;"><img data-attrs=3D"{"src":"https://substack-pos=
t-media.s3.amazonaws.com/public/images/23f57809-72bc-4e6d-b051-2b004fd76e84=
_1600x1276.jpeg","srcNoWatermark":null,"fullscreen"=
;:null,"imageSize":null,"height":1161,"width"=
:1456,"resizeWidth":null,"bytes":null,"alt":n=
ull,"title":null,"type":null,"href":null,&quo=
t;belowTheFold":true,"topImage":false,"internalRedirect=
":null}" alt width=3D"550" height=3D"438.56456043956047" class=3D"wide=
-image" src=3D"https://substackcdn.com/image/fetch/w_2912,c_limit,f_auto,q_=
auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazona=
ws.com%2Fpublic%2Fimages%2F23f57809-72bc-4e6d-b051-2b004fd76e84_1600x1276.j=
peg" style=3D"-ms-interpolation-mode: bicubic; border: none !important; dis=
play: block; height: auto; margin: 0 auto; margin-bottom: 0; max-width: 100=
% !important; vertical-align: middle; width: auto !important;"></a></td><td=
style=3D"text-align: center;"></td></tr></tbody></table><figcaption class=
=3D"image-caption" style=3D"box-sizing: content-box; color: #808080; font-s=
ize: 14px; font-weight: 400; letter-spacing: -.15px; line-height: 20px; mar=
gin-top: 8px; padding-left: 15%; padding-right: 15%; text-align: center; wi=
dth: 70%;"><span>Paul Signac, </span><em>Tertre Denis, Portrieux, Opus 189,=
</em><span> (1888) estimated at $15 million</span></figcaption></figure></d=
iv><p style=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; =
margin: 0 0 20px 0;"><span>This Paul Signac seascape, </span><em>Tertre Den=
is, Portrieux, Opus 189,</em><span> from 1888 was painted in the fishing vi=
llage of Portrieux. That same summer, Signac made a series of nine oil pain=
tings and six studies focused on port scenes and seascapes, a time when Sig=
nac was perfecting his pointilliste style under the guidance of Seurat. The=
work is the prized lot among the Phillips family collection of 20 works th=
at Christie’s will sell this Fall. Begun by Canadian lawyer and polit=
ician Lazarus Phillips and his wife Rosalie Phillips, the collection is bei=
ng sold by their sons Ivan and Neil Phillips. The Signac is estimated =
at $15 million along with works by Matisse, Pissarro, Bonnard, Seurat and S=
isley.</span></p><div style=3D"font-size: 16px; line-height: 26px;"><hr sty=
le=3D"background: #e0e0e0; border: none; height: 1px; margin: 32px 0; paddi=
ng: 0;"></div><h4 class=3D"header-with-anchor-widget" style=3D"-moz-appeara=
nce: optimizelegibility; -moz-osx-font-smoothing: antialiased; -webkit-appe=
arance: optimizelegibility; -webkit-font-smoothing: antialiased; appearance=
: optimizelegibility; color: rgb(64, 64, 64); font-family: 'SF Compact Disp=
lay', -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Ari=
al, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; f=
ont-size: 1.125em; font-weight: bold; line-height: 1.16em; margin: 1em 0 0.=
625em 0; position: relative;">It Rained in Paris but the Art Market Seemed =
to Shine </h4><div class=3D"captioned-image-container-static" style=3D"font=
-size: 16px; line-height: 26px; margin: 32px auto;"><figure style=3D"margin=
: 0 auto; width: 100%;"><table class=3D"image-wrapper" width=3D"100%" borde=
r=3D"0" cellspacing=3D"0" cellpadding=3D"0" data-component-name=3D"Image2To=
DOMStatic" style=3D"mso-padding-alt: 1em 0 1.6em;"><tbody><tr><td style=3D"=
text-align: center;"></td><td align=3D"left" class=3D"content" width=3D"145=
6" style=3D"text-align: center;"><a class=3D"image-link" target=3D"_blank" =
href=3D"https://substack.com/redirect/8341ff26-d888-44bb-b83d-335613e9fd8d?=
j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel st=
yle=3D"align-items: center; border: none; display: block; flex-direction: c=
olumn; height: auto; margin: 0; padding: 0; position: relative; text-decora=
tion: none; width: auto;"><img data-attrs=3D"{"src":"https:/=
/substack-post-media.s3.amazonaws.com/public/images/523bd471-541b-4bcb-96f1=
-6661a3c770e3_2480x1653.jpeg","srcNoWatermark":null,"fu=
llscreen":null,"imageSize":null,"height":970,"=
;width":1456,"resizeWidth":null,"bytes":3438820,&q=
uot;alt":null,"title":null,"type":"image/jpeg=
","href":null,"belowTheFold":true,"topImage&q=
uot;:false,"internalRedirect":null}" alt width=3D"550" height=3D"=
366.41483516483515" class=3D"wide-image" src=3D"https://substackcdn.com/ima=
ge/fetch/w_2912,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F=
%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F523bd471-541b-4=
bcb-96f1-6661a3c770e3_2480x1653.jpeg" style=3D"-ms-interpolation-mode: bicu=
bic; border: none !important; display: block; height: auto; margin: 0 auto;=
margin-bottom: 0; max-width: 100% !important; vertical-align: middle; widt=
h: auto !important;"></a></td><td style=3D"text-align: center;"></td></tr><=
/tbody></table></figure></div><p style=3D"color: rgb(64, 64, 64); font-size=
: 16px; line-height: 26px; margin: 0 0 20px 0;">The art market seemed to tu=
rn positive this week in Paris after nearly a year of apprehension and mute=
d dread. It’s not possible to quantify the difference even between la=
st week in London and this week in Paris but the anecdotal evidence would s=
uggest that after waiting a year for the bottom to fall out of the world ec=
onomy (and the art market with it) buyers gave up waiting and started spend=
ing. The new mood could be seen in the announcement of some significant sal=
es by galleries at Paris + and the feeling that even though the fair follow=
ed Frieze by a matter of days, there was a wholesale change of constituency=
at the fair, more American clients, a greater number of serious buyers. </=
p><p style=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; m=
argin: 0 0 20px 0;">Although the fair venue in Paris is still temporary and=
its physical limitations were felt, the city itself already seems to have =
ramped up the cultural capacity to boost the fair. The Fondation Louis Vuit=
ton’s Rothko retrospective, the Musée D’Orsay’s van =
Gogh and Peter Doig shows, the City of Paris’s Musée d’Ar=
t Moderne’s dual shows of Dana Schutz and Nicolas de Staël were =
all brimming with visitors. (A macabre theme undergird the retrospectives o=
f so many artists who ended their lives or careers by choice: Van Gogh, Rot=
hko, de Staël, Mike Kelley and Lee Lozano.) In its second year, the fa=
ir already seemed to have a significant presence throughout the city. The R=
ugby World Cup was equally present in parts of the city. If we see somethin=
g similar to what happened in Miami over two decades, the future of “=
Paris Art Week” could be somewhat terrifying. Paris is the capital of=
the global luxury industry. Art and fashion have created a symbiotic relat=
ionship—often on display in Miami during Art Basel’s annual eve=
nt there. If fashion and luxury businesses start creating events to capital=
ize on the presence of the art world in Paris in October, there’s pot=
ential for real chaos. </p><div style=3D"font-size: 16px; line-height: 26px=
;"><hr style=3D"background: #e0e0e0; border: none; height: 1px; margin: 32p=
x 0; padding: 0;"></div><h2 class=3D"header-with-anchor-widget" style=3D"-m=
oz-appearance: optimizelegibility; -moz-osx-font-smoothing: antialiased; -w=
ebkit-appearance: optimizelegibility; -webkit-font-smoothing: antialiased; =
appearance: optimizelegibility; color: rgb(64, 64, 64); font-family: 'SF Co=
mpact Display', -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helv=
etica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI =
Symbol'; font-size: 1.625em; font-weight: bold; line-height: 1.16em; margin=
: 1em 0 0.625em 0; position: relative;">Results</h2><h4 class=3D"header-wit=
h-anchor-widget" style=3D"-moz-appearance: optimizelegibility; -moz-osx-fon=
t-smoothing: antialiased; -webkit-appearance: optimizelegibility; -webkit-f=
ont-smoothing: antialiased; appearance: optimizelegibility; color: rgb(64, =
64, 64); font-family: 'SF Compact Display', -apple-system, BlinkMacSystemFo=
nt, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', =
'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 1.125em; font-weight: bold;=
line-height: 1.16em; margin: 1em 0 0.625em 0; position: relative;">Christi=
e’s Anne and Wolfgang Titze Collection =3D €27m</h4><div class=
=3D"captioned-image-container-static" style=3D"font-size: 16px; line-height=
: 26px; margin: 32px auto;"><figure style=3D"margin: 0 auto; width: 100%;">=
<table class=3D"image-wrapper" width=3D"100%" border=3D"0" cellspacing=3D"0=
" cellpadding=3D"0" data-component-name=3D"Image2ToDOMStatic" style=3D"mso-=
padding-alt: 1em 0 1.6em;"><tbody><tr><td style=3D"text-align: center;"></t=
d><td align=3D"left" class=3D"content" width=3D"458" style=3D"text-align: c=
enter;"><a class=3D"image-link" target=3D"_blank" href=3D"https://substack.=
com/redirect/dcb8b106-0894-49d6-96a9-14ae67a04222?j=3DeyJ1IjoiMjdjZXI5In0.n=
CNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"align-items: cente=
r; border: none; display: block; flex-direction: column; height: auto; marg=
in: 0; padding: 0; position: relative; text-decoration: none; width: auto;"=
><img data-attrs=3D"{"src":"https://substack-post-media.s3.a=
mazonaws.com/public/images/3c3ce696-7fcb-4506-b51a-8fb53fd65ed1_1024x1024.p=
ng","srcNoWatermark":null,"fullscreen":null,"=
imageSize":null,"height":1024,"width":1024,"r=
esizeWidth":458,"bytes":132982,"alt":null,"ti=
tle":null,"type":"image/png","href":null=
,"belowTheFold":true,"topImage":false,"internalRed=
irect":null}" alt width=3D"458" height=3D"458" class src=3D"https://su=
bstackcdn.com/image/fetch/w_458,c_limit,f_auto,q_auto:good,fl_progressive:s=
teep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2=
F3c3ce696-7fcb-4506-b51a-8fb53fd65ed1_1024x1024.png" style=3D"-ms-interpola=
tion-mode: bicubic; border: none !important; display: block; height: auto; =
margin: 0 auto; margin-bottom: 0; max-width: 100% !important; vertical-alig=
n: middle; width: auto !important;"></a></td><td style=3D"text-align: cente=
r;"></td></tr></tbody></table></figure></div><p style=3D"color: rgb(64, 64,=
64); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">When it was =
announced, the sale of works from the respected collection of Anne and Wolf=
gang Titze to fund a foundation to support further exhibitions seemed like =
a key gauge of the Contemporary art market. So much has happened in recent =
years to shift collecting interest away from the pre-occupations that drove=
the Titze’s acquisitions, would the works and their provenance still=
resonate especially since the purpose of the sale was not to part with the=
most significant works. Yesterday’s sale suggests the old gods still=
have their supplicants. The top lots by price were from Julie Mehretu, Adr=
ian Ghenie, Gerhard Richter and Yayoi Kusama. These all sold within the est=
imates for fair prices. An interesting Agnes Martin performed well to make =
$2.2 million. Works that saw the most aggressive bidding were by Elizabeth =
Peyton, Wolfgang Tillmans, Paolo Pivi, Sherrie Levine, Sarah Lucas and Rebe=
cca Warren. </p><h4 class=3D"header-with-anchor-widget" style=3D"-moz-appea=
rance: optimizelegibility; -moz-osx-font-smoothing: antialiased; -webkit-ap=
pearance: optimizelegibility; -webkit-font-smoothing: antialiased; appearan=
ce: optimizelegibility; color: rgb(64, 64, 64); font-family: 'SF Compact Di=
splay', -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, A=
rial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol';=
font-size: 1.125em; font-weight: bold; line-height: 1.16em; margin: 1em 0 =
0.625em 0; position: relative;">Sotheby’s Modern & Contemporary A=
frican Art =3D £1.2m</h4><div class=3D"captioned-image-container-stati=
c" style=3D"font-size: 16px; line-height: 26px; margin: 32px auto;"><figure=
style=3D"margin: 0 auto; width: 100%;"><table class=3D"image-wrapper" widt=
h=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" data-component-=
name=3D"Image2ToDOMStatic" style=3D"mso-padding-alt: 1em 0 1.6em;"><tbody><=
tr><td style=3D"text-align: center;"></td><td align=3D"left" class=3D"conte=
nt" width=3D"452" style=3D"text-align: center;"><a class=3D"image-link" tar=
get=3D"_blank" href=3D"https://substack.com/redirect/0f10552e-8d04-43a7-b95=
9-2257046e9024?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6=
pp7gWdY" rel style=3D"align-items: center; border: none; display: block; fl=
ex-direction: column; height: auto; margin: 0; padding: 0; position: relati=
ve; text-decoration: none; width: auto;"><img data-attrs=3D"{"src"=
;:"https://substack-post-media.s3.amazonaws.com/public/images/9b60d20e=
-bf58-4ab3-883f-7aec9b6b8de2_1024x1024.png","srcNoWatermark"=
:null,"fullscreen":null,"imageSize":null,"height&q=
uot;:1024,"width":1024,"resizeWidth":452,"bytes&qu=
ot;:127108,"alt":null,"title":null,"type":&qu=
ot;image/png","href":null,"belowTheFold":true,&quo=
t;topImage":false,"internalRedirect":null}" alt width=3D"452=
" height=3D"452" class src=3D"https://substackcdn.com/image/fetch/w_452,c_l=
imit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-me=
dia.s3.amazonaws.com%2Fpublic%2Fimages%2F9b60d20e-bf58-4ab3-883f-7aec9b6b8d=
e2_1024x1024.png" style=3D"-ms-interpolation-mode: bicubic; border: none !i=
mportant; display: block; height: auto; margin: 0 auto; margin-bottom: 0; m=
ax-width: 100% !important; vertical-align: middle; width: auto !important;"=
></a></td><td style=3D"text-align: center;"></td></tr></tbody></table></fig=
ure></div><p style=3D"color: rgb(64, 64, 64); font-size: 16px; line-height:=
26px; margin: 0 0 20px 0; margin-bottom: 0;">With both art fairs in London=
and Paris brimming with African figurative painters, many booths debuting =
new talent, it is worth noting that Sotheby’s London sale of Modern &=
amp; Contemporary African art was down by 40% from last October. The sale&#=
8217;s .50 hammer ratio and 57% sell-through rate suggest the market turn w=
as unexpected. Although it would be unfair to drawn too many conclusions fr=
om a single sale, the biggest weakness for the sale came from multiple unso=
ld lots in the £50-60,000 estimate range. Ben Enwonwu dominated the sa=
le’s value but only six of his eight offered works sold. Only one of =
three works by Aboudia found a buyer. The same with Isshaq Ismail. None of =
the three William Kentridge works was sold. </p></div></div><div class=3D"c=
ontainer-border" style=3D"border-top: 1px solid #e0e0e0; box-sizing: border=
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