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Paris Sale Lasts Three Days With Soaring Art Appraisals

Posted April 11th, 2011 by Patrick van der Vorst

Emile-Jacques Ruhlmann (1879-1933) and André Tardieu (1876-1945). Bureau and Chair "Tardieu". 1929. Sold for, €2,305,000

Christie’s three-day long sale closed on March 31st with the auction house bringing-in a total of €35.1 million (£31.9 million). The sale consisted of 875 lots all from the Château de Gourdon collection in Paris. The majority of the items were of the French decorative arts and design, which was collected by Laurent Negro in the past fifteen years. The sale items have always been on view at the family’s château in the Southern French Alps.

The sale was conducted at the Palais de Tokyo in the Trocardero. The museum-style curated show was very impressive to many international collectors. The sale concluded with 84% of the works being sold as well as a complete total including premiums of €42 million falling within the presale estimate of €35-50 million.

A sale highlight includes the French designer, Emile-Jacques Ruhlmann. His work “skis”, a chaise longue chair, sold for €2.5 million to a European collector being an auction record for the artist. Although the sale was considered a success, there were also many blue-chip artists such as Eileen Grey and Jean Dunand who sold either on the low estimate price or were bought-in and not sold. Those pieces that did sell, many records were reached as well as a hefty price tag for the auction house.

Jean Dunand (1877-1942): Assembly of Woodwork, "Palms", circa 1930. Sold for €2,193,000.

But a three-day auction is a long time. Would you consider following an auction that last more than one day?

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The Wine Appraisal Market

Posted April 4th, 2011 by Patrick van der Vorst

In the art world it is common to see auction items such as paintings, ceramic works, sculptures, jewelry, furniture etc. Along with fine art, many auction houses also host a few auction of fine wine throughout the year. Wine has been traded in the art world for decades. The increase and popularity of wine even seems to be growing steadily with no stop in site.

Wine vaults before being bottled.

Earlier this month there was a phenomenal sale of wine at the Lafite auction in Chicago of high quality Bordeaux for $4.9 million. And later that same day, in New York, Acker Merrall & Condit sold $2.3 million worth of fine wines.

To understand the wine market, there is a Liv-ex Fine Wine 100 index, which tracks the growth of the market and collectors. From the numbers of the index, everything is going up with the index rising 41 percent at the end of February. In the first three months of 2011 saw sales totaling $46 million.

With cases of 1982 Chateau Lafite being sold at various auctions pricing from $51,425 to $71,700 the wine market seems to really be soaring. So store your bottle of wine for another few years and maybe one day your wine could sell for thousands of dollars!

Do you agree that wine is going to continue to do well in the market?

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Liz taylor Memorabilia going up in value?

Posted March 28th, 2011 by Patrick van der Vorst

Andy Warhol, "Liz #5" 1963.

With the death of Elizabeth Taylor on March 23rd, it seemed the whole world was looking to get a piece of the famous actress in the following days. The art world was of course no exception. Only two days later, journalists were reporting on the upcoming sale of an Andy Warhol painting of Taylor to be sold by Phillips de Pury on May 12th in New York. The painting ‘Liz #5’ (1963) has been given an estimate of $20-30 million (£12-18 million). The famous silkscreen on canvas has an impressive provenance as well after being purchased in 2001 by the actor Hugh Grant for £2 million and was then resold in 2007 for £13 million at Sotheby’s. It has also been reported that this print will hopefully achieve a price threefold above the estimate due to the recent events of her death.

Along with the sale of this iconic work, throughout Southampton will be exhibitions of more than 200 works being showed at two prominent galleries within the city. To promote this event, Warhol’s 1965 portrait of Taylor will be projected at night on the side of the Skandia building. The exhibition will show work dealing with Warhol’s interest in fame and the celebrity culture of works from 1951 up to his death in 1987. Out of all the prints that are represented in the show, there was consideration to use an Elizabeth Taylor portrait to pay tribute to the late actress.

Myth always has it that the minute a celebrity sadly passes away, that values for their memorabilia shoots up. Is this the case in your experience?… Same with Michael Jackson memorabilia? In my view it really is dependent how much memorabilia there are around of that person. For example, Michael Jackson signed an awful lot of items and thus these items wouldn’t have gone up in value that much since his recent death. However, the rarer pieces would have shot up in value much more… So in my view it is the rarity combined with the  iconic status of the celebrity (possible enhanced by the death of the celebrity) that pushes up values….

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The European Fine Art Fair Shows the Value of the Market

Posted March 21st, 2011 by Patrick van der Vorst

TEFAF catalog cover for 2011

TEFAF, The European Fine Art Fair, as become an annual event in which the leading galleries from across the world come together in Maastricht, The Netherlands for a showcase of museum quality and outstanding works of art. In a fair with close to 260 galleries representing 17 countries, the value of works becomes enormous. With the total value of all works hovering around 1 billion Euros, this event brings in not only local dealers and patrons but international collectors and museums as well. The fair shows works ranging from 3,000-year-old antiquities through to contemporary works of all kinds. There are dealers specializing in paintings, drawings, prints, sculpture, classical antiquities, illuminated manuscripts, jewelry, textiles, design, antique furniture just to name a few.

The fair runs for ten days (March 18-27th) with a preview night before the fair opens for public view. Many museum representatives were in attendance as well as the high profile collectors from across the globe. The fair was founded in 1988 and will celebrate its 25th anniversary next year in 2012. It’s advertisement states that TEFAF “is one of the most influential art and antiques events in the world. It is constantly changing and improving to strengthen its already pre-eminent position in the international market.”

In the last few years, TEFAF has made a point to allow classic modern, design, and contemporary dealers into the fair due to the ever increasing risk to old master markets. With the great and important works selling and being obtained by museums, it is never easy to find examples of the great masters that are recognizable. Because of this increasing shortage of old masters, fairs such as this are starting to include the new generation of old masters. More displays of Picasso, Monet, and even Warhol are starting to grace the stands at TEFAF spattered throughout the classic modern area. But of course, we cannot dismiss those stands that are displaying the amazing works of Rembrandt, Brueghel the Elder and Younger, Pellegrini, Valazquez, Rodin and many others.

After two days, the fair can be exhausting. But when surrounded by fresh flowers and gorgeous works of art, one cannot feel anything but joy.

Please let us know what you think! Is TEFAF worth all the hype?

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The Value of Art at Auction

Posted March 14th, 2011 by Patrick van der Vorst

Auctions have become the most public facing aspect of the art world. In the vast world of art there are many different types of auction houses. Although Christie’s, Sotheby’s, and other fine art houses are giving the most attention, there are hundreds of other regional and local houses that deal with a wide range of items from toys and sets of china to sometimes even flower pots. The nature of an art Auction House then lies in the idea that the price will increase and the lot will sell to the bidder who values the work the most.

Any auction house is looking to get the most money to return to the seller with. Because the seller trusts the house to sell the work with the best of their ability there are reserve prices that are set for each lot at auction so that the seller is not receiving less than what they agreed to. This surely means that the auction house will do close to anything during an auction to help the price reach its tended target.

As the auctioneer, one has many tools in which to help encourage bidders to raise the price and continue to sometimes world record results. An auctioneer can control the pace and slow down to talk up a lot that is particularly important. They can also introduce more exciting works with longer descriptions. Along with both placement of the lot in the auction, and the amount of space devoted to it in the catalog, these are some of the many ways in which an auction house will help to subtitle increase the value and price of a work.

Sometimes auction houses start thinking outside the box. At a recent Contemporary Art sale at Philips de Pury in New York, there was a slightly different approach to help the price of a certain work reach its targeted price. Stephen Colbert took the podium and gavel to auction off a portrait entitled “Portrait 5, Stephen(s)”. Simonde Pury started the bidding at $1 “so that everyone in the room can bid” he stated. Once Colbert came to the podium the price was at $23,000 and with as much witty dialog between Stephen, Simon and the bidders the price reached $26,000 after an offer was made for the winning bidder to appear on ‘The Colbert Report’.

What do you believe? Is it better to sell at a public auction or with a private dealer?

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The Value of Art Fairs

Posted March 7th, 2011 by Patrick van der Vorst

The art world has very few examples of transparency about transactions and dealings. With many items being bought by private collectors, it is almost impossible to know the buyer of a certain work especially if this transaction happened in a gallery. The primary source for all art information comes from the auction houses that publish every sale with price as well as information concerning the work. Other than the auction house, the second place to look for market valuators as well as current popular taste, one should focus on the art fair. It is hard to know the value of contemporary art because there is no history. How would one be able to say with confidence that something will last forever when there is hardly any proof? One way to balance this uncertainty of the contemporary market is to visit fairs and see what galleries are displaying, what people are buying, and sometimes most importantly, what people are not buying.

This past weekend saw the start to New York’s unofficial “Art Week”. Running from March 4th – 6th, The Armory Show, put on by the Art Dealers Association of America (ADAA), has wrapped up its 23rd year. 31 countries were represented in the 274 contemporary and modern galleries that took part in this event.

As a valuator, the Armory Fair can be studied to look at what the top galleries in the world are selling as their finest pieces as well as comparable prices. For a collector,the art fair scene is a great help! For if a prominent gallery is showing the same artist a collector picked up in the last few years it is a good sign that this artist is gaining popularity as well as status in the art world. This could then hopefully lead to the increased value of the piece that is already with the private collector.

This year prices seem to be lower than years past, most likely an answer to the economic crisis. These slightly lower prices helped attract collectors back into the market. Many galleries were presenting booths that were already half sold at the close of the first day. Many gallerists talked about the lower prices being a way of staying attractive to collectors.

What do you think? Are art fairs as important to the art world as auctions and private galleries?

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Discovering new markets and apprasials- Antique Embroidery

Posted February 28th, 2011 by Patrick van der Vorst

Mary Linwood, "Partridges"

In many of the world’s greatest cathedrals and museums visitors can see precious pieces of usually Middle Age embroidery carefully taken care of and very delicately preserved. But in the day-to-day workings of the antique world are works of embroidery collected and sought after? The most collected pieces are usually from the seventeenth century called stumpwork. A canvasback covering usually characterizes these pieces, and the use of wool, silk, gold and silver thread.

When pieces like this are found they are treasured and highly adored. Other pieces that are collected are those that had been made usually in the third quarter of the eighteenth century. Embroidery became very fashionable with the rise of the Romantic era and the rediscovery of mythology and folklore. There was even a famous seamstress by the name of Mary Linwood of Leicester who created elaborate embroidery pictures usually imitating known paintings. Pieces from this period usually were created as works of art including other mediums such as watercolor and gilded, crafted frames.

Victorian Eighteenth century chair

Although the start of embroidery work deal with creating specific scenes on cloth, the practice grew to include furniture. Pieces of furniture with the original embroidery still in good condition will greatly increase the value of the specific piece.

This area of the art world also consists of many Asian pieces created from the stitching of silk to create silkscreen dividers, fans made from cloth, and even sometimes parts of robes and kimonos. Would you collect pieces of art for the embroidery? If so do you think they would be difficult to preserve?

Chinese Silkscreen

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The value of toys and trains

Posted February 15th, 2011 by Patrick van der Vorst

In recent years, train travel has taken a back seat to traveling on planes and in cars. Toy trains have not only increased in value but also in popularity. On February 28, 2011, Sotheby’s is selling a collection of trains and toys in New York at a private sale. Jerry Greene, the collector, has brought together close to 35,000 items from both Europe and America. “Assembling this collection has been a 50-year journey for me,” said Mr. Greene, “I put it together piece by piece, and my quest for the highest quality trains and toys took me to thousands of toy fairs and shows.” This collection, being exhibited now until the sale, as been names as one of the largest and most important collections of toys and trains ever to come to auction.
If you have rummaged through your attic lately and found toys in which might have a value, here are some guidelines to be guaranteed the highest quality:
1. Toys in good conditions with the original packaging will fetch higher prices than those without tags or boxes.
2. Another thing to watch out for is the condition of the actual toy. For example, many dolls are made using many different materials such as, wax, porcelain, and plastics. Each material is preserved and ultimately damaged in different ways so this is always something to consider.
3. Toy brands and makers can also increase the price because collectors will acquire only certain makes and models. Jumeau was a French company founded in the 1840s and designed high quality bisque dolls that replicated the fashion of the time. A doll from this company was valued at £800-£1,000 because of the great condition as well as the high profile toy company.
4. Finally, a complete set will always bring in more money than individual pieces. A Lionel Train locomotive could hope to fetch prices close to $200 but with the complete set, there have been examples that go for around $1,700-$1,800.
Any thoughts? What would be your favorite toy to collect?

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Picasso at Auction – exceeds valuation

Posted February 9th, 2011 by Patrick van der Vorst

Imagine that you are climbing the staircase of Sotheby’s Bond Street at 5:30pm and the crowd around you is buzzing with excitement. Surrounded by works from artists like Gauguin, Monet, and Giacometti gives you a sense of awe to be in the presence of such masters. These great pieces are waiting and hoping to be sold for the highest price possible.

Picasso "La Lecture"

On Tuesday, February 8th, Sotheby’s held its annual Impressionist and Modern sale in London. The sale was considered successful with the great performance of the star lot not disappointing. Picasso’s painting “La Lecture”, completed in 1932, sold for £25.2 million ($40.7 million). The painting was estimated at £12-18 million ($18.5-27.8 million) with the hope that the total cost would exceed the estimate. With lots of interest in a packed house, the price tag helped escalate the whole sale to a grand total of £68.8 million ($111 million, including buyer’s premium) for the whole night.

Last year May 2010, in New York, Christie’s sold the Picasso painting, “Nude, Green Leaves, and Bust” for $106.5 million painted at the same time as La Lecture in the early 1930s. This record sale set the mood for last night’s gala. With the bidding interest being high, the painting was considered a great success!

Picasso, "Nude, Green Leaves, and Bust"

After the sale of each of these works, it seems that the trend for Picasso from this period is growing. Keep a look out on the next few auctions happening this week, Christie’s Impressionist, Modern and Surrealist Auction Wednesday February 9, 2011, and Sotheby’s Auction: Looking Closely, a Private Solo Sale of Impressionist and Surrealist works on Thursday February 10, 2011.

So, if you won the lottery, and you were going to use the money on art, would you buy a Picasso? If so, would you follow the trend and buy this style or would you look at other periods of his work?

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Google Art Project – Visit Museums from your PC

Posted February 7th, 2011 by Patrick van der Vorst
Google Art Project

Google Art Project snapshot

Ever wanted to see the Van Gogh paintings in the Amsterdam Museum? Or maybe a trip to America to tour the Smithsonian Galleries? Well now you can tour museums from the Uffizi Gallery in Florence and the Museo Reina Sofia in Madrid to the great State Hermitage Museum in St. Petersburg without ever leaving home! Google has created a new feature called Art Project where you can tour some of the world’s greatest museums through the use of the street view technique developed for Google Earth.

The project was launched on the first of February 2011 and contains a “walk-through” feature that allows the viewer to virtually stroll a museum and its galleries stopping to look at paintings and sculptures. 17 world famous galleries and museums have signed on to launch the program. The site is designed to help the viewer engage with the works and further develop a love of art and so far it has lived up to its name!

To use the site all you have to do is log onto www.googleartproject.com, and click on the museum you would like to visit. From there you can either tour the museum or look closely at a single work. Each institution has chosen one work to be viewed in detail. You can zoom in so close that every crack, every layer of paint, every little mark is seen. It is quite remarkable! So have a look for yourself and let us know what you think. Is this idea great or will it hurt the attendance of museums?

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