Art is portable and liquid, and can be traded in different currencies, Unique works are not always the record-breakers, here is top ten of this season

The top end of the art market appears to keep climbing, despite fresh crises in the currency and banking markets and ongoing turmoil in the Eurozone. The geographic concentration of wealth has expanded, too, and this is having an impact on traditional investments. In newer econ­omies with more volatile, or less mature, financial markets, the rich spend more on luxury assets, including art, jewellery, wine and cars. According to a recent survey of 2,000 of the world’s super-rich individuals by Barclays Wealth, respondents in the United Arab Emirates hold 18% of their wealth in such assets, closely followed by the Chinese and Saudi Arabians (both 17%) and the Brazilians (15%)—compared with 9% of Americans, who tend to focus on more traditional investments. 


Buyers from China and Qatar are entering the trade at this luxury level: they account for at least a quarter of the top 20 works sold at auction. There has been a parallel boom in private sales, including the reported $250m acquisition of Cézanne’s The Card Players, around 1893, by Qatar last year. The expansion is not without problems, however. One of the most expensive works to sell at auction, an 18th-century Qianlong-dynasty porcelain vase that went for £51.6m ($83m) in 2010 at Bainbridges Auctions in England, is a record only on paper—the buyers have yet to pay for it. 


It has been a tumultuous spring in the auction world, with sales of truly spectacular artwork punctuating much mediocrity. As many have pointed out, there is something of a split in the art market, with the freshest, most sought-after blockbuster work going for record prices -- qualities shared by all the works on this stellar top-ten list -- and the merely pedestrian languishing in salesrooms at or below their estimates or, worse, not selling at all.Here is the top ten auction lots of the spring season...

Impressionist and Modern Art Evening Sale
2 May 2012, Sotheby's


Lot 20
Edvard Munch
The Scream
1895, pastel on board in the original frame
Price Realized: $119.9 million


Courtesy Sotheby's

Post-War Contemporary Evening Sale
Christie's, 8 May 2012


Lot 20
Mark Rothko
Orange, Red, Yellow
1961, oil on canvas
Price Realized: $86.9 million

Courtesy Christie's

Contemporary Art Evening Sale
Sotheby's, 9 May 2012


Francis Bacon
Figure Writing Reflected in Mirror
1976, oil on canvas
Price Realized: $44.9 million

Courtesy Sotheby's

Contemporary Art Evening Sale
Sotheby's, 9 May 2012


Roy Lichtenstein
Sleeping Girl
1964, oil and magna on canvas
Price Realized: $44.9 million

Courtesy Sotheby's

Contemporary Art Evening Sale
Sotheby's, 9 May 2012


Andy Warhol
Double Elvis [Ferus Type]
1963, silkscreen ink and spray paint on canvas
Price Realized: $37 million

Courtesy Sotheby's

Impressionist & Modern Art Evening Auction | June 19, 2012 | Sotheby's London 




Lot 10
Joan Miro
"Peinture (Étoile Bleue)," 1927
Price Realized: $36.9 million

Courtesy of Sotheby's

Post-War Contemporary Evening Sale
Christie's, 8 May 2012


Lot 34
Yves Klein
FC1 (Fire Color 1)
1962, dry pigments and synthetic resin on panel with artist's frame
Price Realized: $36.5 million

Courtesy Christie's

Post-War and Contemporary Art Evening Auction | June 27, 2012 | Christie's London 




Lot 9
Yves Klein
"Le Rose du bleu (RE 22)," 1960
Price realized: $36.8 million

Courtesy of Christie's Images LTD. 2012

Old Master & British Paintings Evening Sale
3 July 2012, Christie's London


Lot 37
John Constable
The Lock
Oil on canvas
Price Realized: $35.2 million

Courtesy Christie's

Post-War and Contemporary Art Evening Auction | June 27, 2012 | Christie's London 




Lot 25
Francis Bacon
"Study for Self-Portrait," 1964
Price realized: $33.6 million

Courtesy of Christie's Images LTD. 2012







The Ashok Art Gallery is internationally known for one of its most important holdings: more than 2000 major works by the world's most significant Artists.Over the past years, as Ashok Art Gallery has become a major centre for contemporary visual art, the Gallery has built a strong collection of contemporary work of different artists, we became a sponsor of the STANDUP-SPEAKOUT Artshow, Organized by Art Of Living Foundation and United Nations.Organized an International Contenmporary Art Exhibition including artists from USA, The Nederlands, Pakistan and India.We have also participated at Art Expo India 2008, 09 Mumbai and India Art Summit 2008 New Delhi.

In 2011, the global art auction market generated 21% more than in 2010 and every single segment of the art market had progressed in terms of turnover

While old economies are struggling, growth is accelerating in the BRICS countries. The five BRICS - Brazil, Russia, India, China and South Africa- have been enjoying much stronger economic expansion than the developed countries and China's growth in particular has profoundly modified the geographical structure of the global art market according to thierry Ehrmann, the founder and CEO of Artprice, the world leader in art market information. Moreover, in Singapore, Beijing and Hong Kong, politicians are aware of the enormous economic potential of art for their state or their city, and their governments strongly support major cultural events including Contemporary Art fairs. In addition to the 49% growth in auction revenue from artworks in China, a number of other Asian countries have also posted particularly dynamic growth.

While Christie's continued to lead the auction market for Indian art with sales in excess of $20 million (Rs 100 crore) in 2011, Sotheby’s was second with its Indian art sales at $9.5 million (Rs 50 crore). At an online auction conducted by a Mumbai-based firm last year, paintings by Indian artists, including big names like Syed Haider Raza, Tyeb Mehta, Jehangir Sabavala, fetched more than US$14 million (Rs 70 crore).

“The Indian contemporary and modern art market has grown. The fact that we have added more sale locations for this category shows the increasing global demand for modern and contemporary Indian art,” said Sonal Singh, associate director, south Asian modern + contemporary art, Christie’s. The auction house has three international sites — New York, London and Hong Kong — where Indian art is auctioned.

“Top quality art with stellar provenance and in good condition finds buyers in India and world-over. In the past 18 months, we have seen record prices for artists such as Raza and Akbar Padamsee,” said Maithili Parekh, director, Sotheby’s.

Raza’s painting ‘Saurashtra’, which was auctioned for US$34,86,965 (around Rs 17 crore) in June 2010, is the most expensive Indian artwork ever sold.

In 2011, the global art auction market generated 21% more than in 2010 and there is not a single segment of the art market that did not progress in terms of turnover. Compared with 2010, Modern art added $1.2B, Post-war art added $372m, Contemporary art added $291m, Old Masters added $124 million and 19th century art posted an increase of $43 million. In addition, bulimic buying has not left any medium on the side-lines. 2011 saw the sale of more paintings, sculptures, photographs, drawings and even prints than 2010. Indeed, driven by the rocketing prices of the Chinese Old and Modern masters, drawing has really come into its own, with its annual revenue up by $1.318 billion over the year. 


The Ashok Art Gallery is internationally known for one of its most important holdings: more than 2000 major works by the world's most significant Artists.Over the past years, as Ashok Art Gallery has become a major centre for contemporary visual art, the Gallery has built a strong collection of contemporary work of different artists, we became a sponsor of the STANDUP-SPEAKOUT Artshow, Organized by Art Of Living Foundation and United Nations.Organized an International Contenmporary Art Exhibition including artists from USA, The Nederlands, Pakistan and India.We have also participated at Art Expo India 2008, 09 Mumbai and India Art Summit 2008 New Delhi.

Art Market: Top 10 Best Selling Lots, Top 10 Most Disappointing Lots and Top 10 Most Surprising Lots

Last week Sotheby’s reported consolidated sales of a record $3.4 billion in the first half of 2011, up 54% from last year in the 2nd quarter. Christie’s previously released its six-month total of $3.2 billion, up 15% from last year.

As the art world now anxiously awaits to see how severely the global market downturn will affect its recent re-stabilization, MutualArt took the chance to look back and get caught up for the fall auction season. Gear up for September with a review of the top lots, steepest flops and biggest shocks so far of the year.

Top 10 Best Selling Lots

Francesco Guardi managed to overcome the supremacy of Picasso and capture the top slot, achieving the highest hammer price so far this year. Picasso’s buying power held strong though in second place and with two lots in the top ten. The only other artist with more than one lot here is Francis Bacon, whose work enjoyed a remarkable market comeback this year.

1) £26,697,250 - Francesco Guardi, Venice, a view of the Rialto Bridge, Looking North, from the Fondamenta del Carbon, (pictured below) oil on canvas, executed in the late 1760s. World auction record for Venetian view painting; World auction record for the artist; Highest price paid at an international auction house in 2011; Second highest price paid ever for an Old Master painting. (Sotheby’s London, 7/6/2011)

2) £25,241,250 - Pablo Picasso, La Lecture, oil on panel, 1932. (Sotheby’s London, 2/8/2011)

3) £24,681,250 - Egon Schiele, HÄUSER MIT BUNTER WÄSCHE (VORSTADT II), oil on canvas, 1914. World auction record for the artist. (Sotheby’s London, 6/22/2011)

4) $38,442,500 - Andy Warhol, Self-Portrait, in four parts, acrylic and silkscreen on canvas, 1963-64. Highest price ever paid for a portrait by the artist. (Christie’s NY, 5/11/2011)

5) £23,001,250 - Francis Bacon, Three Studies for Portrait of Lucian Freud, oil on canvas, 1964. (Sotheby’s London, 2/10/2011)

6) £22,441,250 - George Stubbs, Gimcrack on Newmarket Heath, with a trainer, a jockey and a stable lad, oil on canvas, circa 1765. World auction record for the artist. (Christie’s King Street, 7/5/2011)

7) $33,682,500 - Mark Rothko, Untitled No. 17, oil on canvas, 1961. (Christie’s New York, 5/11/2011)

8) $29,202,500 - Sir Lawrence Alma-Tadema, The Meeting of Antony and Cleopatra: 41 BC, oil on panel, 1883. (Sotheby’s New York, 5/5/2011)

9) £17,961,250 - Pablo Picasso, Femme assise, robe bleue, oil on canvas, 1939. (Christie’s King Street, 6/21/2011)

10) £17,961,250 - Francis Bacon, Study for a Portrait, (auction video below) oil on canvas, 1953. Second-highest price for any work in this category at Christie’s London. (Christie’s King Street, 6/28/2011)

Top 10 Most Disappointing Lots:

Monet was noticeably absent from the best-selling list, and unfortunately appears here twice for unsold lots. Other lots by blue-chips artists failed to sell or sold below their low estimates as buyers remained cautious, ignoring often over-enthusiastic auction house catalogs and paying close attention to the artworks’ condition.

1) Andy Warhol’s Self-Portrait, (above left) sold below the $30,000,000-40,000,000 estimate for $27,522,500 (Christie’s New York, 5/11/2011)

2) Claude Monet’s Nymphéas, Not sold against an estimate of £17,000,000-24,000,000 (Christie’s King Street, 6/21/2011)

3) Pablo Picasso’s Femmes lisant (Deux personnages), sold below the $25,000,000-35,000,000 estimate for $21,362,500 (Sotheby’s New York, 5/3/2011)

4) Jeff Koon’s Pink Panther, (above middle) sold below the $20,000,000-30,000,000 estimate for $16,882,500 (Sotheby’s New York, 5/10/2011)

5) Claude Monet’s Iris mauves, Not sold against an estimate of $15,000,000-20,000,000 (Christie’s New York, 5/4/2011)

6) Robert Rauschenberg’s The Tower, Not sold against an estimate of $12,000,000-18,000,000 (Christie’s New York, 5/11/2011)

7) Pablo Picasso’s Couple à la guitare, sold below the $10,000,000-15,000,000 estimate for $9,602,500 (Sotheby’s New York, 5/3/2011)

8) Francis Bacon’s Untitled (Crouching Nude on Rail), sold below the $10,000,000-15,000,000 estimate for $9,602,500 (Christie’s New York, 5/11/2011)

9) Paul Gauguin’s Nature morte à "L'Espérance", Not sold against an estimate of £7,000,000-10,000,000 (Christie’s King Street, 2/9/2011)

10) Thomas Gainsborough’s Portrait of Colonel John Bullock, (above right) Not sold against an estimate of £3,500,000-5,000,000 (Chrsitie’s King Street, 7/5/2011)

Top 10 Most Surprising Lots

Old Master and Asian artists enjoyed relative success these six months, fetching enthusiastic bidding in their categories. At Christie’s alone, sales in Asia totalled £296 million ($482.5 million), up 48% while sales in America remained down. The trend towards Asian art and increasing buying power from Asian collectors is clearly evident from this list.

1) Rome, The Castel Sant'Angelo and the river Tiber from the south by Gaspar van Wittel. Sold for £718,850 - 3,494% above estimate (Sotheby’s London, 7/7/2011)

2) 1985-4 by Yu Youhan. Sold for HK$14,100,000 - 2,720% above estimate (Sotheby’s Hong Kong, 4/3/2011)

3) Appearance of Crosses 90-6 by Ding Yi. Sold for HK$17,460,000 - 2,394% above estimate (Sotheby’s Hong Kong,

4/3/2011)

4) GRAYGROUND by Ronald Ventura. Sold for HK$8,420,000 - 2,306% above estimate (Sotheby’s Hong Kong, 4/4/2011)

5) Spring Calling by Wu Guanzhong. Sold for HK$17,460,000 - 1,646% above estimate (Christie’s Hong Kong, 5/31/2011)

6) Sans Titre by Wols. Sold for £2,617,250 - 1,645% above estimate (Sotheby’s London, 2/10/2011)

7) Autumn in the Village by Lin Fengmian. Sold for HK$23,060,000 - 1,318% above estimate (Christie’s Hong Kong, 5/31/2011)

8) Series "X"? No. 3 by Zhang Peili. Sold for HK$23,060,000 - 1,153% above estimate (Sotheby’s Hong Kong, 4/3/2011)

9) Lotus and Landscape along Highway Hengguan by Zhang Daqian. Sold for HK$56,660,000 and HK$52,180,000, respectively - 809% and 745% above estimate (Christie’s Hong Kong, 5/31/2011)

10) The Meeting of Antony and Cleopatra: 41 BC by Sir Lawrence Alma-Tadema (pictured below). Sold for $29,202,500 - 484% above estimate (Sotheby’s New York, 5/5/2011)

Written and Compiled by MutualArt.com Staff

The Ashok Art Gallery is internationally known for one of its most important holdings: more than 2000 major works by the world's most significant Artists.Over the past years, as Ashok Art Gallery has become a major centre for contemporary visual art, the Gallery has built a strong collection of contemporary work of different artists, we became a sponsor of the STANDUP-SPEAKOUT Artshow, Organized by Art Of Living Foundation and United Nations.Organized an International Contenmporary Art Exhibition including artists from USA, The Nederlands, Pakistan and India.We have also participated at Art Expo India 2008, 09 Mumbai and India Art Summit 2008 New Delhi.