Unearthed Masterpieces
Old Masters treasures from sunken Russian ship to be salvaged [Russia IC] [Dutch News.nl]
Lets hope that the paintings from this sunken, 237 year-old ship were WELL packaged
Trove of Raeburn drawings discovered in England [ART INFO]
Lost Caravaggio Goes on Display in Scotland [ART INFO]
The death of a distinguished dealer
Jan Krugier, Dealer in Modern Art, Dies at 80 [Randy Kennedy, NY Times] [Telegraph UK] [Associated Press]
Jan Krugier was one of the most influential and insightful art dealers of his time. Described as both an iconoclast and curmudgeon, Krugier went against the grain, while seeing ahead of the curve. Aside from carrying on the legacy of Picasso, he championed artists such as Seurat and Cezanne when they were temporarily undervalued, and amassed one of the greatest collections of Old Master drawings in the world-with rare works by Ingres, Poussin, Goya, and Rembrandt, among others. He was noted for his eclectic taste and exhibitions, which spanned across the art historical timeline, combining artists from different schools and eras.
From the Telegraph UK:
“Among the most influential and distinguished art dealers of his time, Krugier was also among the wealthiest; he once reportedly turned down $100 million offered by a Spanish museum for Picasso’s Liebespaar (The Couple). Yet he and his wife, a Polish princess, lived comparatively simply, at a house in Geneva scarcely large enough to contain his own collection, described by one London connoisseur as “probably the greatest private collection of drawings in the world”.
About the JK Gallery [Jan Krugier gallery website]
OMNP Art Market Update
The news this week did not get much better. Further disappointments for the sales of Modern and Contemporary art at the major auction houses came like ducks in a row last week, marked by Christie’s paltry earnings of less than half of its pre-auction estimate for its November 12th sale ($113.62 million on a $227 million pre-sale estimate) and further disclosure by Sotheby’s in regards to losses on guarantees. Following its previous announcement over three weeks ago, the auction house announced that it had taken another hit, estimated at $10.6 million. Unsurprisingly, Sotheby’s business model will change, a sentiment echoed by Sotheby’s CEO Bill Ruprecht,who explained “We’re preparing for a different market. We are out of the guarantee business at least for a while.”
In Faltering Economy, Auction Houses Crash Back to Earth [Carol Vogel, NY Times]
Phillips Sale Totals Less Than Half the Low Estimate [Carol Vogel, NY Times]
Surprisingly, the sagacious Souren Melikian sees the situation from a more optimistic standpoint, which perhaps reflects his recent prognosis of a market that is more connoisseur-driven. OMNP speculates that such conditions may be more of an expression of the preferences of Mr. Melikian, an art world veteran himself, rather than a veritable prediction.
At auctions, contemporary art shows its strength [Souren Melikian, International Herald Tribune]
Contemporary art market defies financial turmoil [Souren Melikian, International Herald Tribune]
Further coverage:
November Modern and Contemporary Auction Roundup, in five parts: Part One Part Two Part Three Part Four Part Five [Art Observed]
Previous coverage:
The Current Outlook for the Art Market..[Old Masters, New Perspectives]