Representatives from Christie’s auctioneers will soon be defending the world famous company after a claim from AXA Art Insurance against them for failure to look after and keep safe an art collection, during the 2012 super storm.
Satellite image of the super storm
The damaged collection was owned by the late Gregor Piatigorsky & his wife Jacqueline Piatigorsky & AXA is taking action on behalf of the estate. The insurance company believes the storage service provided by Christies did not shield the artwork from the storm, even though advance warning was given of the hurricaneâ€™s strength.
The collection was being stored in Red Hook area of Brooklyn, New York & includes work by French impressionists Claude Monet (1840-1926) & Edgar Degas (1834-1917), so these are works of worldwide historical importance. Although AXA are claiming $1.5 million dollars…other experts are saying damaged cased by Sandy to art could run into many millions.
A Christieâ€™s representative said they would not be commenting on the matter as is their policy for legal matters
Danielle Rahm from New York Fine Art Appraisers commented on the still pending influx of claims from other individuals since Hurricane Sandy:
“A tremendous amount of art was affected but it takes time to have works assessed to see the damage so clients are just now in the midst of dealing with the aftermath.”
The hearing will take place in New York.
Red Hook, Brooklyn after the storm
Andy Warholâ€™s Sixteen Jackies was expected to sell for a whopping $30 million at the ‘Contemporary Art Evening Sale’ held at Sothebyâ€™s Art Auction House in New York on May 10th. However the usual big-money art collectors were a little reluctant to part with such big bucks on the night.
Andy Warhol, Sixteen Jackies. 1964. Sold for $20.2 million at Sotheby’s auction to an unidentified telephone bidder.
Despite being the top seller at the auction, Warholâ€™s 16 piece silk screened canvas only managed to draw in two bidders, and eventually sold at its low estimate of $18 million; excluding Sothebyâ€™s fees that in total brought the sale up to $20.2 million. A total of 58 artworks were up for auction, of which 9 failed to sell. The night definitely wasnâ€™t an out and out success, however Sothebyâ€™s still managed to rake in a total of $128.1 million and surpass their low total estimate of Â£120 million. But was it enough?
Andy Warhol, Shadow-Red. 1978. Topped its estimate of $700,000-$900,000 by selling for Â£4.8 million on the night.
Before the auction began on Tuesday, collectors and dealers complained that Sothebyâ€™s were auctioning too many Warhol pieces, as a total of seven were up for sale that night. Attending the auction was Californian billionaire and financier Mr. Eli Broad who commented: â€œItâ€™s all in the material, and to me there was nothing really outstanding.â€ The auction proved that if the estimate was low enough, the dealers and collectors would bid (as was the case with Warhol’s Shadow-Red); however if the price wasnâ€™t right, they just werenâ€™t that interested. This lack of shopping and too much watching raises the question; is the art world tiring of Warholâ€™s pop art, or were Sothebyâ€™s estimates just too high for the current economic climate?
As per my post in May the artist Beryl Cook sadly passed away.
On July 2nd 2008, Bonhams of London held an auction of British artwork and the Beryl Cook Originals for sale broke the previous world record amount for her work!
â€˜Granny with her Pet Mouseâ€™ by Beryl Cook:
‘Granny with her Pet Mouse’ has set the new record and sold for a whooping Â£69,600 Sterling.
And another original: ‘Dolphinâ€™ reached Â£66,000. Bare in mind the previous record was Â£28,800 that is quite unbelievable. It means all her Originals, Limited Edition artwork, including lithographs and silkscreens, will now be even more of an excellent investment for her collectors.
Many feel Beryl Cook, before she died, was Britainâ€™s most popular artist and the most instantly recognisable in the UK, I suspect this will remain the same for many years to come.
Some useful links:
Scottish artist Jack Vettriano has recently released two new limited edition prints, released to galleries by his new publisher, Demontfort Fine Art of the UK.
Jack Vettriano is possibly Scotlandâ€™s most famous living artist. His paintings have a â€™film noirâ€™ context to them and often display nude or romantic themes. Vettrianoâ€™s work has been published in print (unlimited) format for many years, certainly within the UK and whether a person has knowledge of the artist or not, his work is instantly recognizable to most.
The first of his new Limited Edition prints is ‘The Tourist Trapâ€™:
I find his work to be thought evoking and provocative and he is the master of this style of painting. I am pleased that more limited editions are being produced, as many people have expressed an interest in his â€˜collectableâ€™ (limited edition) artwork but obviously not everyone has half a million Â£ sterling to spend!: On 21 April 2004 the original canvas of ‘The Singing Butler’ sold at auction for Â£744,500.
The second new Limited Edition print is â€˜The Defenders Of Virtueâ€™:
In related news, Sothebyâ€™s auction house are auctioning one of Vettriano’s paintings: â€˜Bluebird At Bonneville’ on 29th August 2007 with an estimate of Â£400,000 to Â£600,000 GBP Sterling.
Here is a link to the auction on Sotheby’s website
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The auctioning of Jack Vettriano’s ‘Bluebird At Bonneville’
Image of ‘Bluebird At Bonneville’:
Full Title & Address of the auction:
Sotheby’s ‘Scottish & Sporting Pictures,’ lot 231, 29th August 2007, Gleneagles Hotel, London