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Art Market Blog

  • Permalink for 'Record Rise for Orientalist Paintings ? artmarketblog.com'

    Record Rise for Orientalist Paintings ? artmarketblog.com

    Posted: 27-January-2012, 7:19pm EST by admin

    Record Rise for Orientalist Paintings – artmarketblog.com

    edward lear1 Record Rise for Orientalist Paintings   artmarketblog.comAs the art market continues to rebound, and new buyers continue to emerge from the middle east, the demand for top orientalist paintings has risen significantly over the last twelve months.  Exceeding the market high seen during the 2007/2008 boom, the prices being paid for the work of many orientalist artists have reached record highs. Christie’s 26 January 2012 Old Master & Early British Drawings & Watercolors held at the Rockefeller Plaza in New York saw the fifth highest auction price achieved for British/Italian artist Edward Lear whose orientalist watercolour painting Montenegro - a group of figures in a mountainous landscape – shot past the $120,000 – $180,000 estimate for a final price of $422,500.  Previously sold by Christie’s for US$93,400 (excluding premium) in 1992, the painting then passed to the vendor through Artemis, London in 1996.  Lear’s View of Gwalior, India, 1880 also sold well fetching  $170,500 against an estimate of $50,000 – $70,000.

    Over at Bonhams, a new auction record was set for Russian artist Vasilii Dmitrievich Polenov with an orientalist inspired painting titled He that is without sin from the artist’s The Life of Christ series.  Estimated to sell for £1,200,000 – 1,800,000, this epic painting by one of Russia’s greatest artists sold for £4,073,250 during Bonham’s The Russian sale held on the 30 Nov 2011 in London.  Earlier in the year, on the 6th of June, Sotheby’s achieved a new auction record for one of Polenov’s contemporaries, Vasily Vasilievich Vereschagin, whose orientalist painting of the Taj Mahal sold for £2,281,250 against an estimate of £250,000 – 450,000.

    According to French auctioneers Artcurial, they were the world leader in orientalist paintings in 2011, posting a turnover total of 5 million euros for the year.  Artcurial set four orientalist auction records during 2011 including:

    • La Kasbah rouge by Jacques Majorelle, 1924, sold for ?1,315,818 on 9 June 2011;
    • A work on paper by Alexandre Roubtzoff, sold for ?60,020 on 9 June 2011, reaching a record of ?434,300, on 8 June 2010 for an oil painting from 1935, la Bédouine de Tunis;
    • La Tikka, l?heure du thé by Edouard-Léon-Louis Edy-Legrand, sold for ?378,494 on 9 June 2011;
    • Les Beautés de Marrakech by Lucien Levy-Dhurmer, pastel on paper, sold for ?297,900 on 18 December 2011.

    image: Montenegro by Edward Lear

    **Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of http://www.artmarketblog.comt Record Rise for Orientalist Paintings   artmarketblog.com, writes the art column for the magazine Antiques and Collectibles for Pleasure and Profit and contributes to many other publications.
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    share save 256 24 Record Rise for Orientalist Paintings   artmarketblog.com

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    1. The Rise of Victorian Paintings Pt. 5 ? artmarketblog.com
    2. The Rise of Victorian Paintings Pt. 2 – artmarketblog.com
    3. The Rise of Victorian Paintings Pt. 3 – artmarketblog.com
  • Permalink for 'Jan 2012 Art Market Blog Press Update ? artmarketblog.com'

    Jan 2012 Art Market Blog Press Update ? artmarketblog.com

    Posted: 19-January-2012, 7:58pm EST by admin

    Jan 2012 Art Market Blog Press Update – artmarketblog.com

    la Frederick HAMMERSLEY 300x300 Jan 2012 Art Market Blog Press Update   artmarketblog.comJust a few recently published articles that I wrote.  Hope you enjoy !!

    In Recognition of an LA-Centric Art Market Trend

    http://www.fabrikmagazine.com/content/in-recognition-of-an-la-centric-art-market-trend/

    Latest London Contemporary Art Auction Roundup

    http://www.arterynyc.com/2011/12/october-2011-london-contemporary-art-auction-roundup/

    Pearls prove a collectors best friend

    [www.worthpoint.co.uk]

     

    image: Painting by Frederick Hammersley

     

    **Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of http://www.artmarketblog.comt Jan 2012 Art Market Blog Press Update   artmarketblog.com, writes the art column for the magazine Antiques and Collectibles for Pleasure and Profit and contributes to many other publications.
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    2. Art Market Blog – Favourite Artist Update
    3. Art Market Blog – Art Collection Update 1
  • Permalink for 'Singapore to Conquer French Contemporary Art Market ? artmarketblog.com'

    Singapore to Conquer French Contemporary Art Market ? artmarketblog.com

    Posted: 13-January-2012, 6:41pm EST by admin

    Singapore to Conquer French Contemporary Art Market – artmarketblog.com

    art stage singapore1 300x199 Singapore to Conquer French Contemporary Art Market   artmarketblog.comHaving focused recent posts on the Southeast Asian art market, I found it particularly interesting that Artprice have announced that Singapore should soon overtake France in the field of Contemporary art sales.  Although 2011 was a better year for France than 2010, the French art market is still lagging behind other major art market centres.  Currently fourth in world art market rankings, France may be heading further down the list if Singapore continues to rise through the ranks.

    Evidence of the growing profile of Singapore as an art market hub is the success of the Art Stage Singapore art fair first held in 2010 and currently taking place in Singapore from the 12th to the 15th of January.  According to their website: “Art Stage embraces Singapore?s unique position as a bridge between the East and the West in a celebration of both emerging new regional artists and international superstar names.”  The inaugural edition of the fair attracted 121 galleries from 26 countries and regions, and 30 special projects, with the number of visitors hitting 32,000.  This year, the show will host 120 exhibitors from 18 diverse nations and will be introducing 50 special projects. Adding to the hype of the 2012 edition of the fair is the inclusion of major international galleries such as White Cube, Haunch of Venison and Victoria Miro.

    What first alerted me to the importance of Singapore to the market for Southeast Asian art was the number of works by Indonesian and Filipino artists being sold by Singaporean auction houses.  The main auction houses with a presence in Singapore are Masterpiece Fine Art Auction, Borobudur Auction, Larasati Auctioneers and 33 auction.  Enticing bidders with the lowest buyers premium in Singapore of between 10% – 12%, 33 auction auction have proven to be one of the main players in the Singapore art market.  Having moved major sales of modern and contemporary South-East Asian paintings from Singapore to Hong Kong in 2007, both Christie’s and Sotheby’s may now be regretting this move.  The move did, however, allow the regional auction houses to gain a foothold that has resulted in a strong regional art auction market that continues to grow.

    Without the same high profile as artists coming out of Indonesia and the Philippines, Singaporean contemporary artists still have a long way to go before they catch up to the success of Singapore as a destination for Southeast Asian art.  But, with the way the Singapore art market is heading, it may only be a matter of time before we see some big prices for Singaporean artists – and the French being left behind by the Singapore art market machine.

    **Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of http://www.artmarketblog.comt Singapore to Conquer French Contemporary Art Market   artmarketblog.com, writes the art column for the magazine Antiques and Collectibles for Pleasure and Profit and contributes to many other publications.
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    share save 256 24 Singapore to Conquer French Contemporary Art Market   artmarketblog.com

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    1. Contemporary Korean Art [Oct 08] – artmarketblog.com
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    3. The Great Contemporary Art Market Cock-Up – artmarketblog.com
  • Permalink for 'Why Indonesian Artists are Hot Property ? artmarketblog.com'

    Why Indonesian Artists are Hot Property ? artmarketblog.com

    Posted: 6-January-2012, 5:02pm EST by admin

     Why Indonesian Artists are Hot Property – artmarketblog.com

    Ngaso Why Indonesian Artists are Hot Property   artmarketblog.comMy previous post revealed some recent auction results that suggest that the market for the work of some of Indonesia’s top artists is gaining strength.  One of the factors that has contributed to the strength and resilence of the market for Indonesian art is the existence of a cross cultural dialogue between east and west that is due to the Dutch colonisation of Indonesia that ended in 1942.  This dialogue is not limited to the influence of Eestern art on Indonesian artists; many Western born artists such as Walter Spies, Theo Meier, Le Mayeur de Merprès and Hofker spent time in Indonesia and produced work that was heavily influenced by Indonesian society and culture.  An indication of the close connection between the Netherlands and Indonesia  is the partnership between Larasati, an Indonesian auction house, and Glerum, an Amsterdam based auction house.  In 1990 Glerum  became the first Dutch auction house to organize specialist auctions of Dutch colonial and modern Indonesian art.  Their first joint sale with Larasati in 2000 resulted in a new world record W.G. Hofker when the artist’s ?Ni Noneh?, offered by a collector in the Netherlands, sold for ? 386,000.  Also achieving a high price was a work by Hendra Gunawan titled ‘Fruit Seller’ which soared past the Rp 180 ? 240 million estimate for a final price of Rp 550 million.

    Although the frequency of high prices has not reached 2008 levels, the prices being achieved for the work of many Indonesian artists have, importantly, not gone down – and in some cases, have continued to increase. 2011 proved one of the best years for Indonesian art since 2008 with many new auction records set.  An example of the demand for works by Indonesian artists was Christie’s November 27 Asian 20th Century Art (Day Sale) in Hong Kong which saw some excellent prices achieved for works by Indonesian artists.  The seventh highest price of the sale went to S. Sudjojono’s ‘Ngaso’ which blitzed the 800,000 – 1,200,000 HKD (102,612 – 153,919 USD) estimate for a final price of 3,860,000 HKD (495,106 USD). Hendra Gunawan’s ‘Bathing by the river’ achieved the tenth highest price of the sale with a final price of 3,620,000 HKD (464,322 USD) against an estimate of 700,000 – 1,000,000 HKD (89,786 – 128,265 USD).

    Christie’s November 26 Asian 20th Century Art (Evening Sale) in Hong Kong again produced some stellar results for Indonesian art.  Adrien Jean Le Mayeur de Merprés’ ‘Three dancers in the garden ‘ produced the fifth highest auction price for the artist selling for 7,940,000 HKD (1,018,431 USD) against an estimate of 2,700,000 – 3,700,000 HKD (346,318 – 474,584 USD).  ’Barong dance’ by Indonesian born artist Affandi achieved 4,220,000 HKD (541,282 USD) against an estimate of 1,800,000 – 2,500,000 HKD (230,878 – 320,664 USD) – the second highest price for the artist at auction.

    Although the market for Indonesian art centres around the work of more established artists, there is still considerable interest in younger contemporary Indonesian artists.  A retrospective exhibition of the work of contemporary Indonesian artist Heri Donow was held at the Tropenmuseum in Amsterdam in 2009 and represented an important recognition of the global relevance of contemporary Indonesian art.  According to the Tropenmuseum: “Dono can truly be called a glocal artist: a term which contracts the words local and global. The story of his images is about the changing face of Indonesian society that is not separate from developments in the rest of the world. This story is meant for a broad audience; though it is coded (criticizing politicians has long been a dangerous activity), it recognizable and accessible. Glocal art shows how local sources can still nourish artists in a time of globalization to say something about the world around them. Dono dislikes the distinction between high art and low art. He never literally copies traditional art; he plays with the image material in a personal style influenced by various European artists such as Matisse and Picasso, and artistic trends such as Cobra, nouveau réalisme and fluxus.”

    Overall, the high auction prices being achieved for Indonesian artists combined with the significant number of works by Indonesian artists that frequently exceed the auction estimate suggests that works by such artists are currently undervalued.  As Asian buyers continue to become more wealthy and more interested in collecting art, and Western buyers continue to search for undervalued and untapped sources of “new” art, the work of Indonesian artists is likely to only become more popular.

    image:

    ‘Ngaso’ by S. SUDJOJONO
    (Indonesian, 1914-1986)

    **Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of http://www.artmarketblog.comt Why Indonesian Artists are Hot Property   artmarketblog.com, writes the art column for the magazine Antiques and Collectibles for Pleasure and Profit and contributes to many other publications.



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         Ngaso

    Description         S. SUDJOJONO

    (Indonesian, 1914-1986)

    Ngaso

    signed ‘S. Sudjojono’ (lower right); signed with artist’s monogram, titled and dated ‘Ngaso 1964′ (lower centre)

    oil on canvas

    140 x 100 cm. (55 1/8 x 9 3/8 in.)

    Painted in 1964

    Medium               oil on canvas

    Year of Work      1964

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