Sotheby's and Christie's :Conflict of interests ??

Are Sotheby’s and Christie’s or all major auctions 
houses still the reference to establish the value of your art works? I wrote this article many years ago,

It is not my intention to have them sue me for my thoughts 
in this letter. Nonetheless there are so many events these last months that I 
want to bring in daylight some evidence that these major auction houses are 
interfering in the daily merchants business of antiquities dealers, fine art 
galleries from all over the world.
Take the time to read what happened to me recently, it is 
juicy.
One of my clients has a fantastic Modigliani painting from 
1918, representing a lady, one of most beautiful paintings by Modigliani if you ask me. This painting comes with a provenance history since the day it was created. First it was bought by Leopold Zwoborowski , Modigliani’s merchant, after a while the famous Katia Granoff bought it in the 1940’s, and stayed in 
this family until the 1990’s. In the mean time our painting was exhibited in more than 30 museums or major galleries for Modigliani’s retrospectives : so Galerie Granoff, Galerie Charpentier etc etc., we have of course most of these 
exhibition catalogs where the painting was represented and even was on the front page of these catalogs. The painting went on world tours, in Italy, Spain, USA, Japan. In Tokyo in the late 90’s our painting was even the poster you could see in the streets of Tokyo, of course we have this poster also.
The painting comes evidently with several certificates: 
Lantheman, Andre Schoeller from 1954, Mrs L. Zwoborowski, and the famous Mr.Christian Parisot expertise, which is the administrator of legal archives of Modigliani. Of course our painting is repertoried in several catalogue raisonne so the Lantheman etc. Not illustrated in the Ceroni catalogue raisonne but we have the hand written letter of Mrs. Ceroni stating that the painting is repertoried in her late husband’s archives as an authentic Modigliani painting. ( of course she can prove this ).
I find an investor in Florida who is willing to pay $ 
4,500,000.00 for the painting. ( in my opinion this painting will fetch in auction  7 to 8 million $. For personal reasons the owner doesn’t want or can’t put this painting for auction, not necessary to explain that the 
IRS of his country has something to do with this.
My investor, is in love with the painting, but still wants 
to have Sotheby’s and Christie’s opinion about the value of this painting. The response came rapidly: they will not accept this painting for their auctions because it is not in the Ceroni archives as a first response, and as a second 
response when they find out that the painting is repertoried in the archives, because it is not illustrated in the Ceroni catalogue!. Are they saying that the painting is maybe a fake? They didn’t say this but what must the investor think?
The painting is under suspicion!
Because the gentlemen from Sotheby’s and Christie’s in charge of the Modern and Impressionist art have cold feet or they don’t have enough experience or are they just trying to have the investor to buy their own products, where of course at this rate they will make a profit of $ 1,600,000.00 if my investor buys from them a similar value painting? This will 
stay without response. 
What is evident?: it is the fact that this painting exhibited in so many museums, repertoried everywhere, seen by millions of people , a painting that was chosen by eminent curators as a jewel of Modigliani’s art to be part of their so difficult to assemble paintings exhibitions. 
It is evident that Sotheby’s and Christie’s are killing an 
artwork of major importance , and gave it a “ suspicious “ label for their personal reason, that I will qualify as financial interests reasons. 
My investor didn’t buy the painting and it went back to 
Europe..I didn’t make any commission for a very difficult work that took me several months and costs  a serious amount of $ in insurance to ship the painting to the USA.
I conclude that if you have some very important art, with all 
the certificates you want, with the best provenance possible, you may be highly disappointed if you want to sell that major art work you thought has so much value only because of Sotheby’s and Christie’s may decide it so! For me this is manifestly a conflict of interests in the art business. An auction house is 
where you sell your art at the highest bidder, the managers should not interfere in the authentication process by taking a position as negative as they did in this case. I mentioned each time Sotheby’s and Christie’s at the same time, even if my investor was working with one of them, but through personal verification I find out that they are working under a same umbrella, so they did in the past so commented here in articles I did find on the web:


Article Source: http://EzineArticles.com/110962

Walking Man I by Giacomettti , a life-time cast, available

The Walking Man I by Alberto Giacometti or “ L’Homme qui marche” we have for sale in our investment portfolio is of course an unique artwork very sought after since only a couple are left in private hands. The fever to buy one of these last privately held sculptures increased with the sale in Sotheby’s in 2010 at a premium included hammer price of 104 Million $. ( see 1)

It was a cast of 6 sculptures, and according to Mrs.  Yoyo Maeght, who’s the daughter of Giacometti’s merchant # 6/6 was never casted which leaves the foundation the right to cast this 6/6 but will have to mention it is a postmortem cast.

Alberto Giacometti isn’t an easy artist to authenticate, it is even more difficult since there are casts of life-time, and casts post mortem.
The competition between the majors Christie’s and Sotheby’s makes it even more difficult. Indeed Mr. Philip Hook from Sotheby, mentioned after the sale of Walking Man in his auction for a record amount, that his Giacometti sold was the only one life-time cast ever sold in auction. ( see 2)

Christie’s claims that the Walking man sold in 1996 is a life-time work.

With proof of funds and letter of intent, the certificate of authenticity renewed in 2010 will be shown to potential buyer. This certificate shows that this cast is a life time cast. 

(1)  http://www.youtube.com/watch?v=YR6zNq-v7eI&feature=related

(2)In an article in: http://www.artandantiquesmag.com/2010/04/walking-into-history/

Sheila Gibson Stoodley relates following about Mr. Philip Hook :

Philip Hook, senior director of Impressionist and modern art for Sotheby’s in London, was not terrifically surprised that the Giacometti did so well; he describes the sculpture as “the 20th-century equivalent of Michelangelo’s David or Rodin’sThinker.” The bidders who pursued it believed they were seizing a once-in-a-lifetime chance. “One heard from more than one person who was interested in it,” says Hook, adding that many prospective buyers told him, “It’s the first time in 40 years there’s been an opportunity to buy such a Giacometti bronze, and I didn’t want to miss it.” Hook is referring to the fact that a lifetime cast of Walking Man I has never come to auction; Christie’s sold a posthumous cast in London in 1988 for £3.7 million ($6.8 million), but no others have come up. The pair of bidders who were left to do battle after the other aspirants dropped out drove the price of the 6-foot-tall sculpture to never-before-seen heights. Hook manned the victorious phone, but declines to say more, citing confidentiality. In late February reports emerged indicating that billionaire Lily Safra might have been the purchaser.

Short history of the Walking Man published by the NY Times 02-03-2010

As perhaps the most recognizable of all Giacometti sculptures, “Walking Man I” is itself a trophy piece. Not only is the form impressive, but so is the size. The sculpture was cast in an edition of six and four artist proofs, most of which are in museums or private collections, where they are considered likely to stay. “Walking Man I” was being sold by Dresdner Bank in Germany, which acquired it in 1980.

It had been commissioned — along with a group of others bronzes — by the architect Gordon Bunshaft for Chase Manhattan Plaza in downtown Manhattan, where it was to stand alongside Bunshaft’s 60-story glass-and-steel Chase headquarters. Although the installation was never realized, some of the sculptures — and others that Giacometti created as experiments for the project — were made; many, though, he destroyed.

Associated Press article

updated 2/3/2010 6:14:22 PM ET


LONDON — A life-size bronze sculpture of a man by Alberto Giacometti was sold Wednesday at a London auction for 65 million pounds ($104.3 million) — a world record for the most expensive work of art ever sold at auction, Sotheby’s auction house said.

It took just eight minutes of furious bidding for about ten bidders to reach the hammer price for “L’Homme Qui Marche I” (Walking Man I), which opened at 12 million pounds, Sotheby’s said.

The sculpture by the 20th century Swiss artist, considered an iconic Giacometti work as well as one of the most recognizable images of modern art, was sold to an anonymous bidder by telephone, the auction house said.

Sotheby’s had estimated the work would sell for between 12 to 18 million pounds.

The sale price trumped the $104.17 million paid at a 2004 New York auction for Pablo Picasso’s 1905 “Boy With a Pipe (The Young Apprentice).” That painting broke the record that Vincent Van Gogh had held since 1990, and its sale was the first time that the $100 million barrier was broken.

“It’s a phenomenal result ... I think the result pretty much reflects the depth of the market,” Helena Newman, a specialist of Impressionist and Modern art at Sotheby’s, told the BBC.

The price for the sculpture went up rapidly with keen interest from bidders calling in from Europe, Asia and the U.S., Newman said.

“L’Homme Qui Marche I,” a life-size sculpture of a thin and wiry human figure standing 72 inches (183 centimeters) tall , “represents the pinnacle of Giacometti’s experimentation with the human form” and is “both a humble image of an ordinary man, and a potent symbol of humanity,” Sotheby’s said.

The work was cast in 1961, in the artist’s mature period. It is rare because it was the only cast of the walking man made during Giacometti’s lifetime that has ever come to auction, Sotheby’s said. It was bought by Dresdner Bank in the early 1980s.

The last time a Giacometti of comparable size was offered at auction was 20 years ago. That sculpture was sold for $6.82 million, a record for Giacometti works at the time.

Gerard Van Weyenbergh

http://www.vwart.com

Andy Warhol fine art for investment

- Double Silver Elvis - Silkscreen Ink sand Siver metallic paint - 82" x 90" - 1963
- Group of Four  24" x 24" Flowers in 3 and 4 colors - Acrylic on canvas - 1964
- Self Portrait - Acrylic and Silkscreen ink - 22.5" x 22.5" - 1966
- Mao - Acrylic silkscreen - 26" x 22" - 1973
- Mick Jagger - Synth Polymer and Silkscreen ink -40" x 40" - 1975-1976
- Lenin - Synth. polymer and Silkscreen ink  - 84" x 70" - 1986
and more

back to Art for Sale

Picasso Originals for sale - here
Andy Warhol Originals sale - here
European Fine Art Originals for sale- here
Where to buy or sell fine art - here
Why avoid galleries - here
Invest in fine art : why is it a good business - here

Gerard Van Weyenbergh

European masters for investment

European Fine art for sale

- Fernand Leger - Le Vase Rouge - oil on canvas - 25 5/8 "x 18 1/8 " - 1938
- Rene Magritte - Le Rendez-vous - oil on canvas - 28.74 "  x 23.62 " - 1948
- Rene Magritte - La Parure de L'Orage - oil on canvas - 31.9 " x 45.7 " - 1927
- Van Gogh - Still Life with Tobacco - oil on canvas - 12 " x 16.14 " - 1884
- Van Gogh- The white Mas among Olive Trees - o/c - 28.74 " x 23.62 "  - 1889
- Cezanne - Paysage des Environs d'Aix- oil on canvas - 31.9 " x 23.4 " - 1902-1906
- Alberto Giacometti - Femme de Venise VII - bronze - 46 " - 1957
- Claude Monet - Bras de Seine a Vetheuil - oil on canvas - 18.12 " x 28.17 " - 1878
- Claude Monet - Nympheas - oil on canvas - 25 7/8 " x 42 " - 1907
OUR COLLECTION:
- Utrillo Maurice - La Rue Saint Vincent sous la Neige, o/c , 1942
- Raoul Dufy- Le Bassin a Deauville , w/p, 1933
- Eugene Boudin - Trouville le port, o/c, 1897
- Georges Seurat - Dessin pour la Grande Jatte, p/p , 1884
- Georges Braque - 2 citrons, o/c, 1933
- Armand Guillaumin - Paysage de la Creuse, o/c, 1890
- Marc Chagall - La resurrection au bord du Fleuve, double sided, mm/p, 1947
- Gustave Courbet- Landscape, o/c, 1860
- Frank Will - La Seine au Pont Louis Philippe, w/p, 1930
- Maximilien Luce - Le treport, la Plage et la Falaise, o/c, 1929
- Maximilien Luce - Le Marin , o/p, 1930
- Rousseau Theodore - Paysage, o/c, 1845

back to Art for Sale
Picasso Originals, Documented Oils for sale - here
Andy Warhol Originals, Documented Oils for sale - here
European Fine Art originals, Documented Oils for sale - here
Invest in fine art : why is it a good business - here
Where to buy or sell fine art - here
Why avoid galleries - here

What is an art authentication

Art Authentication : the submission of the file to the unique recognized expert
This file is then submitted to the appropriate recognized experts for review for authentication. Sometimes a review fee is required by the expert or the committee. If required, this fee is approved by Client before submission. We only propose a fee for authentication research after review of your artwork and only if it is valuable to make an investigation. We are representatives and researchers for our Clients in this process and can not guarantee the authentication.
As we said we don't accept every mission, the provenance has to be clearly established, never we will submit a file with a doubtful origin, if the artwork is a manifestly copy of an original art, if the artwork was submitted several times before unless new elements justify a new authentication file, if the artwork is too much damaged and lost his initial value. We don't accept a file with the only purpose to make money, the file has to be justified, and the fee has to be justifiable in compare with the value of the artwork.
In comparison with an art appraisal, an art authentication is much more complete.
An art appraisal contains only an evaluation of the authenticity, also an art appraisal is limited to an agreement between us and the customer.• Rates for an art authentication
• Sample of an authentication
• Authentication contract
• Previous denied art authentications
• Help information topics
As we told before it is very important to make the difference between a painting appraisal and a painting authentication, an appraisal doesn't mean you have an authentic painting, we think that an appraisal without a conviction of authenticity makes no sense, the first what an expert will look at: "is the painting a possible authentic painting?".We will refuse any appraisal mission if we are not convinced of the authenticity. As experienced private art brokers and art appraisers dealing with major galleries in Paris, Brussels and New York, and recognized art experts of 16th to 20th Century European paintings we have contacts with auction houses in Europe and the US and a history of work with the experts : Ex-Comite Picasso ( ended since 1993), Les Amis de Miro, Schmitt, Guillon Lafaille, Galerie Bailly, Gros & Delettrez,etc. Art appraisal and art authentication are our specialization for 30 years.


Gerard Van Weyenbergh 

http://www.vwart.com
http://www.art-authentication-appraisal-expert.com

What is an art appraisal

WHAT IS AN ART APPRAISAL?
We provide art appraisal documentation that includes item/artist description, provenance and auction records for the artist, general assessment of authenticity, quality, condition and fair market price and replacement value.
We only propose a fee for art estimation-evaluation after review of your artwork and only if it has value to make a report. We don’t give any art appraisal if we are not convinced of the authenticity.
All art appraisals are prepared in accordance with the American Society of Appraisers, guidelines and standards, as well the guidelines of the American Appraisers Association, the American Society Of Certified Appraisers and all major appraisers associations. The codes and ethics of these associations are strictly applied to our services, even if we want to stay independent of them.
An art appraisal is bounded with an art authentication, we consider that an art appraisal without art authentication has no sense.
With an art appraisal we provide, a short biography of the artist, comment on the painting, an auction value of the painting, a gallery value or replacement value of the artwork.• Rates for an art appraisal
• Contract for an art appraisal
• Help Topics .
We also offer a more comprehensive version of art appraisal service for collectors who require a written report.
The information provided could be as relatively simple as determining the maker of a specific item or, where that is practically impossible to determine, the school, workshop or manufacturer from which it emanates. Or it could be as relatively complex as providing identity, coupled with original use, place of origin, and social context and historical significance.
The fee for art appraisal is based upon time and materials and the cost and ‘lead time’ to completion of the report will vary according to the complexity of the assignment. Invariably this service requires seeing the item (s) in person.
Having considered the information you submit we will be able to give you a total cost estimate prior to beginning the assignment. You can then decide whether or not you want to commit.
If you would like Van Weyenbergh Fine Arts to provide this service or would simply like to know more about the process, please contact us with details of your specific request
http://www.vwart.com

Investing in art is a good investment

if you want to know why investing in fine art is a secure investment today, there are many articles written by the most credible experts in fine art.

Indeed, for the ten-years ended July 2010, the price index of all fine art work sold more than once worldwide has produced a nearly 11 percent annualized return, outperforming the Standard & Poor’s 500 index of large cap stocks and most other asset classes, including bonds and commodities—though gold was the clear frontrunner during those years, according to artprice.com in France, which tracks the market. read more on CNBC

As an investment advisor to high net worth individuals, I often encourage clients to consider diversifying their portfolios into alternative asset classes such as fine art and antiques. Antiques and fine art can add diversification, not only to a portfolio, but to one's life, with many benefits including the opportunity for appreciation. by Irving Schorsch in the Huffington Post read more

Every smart man knows the importance of a financial portfolio and the need for diversity. No knowledgeable advisor would tell a client to put all his eggs in one basket, so the investment community is constantly seeking out ways to not only keep assets safe, but also to keep them growing. read more at Askmen.com

For salvation, the art world is looking east. According to the European Fine Art Foundation, China has overtaken Britain to become the second-largest art market after America. Auction and gallery sales in China were $8.3 billion last year, accounting for 23% of the global market, compared with America’s 34%.The Economist read more

Chinese mainland's billionaire art buyers, who are taking the international market by storm this year, could be about to make their next move in Hong Kong this week.
The art world is at fever pitch after an anonymous telephone bidder, now believed to be Chinese, paid a world record 106.4 million for a work by Pablo Picasso at a Christie's sale in New York earlier this month. The China Daily read more

May 28 (Bloomberg) -- A Marc Chagall tapestry and Picasso ceramics are among 6,000 works expected to lure Moscow's burgeoning number of millionaires to the Russian capital's biggest art fair, which opens to the public today. International and Russian dealers have 1 billion euros ($1.6 billion) of art on offer at the Moscow World Fine Art Fair as they hope to profit from the new elite's growing appetite for art. Bloomberg read more

www.vwart.com

WHAT WE OFFER TO OUR INVESTORS:
Artwork sold $500k 5 years ago sells today $1 M-1,5 M, this is of course the domain where an investor can make important profits if he handles patience and buys quality art.
Join our investors
A complete program for investing in fine art. Minimum investment : 5 Million $
Contact 
 

http://www.vwart.com

Where to buy a Picasso

Since I started to appraise artworks for customers in the USA, some 15 years ago, often I was consulted by customers who requested a quote for an artwork bought in a gallery 20-30 years before. They were often disappointed when I announce to them the value of their artwork as of today.
Sometimes the actual value is 1/3 of what they paid 30 years ago.
Is investing in fine art not a good business? Of course it is a very good investment when you follow basic rules.
Why do you need to avoid galleries if you want to make a major investment, Picasso, Chagall, Warhol, etc ?
A gallery has often very expensive functioning costs:
-rent of a space which is usually in an area of very high standing,
-employees to make the gallery functioning
-member of organizations like Artnet.com, Artprice.com etc
A gallerist invests in a painting or in an artist, he doesn't know when his investment will sell, and if it will be profitable, sometimes he may have his investment blocked for ever. The same for an artist, he usually charges the artist 50 % of the sale price of a painting, but he invests in exhibition catalogues, vernissage, commercials on radio, articles in magazines etc.
In conclusion, it's always the customer who will pay the bills for the gallerist. This is one of the reason why art bought in a gallery is very rarely a good investment at short time.

Of course for upcoming artists a gallery or auction houses ( Arcadia sales Christie's- Discovery auctions from several important auction houses : Doyle NY - Yvey Selkirk Saint Louis - LAMA - Los Angeles)  are most interesting places to buy.

Galleries will disappear in the future , just like the little stores disappeared to make space for big chains of warehouses.
The most important fine art brokers have no gallery, they operate from their own house, loft, condo etc. Why is it wise to buy from them: You will not pay all the costs you will have to pay to a gallery owner: no employees, no expensive space rentals, no expensive catalogues or commercials in magazines like Architectural Digest ( $ 10,000.00 a page), Art News, Rob Report etc .
Of course you will need to trust your broker.
A serious broker will always give all the documentation for an artwork, including the certificate of authenticity delivered by the sole recognized expert for that particular artist , but also made recently. An  expert may be recognized at one time, but may be contested another time and other experts may be in charge. The certificate of authenticity will be not older than 1 year.
Besides the certificate, the broker will provide you with a complete documentation about the artwork, including the provenance, the bibliography of the artist, the references of the artwork in older auction sales, private sales, references to the "catalogue raisonne" and a fair market value of the artwork.

A good broker has at least 10-15 years experience of the fine art market, has a degree in fine art. A broker can show references of his work and will introduce you to his clients. A good broker is often recommended by one of his clients.

Like in real estate, many people think that it is easy to be a broker in fine art, and brokers appearing all over the world willing to make a fast  buck.  Good brokers are very discreet people which is a major quality for a fine art broker.

A Picasso that will cost you 10 M $ with  a broker will cost you at least 15 M $ in a gallery.Also if you want to sell a Picasso don't forget that auction houses asking premium costs they are variable but always very pricy. They charge premium costs to the buyer as well. A good broker will  show you several possibilities depending on the fine art you have. 

Gerard Van Weyenbergh

http://www.vwart.com
http://www.art-authentication-appraisal-expert.com