28th June - Art News in 5 Minutes

Your trusted Friday collection of the latest news in the ever-evolving art world. Each week, the Maddox Research Team curates a snapshot of art trends, events and insights that you need to know about from the past week.

1) "A Bigger Grand Canyon": Hockney's painting Moves to Surfers Paradise for Two Years

David Hockney's monumental work, A Bigger Grand Canyon, will be moved from the National Gallery of Australia in Canberra to the Home of the Arts in Surfers Paradise for a two-year period. The work will be displayed alongside works by Bridget Riley among others.

2) Damien Hirst Announces New Series: "The Civilisation Paintings" in Progress

Damien Hirst is underway producing a new set of large scale paintings titled The Civilisation Paintings.

3) General Custer Portrait: Whitney Western Art Museum Acquires First Andy Warhol Piece

The Whitney Western Art Museum in Cody, Wyoming recently acquired its first Andy Warhol work - a portrait of General George Armstrong Custer from the Cowboys & Indians Series from 1986. The portrait is on display at the Whitney Western Art Museum and will be part of an exhibition next year that looks at how Western art and pop art intersect.

4) Hockney Drawing Sells for ￡403,200 at Chiswick Auctions

A rediscovered crayon and coloured-pencil drawing by David Hockney, held privately for over 15 years, was sold this week at Chiswick Auctions. Originally sold by London dealer John Kasmin, "View from Miramar Hotel, Santa Monica," fetched ￡403,200, surpassing its estimated value of ￡200,000– ￡300,000.

5) Munich's Brandhorst Hosts Major Warhol & Haring Exhibit

Munich’s Museum Brandhorst presents Andy Warhol & Keith Haring. Party of Life - the world’s first comprehensive institutional exhibition dedicated to Keith Haring and Andy Warhol. The exhibition, featuring over 120 works by Warhol and Haring, including collaborative pieces will run through January 2025

Sotheby's: Evening Sale and Contemporary Day Auctions

Total Sales for the Evening Sale Auction: ￡83,618,832 with 48/51 Lots Sold (90%).

Total Sales for the Contemporary Day Auction: ￡12,249,720 with 105/118 Lots Sold (88%).

• The Modern & Contemporary Evening sale fell short of last year’s ￡190.3 million, which was bolstered by Gustav Klimt’s ￡85.3 million painting Dame mit F?cher.
• Despite guarantees for about half the lots and 30% backed by irrevocable bids, the market’s uncertainty was evident. Jean-Michel Basquiat’s Portrait of the Artist as a Young Derelict from 1982 was the top lot, hammering at ￡16 million with fees), having been previously withdrawn from a 2022 Christie’s sale.
• The Contemporary Day Sale achieved notable successes, highlighted by Robert Indiana’s Love Sculpture, which sold for ￡1,260,000 with fees, more than double its high estimate of ￡600,000.
• The auction featured strong demand and competitive bidding for works by prominent artists such as Tracey Emin, Andy Warhol, Robert Indiana, Keith Haring, George Condo, and Yayoi Kusama.

Christie's: Post-War to Present Auction

Total Sales: ￡10,367,028 with 121/143 Lots Sold (84%).

• Christie's skipped its traditional June evening sale in London, indicating the declining importance of summer auctions.
• Larger sales in March, October, and major spring auctions in New York are overshadowing the summer auctions.
• Christie's focused on aligning sales with key art market events, such as Frieze Week in London.
• Despite this shift, the Post-War to Present sale was successful, achieving ￡10.3m, 17% above the presale estimate.
• Renowned artists Gerhard Richter, Yoshitomo Nara, and David Hockney performed strongly, with their works exceeding high estimates.

Phillips: Modern & Contemporary Auction

Total Sales: ￡13,054,965 with 94/136 Lots Sold (69%).

• Phillips wrapped up the London Sales week with a mix of notable successes and some setbacks. David Hockney’s Arrival of Spring fetched ￡406,500, marking the second-highest auction price for this series.
• The auction had the lowest sell-through rate (69%) of the four major London sales. Phillips’ head of 20th century and contemporary art, Olivia Thornton, emphasized a strategic decision to align their marquee sales with Hong Kong and New York and hold two marquee sales a year in London in March and October while maintaining June’s importance in the cultural calendar with a new format sale.
• Other highlights included George Condo’s Green and Purple Head Composition, which sold for ￡1.01m, and Andy Warhol’s Campbell’s Soup, which exceeded its high estimate, selling for ￡850,900 - well above it’s high estimate.
• Despite a selective market, Thornton noted strong global participation from nearly 50 countries.

Whether you want to start your art journey, or you're a seasoned collector, the Maddox Team are on hand to help you with whatever your art needs are. Please explore our New Arrivals here or explore our Current Exhibitions page here.

Created by the Maddox Research Team on the 28th June 2024.