Showing posts with label high value art. Show all posts
Showing posts with label high value art. Show all posts

October 31, 2012

Kunsthal Rotterdam Art Theft: Journalist Colin Gleadell on "overvaluation" of the seven stolen paintings

by Catherine Sezgin, ARCA Blog

So much has been written about the October 16 theft of seven paintings from the Triton Foundation on display at the Kunsthal Rotterdam that it takes a long time to sift through so much of the published material to find original information on the internet.  However, Colin Gleadell writing for Britain's Telegraph grabbed my attention with the headline "Stone Dutch works wildly overvalued".

Last week ARCA's CEO Lynda Albertson wrote about the Triton Foundation here on this blog, finding that the collection assembled in the last two decades had been infrequently exhibited, had no website and had its first big show of 150 of the works this month at the Kunsthal Rotterdam ("Avant-Gardes").

This December, Yale University Press is publishing "Avant-Gardes, 1870-1970, The Triton Collection" ($125, cloth) , a 568-page book by Sjraar van Heugten, an independent art historian and a former Head of Collections at the Van Gogh Museum in Amsterdam (about 60 kilometers north of Rotterdam).  The Triton Foundation's collection contains approximately 250 paintings, drawings, and sculptures from more than 170 Western artists dating from 1870 to 1970  including George Braques, Paul Cézanne, Edgar Degas, Willem de Kooning, Lucien Freud, Roy Lichtenstein, Édouard Manet, Henri Matisse, Claude Monet, Pablo Picasso, Vincent van Gogh and Andy Warhol ("Avante-Gardes").

The statement attributed to the director of the Kunsthal Rotterdam Emily Ansenk posted on the art gallery's website identifies the stolen paintings adding that the investigation will be handled by the police.  As to the seven stolen paintings, Ansenk states: "Perhaps we should add that all stolen works have been internationally registered and described and are therefore unsaleable.  We are not prepared to comment on the value of the works."

Historically, published accounts of art thefts have attached a value to the paintings which thieves have used as a basis for a ransom demand.

However, Gleadell, who has written extensively on the art market, assesses the value of the seven stolen paintings between "£12.5 million and £16 million" based on experts familiar with the collection who wished to remain anonymous:  
Some pictures that were thought to be oil paintings were in fact much less valuable pastels or drawings on paper, and none of the stolen pictures measured more than 13in by 16in – handy enough for the thieves to tuck under their arms. Monet’s oil paintings of the Thames, made when he stayed at the Savoy Hotel in 1901, have fetched as much as £18 million at auction. But the two stolen Monets were small pastels the likes of which have never sold for more than £250,000 at auction.
The Picasso, a late work, was also a small coloured drawing on paper, not an oil painting.
Picasso’s large, late oil paintings have made £10 million at auction, hence a guesstimate by Forbes of £9.7 million. But late drawings of this size have never sold for over a million pounds, though the quality of this one may lift it to seven figures.
The International Herald Tribune came up with a punchy $130 million figure for the Picasso and Matisse alone, and while the Matisse was indeed an oil painting – larger, more sumptuous interiors of seated or reclining women have made £10 million or more – the small scale of this work and less seductive pose of the sitter led our experts to place a value of between £3 million and £4 million on it. 
Similarly, the Gauguin is an early painting from 1888, so is of historical interest, but would not command anything like the sums generated by his sought-after Tahitian pictures. Our experts granted it a £3 million to £4 million estimate. 
The self-portrait by the lesser-known Dutch painter Jacob Meyer de Haan is more difficult because so few of his works have been sold at auction and none for more than £600,000. A friend of Gauguin’s, he painted this when the two were in Brittany in the late 1880s. And while it is stylistically related to the Frenchman’s work of the time, it is a small masterpiece by de Haan; thus a figure of £2 million has been suggested. 
The only contemporary work to be stolen was a portrait of the young journalist Emily Bearn by Lucian Freud, painted in 2002. Although Freud’s late work tends to be less sought after, this is a remarkably tender portrait and has been included in several museum exhibitions. Our experts estimate that it should be worth about £3 million. 

May 3, 2012

Sotheby's Sells Munch's "The Scream" for $119.9 in New York City -- the most expensive artwork sold at auction -- over the objections of the descendants of the Jewish collector Hugo Simon who owned it from 1926 to 1937

Sotheby's sold Evard Munch's "The Scream" for $119.9 million in New York City tonight.

Lot #20, identified from the 'Property of the Olsen Collection', a pastel on board in the original frame, measures 32 by 23 1/4 inches, executed in 1895, and signed 'E. Munch' and dated in the lower left corner.  It is one of four versions of an man with an open mouth, his hands clasped to the side of his head, recognizable to even middle school children.  The artist lived from 1863 and to 1944.

According to Sotheby's provenance information, Arthur von Franquet purchased the work in 1895.  The Berlin banker and Jewish art collector Hugo Simon had acquired it by 1926 and by October, 1993, Mr. Simon had left the painting on consignment with the art dealer Jacques Goudstikker in Amsterdam.  Simon left it with the Kunsthaus Zürich by December 1936.  Then it was on consignment for sale by Simon in January 1937 with M. Molvidson, Konst & Antikvitetshandel in Stockholm where Thomas Olsen, the current owner's father, purchased it.

Jori Finkel for The Los Angeles Times reported that the price of $119.9 million set the record for the most expensive artwork sold at auction:
The identity of the buyer, who was bidding by phone during the 12-minute auction, has not been confirmed.  Bidding started at $40 million, with at least five bidders.
Today the Holocaust Restitution Project posted a link on its Facebook page to an article in a German newspaper that the great grandson of Hugo Simon, now living in Brazil, told the newspaper "Die Welt" that the painting had been sold "out of necessity" when his family fled from Germany during the Nazi era. the Holocaust Restitution Project documents property losses at the hands of the National Socialists and their allies across Europe from 1933 to 1945.

April 10, 2011

ARCA 2011 Student James Alex Bond on "The Use of High Value Art and Collectibles to Launder and/or Transfer Capital"

James A. Bond will be attending ARCA's Postgraduate Program in International Art Crime and Cultural Heritage Protection Studies this summer in Amelia. He earned a Bachelor of Science in Textiles from Georgia Institute of Technology; a Master's of Business Administration in Marketing & Finance from Georgia State University; and a Master's in Science in Global Affairs, Security from New York University. A former Special Agent with the United States Air Force, Mr. Bond has also owned three construction companies. He sold his companies and retired in 2006 to return to school for the Global Affairs program at NYU.

Of course, the ARCA blog couldn't wait to interview him and read his paper, "The Use of High Value Art and Collectibles to Launder and/or Transfer Capital," of which has been adapted for a six-part series for this blog.
James A. Bond
ARCA blog: What about the ARCA program attracted you?
Mr. Bond: Diversity of subjects covered, quality of professors, mission of ARCA, and of course the fact it was being taught in Italy. 
ARCA blog: What would you like to do after you have completed your studies? 
Mr. Bond: Start an insurance-security business focusing on private art/collectibles collections. 
ARCA blog: What area of research do you anticipate following as part of the program? 
Mr. Bond: Insurance for private collections and traveling museum exhibits. 
ARCA blog: I enjoyed reading your thesis. Please tell our readers what drew you to this subject and what surprised you about your research and the material? 

Mr. Bond: In the summer of 2009 I was taking a Transnational Crime class as part of my Global Affairs curriculum at NYU and we all had to make presentations on some aspect of Transnational Crime. One of the students did her presentation on art crime and mentioned the New York Times article about ARCA's Postgraduate Program in Art Crime. With my background in security I knew that would be my next educational experience.

When I wrote my thesis for my MS in Global Affairs I wrote on "The Use of High Value Art and Collectibles to Launder and/or Transfer Capital". Being in New York and living in the financial district during the chaotic fall of 2008 and then watching Greece and Ireland suffer sovern debt problems got me thinking about how to best preserve capital and move it if the need arose.

I interviewed many people from FBI agents (3) to collectors, gallery owners, and people in finance. I was surprised at how unwilling gallery owners, collectors were to talk about the concept (read in my thesis about the NO, NO answer the stamp collector gave me) while on the other hand people in security and finance grasp it readily.
The ARCA Blog will begin today to run a series of posts on Mr. Bond's thesis.