Country for PR: United Kingdom
Contributor: PR Newswire Europe
Thursday, June 13 2019 - 02:36
Artprice: A Masterpiece by Caravaggio, a Monet, a Bacon and a Small Basquiat to Close Out H1 2019
TOULOUSE, France, June 13, 2019 /PRNewswire-AsiaNet/ --

Since the beginning of the year the American art market has reassured all of 
its protagonists, and is now testing Richard Prince's new range of cannabis 
products, Katz + Dogg, launched concurrently with the opening of his show High 
Times at the San Francisco Gagosian. 

Meanwhile, the European market is reaching for a grand 'finale' to the year's 
first semester with major sales in Paris, the 50th edition of Art Basel and 
London's last major sales before the summer break. But... the big news in this 
'finale' may well come from the South of France.

thierry Ehrmann, Artprice's founder/CEO is delighted: "The first semester of 
2019 could end with a kind of revolution on the French Art market. And for 
once... it's a French initiative. An extraordinary masterpiece is being 
auctioned far from the major capitals... far from the major auction houses... 
and with no reserve price! The Caravaggio painting is so powerful and has such 
an extraordinary history, it doesn't need any guarantees!"

The Toulouse Caravaggio: $115 million - $170 million

Quite simply the most spectacular event of the year: after its 'release' by the 
French state, a Caravaggio masterpiece will be offered for sale on Thursday 27 
June 2019 in Toulouse where the painting was found, by chance, in an attic five 
years ago. Since receiving its export visa, the Judith and Holofernes painting 
has been exhibited at the Colnaghi gallery in London, at kamel mennour in Paris 
and at Adam Williams in New York. 

Of course, the arrival of any work by Caravaggio on the auction market is an 
event in its own right. The last one dates back to 1971 when his painting 
Martha and Mary Magdalene – in a cloud of attribution doubts at the time - 
failed to sell at Christie's in London. After the Detroit Institute of Art 
acquired it in 1973, the authenticity of the work was universally recognised 
and the painting is today considered an undisputed Caravaggio masterpiece.

The Toulouse painting is every bit as impressive and the DIA's jewel: sooner or 
later, the work will be acquired by one of the world's major museums. "It 
represents the only opportunity they will ever get to acquire a Caravaggio," 
warns art expert Eric Turquin. "It could be 40 or 50 years before another work 
is found," and it probably won't be nearly as important as this one.

Since its rediscovery the Toulouse Judith and Holofernes has received support 
from a number of eminent specialists including the American curator Keith 
Christiansen (MET), the French curator Guillaume Kientz (Louvre) and the 
Italian Museum Director, Nicola Spinosa (Capodimonte). It is now up to 
academics to determine the place of this painting in Art History. David Stone 
from the University of Delaware believes the painting illustrates the invention 
of a new technique that Caravaggio developed after his arrival in Naples. The 
technique consists of using a base colour on the canvas, known as an 
imprimatura, to enhance the work and bring it to life.

To date, the sixty-eight known Caravaggio paintings are all kept in the world's 
most prestigious collections, museums and churches in Europe and the United 
States. "There isn't a single one in the Middle East or anywhere in Asia," says 
thierry Ehrmann. "And yet the 2016 Caravaggio exhibition in Tokyo was a huge 

A Monet Water-Lilies: $32 million - $44 million

So far this year, Claude Monet is the world's best selling artist on the global 
auction market with 17 works having already generated over $200 million.

The year started badly when his Weeping Willow and Water-Lily pond (1916-19) 
failed to sell at Christie's in London on 28 February. The best offer of $55 
million (including fees) was below the seller's minimum price pretension. 
However, far from being harmful to his market, that failure contributed to a 
healthy balance between supply and demand. Of the twenty Monet works put on 
sale during H1 2019, more than 80% were sold.

There is clearly no lack of demand for Monet's work. On 14 May 2019, one of his 
Haystacks paintings (1890) was offered at Sotheby's New York with a low 
estimate of $55 million. The painting sold for $110.5 million, setting a new 
world record for an Impressionist artwork. The value accretion, from $2.5 
million in 1986 (Christie's), speaks for itself. 

On 19 June 2019 in London, Sotheby's will be offering another Water-Lilies 
(1908) painting that has never previously been sold publicly. 

A Francis Bacon self-portrait: $19 million - $25 million

London is no longer the primary market place for Francis Bacon's works: the 
best three auction results for this artist have all been hammered in New York. 
In 2017, Christie's London failed to sell his Study of Red Pope 1962. 2nd 
Version 1971 against an estimate of $130 million.

Nevertheless, on 26 June 2019, Bacon's Self-Portrait (1975) will be offered for 
sale at Sotheby's London branch on New Bond Street. In 2015, when the pound 
sterling was strong, the prestigious auction house sold it for $24 million. 
Four years later, against the backdrop of Brexit, Sotheby's is hoping for a 
similar result.

A small Basquiat: $9.5 million - $14 million

So far this year, Jean-Michel Basquiat is an absentee from major market news. 
He currently ranks 22nd in Artprice's temporary turnover ranking. After two 
explosive years on the secondary market, his paintings are becoming 
increasingly rare as collectors begin to restrict their offer. Only one of his 
works has crossed the $10 million threshold so far this year... and that was in 
May, in New York, of course. A second good quality canvas by the New York 
graffiti artist, entitled Sabado por la Noche (1984), is coming up for auction 
on 25 June at Christie's in London.

Today, more than ever, the Museum Industry plays a massive role in the global 
art market and Basquiat is one of those artists who is in demand from 
prestigious museums and from the world's most powerful collectors at the same 
time. Many people were surprised by the rapid growth in the prices of his 
works. In an interview with the New York Times in May 2017, Ann Temkin, head 
curator of the MoMA's painting and sculpture department, regretted that the 
museum had not acquired Jean-Michel Basquiat's works in time.

As thierry Ehrmann has often said: "You have to buy the right work with the 
right story, by the right artist at the right time."

Copyright (C)2019 thierry Ehrmann –

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