PARIS, Jan. 26, 2021 /PRNewswire/ -- Masters
Week in New York is the
art market's first major event of the year 2021. Sotheby's evening
session on 28 January will be offering masterpieces by Botticelli
(estimated $80 million), Rembrandt
($20-30 million), Hugo Van der Goes ($3-5 million) and Guido
Reni ($1.2 - 1.8 million).
By coincidence, another painting by Guido Reni (Cleopatra) will be offered
the same day in Toulouse under Marc Labarbe's hammer and under the
watchful eye of Eric Turquin. The latter's team of experts
conducted the examination and appraisal of the Cleopatra and
have estimated the work between $95,000 and $145,000. However the quality of the painting
could well raise the price and it seems likely that the upside will
be just as potent in Toulouse as it would be in New York.
"Eric Turquin and Marc Labarbe are repeating the operation
attempted a year and a half ago with the 'Caravage de Toulouse',
even if the circumstances are quite different," says thierry
Ehrmann, President and Founder of Artmarket.com and its Artprice
department. "Of course, Guido
Reni and Caravaggio are not at all on the same market
footing. However, since the Caravaggio sale, much has evolved:
first, Turquin and his team have had several opportunities to
demonstrate that their strategy of selling works before restoration
and as close as possible to the place they were found can be very
effective, and secondly the pandemic has pushed a large
section of the global art market into the online environment, a
significant advantage for this kind of strategy."
Attracting international demand
Like the Toulouse Caravaggio, Guido
Reni's Cleopatra was found by chance in Toulouse,
where it will be sold by Marc Labarbe on 28
January 2021 and is unlikely to stay there very long. And
indeed (we ask) what exactly would be the logic of trying to sell
it in New York, London or even Paris when the painting obviously interests
numerous collectors and museums all over the world?
In recent months, American buyers have been the best clients for
Eric Turquin's findings: the Toulouse Caravaggio appears to have
joined Tomilson Hill's collection;
the Cimabue from Senlis has gone to the Alana collection and the
Master of Vyssi Brod from Dijon now belongs to the Metropolitan
Museum of New York.
Sending an artwork across the Atlantic and engaging the services
of a major auction house entails massive costs which cannot always
be justified today. The lockdowns have accelerated the switch to
online of a whole section of the auction market and this trend is
somewhat undermining the logic of maintaining large sales
structures in the centres of the art market's major capitals.
Are artworks just as beautiful wherever they are?
The prestige of a major auction house and a large city
undoubtedly helps to attract international demand. But is all this
"staging" really necessary? This question is to a certain extent a
question about the 'efficiency' of the art market: put another way,
does the price of a work depend on the circumstances
of its sale? Whatever the answer, it seems fair to say that a
certain degree of correlation exists between the two.
Although scheduled to appear in a sale of Old and Modern
Paintings in the south of France, Guido
Reni's Cleopatra has been the subject of a very
specific examination, the details of which have been presented in a
dedicated catalog. Marc Labarbe (the auctioneer) and Eric Turquin
(the appraiser and valuer) are clearly confident that having
conducted all the necessary research and having publicized the sale
around the entire planet, the work no longer needs the support of
prestigious Anglo-Saxon houses to attract the most likely
international buyers.
Top 5 auctions outside the art market's major
capitals*
© Artprice.com
1. Cimabue (XIII), Christ Mocked - $26.8 million 10/27/2019 - Hotel des Ventes de Senlis.
2. Francesco Guardi (1712-1793),
View of the Giudecca and the Zattere in Venice - $14.9
million, 12/01/1989 -
Sotheby's, Monte Carlo.
3. Raden Saleh (1814-1880), La
Chasse au taureau sauvage (1855) - $11.1
million, 01/27/2018 -
Jack-Philippe Ruellan, Vannes.
4. Marc Chagall (1887-1985), Le village en fête (1978) -
$10.8 million, 06/21/2002 - Kornfeld Galerie & Cie,
Berne.
5. Frans Francken II (1581-1642),
Der Mensch [...] (1635) -
$9.5 million, 04/21/2010 - Dorotheum, Vienna.
* New York, London, Paris
and China
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