Word: auctions
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...Degas, Picasso, Cezanne and other masters that now hang in Boston's Museum of Fine Arts and in the Fogg Museum of Harvard University. The Philadelphia Museum of Art, the Seattle Art Museum as well as Sotheby's and Christie's all possess or, in the case of the auction houses, have recently sold works that may have been confiscated. Even the National Gallery in Washington has just been criticized by B'nai B'rith for a 1990 Impressionist show that contained four allegedly looted paintings, although the museum's catalog never identified the works as such...
...today's art market, million-dollar prices are as common as bugs on a bayou pickup's windshield. You need eight figures to make news, and even then it may not work. The early results of the fall auction season--which began last week and will continue through this week--confirm this: one big bang, and not much else. The bang was afforded by the collection of works by Picasso (plus some by Jasper Johns, Robert Rauschenberg and other American artists) put together over 50 years, on a fairly modest budget, by Victor and Sally Ganz...
...once, all the elements meshed. The sale totaled $206.5 million, the largest return ever on a private collection sold at auction. The $48.4 million bid by an undisclosed buyer for Picasso's The Dream, a lyrically erotic 1932 portrait of his mistress, Marie-Therese Walter, was the second highest sum ever paid for a Picasso...
...dispelled by the results of other sales last week, which were mediocre. Two nights after the Ganz sale, the Evelyn Sharp collection of modern art went on the block at Sotheby's. It was a second-rate affair at best, chopped liver compared with the Ganz foie gras. The auction house had given the Sharp estate a guarantee, undisclosed but somewhere near the low aggregate-sales estimate, which was $59 million. But the whole sale made only $41.2 million, which left the house with a net loss of $10 million to $15 million. Even its star picture--a 1916 Modigliani...
...Maggie Pisacane '98, a co-chair of the event, said that although the amount of money raised has not yet been tabulated, organizers were pleased with the event's success. A $60,000 bequest coupled with the proceeds from ticket sales, sponsorship, donations, advertising, silent auction and merchandise could result in a record-breaking year...