🔥 Lots to Watch - 10 April 2024

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HEY Y’ALL! 🔥

Thanks for all the great feedback from the lots I shared last Wednesday!

📈 Top Picks from the Last Issue:

#1: Katherine Bernhardt, Untitled, 2016 sold for $30.807, (38% over the estimate)

#2: Guy Yanai, Painting with House, Boat and Beach, 2020 sold for $16.853, (32% over the estimate)

#3: Marilyn Minter, Simmer, 2015 sold for $19,000, (52% over the estimate)

I’m excited to share 4 artists and lots worth checking out for this week.

Today’s issue is sponsored by Betterment, your next-gen finance ally, revolutionizing investing, retirement, and corporate financial wellness for you and your business.

1) Alex Katz

• 📍 Bio: American, b. 1927

• 📊 Price Range: $60,000 - $80,000

• 💰 Record Price: $4,151,448 USD for Blue Umbrella I, sold at Phillips London in 2019.

• 🥂 Representation: Timothy Taylor, Thaddaeus Ropac

• 🌎 Main Market: U.S.

💭 My 2 Cents: Alex Katz, born in 1927, stands out for his vivid, flat-color portraits and landscapes, a unique blend of Pop art's appeal and figurative clarity. Notably, Katz's works, especially those portraying his muse, Ada, fetch impressive figures, reflecting his steadfast market presence. In 2022, Katz's market saw a peak with 51 artworks sold, indicating robust interest. However, 2024 shows a slow start with nine sales by April, hinting at a cautious market stance. With average prices seeing a slight dip to $295,191.22 in 2024 from the previous year's highs, the current trend suggests a potential buyer's market. "Bill," a stunning oil on linen, set for auction with an estimate of 214,662 - 321,993 USD, embodies Katz's iconic style. Its provenance from prestigious galleries and its participation in significant exhibitions enhance its allure. Given the current market dynamics and Katz's unwavering acclaim, "Bill" represents an intriguing opportunity. Despite the market's slight downturn, Katz's historical performance and the piece's inherent value make it a noteworthy consideration for collectors.

2) Salvo

• 📍 Bio: Italian, b. 1947

• 📊 Price Range: $50,000 - $70,000

• 💰 Record Price: $1,114,988 USD for Il Mattino (The Morning), sold at Christie's Hong Kong in 2023.

• 🌎 Main Market: U.K. & U.S.

💭 My 2 Cents: Salvo's market has seen an impressive rise in 2024, with average sale prices soaring to around $118,590. This marks a significant leap from the prior average of $37,844. Despite a drop in the number of pieces sold, those hitting the auction floor are fetching higher prices. This trend suggests Salvo's work is increasingly regarded as rare and valuable. Now, let's zero in on "Una sera." Pegged at an estimate of 150,263 - 214,662 USD, it’s a standout with its rich, metaphysical landscape. Salvo's trajectory mirrors an upward climb in valuation, particularly noted in resales with an average price uptick of $11,546. While auction houses’ estimated trends are hard to nail down, Salvo's market tells a story of growing esteem. Given the upward swing and Salvo's reputable status in modernist and conceptual art circles, "Una sera" presents a compelling case for collectors. Considering the piece's provenance and Salvo’s growing market stature, it's poised for a noteworthy performance at auction. Keep an eye on this.

3) Hans Hartung

• 📍 Bio: German, b. 1904

• 📊 Price Range: $40,000 - $49,000

• 💰 Record Price: $3,172,939 USD for T, sold at Sotheby's Paris in 2017.

• 🌎 Main Market: France

💭 My 2 Cents: Hans Hartung's market is one of peaks and valleys. In 2019, a zenith of $13.26 million in sales with 70 pieces changing hands. By 2023, we saw a dip to $6.3 million with 31 sales. Yet, the allure persists. Average sale prices remain high, touching around $203,238 recently. A notable piece up for grabs is T1965-H30, boasting an estimate of $107,331 - $160,996. Its journey through prestigious collections and its documentation by the Fondation Hartung Bergman underline its value. Amid fluctuating markets, Hartung's pieces command attention, particularly for those captivated by Art Informel's raw expression. The 2023 slowdown suggests a buyer's market, yet Hartung's historic sales hint at underlying resilience. Hartung offers both a challenge and an opportunity, a testament to his enduring influence in the abstract realm. With 2024 unfolding, one ponders: is now the moment to invest in Hartung's legacy? Numbers suggest a cautious yet potentially rewarding venture.

4) Ida Yukimasa

• 📍 Bio: Japanese, b. 1990

• 📊 Price Range: $13,000 - $20,000

• 💰 Record Price: $408,694 USD for Picasso, sold at SBI Art Auction in 2023.

• 🥂 Representation: Mariane Ibrahim Gallery

• 🌎 Main Market: Hong Kong & Japan

💭 My 2 Cents: Ida Yukimasa's market shows signs of cooling in 2024, with a decrease in sales volume and average prices. With only 5 pieces sold by April at an average price of $32,667.80, down from $55,395.37 in 2023, caution is advised. Resales average a drop of $5,782.44, indicating a decline in value for returning pieces. Auction house estimates reflect this downturn, with a sharp decrease in 2024. Yukimasa's piece from 2017, offered at $33,600 - $53,700, stands out in this context. Despite the market's overall trend, this piece's provenance and exposure at Art Fair Tokyo 2017 highlight its unique appeal. Yukimasa's technique and the "ICHI-GO ICHI-E" theme add depth, potentially countering broader market forces. Given the artist's track record and the piece's distinctive qualities, it merits attention from collectors seeking both aesthetic and potential value.

See you next Wednesday!

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🔗 Market Stories

Dive deep into the art world's biggest "oops" moment with the tale of Norval Morrisseau’s fakes flooding the scene (link)

Check out what went down at Art Basel Hong Kong 2024. Sales were slow, but vibes? Definitely positive. It’s a mixed bag of luxury, art, and real talk (link)

Get to know Cindy Chua-Tay, the powerhouse behind some of the art world’s coolest moves. She’s all about making connections and shaking up the scene (link)

Ever wondered what’s popping around the Venice Biennale? Frieze has the scoop on the must-see off-site shows (link)

NADA is hitting Paris with a new art fair this October. It’s the fresh, cool kid on the block that’s got everyone talking. Paris, art, and a dash of rebellion? (link)

Blockchain is stepping up to kick forgeries to the curb in the art market. It’s the tech whisperer promising a future where buying art comes with peace of mind and zero drama (link)