AULDEN CELLARS-SOTHEBY’S SALE OF FINEST AND RAREST WINES BRINGS $2,867,397
New York, New York – Aulden Cellars-Sotheby’s September 20, 2008 sale of Finest and Rarest Wines achieved $2,867,397, well within presale expectations of $2.3/3.3 million*. The sale comprised 1,361 lots including wines from Bordeaux, Sauternes, Burgundy, Champagne, Rhône and California.
Jamie Ritchie, Head of Sotheby’s Wine department in North and South America, said, “Rare red Burgundies and mature Champagnes continued to bring very strong demand, selling above the high estimates and showing that there is continued demand for rare wine that comes with impeccable provenance. While we saw a small decrease in demand for Bordeaux and Californian wines, the overall sale performed extremely well and the wine market showed stability.”
The sale’s top lot was a twelve bottle assortment of Domaine de la Romanée-Conti 1990, which brought $30,250 and was followed by two twelve bottle lots of Château Latour 1982 recently removed from professional storage, which sold for $19,360 and $18,150. An impressive private collection of Rarest Burgundy and Landmark Bordeaux saw strong results, bringing $238,672, easily exceeding the high estimate of $173,550. The sale’s top price for a single-bottle lot was achieved by a Domaine de la Romanée-Conti, Romanée Conti 1962, which fetched $13,310 against a presale estimate of $6/9,000.
Other highlights, with prices realized and presale estimates, included:
Champagne
3 magnums 1985 Salon le Mesnil — $10,285 (est. $3/5,000)
1 magnum 1961 Bollinger, RD — $4,538 (est. $2/3,000)
EVENING VENING SESSION OF BEAUTIFUL INSIDE MY HEAD FOREVER
GROUND-BREAKING AUCTION OF NEW WORKS BY DAMIEN HIRST-REALISES £70.5 MILLION AT SOTHEBY’S LONDON, ABOVE THE HIGH ESTIMATE*
LONDON – In the wake of the enormous interest surrounding the 11-day exhibition for Beautiful Inside My Head Forever, a major auction of new works by Damien Hirst at Sotheby’s, unprecedented levels of pre-sale interest (the exhibition attracted no fewer than 21,000 viewers) translated into heated bidding tonight in a sale that realised £70,545,100/US$127,256,306/€88,851,244 — a sum not only exceeding the high estimate (est. £43.2-62.3 million) for the evening sale, but topping the low estimate for the entire two-day sale. The evening session ended to a sustained round of applause.
Damien Hirst said: “I think the market is bigger than anyone knows, I love art and this proves I’m not alone and the future looks great for everyone!”
Cheyenne Westphal and Oliver Barker, Sotheby’s specialists in charge of the sale, said: “We want to thank Damien Hirst for the trust he has placed in Sotheby’s. He has provided us with one of the great experiences of our professional lives — to work on this historic sale.”
They continued: “Tonight’s was an extraordinary one-off sale and unique event, following fast on the heels of a similarly extraordinary pre-sale exhibition. Damien Hirst’s artwork and installation attracted crowds unprecedented for Sotheby’s London. The auction and exhibition have very clearly broadened the market place for Damien Hirst’s work, which is a very significant accomplishment. We had some remarkable successes this evening and we look forward to seeing this unprecedented level of interest continue through the sales tomorrow.”
Sale statistics:
This evening’s sale comprised 56 lots, 54 of which sold during the auction (the remaining two in fact sold before the sale closed), with 96% sold by value – the second highest sold by value rate ever seen at a Sotheby’s London Contemporary Art auction.
Tonight’s auction saw 3 lots sell for over £5 million and 18 lot sell for more than £1 million, with 2 lots selling for $10 million, 4 lots selling for over $5 million and 37 lots for more than $1 million.
Top lots:
The Golden Calf (lot 13): calf, 18 carat gold, glass, goldplated steel, silicone and formaldehyde solution with Carrara marble plinth, made £10,345,250 (€13,029,797/ US$18,661,796) – establishing a new auction record for a work by the artist in sterling. (Previous record: £9,652,000 / US$ 19,075098 for Lullaby Spring – established at Sotheby’s London, June, 2007)
The Kingdom (lot 5): tiger shark, glass, steel, silicone and formaldehyde solution with steel plinth, made £9,561,250 (€12,042,352/US$17,247,539) – more than double the high estimate of £4 – 6 million (€ 5,060,000-7,590,000 / US$7,900,000-11,850,000 )
Fragments of Paradise (lot 51) stainless steel and glass with manufactured diamonds, made £5,193,250 (€6,540,876 / US$ 9,368,104) – around five times the pre-sale estimate of £1-1.5 million.
Here Today, Gone Tomorrow (lot 46): glass, stainless steel, fish, fish skeletons, acrylic, MDF, paint and formaldehyde solution, sold for £2,953,250 (€3,719,605/$5,327,368)
Memories of / Moments With You (lot 11): gold-plated steel and glass with manufactured diamonds, made £2,617,250 (€3,296,415/US$4,721,257 ) – more than double the high estimate of £800,000-1,200,000 (€ 1,020,000-1,520,000/US$ 1,580,000-2,370,000)
The Black Sheep with Golden Horn, (lot 9): made £2,617,250 (€3,296,415/US$4,721,257)
Works sold to benefit charities:
Over the course of the two-day sale, five works are to be sold to benefit charities, two of which were offered this evening and both exceeded their pre-sale estimates by a wide margin:
Lot 30, Beautiful Love Demelza Painting with Beautiful Butterflies, sold to benefit Demelza, Hospice Care for Children realised £769,250 against an estimate of £400,000-600,000.
Lot 8, Beautiful Love Survival Painting with Beautiful Butterflies, sold in aid of Survival International, made £898,335 against an estimate of £400,000-600,000.
Three further works (two to benefit charities designated by Hirst and one to benefit the Bill & Melinda Gates Foundation) will be offered tomorrow.
New benchmarks set:
First ever auction dedicated to the work of a single living artist.
The largest exhibition of works by Damien Hirst ever staged.
Tonight’s sale eclipsed the total for any previous auction dedicated to a single artist. Previous sales dedicated to a single artist included:
- The Collection of Stanley J. Seeger at Sotheby’s in 1993: 88 works by Pablo Picasso were offered
and the sale realised $20 million.
- The Man Ray Sale at Sotheby’s in 1995: 599 works were offered and the sale realised £4 million
($6.3 million).
Record number of visitors to a pre-sale exhibition at Sotheby’s London: more than 21,000 people attended the 11-day view, which makes it the best-attended pre-sale exhibition ever staged at our London galleries, with over 4,500 people visiting on one day alone. (This also represents up to nearly 9 times the average number of visitors to a Contemporary Art auction exhibition at Sotheby’s London.)
The pre-sale exhibition lasted 11 days: the longest pre-sale view at Sotheby’s London.
For the first time at Sotheby’s London, the pre-sale exhibition was open to the public until midnight on one of the viewing days (on Saturday, September 13th).
Record number of over-the-counter catalogues sales: almost 1,300 catalogues were purchased by visitors attending the exhibition (£50 per catalogue).
All 13 galleries at Sotheby’s New Bond Street premises were given over to the contents of a single sale and the work of one living artist – a first in Sotheby’s 264 year history.
The auction salerooms were filled to capacity with every single ticket (almost 700) – seated and standing – reserved.
Sotheby’s brought a group of 14 Damien Hirst works in the sale to New Delhi, India, representing the first-ever exhibition of the artist’s work in India.
Sotheby’s New York Sale of Important Jewels to be held on September 25, 2008
Featuring Superb Collection of Period Jewels
Top Quality Estate Diamonds Offered
New York, New York – On September 25, 2008, Sotheby’s New York will hold a sale of Important Jewels, with an exciting selection of signed and period Estate Jewels and white diamonds which are extremely interesting to collectors in this market. The sale consists of approximately 450 lots and is estimated to bring $11 / 15 million*. The pre-sale exhibition opens on September 20, 2008.
The highlight of this sale is an exceptional group of period jewels, mostly by Cartier, that showcase the timeless beauty of art deco and retro jewelry design. The collection, which will open the second session of the sale and is Property from a Private Collector, comprises over 40 lots, the majority of which are wonderful examples of classic 1930s and 1940s style. About this collection, Gary Schuler, Director of the Jewelry Department at Sotheby’s New York said, “When we first saw this exquisite property, we knew it’s ideal for the market today as it will appeal to not only traditional Cartier collectors but those who admire great jewelry design. The jewelry is not just beautiful to look at, it’s completely wearable and remains in fashion today. This collection epitomizes the eye of a collector who favored accessorizing with the chicest designs of the day, and each jewel chosen has endured the test of time.”
The offering from Property from a Private Collector features a Rock Crystal, Tourmaline and Diamond Clip/Bangle Combination, Cartier, circa 1935 (lot 265, est. $15/20,000), a stellar example of crisp art deco design. Amongst the many examples of retro style jewelry is a Citrine Quartz and Diamond Flower Brooch, Cartier, circa 1945 (lot 247, est. $15/20,000), featured on the cover of the sale catalogue.
In addition to the art deco and 1940s jewels, this Collection also includes earlier vintage pieces such as an angelic Natural Freshwater Pearl and Fancy Colored Diamond Bar Brooch, Black Starr & Frost, circa 1915 (lot 268, est. $50/75,000). At the core of the most important jewelry collections is a major diamond ring, and this one is no exception, offering an emerald-cut Harry Winston Diamond Ring, circa 1962, set with a D color, VS1 clarity stone, weighing 7.59 carats (lot 273, est. $250/350,000).
From The Collection of Frieda and Milton Rosenthal, distinguished collectors and philanthropists with a pioneering interest in African and Oceanic Art, comes an impressive Diamond Ring, Harry Winston (lot 455, est. $200/250,000), set with a D color, VVS1 and Potentially Flawless stone weighing 5.81 carats. The Rosenthal jewels also include an 18 Karat Gold Bangle-Bracelet, Pol Bury, circa 1970 (lot 447, est. $6/8,000), designed as a cuff topped by a plaque set with articulated spheres, inspired by ethnic motifs and contemporary in style, a Seed Pearl and Diamond Sautoir, French, circa 1910 (lot 454, est. $15/20,000) and several other classic pieces.
Another private collection featured in the sale of Important Jewels is Property from the Estate of Odette Valabregue Wurzburger comprising signed daytime jewels mainly by Van Cleef & Arpels. The highlight of the Estate is an exquisite Sapphire and Diamond Ring, Van Cleef & Arpels, Paris, set with an emerald-cut Kashmir sapphire weighing 25.25 carats (lot 228, est. $250/350,000). Another desirable stone from the Wurzburger Estate is a very beautiful 7.34 carat emerald-cut Diamond Ring of E color (lot 229, est. $85/100,000).
Amongst the array of signed jewels included in the September auction is an 18 Karat Gold and Diamond Parure, Sterlé, Paris, circa 1950 (lot 444, est. $40/60,000) comprising a delightful bow design necklace, bracelet and pair of earclips. From a Pennsylvania Estate, a swag motif Diamond Necklace, Harry Winston (lot 407, est. $150/175,000) is set with round and marquise-shaped diamonds weighing a total of approximately 57.00 carats. Another collectible piece being offered is an Emerald and Diamond Ring, Verdura (lot 408, est. $100/150,000), featuring an emerald-cut classic Colombian emerald weighing approximately 11.00 carats. Strong competition is expected for a Diamond Ring, Tiffany & Co (lot 431, est. $625/675,000), set with a D color, Internally Flawless, oval modified brilliant-cut diamond weighing 7.33 carats, flanked by two tapered baguette diamonds, mounted in platinum.
Sotheby’s International Jewelry department looks forward to sales of Magnificent Jewels in Hong Kong on October 7; Geneva on November 19; and New York on December 9. Highlights from these sales will be previewed at exhibitions in Asia, Europe, the Middle East and throughout the U.S. this fall.
AULDEN CELLAR-SOTHEBY’S OPENS THE FALL SEASON WITH FINEST AND RAREST WINES ON SEPTEMBER 20TH
Aulden Cellars-Sotheby’s will hold its first of four wine sales this fall season in New York beginning with a various-owner sale of Finest and Rarest Wines, on September 20th, 2008. The sale will include 1,361 lots, and is estimated to bring $2.3/3.3 million. Three sales will follow, one each month through December, including an Evening Sale on Tuesday, October 28th.
The September sale will include wines from Bordeaux, Sauternes, Burgundy, Champagne, Rhone and California, a few highlighted are featured below. The sale will begin at 10am followed by a lunch served to all registered bidders. A pre-sale tasting will be held on September 18th from 6-7 pm (please call the Sotheby’s Wine department for reservations (212) 606-7050).
Below is a list of highlights that will be offered on September 20th: Please note that estimates do not include buyer’s premium
Bordeaux
4 cases of 6 magnum bottles of Château Lafite 1966 (est. $2,250/3,250 per lot)
6 bottles of Château Cheval Blanc 1961, (est. $4,500/6,000)
12 bottles of Château Haut Brion 2000 (est. $5,500/7,500 per lot)
12 bottles of La Mission Haut Brion 2000 (est. $5,500/7,500 per lot)
Sauternes
24 half bottles of Château d’Yquem 1990 (est. $6,500/8,000)
12 bottles of Château d’Yquem 1990 (est. $6,000/9,000)
Red Burgundy
6 bottles of Clos de la Roche, 1966 Armand Rousseau (est. $3,000/5,000)
3 bottles of Richebourg 1949, Leroy (est. $4,750/7,000)
4 cases of 12 bottles of Musigny, Cuvée Vieilles Vignes, 1999 Comte Georges de Vogue (est. $4,500/6,500 per lot)
White Burgundy
3 bottles of Montrachet 1983, Domaine de la Romanée-Conti (est. $4,250/7,500)
12 bottles of Meursault Charmes 1990, Domaine des Comtes Lafon (est. $3,000/4,000)
2 magnums of Montrachet 1995, Domaine Ramonet (est. $5,000/7,000)
Champagne
3 magnums of Krug 1985 (est. $3,000/5,000)
1 magnum of Bollinger, R.D. 1961 (est. $2,000/3,000)
3 magnums of Dom Perignon 1971 (est. $6,000/9,000)
3 magnums Salon Le Mesnil, Blanc de Blanc 1985 (est. $3,000/$5,000)
Rhone
6 bottles of Côte Rôtie, La Landonne 1985 Guigal (est. $4,250/6,500)
5 bottles of Côte Rôtie, La Mouline 1985 Guigal (est. $3,500/4,500)
Cailfornia
14 bottles of Groth Reserve 1985 (est. $3,500/5,500)
2 cases of 4 bottles of Screaming Eagle 2005 (est. $4,000/6,000 per lot)
6 bottles of Harlan Estate 1997 (est. $6,000/9,000)
SOTHEBY’S HONG KONG AUTUMN SALES 2008 TO BE HELD IN OCTOBER OFFERING OVER 1,500 LOTS ESTIMATED AT APPROXIMATELY HK$2 BILLION (US$256 MILLION)
Preview: 3rd & 4th October, 2008
Auctions: 4th evening – 8th October, 2008
Hong Kong, August 2008 – Sotheby’s Hong Kong Autumn Sales 2008 will be held at the Hong Kong Convention and Exhibition Centre from 4th to 8th October 2008. The sales include Chinese and Southeast Asian modern and contemporary art, Chinese classical paintings and works of art, jewellery and watches. This year too, as a new addition to the Hong Kong series of sales, Sotheby’s Hong Kong will host the Modern and Contemporary Asian Evening Sale for the first time. Overall, over 1,500 lots with an estimated value of approximately HK$2 billion/ US$256million* will be on offer, and selected highlights will be showcased during travelling exhibitions in Asia and New York in September, followed by a public exhibition in Hong Kong on the 3rd and the 4th October 2008.
Mr. Kevin Ching, Chief Executive Officer, Sotheby’s Asia, said, “Our Autumn 2008 auctions at Sotheby’s Hong Kong are again expected to surpass the extraordinary achievements of our previous sale results this Spring and last year. We will – once again – be offering eclectic works of art of exceptional provenance and the most remarkable masterpieces of the highest quality, demonstrating Sotheby’s dominance in the market, a strength which draws upon our expertise and connoisseurship.”
He continued, “Deserving special mention are the Qianlong Imperial Seals from the Estate of Emile Guimet, as well as the Dayue Tu, the Qianlong Emperor’s Review of the Grand Parade, which ranks among the most ambitious and impressive works of Imperial propaganda ever produced. Furthermore, I am delighted to announce that, apart from our day sales of outstanding modern and contemporary Chinese art, we will be holding an Evening Sale of Modern and Contemporary Asian Art, featuring exquisite works from China, India, Japan, Korea and Southeast Asia. Now the world’s third largest and Asia’s largest marketplace for trading art, Hong Kong joins New York and London as the only locations where Sotheby’s holds Evening Sales of top calibre contemporary art. This is a move which reflects the increasing importance of Hong Kong in the global art market.”
Modern and Contemporary Asian Art Evening Sale
4th October, 2008
For the first time ever, Sotheby’s will present an Evening Sale of Modern and Contemporary Asian Art in Hong Kong, the world’s third largest market after New York and London in terms of art traded at auction. Carefully curated by Sotheby’s global team of specialists, the Evening Sale will feature approximately 45 seminal works of art by prominent artists from China, Japan, Korea, India and Southeast Asia from private collections. Discerning collectors will be offered an opportunity to acquire works of extraordinary quality – many fresh to the market – in this sale with a total low estimate of approximately HK$180 million. Highlights of the sale include:
China – Zeng Fanzhi’s (b. 1964) After the Long March Andy Warhol Arrived in China dated 2005; est. HK$20-30million
Japan – Yoshitomo Nara’s (b.1959) Northern Light dated 2000; est. HK$1.9-2.7 million
Taiwan – Liao Jichun’s (1902-1976) Ancient Castle in Spaindated 1965; est. HK$18-25 million
Indonesia – Affandi’s (1907-1990) Times Square, New York; est. HK$1.6-2.2 million
Korea – Nam June Paik’s (1932 – 2006) Big Shoulder; est. HK$3.5-4.5 million
Contemporary Chinese Art
5th October, 2008
The Contemporary Chinese Art Sale will offer over 180 lots estimated in excess of HK$85 million. The highlights include Mask Series (2000) by Zeng Fanzhi (b. 1964; est. HK$8-12 million), Untitled (1990) by Yue Minjun (b. 1962; est. HK$6-8 million), Children’s Meeting Series (2000) by Tang Zhigang (b.1959; est. HK$2.5-3.5 million), and Amnesia and Memory Series (2006) by Zhang Xiaogang (b. 1958; est.HK$6-8 million).
20th Century Chinese Art
5th October, 2008
Sotheby’s has been offering 20th Century Chinese Art (formerly titled Modern Chinese Art) for years. Reflecting the increasing importance of this category, Sotheby’s now establishes the 20th Century Chinese Art Department, independent from the Contemporary Chinese Art department. The inaugural sale, part of Sotheby’s Hong Kong Autumn Sales 2008, offers nearly 130 lots from the turn of the 20th century through to the post-Cultural Revolution period in the early 1980s. The works are expected to achieve in excess of HK$170 million.
MaobitouCape (The Sound of the Waves) (est. HK$18-25 million) by Chen Chengbo (1895-1947) executed in 1939, was selected for inclusion in the 2nd Taiwan Governor Exhibition in 1939, organised by Japanese officials. This painting’s structure is simple, the content strong, evoking the sound of waves splashing against rocks on a sunny seashore, while a man focuses on fishing. The painting depicts loneliness, but eschews a narrative approach; rather it’s an emotional outburst, reflecting Chen’s feelings at that time.
Meanwhile, in Taiwan, artists such as Ju Ming (b. 1938) followed a completely different style of art: the Nativist movement of the 1970′s. Ju Ming uses modern materials such as iron, sculpting it into traditional Tai Chi designs to represent the Chinese spirit – while successfully combining Chinese and Western artistic styles. Single Whip (est. HK$5-7 million) is by far his most popular sculpture. This 1.8-metre iron work will be the centerpiece of the forthcoming auction.
Fine Chinese Paintings
6th October, 2008
The Fine Chinese Paintings Autumn Sale offers more than 240 lots estimated at approximately HK$90 million, and brings to the market extraordinary works of art by various important masters of Chinese painting. Zhang Daqian’s series of paintings and Wu Guanzhong’s charitable commission will be centrepieces of the sale.
Sotheby’s Hong Kong is honoured to be commissioned by Wu Guanzhong to auction his own magnificent Along the Yangtze River (estimate upon request) – an extremely rare and important handscroll. Measuring5.3 metres long and executed by the artist in 1990, this noble piece collages the classic and majestic sceneries alongthe Yangtze River; from Three Gorges, Lushan, Huangshan, Lake Tai to Shanghai. Thefirst public appearance of this masterpiece promises to bring intense bidding. At Wu’srequest, all auction proceeds will go to the Wu Guanzhong Scholarship, an initiativethat supports scientific and artistic innovation at Tsinghua University in Beijing, where Wu first began his teaching career nearly sixty years ago.
An important series of paintings by Zhang Daqian is also offered on the 110th anniversary of the artist’s birth. The highlight of the collection is The Leaping Ape (est. HK$4-6million), an ink and colour painting on hanging scroll executed in 1959. The work was in the artist’s possession until 1964, and was later given to his grandson Zhang Ni, who kept the piece intact in its wooden box with the original Dafentang matting bearing the artist’s inscription. The painting is one of Zhang Daqian’s major works of the past 50 years, and has been showcased at a number of large-scale retrospective exhibitions held by acclaimed museums in Europe, USA and Asia.
Modern & Contemporary Southeast Asian Paintings
6th October, 2008
Following the striking success of the Spring sale, the Autumn sale will continue to introduce the works of exceptional quality from diverse traditions across Southeast Asia. The sale comprises more than 150 lotswith an estimated total value in excess of HK$32million.
The Man From Bantul (The Final Round) by Indonesia artist I Nyoman Masriadi (b. 1973) (est. HK$1 -1.5 million) is an impressive 2.5 m x 4.5 m triptych, one of the few large format paintings (and even fewer triptychs) by the artist.It is arguably one of Masriadi’s best works, conveying the idea that fighting spirit is the most precious weapon, and thatglory does not lie in winning but rather in the stamina to fight. The work was executed in 2000 in Masriadi’s seminalmature style; as the artist has revealed, 2000 was the year that defined his career. This work has featured in a numberof landmark exhibitions, including Common Grounds: A Glimpse of Indonesian Contemporary Art held by the YayasanSeni Rupa Indonesia (Indonesian Fine Art Foundation), at the Indonesian National Gallery in April 2007.
Other notable pieces which capture the essence of modern Southeast Asian art include Heimkehrende Javaner (JavaneseReturning Home) by German artist Walter Spies (1895 – 1942) (est. HK$5.5-7.5 million), an oil on canvas work rarely executed by the artist. This unusual painting by the artist depicts five solemn figures walking across the foreground, expressing the natural dignity and beauty that Spies was so struck by. The artist made a cryptic reference to this work in a letter to his brother Leo in June 1925, implying that he saw himself as the youth wearing the red shirt in the right corner. Another highlight is Four Dancers by Adrien Jean Le Mayeur de Merprès’ (1880 – 1958) (est. HK$3-4 million) depicting dancers in different positions and a woman weaving, set in a background of bougainvillea and trees. The work evokes a utopia of sunlight, beauty and silence.
Magnificent Jewels and Jadeite
7th October, 2008
This season’s sale offers a sparkling selection of over 320 diamonds, coloured stones and jadeites, and is expected to fetch over HK$400 million.
The highlight of the sale is a Pair of Star Ruby, Alexandrite and Diamond Earrings (est. HK$5.2-6.8 million) which feature rubies weighing 19.45 and 22.13 carats. Each oval-cut cabochon perfectly displays a fine, natural and distinctive six-ray star phenomenon. Star Rubies of such clarity, with such matching intense hues, are very rare nowadays; this present pair are of extraordinary quality, and are truly exquisite.
Another captivating piece is the 22.18-carat Pear-shaped D-colour and Internally Flawless Diamond (expected to fetch in excess of HK$25 million). The brilliant colour of this much sought-after diamond, combined with its clarity, makes it one of the most coveted pieces of its kind.
The Fancy Vivid Blue Diamond and Fancy Red Diamond Pendant Necklace, featuring a fancy vivid blue diamond weighing 2.01 carats (est. HK$9-11 million), is another highlight of the season. Blue diamonds are the rarest and most intriguing of all coloured diamonds. Completed with 0.42 carats pure red colour diamond mounted above the blue diamond pendant, this necklace is a truly magnificent piece.
A stunning, classic imperial Jadeite Cabochon and Diamond Necklace (est. HK$11-13.8 million) features a remarkable Jadeite Cabochon measured 28.35 by 23.12 by 11.92 mm, and is made of the most desirable lao-keng material, giving the necklace a vivid, translucent emerald green colour. Uniquely, the jadeite cabochon can be detached from the 30-carat diamond necklace and worn as a ring.
Important Watches
7th October, 2008
This sale offer more than 200 lots, and is estimated to fetch in excess of HK$50 million.
The sale showcases a fine and limited edition A. Lange & Söhne Tourbograph ‘Pour Le Mérite’ No. 8/51 (est. HK$4-5 million), a platinum tourbillon splitsecond chronograph wristwatch with power reserve indication and chain and fusée- the apex of this German watch maker’s sophisticated range. The piece iscomposed of over 1,000 parts and, due to the complexity of assembly,manufacture is limited to 12 pieces per year; only 51 pieces will be produced. This extraordinary watch boasted the auspicious number “8″, signifying good fortune in Chinese culture.
Among other wristwatches on offer is a magnificent and extremely rare Vacheron Constantin Kalla Vague No.1 18K white gold and step-cut diamond set lady’sbracelet watch (est. HK$1-1.6 million). Set with 439 swirling step-cut diamondsweighing 43.67 carats, this stunning lady’s watch exemplifies the exquisitecraftsmanship of Vacheron Constantin’s Kalla series. It is believed that fewer than10 pieces have been produced. The present lot, engraved with No.1 on thecase is, therefore, unique and exclusive.
Another highlight of the sale is the truly rare and important limited edition Patek Philippe Pink Gold Automatic Minute Repeating Wristwatch Ref.5029R No.1 (est. HK$2.6-3.2 million). Produced by Jean-Pierre Hagmann, the master case maker for Patek Philippe, this piece was the first of only 10 produced in pink gold, and the back of the hinged case is engraved ‘Number One‘.
Chinese Ceramics and Works of Art
8th October, 2008
This autumn sales promises to be one of the most remarkable in recent years including approximately 320 lots estimated at HK$560 million.
Legacies of Imperial Power theme sale
(1) Qianlong Imperial Seals from the Estate of Emile Guimet
Imperial seals crystallise the authority of an Emperor and legitimise his word. The massive seal carved out of a large, utterly flawless piece of white jade with two intertwined dragons – An Important and Superb Imperial White Jade ‘Dragon’ Seal (expected to fetch in excess of HK$50 million), is the masterpiece in the collection. The four characters on the face read Qianlong yubi, ‘in the Imperial hand of Qianlong’, and were impressed on monumental calligraphies of the Emperor to be hung in the palace halls of the Forbidden City. Another noteworthy seal A Massive Important Imperial Khotan – Green Jade ‘Dragon’ Seal (expected to fetch in excess of HK$20 million) is carved out of a massive piece of Khotan green jade with the characters Tian’en Baxun Zhibao, ‘Treasure of the Emperor who has attained the age of eighty’, and was carved to celebrate his eightieth birthday.
(2) Two Exceptional Qianlong scrolls
The Dayue Tu, Emperor Qianlong’s Review of the Grand Parade (expected to fetch in excess of HK$80 million), ranks among the most ambitious and impressive works of Imperial propaganda ever produced. In the 4th year of the Qianlong Emperor’s reign (1739), the Emperor chose to review his troops in Nanyuan (South Park) in a gigantic and minutely choreographed display of Imperial power, of which the massive scroll (68cm by 1,550cm) manages to capture. The four Dayue Tu handscrolls, only two are extant – the present scroll, the third of the series, and the second which remains in the Palace Museum Beijing. The other scroll, An Outstanding Compilation of the Lanting Xu Imperial Collection of Documents Woven in Kesi, remains at more than 17-metre long, the largest and finest 18th century kesi (‘cut silk’ tapestry weave) extant and is expected to fetch in excess of HK$60 million. It is a testament to one of Emperor Qianlong’s most ambitious cultural enterprises – the exhaustive search for all remaining versions of Wang Xizhi’s seminal Lanting Xu (Preface to the Poems of the Orchid Pavilion) calligraphy.
(C) Treasures from Imperial Collections
The highlights include an extraordinarily rare painting – Ten Chrysanthemums by Zhao Mengfu (1254-1322), expected to fetch in excess of HK$40 million, where Zhao has carefully depicted ten varieties of chrysanthemums, all presented as cut branches, probably painting from life. Another remarkable piece – A Very Fine and Important Imperial Jade-hilted Ceremonial Sabre and Scabbard (expected to fetch in excess of HK$40 million), along with other arms ordered by the Qianlong Emperor, served as a reminder of his Manchu ancestors’ hard-fought battles to conquer China.
* Estimates do not include buyer’s premium
***Images available upon request***
Sotheby’s Hong Kong Autumn Auction 2008 Calendar
Exhibition Date Auction Date Category
3rd October 4th October Modern and Contemporary Asian Art Evening Sale
3rd-4th October 5th October 20th Century Chinese Art Contemporary Chinese Art
3rd -5th October 6th October Modern and Contemporary Southeast Asian Paintings Fine Chinese Paintings
3rd-6th October 7th October Magnificent Jewels and Jadeite Important Watches
3rd -7th October 8th October Chinese Ceramics and Works of Art
*The information above might change. Please contact the press office for the latest update
Hong Kong Exhibition and Auction Venue
Hall 2B Hong Kong Convention and Exhibition Centre (New Wing)
SOTHEBY’S TO OFFER EXCEPTIONALLY RARE SCRIMSHAW WHALE TOOTH ENGRAVED BY WILLIAM A. GILPIN IN SALE OF IMPORTANT AMERICANA ON SEPTEMBER 26, 2008
New York, New York – On September 26, 2008 Sotheby’s New York will offer for sale one of the most important works of scrimshaw whales teeth to be discovered in the last decade, and certainly one of the most important to have appeared on the auction market in recent years: A Rare and Important Engraved Scrimshaw Sperm Whales Tooth, William A. Gilpin, On Board the Ship Ceres, Wilmington, Delaware. Engraved by William A. Gilpin in 1835 while at sea, the Gilpin Tooth has been proclaimed as a key source in unlocking the mysteries of an historic and highly regarded series of scrimshaw sperm whales teeth. The work is estimated to bring $40/60,000* and will be on exhibition in Sotheby’s New York galleries beginning September 20, 2008.
Dr. Stuart M. Frank, Senior Curator of the New Bedford Whaling Museum and founder of the Scrimshaw Forensics Laboratory® said, “Every now and then a watershed piece shows up that is not only an aesthetic tour-de-force but has unique and enduring historical and iconographical significance that, in addition to being “A Thing of Beauty,” enlightens the genre and informs research. The so called Ceres Tooth by William Gilpin is just such an outstanding piece.”
The tooth was received by the current owner as a holiday gift from an elderly friend, with no knowledge of its true significance, but as an American history enthusiast he was struck by its beauty and obvious age. After more than twenty-five years on display in the present owner’s home, when an amateur antique collector suggested that the tooth should be appraised and researched, he contacted experts for help. When photos were sent to the New Bedford Whaling Museum for analysis at the Scrimshaw Forensics Laboratory®, scholars Donald E. Ridley and Stuart M. Frank immediately recognized the significance of the inscription, and after 170 years, William A. Gilpin came back to life.
Historically, scrimshaw attribution has been fraught with difficulty as very few examples are signed. With the watershed discovery of the signed Ceres Tooth, scrimshaw historians have been able to identify by name the previously anonymous scrimshaw master dubbed “Ceres A.” Named for the sailing vessel Ceres upon which much of the artist’s scrimshaw iconography is based and on which vessel he was a member of the crew, “Ceres A” has been lauded by scholars as the greatest of the four Ceres artisans for his craftsmanship, style, and technique. After careful examination of the W.A. Gilpin tooth in comparison with known works previously attributed to “Ceres A,” along with analysis of whaling ship registers and personal diaries of Gilpin’s compatriots kept aboard ship, scholars were able to confirm that William A. Gilpin was indeed “Ceres A.” The Ceres Tooth is one of only nineteen known examples of Gilpin’s work and represents a rare opportunity for collectors to acquire a superb work of art of such historical significance.
The masterwork was engraved aboard the sailing vessel Ceres, which sailed from Wilmington, Delaware, with Gilpin in the crew at the age of twenty-nine. The tooth is an iconic tour de force of American folk art with important references to the War of 1812 and the golden age of American Whaling. It incorporates many of the distinguishing features of the work of the four Ceres Artists such as a windswept Jack Tar sailor figure, and a stern-quarter view of a sailing ship along with the motto “Free Trade and Sailors’ Rights” – a motto of seamen during the War of 1812 – in a flowing banner. Microscopic analysis reveals that the tooth was exquisitely decorated in the traditional pinprick method, where the artist’s image on paper was dampened and laid across the ivory tooth and a series of dots was made with a needle to outline the drawing. A knife was then used to draw lines to be filled in with lampblack, a greasy carbon product of burning whale oil.
This extraordinary Americana landmark will be offered during the September 26, 2008 sale of Important Americana at Sotheby’s New York alongside a Fine Carved and Painted Pine Cigarstore Indian,Probably Thomas V. Brooks, estimated at $100/150,000 and will be exhibited with Property of Rear Admiral Edward P. Moore and Barbara Bingham Moore.
Sotheby’s Sale of Important Americana to be Held on September 26, 2008 in New York
New York, New York – On September 26, Sotheby’s will hold its fall sale Important Americana comprising seventy-five lots of furniture, folk art, and silver. The sale is expected to bring $2.3/4.8 million and will be offered alongside Property of Rear Admiral Edward P. Moore and Barbara Bingham Moore. Both collections will be on view in Sotheby’s New York galleries beginning September 20.
The centerpiece of the sale is The Van Pelt-Robb Family Important Chippendale Carved and Figured Mahogany Dressing Table, Attributed to Henry Clifton and Thomas Carteret, Carving by Nicholas Bernard, Philadelphia, Pennsylvania, circa 1760, estimated at $800,000/2 million. The piece is the quintessential Philadelphia dressing table and represents the Rococo aesthetic associated with 18th century craftsmen from that area. The table is heralded for its intricate carving throughout the cabriole legs and the case, in addition to beautifully executed shell details to the front. Unlike most Philadelphia case pieces, the Van Pelt-Robb Dressing Table can be attributed to a specific carver and cabinet shop; the table was carved by Nicholas Bernard, who was contracted by Quaker cabinetmakers Henry Clifton and Thomas Carteret. It appears to have been carved in Bernard’s mature style with extraordinary care and skillful attention to detail, notably in the shell drawer. It is an untouched masterwork, with its original finish and hardware, and boasts an equally pristine provenance; the dressing table comes from the celebrated Robb collection, assembled by Mrs. Walter B. Robb of Buffalo, New York, who purchased the table privately from the Van Pelt family. After 190 years in the Van Pelt collection and over 50 years in the Robb collection, this fall marks the first-ever appearance of this iconic piece on the auction market and a rare opportunity for collectors to acquire such a superb Philadelphia dressing table.
From the Federal period, the sale will include an Important Federal Inlaid and Figured Mahogany, Rosewood and Satinwood Gentleman’s Secretary, Attributed to Nehemiah Adams, Salem, Massachusetts, circa 1798 (est. $150/300,000). The piece is a superb example of late 18th century Salem, Massachusetts craftsmanship, with beautiful wood grains and intricate inlays throughout, the pattern of which is an exact match to a labeled piece in the collection of the Winterthur Museum. With this close relationship to the Winterthur’s labeled Nehemiah Adams work, experts are able to definitively attribute the piece to the Salem cabinetmaker. The secretary is also enhanced by its strong provenance; it was sold in the landmark 1938 Parke Bernet sale of William Randolph Hearst’s collection and has remained in private hands since that time.
The sale will also include an Important Federal Eagle-Inlaid and Figured Mahogany Musical Tall Case Clock, circa 1805, from the collection of the Hammond-Harwood House Museum in Annapolis, Maryland (est. $60/120,000). The clock is in a superb Baltimore case that exemplifies the Federal style with two oval eagle inlays and houses musical works by George Long of Hanover, Pennsylvania, that play eight separate tunes.
Also on offer is the Important Hussey Family Very Fine and Rare Carved and Highly Figured Mahogany Desk-and-Bookcase, Probably Newburyport, Massachusetts, circa 1770, with fabulously figured wood which was carefully chosen by the craftsman. With its graceful proportions, impressive presence, and careful balance between straight and curved elements, the desk is a superb example of the high-style Massachusetts furniture popular just prior to the American Revolution. The graduated drawers, fluted pilasters and scrolling pediment draw the eye of the viewer upward, enhancing the impression of height and grandeur preferred by collectors of the high style. The desk retains its original rare pierced-form finial as well as its apparent original surface and brass hardware and is estimated to fetch $150/300,000.
Another highlight is a Very Fine and Rare Chippendale Carved and Figured Mahogany Library Bookcase, Portsmouth, New Hampshire, circa 1770, estimated at $100/200,000, which is almost an exact representation of Thomas Chippendale’s “Library Bookcase” design from his 1754 book published in London, The Gentleman & Cabinet-Maker’s Director. The bookcase demonstrates the popularity of London fashion in the colonial town of Portsmouth, New Hampshire, and is an exceedingly rare form – very few examples of this piece from Pre-Revolutionary times survive, and only three are known to exist from Portsmouth.
Featured among the seating furniture offerings is an Important Pair of Classical Carved and Figured Mahogany Harp-Back Klismos Side Chairs, Attributed to Duncan Phyfe, New York, circa 1815, estimated at $40/80,000. The chairs represent the height of seating furniture design during the Neo-Classical period in New York and feature the harp-back, which at the time was one of the most expensive options a cabinetmaker could offer. In addition, the chairs offered here are strung with brass and incorporate front legs carved with paw feet and hair.
Highlighting the Folk Art offerings is an Extremely Fine, Rare and Important Engraved Scrimshaw Sperm Whales Tooth, circa 1837, engraved by William A. Gilpin, a scrimshaw artisan previously dubbed “Ceres A” for the vessel, Ceres, on which he sailed. Historically, few scrimshaw whales’ teeth were signed and thus attribution has been difficult. With the landmark discovery of the signed Gilpin tooth and the confirmation of its relationship to the body of work previously attributed to “Ceres A”, scholars have been able to affirmatively name Gilpin as one of four identified master engravers from the golden age of whaling. The Gilpin tooth is estimated at $40/60,000 (separate release available) and will be offered alongside a Fine Carved and Painted Pine Cigarstore Indian, Probably Thomas V. Brooks, estimated at $100/150,000.
Featured in the silver section of the sale will be a Wine Cooler from the Hopkins-Searles Service, Tiffany & Co., New York, the Design Attributed to Charles Grosjean, 1886 (est. $25/35,000) and A Monumental “Native American” Silver-Plated Centerpiece, by Meriden Britannia Company for the Philadelphia Centennial Exposition of 1876 (est. $30/50,000), where they won first place for silver-plated wares.
Sotheby’s is pleased to announce its Fall series of Asian Art sales in New York from September 16-19, 2008: Fine Chinese Ceramics and Works of Art Including Chinese and Japanese Art from the Collection of Frieda and Milton Rosenthal on September 16th; Contemporary Art Asia: China Korea Japan on September 17th; Modern & Contemporary Art South Asia: India Pakistan on September 18th; and Indian and Southeast Asian Works of Art, Including Miniatures on September 19th. The exhibitions will be open to the public on September 12th.
Fine Chinese Ceramics and Works of Art Including Chinese and Japanese Art from the Collection of Frieda and Milton Rosenthal- September 16, 2008
Sotheby’s sale of Fine Chinese Ceramics and Works of Art in New York will feature a magnificent and extremely rare polychrome wood and gesso sculpture of Guhyasadhana Avalokitesvara, Ming Dynasty, Xuande period (estimate $1.4/1.6 million), picturing the four-armed bodhisattva engaged in mystical union with his consort, or prajna, who represents female wisdom. A circular plug on the underside of the sculpture seals an apparently undisturbed chamber, which according to CAT-scans holds scrolled consecration material within. Very few early Ming dynasty wood temple sculptures depicting deities from the Tibetan Buddhist pantheon have survived. A section of the sale will be devoted to Chinese and JapaneseWorks of Art from the Collection of Frieda and Milton Rosenthal, a superb selection of pieces of the highest quality featuring classical Ming and Qing furniture, Japanese 18th/19th century gold lacquer, and a striking pair of sancai-glazed pottery Earth Spirits, Tang Dynasty (est. $70/90,000). Leading the Rosenthals’ offerings is a very rare limestone Buddhist Stele from the Northern Wei Dynasty (est. $120/160,000). Another highlight of the sale is a fine and rare embroidered five-panel throne-back floor screen, Qing Dynasty, Qianlong period (est. $180/220,000). Also featured will be The HenricksenCollection of Chinese and Japanese Paintings, which is particularly strong in landscapes and flower paintings. The sale consists of 312 lots, estimated to bring $6.8/9.1 million.
Contemporary Art Asia: ChinaKoreaJapan – September 17, 2008
Highlighting the Fall sale is Zeng Fanzhi’s Mask Series (est. $900/1.2 million), seen here, a work from the artist’s mature period. The figures in Zeng’s longterm Mask series are crisply dressed and cheerfully colored, in near-empty sets that echo the clean appearance of the figures. The series features well-off young urbanites, who easily acquire a polished and stylist veneer and such accoutrements as fashionable pets, but even when accompanied they look lost and uncertain. The sale will also feature Cai Guo-Qiang’s large-scale Two Eagles (est. $380/550,000) which exhibits his fully developed skill in the use of gunpowder as an artistic medium and depicts two soaring eagles set against an expansive white sky. Also included is an innovative installation by Yang Jiechang, Eye of the Storm (est. $400/600), inspired by the great storms that devastated Europe in 1999, and one of Wang Guangyi’s hard-hitting critiques of Western consumerism and political propaganda from his Great Criticism Series: Kodak (est. $280/480,000). Also among the top lots are Tang Zhigang’s Children in Meeting Hong Kong No. 3 (est. $400/500,000) and Zhu Dequn (Chu The-Chun)’s Sommeil De La Matiére/The Sleep of Matter (est. $300/400,000). Other key contemporary artists from the region in the sale include Liu Ye, Kim Whanki, Liu Xiaodong, Zhang Huan, Yayoi Kasuma, and many others. The sale comprises 211 lots, and is estimated to bring $11/16 million.
Modern & Contemporary Art South Asia: IndiaPakistan – September 18, 2008
The auction will include a diverse offering of paintings, sculpture and photography. Leading the Modern portion of the sale, and the top lot, is a rarely available Tyeb Mehta, Untitled, one of the latest examples from his Falling Figure with Bird series (est. $1/1.5 million). Living in India during Partition and after World War II, Mehta experienced firsthand the violence, anguish and distress of the period, to which experts attribute his consistent illustration of struggle in his works throughout his career, and pictured movingly in this work. The modern portion of the sale also features important works by F. N. Souza, M. F. Husain, Rabindranath Tagore, Ram Kumar and Raja Ravi Varma. The Indian Contemporary portion of the sale is highlighted by Subodh Gupta’s One Cow (est. $600/800,000) and outstanding example of the rural-to-urban, local-to-global dialogue that dominates 21st-Century thinking about the art of India. Other contemporary South Asian artists highlighted in the sale include Thukral & Tagra, Atul Dodiya, G. Ravider Reddy, Meera Mukherjee, Sudarshan Shetty, and Nataraj Sharma. Sotheby’s has been at the forefront in bringing cutting-edge South Asian photography to the market, and this sale is no exception, including intriguing works by Shilpa Gupta, Rashid Rana, Vivek Vilasini, Sunil Gupta and Tejal Shah. The sale includes 127 lots and is estimated to bring $7.6/10.6 million.
Indian & Southeast Asian Works of Art – September 19, 2008
This sale features an extraordinary selection of fine Indian Miniatures, highlighted by an extremely fine, museumquality illustration from The Gita Govinda, Krishna and Radha in a Bower (est. $200/300,000). It has been suggested that the paintings illustrating this poem by the 12th century poet Jayadeva were executed by a first generation artist after the great masters Nainsukh and Manaku. The Works of Art section of the sale features a highly unusual offering from the sculptor Herbert Haseltine, a model of the monument to Jam Shri Rawalji (est. $120/180,000), a four-armed Male Deity, probably Vishnu, from the 9th century (est. $220/250,000), an andesite Head of Buddha, Central Java, 9th century (est. $200/300,000), a gilt copper Manjusri set with semi-precious stones from Nepal, 14th century (est. $60/80,000) and a copper Maitreya, from the late 7th/early 8th century ($40/60,000) from the famous Prakhon Chai hoard of bronze sculptures found accidentally by villagers in 1964 in Buriram province in Northeast Thailand.
The sale includes 118 lots, estimated to sell for $2.3/3.2 million.
* Estimates do not include buyer’s premium
* * *
Sotheby’s New York Fall 2008 Asian Art Auction Schedule
September 16 Fine Chinese Ceramics and Works of Art
September 17 Contemporary Art Asia: China, Korea, Japan
September 18 Modern and Contemporary Art South Asia: India, Pakistan
September 19 Indian and Southeast Asian Works of Art
Sotheby’s London Fall 2008 Asian Art Auction Schedule
November 5 Fine Chinese Ceramics and Works of Art
Sotheby’s Paris Fall 2008 Asian Art Auction Schedule
December 17 Asian Art
Sotheby’s Hong Kong Fall 2008 Asian Art Auction Schedule
October 4 Modern and Contemporary Asian Art – Evening Sale
October 5 20th Century Chinese Art
Contemporary Chinese Art
October 6 Modern and Contemporary Southeast Asian Paintings
Fine Chinese Paintings
October 7 Important Watches
Magnificent Jewels and Jadeite
October 8 Fine Chinese Ceramics and Works of Art
**Sales information and dates are subject to change**
SOTHEBY’S TO OFFER PROPERTY FROM THE ESTATE OF ROCHELLE SEPENUK ON OCTOBER 21, 2008 IN NEW YORK
New York, New York – Sotheby’s is pleased to announce the sale of Property from the Estate of Rochelle Sepenuk, to be held October 21, 2008 in New York. The sale of approximately 230 lots represents one of the finest collections of 19th Century sculpture, furniture, decorative arts and paintings to appear on the auction market in recent history and is estimated to bring $6/9 million*. The auction will include works from both Ms. Sepenuk’s private collection and her prominent New York gallery, Gallery 63.
Elaine Whitmire, Senior Vice President, head of Single-Owner sales and 19th Century Decorative Arts, said, “Rochelle Sepenuk was one of the top 19th Century dealers in New York, and was known for her excellent eye, particularly in sculpture and furniture. She sought out the greatest examples in the field, in both quality and scale. We are thrilled to be offering this outstanding collection.”
Highlights from the works to be offered include a Magnificent Louis XV Style Gilt-Bronze Mounted
Kingwood and Tulipwood Bureau à Cylindre, circa 1860, which is estimated to fetch $200/300,000. The piece features a pierced three-quarter gallery above three frieze drawers and is flanked by figural four-light candelabrum. It rests on beautifully detailed cabriole legs with a winged female
mask at each corner and lion paw feet, and shows a mask of a water nymph to the back, bordered by trophies emblematic of architecture and science.
The sale will also include a magnificent pair of bronze busts by Emile-Coriolan-Hippolyte Guillemin known as Femme Kabyle d’Algerie and Janissaire du Sultant Mahmoud II. The ornate and richly patinated male and female busts are estimated at $150/200,000.
Ms. Sepenuk loved grandeur, and often sought out largescale works for her gallery and private collection, such as the Near Pair of Palatial Size Gilt-Bronze Mounted Sevres Style Cobalt Blue Ground Lidded Vases, dated circa 1890 (pictured at right). Each vase measures 5ft., 9 1/2 in. high and depicts finely painted pastoral scenes of 18th century companions ringed in delicate gilt-highlight decoration; one vase also portrays a lakeside scene to the reverse. The vases will be offered at an estimate of $150/250,000.
The sale will be on view in Sotheby’s New York galleries beginning October 16, 2008, together with the October 22 sale of 19th Century Furniture, Sculpture, Ceramics, Silver and Works of Art.
SOTHEBY’S ANNOUNCES 2008 SECOND QUARTER AND FIRST HALF RESULTS
Second Quarter Revenues of $320.2 million and Operating Income of $150.9 million
Second Quarter Net Income of $95.3 million and Diluted Earnings per Share of $1.46
Sotheby’s Sells the World’s Most Expensive Contemporary Work at Auction, Francis Bacon’s Triptych, 1976, for a Record $86.3 million
August 5, 2008, New York — Sotheby’s (NYSE: BID) today announced results for the second quarter and first half ended June 30, 2008.
For the quarter ended June 30, 2008, the Company reported revenues of $320.2 million, a $19.3 million, or 6%, decrease over the prior second quarter, primarily due to the shift of our summer Contemporary sales in London from the second quarter of 2007 to the third quarter of 2008. Those sales brought auction commission revenues of $24 million in the second quarter of 2007 and will contribute approximately $26 million to auction commission revenues in the third quarter of 2008. Auction commission margin in the second quarter of 2008 was 15.1% which is much improved from the 13.6% auction commission margin in the first quarter of 2008 although not quite as high as prior year second quarter auction commission margin of 16.0%. Also impacting revenues in the second quarter of 2008 are unfavorable principal activities results for the period.
The Company’s net income for the second quarter of 2008 was $95.3 million, or $1.46 per diluted share compared to net income of $107.3 million, or $1.64, per diluted share for the prior period, a $12.0 million decline, largely due to the aforementioned calendar shift. This decline is partially offset by lower operating expenses, which totaled $169.3 million compared to $182.0 million in the prior period, a $12.8 million, or 7% improvement. Operating expenses include an $18.4 million one-time benefit ($11.7 million after-tax) recognized as a result of the reversal of the remaining liability related to the vendor’s commission discount certificates that expired in May 2008 and were issued by the Company in 2003 in conjunction with the settlement of antitrust related civil litigation. The reduction in operating expenses is also partially attributable to a decrease in incentive bonus accruals as a result of the lower profitability of the first half and is somewhat offset by increased direct costs, primarily due to higher consignment and sales levels in Hong Kong, as well as higher catalogue and sale promotion costs related to the May Impressionist and Contemporary Art sales in New York.
For the first six months of 2008, aggregate auction sales were $3.0 billion, a record for Sotheby’s, and revenues were $449.4 million, a $37.5 million, or 8% decline from the prior period due to the previously mentioned sales shift from the second quarter to the third quarter ($24 million revenue benefit in the first half of 2007) as well as lower auction commission margins and unfavorable principal activities results in the current period. Net income for the first half of 2008 was $82.9 million, a $48.7 million, or 37%, decline from the first half of 2007 largely due to the aforementioned shortfalls in auction and related revenues. Diluted earnings per share was $1.26 for the first half of 2008, a 38% decrease from the prior period.
“These results are the second best in our history, and are remarkable in the context of today’s global economic environment,” said Bill Ruprecht, President and Chief Executive Officer of Sotheby’s. “Our conservative approach to risk, the significant improvement in our auction commission margins in the second quarter and our focus on costs have all contributed to healthy profitability.
“Our ability to successfully raise $350 million in new capital in this climate – in an oversubscribed offering – now provides us with greater liquidity than we have ever enjoyed,” continued Mr. Ruprecht. “Sotheby’s was upgraded to investment grade by Standard & Poors in early June and we have retired our $100 million bond that was due in February 2009. Our company today is in an excellent position to be flexible and competitive and to continue our long tradition as innovators in our markets. Demand has remained very strong for great works of art, and the market has continued to be robust, recently illustrated by our excellent summer sales in London. Aggregate auction sales to date of $3.4 billion are up 14%.
“We are encouraged by a number of exciting events that are ahead in the autumn season. Notable among them is the landmark sale in London, “Beautiful Inside My Head Forever,” consisting of over 200 new and exciting works by renowned artist Damien Hirst, which is estimated in excess of $130 million.* Because of this sale, as well as the strong results in London of our Contemporary and Old Master sales in July, we expect a stronger third quarter than last year.”
Second and Third Quarter Sales
In a most eventful season, Sotheby’s sold the top lot of the year thus far, Francis Bacon’s Triptych, 1976 for $86.3 million, setting the record at auction for the artist as well as for any work of Contemporary Art. This masterpiece was sold in our May evening sale of Contemporary Art in New York, an auction which brought $362.0 million, our highest single sale total in Company history. The week’s total of Contemporary Art sales were $469.8 million, at the pre-sale high estimate of $473 million and up 36% from the prior year with eight works selling for $10 million or more. The New York May Impressionist sales also achieved excellent results with a total of $272.6 million, well within the pre-sale estimate of $245/337 million.
Also in New York, Sotheby’s spring sale of American Paintings brought an exceptional $87.0 million, well above the high end of the pre-sale estimate of $53/77 million and 56% above the prior year’s total. Highlighting the sale was Edward Hick’s Peaceable Kingdom which achieved $9.7 million and set the record for a work of American Folk Art as well as the record for the artist at auction.
Sotheby’s summer fine arts sales in London in late June and early July were the best in our history, bringing a remarkable $497.5 million over the two week period, near the high end of the pre-sale estimate of $358/511 million and 24% above the prior year’s total. The Impressionist and Modern Art sales brought $255.1 million and were highlighted by the sale of Gino Severini’s Danseuse for $29.6 million, seven times the previous record for a work by the artist. London’s Contemporary Art sales totaled a tremendous $242.4 million and were highlighted by the sale of Francis Bacon’s Study for Head of George Dyer for $27.4 million, well in excess of the pre-sale high estimate of $16 million. A remarkable 102 lots were sold for $1 million or more during the two week period.
Sotheby’s July Old Masters sales in London brought a strong $117.3 million, above the pre-sale high estimate of $105.5 million and 32% above the prior year’s total. The top lot of the sales was a re-discovered portrait by Frans Hals of Willem van Heythuysen which sold for $14.0 million. Auction records were set for nineteen artists and twenty lots were sold for $1 million or more.
Upcoming Sales
On September 15th and 16th in London, Sotheby’s is privileged to present “Beautiful Inside My Head Forever,” a major auction of new works by Damien Hirst. The over 200 lots in the two day sale were all created over the past two years and incorporate an extraordinary range of works. The centerpiece of the evening sale is The Golden Calf, a remarkable new sculpture of a bull in formaldehyde whose head is crowned by a solid gold disc and hooves and horns are cast in 18 carat gold. The sculpture is estimated to realize $16/24 million and the entire sale is estimated to bring in excess of $130 million.
Sotheby’s Hong Kong autumn sales will be held from October 4th to 8th and are estimated to total approximately $265 million which is 31% higher than last fall’s sales total of $202.4 million. Highlighting the sales are the Qianlong Imperial Seals from the Estate of Emile Guimet (estimate in excess of $6.4 million), as well as two exceptional scrolls, the Dayue Tu, the Qianlong Emperor’s Review of the Grand Parade (estimate in excess of $10.2 million) and the Compilation of the Lanting Xu Imperial Collection of Documents Woven in Kesi (estimate in excess of $7.7 million).
For the third year in a row, Sotheby’s will be visiting Chatsworth in the British countryside with a major exhibition of Modern and Contemporary sculpture, Beyond Limits. Works by artists such as Fernando Botero, Kiki Smith, Ron Arad and Salvador Dali will be displayed and available for private sale. The exhibition will run from September 9th to November 2nd.
On October 2nd Sotheby’s Paris will offer the late Swiss businessman Léon Levy’s Collection of Important French Furniture and Works of Art, which is estimated to bring $9/16 million. Highlights from the exquisite 18th century collection will include a pair of gilt-bronze candelabra from the Louis XVI period (estimate of $1/2 million) and a giltbronze console-table from the Régence period (estimate of $0.9/2 million).
In November, Sotheby’s New York will present for sale three important paintings by the Russian artist Boris Dmitrievich Grigoriev on behalf of the Berkshire Museum in Pittsfield, Massachusetts. Included in the offering is Grigoriev’s Pipe Players, a preeminent example of the artist’s Visages du Monde (Faces of the World) cycle of 1920-31. Shepherd of the Hills, which depicts Russian poet Nikolai Klyuev, and Man with Pipe will also be offered. The three paintings are estimated to bring $7/10 million combined.
Additional Upcoming Sales
Sotheby’s four sales of Asian Art in New York will take place the week of September 15. The September 16 sale of Fine Chinese Ceramics and Works of Art Including Chinese and Japanese Art from the Collection of Frieda and Milton F. Rosenthal comprises approximately 300 lots and is estimated to bring $6/8 million. The cover lot and one of the top highlights of the sale is a magnificent and very rare Ming dynasty Guhyasadhana Avalokitesvara, from the Xuande reign (1426-1435) estimated to sell for $1.4/1.6 million. The section of the sale devoted to Chinese and Japanese Works of Art from the Collection of Frieda and Milton Rosenthal features classical Ming and Qing furniture and several fine examples of 17th and 18th Century Huanghuali furniture with beautiful patina from years of superb attention, and a superb selection of Japanese Gold Lacquer. Leading the Rosenthals’ Chinese offerings is a Limestone Buddhist Stele from the Northern Wei Dynasty, mid-6th Century (est. $120/160,000).
Among the highlights of the September 17 sale of Contemporary Art Asia: China Korea Japan are Zeng Fanzhi’s Mask Series, 1997 (est. $900,000/1.2 million), and Cai Guo-Qiang’s Two Eagles (est. $400/600,000). The sale will also feature Wang Guangyi’s Great Criticism Series: Longines (est. $250/350,000), Liu Ye’s Untitled, 1998 (est. $250/350,000) and Zao Wou-Ki’s 16.5.1959 (est. $250/350,000). The Korean section of the sale will feature two paintings by Kim Whanki: Untitled and Les Oiseaux Volants, each estimated to bring $200/300,000; and highlighting the Japanese offerings is Yayoi Kusama’s Love in the Night (est. $120/180,000).
Sotheby’s fall sale of Modern and Contemporary Indian Art: India Pakistan Sri Lanka will be held in New York on September 18. The auction will include paintings, sculpture and photography by such important Indian artists as Tyeb Mehta, M.F. Husain, F.N. Souza, Ram Kumar, Thukral and Tagra, Subodh Gupta, Ravinder Reddy and Rashid Rana, among many others. The offering of approximately 120 lots, which is estimated to bring $6.8/9.5 million, features a rarely available Tyeb Mehta, Untitled from his Falling Figure with Bird series (est. $1/1.5 million). The sale will also include a selection of early figurative works from M.F. Husain, highlighted by an Untitled image of a horse, made in the 1960s immediately following, and obviously influenced by, his recent visit to China. One of the first Indian artists exhibited abroad, Ravinder Reddy, is represented in the sale by a large terracotta sculpture of a woman’s head (est. $160/220,000) The contemporary portion of the sale also features a selection of works by up-and coming Indian artists working in a variety of media.
Sotheby’s Hong Kong Sales will be held October 4 through 8 and will include over 1,500 lots with an estimated value of approximately HK$2 billion/$256 million. For the first time ever, Sotheby’s Hong Kong will hold an evening sale of Modern and Contemporary Asian Art on October 4, featuring significant works by artists from China, Japan, Korea, India, and Southeast Asia. Highlights from the sale will include Zeng Fanzhi’s After the Long March Andy Warhol Arrived in China (est. HK$ 20/30 million, $2.56/3.84 million), Liao Jichun’s The Ancient Castle in Spain (est. HK$ 18/25 million, $2.3/3.2 million), and Nam June Paik’s Big Shoulder (est. HK$ 3.5/4.5 million, $448/576,000).
On October 8, Sotheby’s Hong Kong will hold its Chinese Ceramics and Works of Art Sale highlighting Legacies of Imperial Power, consisting of Qing Imperial Seals from the Estate of Emile Guimet, Two Exceptional Qianlong Scrolls, and Treasures from Private Collections. Highlights will include the scroll Dayue Tu,The Emperor Qianlong’s Review of the Grand Parade of Troops, Qing Dynasty, Qianlong Period, which is estimated to achieve in excess of HK$80 million ($10.2 million) and An Important and Superb Imperial White Jade ‘Dragon’ Seal, Qing Dynasty, Qianlong Period, expected to fetch in exces of HK$ 50 million ($6.4 million).
On September 26, Sotheby’s New York will offer as the centerpiece of its September 2008 Americana week a single-owner sale of Property of Rear Admiral Edward P. Moore and Barbara Bingham Moore, the esteemed late Washington, D.C., collectors. The sale, which is expected to bring in the region of $7 million, will feature one of the most important groups of early American Furniture ever to appear at auction and an extraordinary early and vibrant example of Edward Hicks’ Peaceable Kingdom (est. $2/3 million).
Sotheby’s September 26 sale of Important Americana will be highlighted by the Van Pelt-Robb Family Important Chippendale Carved and Figured Mahogany Dressing Table with untouched original finish, estimated at $800,000/2 million. The table features intricately carved legs as well as carvings to the case and beautifully executed shell appliqués and original hardware. Highlighting the Folk Art offerings this season is a Scrimshaw Whale Tooth engraved by William A. Gilpin, which has been proclaimed as a key source in unlocking the mysteries of an historic and highly regarded series of scrimshaw sperm whales’ teeth (est. $40/60,000).
On September 29 and 30, Sotheby’s Amsterdam will offer a wonderful selection of sculpture, furniture, paintings, ceramics, silver and works of art from selected European collections. Many of the works on offer are very fresh to the market, having been in collections or estates for at least several decades. On offer will be such interesting collections as A Distinguished Private Collection from Corsica, the collection of the Dutch Museum van Gerwen-Lemmens, arts and antiques from the Castle Gruitrode in Belgium, and a collection of Caricatures by Daumier.
In the fall of 2008 and spring of 2009, Sotheby’s New York will offer for sale Property from the Collection of Frieda and Milton Rosenthal, distinguished collectors and philanthropists. This collection includes the most important compilation of African and Oceanic Art to be offered in forty years in New York, which will be presented as a single-owner sale on November 14. The historical significance of many of the works in their collection extends far past the context of their creation; for example, the pair of Senufo Rhythm Pounders (est. $3/5 million) and the Sawos Malu Board (est. $500/700,000) are iconic sculptures which inspired the development of Modern Art movements including Cubism and Surrealism. The collection also features exceptional works of American Indian, Japanese and Chinese Works of Art and Jewelry to be offered in sales throughout the fall 2008 and spring 2009 seasons. Property from the Rosenthal Collection is estimated to sell for $10/15 million.
Property from the Estate of Rochelle Sepenuk will be held in New York on October 21. The sale of approximately 230 lots represents one of the finest collections of 19th Century sculpture, furniture, decorations and paintings to appear on the auction market in recent history and is estimated to bring $6/9 million. The auction will include works from both Ms. Sepenuk’s private collection and her prominent New York gallery, Gallery 63, and will be highlighted by a Magnificent Louis XV Style Gilt-Bronze Mounted Kingwood and Tulipwood Bureau à Cylindre (est. $200/300,000).
The October 23 sale of 19th Century European Art including The Orientalist Sale at Sotheby’s New York will feature a strong section of works by Jean-Baptiste-Camille Corot and Jean- François Millet, highlighted by Corot’s Mantes, Les Bords de la Seine au Pied du Pont (est. $1/1.5 million) and Millet’s Boucheron preparant des fagots (est. $300/400,000). For the second year at Sotheby’s, a separate catalogue will be dedicated to an extensive selection of Orientalist Art, the star of which is Le Barde Noir by Jean-Léon Gérôme (est. $700,000/1 million), depicting a seated Nubian Musician. Other featured Orientalist paintings include Leopold Carl Müller’s The Almeh’s Admirers (est. $800,000/1. 2 million), Rudolf Ernst’s The Venerated Elder (est. $600/800,000), Giulio Rosati’s The Dance (est. $400/600,000) and Benjamin Constant’s Twilight Hours (est. $400/600,000).
On October 24, Sotheby’s New York will offer property from the San Francisco antiques dealer Foster Gwin. As a result of owners Collier and Victoria Gwin’s decision to remodel their gallery in historic Jackson Square, and build an apartment on the top floor, collectors will now be presented with a unique opportunity to bid on many of Foster Gwin’s finest pieces. The sale of over 200 lots will include unusual examples of 17th and 18th century Continental Furniture, Antiquities, and an offering of Abstract Expressionist paintings, with an emphasis on California artists. Highlighting the furniture selection is mid-eighteenth century Italian Rococo Red Japanned Slant-Front Desk (est. $300/500,000).The entire collection is estimated to bring more than $4 million.
On October 31, Sotheby’s New York will offer one of Norwegian Expressionist master Edvard Munch’s most iconic works, The Scream. The sale offers a rare opportunity for the collecting community to acquire one of the most broadly recognized images of the 20th century. The lithograph is one of only three known examples still held in private hands from approximately twenty-five documented impressions and it is estimated to sell for $2/3 million.
The sale of Important Watches will be held in Geneva on November 16 and will be highlighted by an Exceptional and Very Rare Pink Gold Perpetual Calendar Chronograph Wristwatch by Patek Philippe with Moon-Phases, 1951, ref.2499, First Series (est. CHF 1.2/ 1.8 million, $1.14/1.72 million) and by an Important and Unique Automatic Perpetual Calendar Wristwatch by Patek Philippe with Leap-Year Subsidiary, 1970, ref.3448 (est. CHF 1.3/2 million, $1.24/1.91 million).
Following the highly successful May auction, the November 19 Magnificent Jewels sale in Geneva will include a sumptuous array of spectacular signed jewels and fine gemstones such as a Diamond Waterfall Necklace with Brooch Attachment signed by Sterlé (est. CHF 1.05/2.1 million, $1/2 million) and a Magnificent and Extremely Rare Natural Pearl Necklace with an Emerald and Diamond Clasp (est. CHF 1.5/3 million, $1.45/2.9 million).
Sotheby’s London will offer a one-off, spectacular single-owner sale of British Art on November 19. Entitled ‘A Great British Collection,’ the pictures come from the collection of Sir David and Lady Scott, two avid collectors of art and devoted and celebrated British gardeners. During their lives the Scotts amassed an exceptional array of British pictures that incorporates Victorian and 20th Century British Art and in its range and freshness to the market, the collection is the last of its kind to remain in private hands. The appearance on the market of this remarkable collection, which was begun in 1914 and continued over many decades, is virtually without precedent in the post-war era. The sale is expected to bring in the region of £5 million ($10 million). It will offer collectors a unique opportunity to compete for some of the most important British works, including many celebrated Victorian paintings which have been unavailable for generations.
Spring and Summer 2008 Highlights – Recent Sales Fine Art
Sotheby’s two-day series of Contemporary Art sales in New York on May 14-15 brought a grand total of $469,807,775 (est. $371.1/472.7 million), the highest total in the two-week series of auction, and Sotheby’s highest total for a Contemporary sales series ever. The evening sale was the best auction in the Company’s history, bringing $362,037,000 (est. $288.1/356.7 million), and was highlighted by Francis Bacon’s Triptych, 1976 – a masterpiece of the 20th century and the most important work by the artist in private hands – which sold for $86,281,000, a record for a contemporary work of art at auction and for the artist at auction (est. in the region of $70 million). The sale also featured Property from the Collection of Helga and Walther Lauffs, one of the most extraordinary single-owner offerings of Contemporary Art to ever appear on the market, which brought $96,105,000, far above its high estimate (est. $47.1/65.2 million). Eighteen artist records were set at the sale, for works by Francis Bacon, Yves Klein, Takashi Murakami, Robert Rauschenberg, Tom Wesselmann, Piero Manzoni, Robert Smithson, Georg Baselitz, Hans Hofmann, Lee Krasner, Dan Flavin, Claes Oldenburg, Carl Andre, Joseph Beuys, Robert Mangold, Brice Marden, Jeff Wall and Subodh Gupta.
The Evening Sale of Contemporary Art at Sotheby’s London on July 1 achieved the phenomenal sum of £94,701,550 ($188,853,831) against a pre-sale estimate of £67.4/96.6 million, making it the most successful summer sale of Contemporary Art in Europe. The sale had numerous high points, with records achieved for 11 different artists. Study for Head of George Dyer, 1967 by Francis Bacon sold for £13,761,250 ($27,442,685), against a pre-sale estimate in excess of £8 million. Overseas Nurse by Richard Prince sold for £4,241,250 ($8,457,901), achieving a new record for the artist at auction and Jean-Michel Basquiat’s early masterpiece, Untitled (Pecho/Oreja) from 1982-83 was sold on behalf of the rock band U2 for £5,081,250 ($10,133,029). Following the phenomenal success of the group of works from the Helga and Walther Lauffs Collection offered at Sotheby’s New York in May 2008, the July London series included a total of 53 works from the distinguished collection, 12 of them in the Evening sale. The group of 12 works performed well above expectations raising a total of £18,983,000 ($37,833,130), against a pre-sale estimate of £6.5/8.9 million.
In Paris, the May 26-27 Contemporary Art sale series fetched €23,680,650 ($37,218,878). The sale was highlighted by Francis Bacon’s Pope (c.1957-59), which was acquired from the artist in 1959 and sold for €4,624,250 ($7,267,934) against an estimate of €2/3m. In addition, Ligne de la Rupture (1970-71), one of Joan Mitchell’s most famous works, brought €3,840,250 ($6,035,721) (est. €2.2/3.2m).
The two-day series of Impressionist and Modern Art sales in New York on May 7-8 totaled $272,579,150, above the low estimate of $244.5 million. The evening sale achieved $235,333,000 and was highlighted by Fernand Léger’s Cubist masterpiece, Étude pour La Femme en Bleu, which sold for $39,241,000, a record for the artist at auction. Edvard Munch’s Girls on a Bridge surpassed the high estimate of $28 million to bring $30,841,000, also a record for the artist at auction. Four works from the Raymond and Patsy Nasher Collection brought $27,548,000 (est. $17.8/25.7 million) and were highlighted by Pablo Picasso’s Le Baiser from 1969 which sold for $17,401,000 (est. $10/15 million).
The Impressionist and Modern Art sales in London on June 25 and 26 realized £129,530,507 ($255,072,281) (est. £93.5/132.8 million), the highest total for any June series of sales of Impressionist and Modern Art held by the company. In the evening sale, Gino Severini’s Danseuse, of 1915, made £15,049,250 ($29,615,419) – seven times the previous record for a work by the artist, and a new record for any Futurist work ever sold at auction. Alberto Giacometti’s multiple-figure bronze Trois Hommes qui Marchent I (1948) sold for £9,449,250 ($18,595,179) – double the pre-sale estimate of £4/6 million and a record for any 20th -century sculpture sold at auction in Europe. The Impressionist and Modern Art sales included 17 works from the collection of influential Norwegian art connoisseur and dealer Haaken A. Christensen (1924-2008), which realized a combined total of £14,772,350 ($29,063,391) against an estimate of £6.7/10.1 million. Proceeds from the sale of these, and other works from Christensen’s collection, will benefit Médecins Sans Frontières (MSF) – one of the world’s leading international humanitarian aid organizations.
The sale of American Paintings, Drawings and Sculpture at Sotheby’s in New York on May 22 brought $87,006,200, the second highest total ever for a sale of its kind. Edward Hicks’ Peaceable Kingdom with the Leopard of Serenity achieved $9,673,000, a record for a work of American Folk art and a record for the artist at auction. Seventeen works sold for over $1 million, three of which sold for over $5 million. In addition to Hicks, thirteen artist records at auction were set for artists including Willliam Merritt Chase, Frederick Remington, William Sidney Mount, Charles Caryl Coleman and Thomas Birch.
Sotheby’s summer sales of Old Master Paintings in London on July 9 and 10 realized a combined total of £59,468,750 ($117,307,267), a figure easily in excess of pre-sale expectations of £36.8/53.5 million. The £59.4 million sum represents the second highest total for a series of Old Master sales at Sotheby’s worldwide and is 31% up on the same week last year (£45,220,480 or $91,300,455), and an 87% increase on the July 2006 total (£31,814,160 or $58,656,233). A rediscovered portrait by Frans Hals (Portrait of Willem van Heythuysen) sold for £7,097,250 ($13,995,067) against an estimate of £3/5 million – the second highest price ever achieved for a work by the artist at auction. Pope’s Villa at Twickenham, a masterpiece by Britain’s most celebrated artist, Joseph Mallord William Turner, sold for £5,417,250 ($10,682,275) – the fourth highest price for a work by the artist ever achieved at auction. Jan Brueghel the Elder’s The Edge of a Village with Figures Dancing – one of the finest works by the artist remaining in private hands – made £3,513,250 ($6,927,778), establishing a new auction record for the artist.
The two-day sale of Russian Art at Sotheby’s New York in April totaled $46,449,401 (est. $41/57 million). Highlighting the morning session of 19th and 20th Century Paintings was Arkhip Kuindzi’s Birch Grove, which sold for $3,065,000 (est. $2/3 million), the sale’s overall top price and a record for the artist at auction. The top lot from the afternoon session dedicated to Post War and Contemporary Art was Ilya Kabakov’s Complete Album Flying Komarov Containing 32 Original Drawings, which sold for $445,000, far exceeding its estimate ($200/250,000). The Works of Art session was galvanized by an extended bidding war over a Fine and Rare Fabergé Icon of Christ Pantocrator (est. $100/150,000) which finally sold, to rousing applause, for $780,000 to a bidder on the phone. Five works sold for more than $1 million, and a total of fifteen artist records were set.
Sotheby’s summer series of Russian art sales in London on June 9, 10 and 12 realized £39,721,500 ($78,053,345), the highest ever total for any such series. The highest price was for an Important Diamond-Set Badge of The Order of St. Andrew, which sold for £2,729,250 ($5,334,865), more than four times its pre-sale high estimate of £600,000 and setting a new record for any Order at auction. The evening sale of Russian Art achieved a total of £21,186,850 ($41,714,789) and the top lot was Natalia Goncharova’s Nature Morte aux Fruits which sold for £2,281,250 ($4,491,553). Still Life with Red Flowers and Peaches, the second work by Goncharova in the sale, realized £1,161,250 ($2,286,385). The artist Zinaida Serebriakova broke the £1 million mark, when her Reclining Nude, signed and dated 1929, sold for £1,071,650 ($2,109,972), more than five times its pre-sale high estimate.
The two-day sale of Latin American Art on May 29-30 in New York brought $28,141,600 (est. $18,791,000/24,528,000), well above expectations and the highest total ever for a sale of Latin American Art at Sotheby’s. The sale included the most important selection of paintings by Rufino Tamayo to appear on the market in several years. Tamayo’s El Comedor de Sandias (The Watermelon Eater) was the top lot of the sale, bringing $3,625,000 (est. $2/2.2 million), the second highest price ever achieved for a work by the artist at auction. Nineteen artist records at auction were set during the sale, and six records for a medium by the artist were achieved.
On April 18, Sotheby’s sale of 19th Century European Art in New York, including The Orientalist Sale, achieved $26,377,050 (est. $23.7/32.9 million). The sale was the first time in almost a decade that Sotheby’s held a dedicated offering of Orientalist Art, highlighted by exceptional masterpieces representing the entire region including North Africa, the Middle East and Turkey. The Orientalist Sale, comprising 90 lots, realized $9,025,750 (est. $7.4/10.3 million). In the 19th Century European Art sale, a great selection of works by the Academic painter William Bouguereau were highly sought after, and produced the sale’s top lot, Le Déjeuner du Matin (Morning Breakfast), which sold for $2,057,000 (est. $1.2/1.5 million). In another highlight, the masterpiece Gulliver and the Lilliputians, by French artist Jehan-Georges Vibert, more than doubled its high estimate and set a record for the artist at auction, bringing $1,497,000 (est. $50/700,000).
The sale of Orientalist Art at Sotheby’s London on May 30 realized £8,060,225 ($15,929,423), a sum well towards the upper end of pre-sale expectations (£6.2/8.6 million). The cornerstone of the sale was a monumental masterpiece by the pre-eminent Turkish artist Osman Hamdy Bey entitled A Lady of Constantinople. This large-scale work sold to a private collector bidding on the telephone for £3,380,500 ($6,680,662). It was one of the greatest works by the Turkish artist ever to have come to the market, and the price not only established a new record for the artist at auction but also set an auction record for a Turkish painting.
In the May 7 sale of Old Master Paintings in Amsterdam, Flemish master Sebastaen Vrancx’s Four Seasons sold for €1,208,250 ($1,872,606), the second highest price ever paid for an Old Master Painting in the Netherlands, and an auction record for the artist.
Among the highlights from the spring season in Milan was the May 27 Modern and Contemporary Art sale, which brought €12,368,680 ($19,485,000). The top lot of the sale was Lucio Fontana’s Concetto Spaziale, which topped presale expectations (€500/700,000) selling for €1,320,250 ($2,079,856). In the same sale, a work by Afro, Segno Limite, sold for €659,450 ($1,038,865), a world record for the artist at auction.
Sotheby’s May 27 Swiss Art sale totalled CHF 15,858,550 ($15,440,836). Record prices were achieved for two artists — Albert Anker when his Die Kartenlegerin sold for CHF 2,625,000 ($2,555,858), and for Robert Zünd when his Haus zwischen Nussbäumen (Schellenmatt) achieved CHF 649,000 ($631,905). Works by Giovanni Giacometti also performed well this spring: Blick über Capolago auf den Silsersee achieved CHF 1,505,000 ($1,465,358) and Winter bei St. Moritz fetched CHF 1,169,000 ($1,138,209).
Sotheby’s annual sale of Scandinavian Art in London on May 30 realized £5,192,900 ($10,262,728), surpassing expectations (est. £3.3/4.7 million). The top lot was Helene Schjerfbeck’s seminal oil painting, The Dancing Shoes / Tanssiaiskengät / Balskorna, which sold for a record-breaking £3,044,500 ($6,016,845). The remarkable price established not only a new auction record for Schjerfbeck but also represents a new record for a work by any Finnish artist at auction.
Decorative Arts
Furniture and Works of Art from the Collection of Dimitri Mavrommatis on July 8 in London attracted strong competition from the all corners of the globe, realizing the extraordinary sum of £10,410,600 ($20,535,950) against a pre-sale estimate of £5.5/ 8.7 million. No fewer than 80 of the 85 lots offered found buyers, with the majority of lots sold achieving prices well in excess of the pre-sale high estimate. The top lot in the sale was an Important and Rare Large Gilt-Bronze-Mounted Chinese Black and Gold Porcelain Pot-Pourri Vase and Cover (the Gilt-Bronze Louis XV, circa 1745, the Porcelain Qianlong, 1736-1795), which sold for £2,169,250 ($4,279,063) – far exceeding its pre-sale estimate (“in excess of £1 million”), and establishing a new auction record for a piece of mounted porcelain.
Sotheby’s spring sales of Photographs in New York totaled $17,302,050, with all three auctions surpassing their high estimates. This extraordinary season was highlighted by two single-owner sales: The Quillan Collection of 19th and 20th Century Photographs, which brought $8,901,350 (est. $4.5/7 million), and Edward Weston’s Gifts to His Sister and Other Photographs, which achieved $1,530,375 (est. $900,000/1.4 million). A various-owners sale of Photographs also performed well, realizing $6,870,325 (est. $3.6/5.6 million). Records were set across the three sales for a total of 25 artists at auction, including Edward Weston, Paul Strand and Diane Arbus.
The two-day sale of Prints in New York totaled $11,592,857, well within the pre-sale estimate of $9.5/13.1 million, with strong international bidding from America, Asia and Europe. Edvard Munch’s Angst, brought $892,200 (est. $200/300,000) demonstrating the great interest in iconic images by important artists; the top ten lots also included Richard Diebenkorn, Andy Warhol, Marc Chagall and Jasper Johns, among others.
Sotheby’s May sale of African, Oceanic & Pre-Columbian Art, featuring several distinguished private collections, achieved a total of $10,165,325 (est. $4.7/6.7 million). The highlight of the sale was A Magnificent and Highly Important Baga Serpent, an impressive sculptural object from The Republic of Guinea that, after spirited bidding, finally sold for $3,289,000 (est. $1.5/2 million) setting a record for a Baga sculpture at auction.
Sotheby’s June 11 sale African and Oceanic Art in Paris totalled €6,432,325 ($9,980,974) and was highlighted by a Sapi-Portuguese Salt-Cellar from Sierra Leone (late 15th/ early 16th century) which realized €1,296,750 ($2,012,154) and was a record price for a 16th century African ivory, doubling the high estimate of €600,000.
The sale of Antiquities in New York on June 5 brought a strong total of $8,933,001, exceeding the pre-sale high estimate of $6.2 million. The top lot of the sale was a superb and rare Cycladic Marble Figure of a Man, Early Bronze Age I, circa 3200-2700 B.C., which sold for $1,314,500. Egyptian works accounted for five of the top ten lots in the sale. Chief among them was an Egyptian Basalt Bust of a Queen or Goddess, Ptolemaic Period, 305-30 B.C., which soared past a high estimate of $60,000 to sell for $1,082,500.
On April 24 Sotheby’s New York offered the single-owner sale Tom Devenish: The Collection, Highly Important English Furniture, which brought $11,091,403. For some forty years, Mr. Devenish, who died in October of 2002, was one of the leading dealers in English furniture and decorative works in New York, known for collecting unique objects of incomparable quality in their original condition. The top lot of the sale, A George II Carved Mahogany Open Arm Chair Bearing the Barrington Arms, Attributed to John Linnell, circa 1755, brought $937,000, well within the pre-sale estimate of $800,000/1.2 million.
Another notable single-owner sale followed on April 25 in New York: The Collection of Khalil Rizk, the renowned New York dealer, philanthropist, consummate collector and co-founder of The Chinese Porcelain Company who died in 2001. The sale, which consisted of hundreds of items from Mr. Rizk’s Manhattan residence, including French, English and Continental furniture, Chinese Export and European Porcelain, Glass, Silver and Old Master Paintings and Drawings, achieved $3,334,490. The top lot was A Rare Chinese Export Armorial Ewer and Cover (est. $60/80,000), which sold for $253,000.
The sale of Important 20th Century Design at Sotheby’s New York on June 14 achieved $7,398,250 (est. $6.9/9.8 million). The sale was highlighted by an Important and Rare “Apple Blossom” Table Lamp, ca. 1905, by Tiffany Studios, which sold for $932,000 (est. $250/350,000), setting a record for the model at auction. The Artek Pavilion by Shigeru Ban sold for $602,500 (est. $800,000/1 million) and, thanks to its new owner, will have a rigorous exhibition schedule.
Sotheby’s June 3 Paris sale of 20th Century Decorative Arts & Design, including the Marquise de Morbecq Collection of furniture by Marc du Plantier, proved tremendously successful, yielding €4,154,425 ($6,454,114). The sale’s top price of €516,750 ($802,854), a world record for the artist, went to Jean Royère’s iconic Polar Bear suite comprising two fauteuils and a settee, designed in 1947 (estimate €300/500,000).
Asian Art
Sotheby’s four sales of Asian art in New York this spring brought $46,435,414. The week was highlighted by Sotheby’s fifth sale of Contemporary Art Asia: China Korea Japan in New York, which brought a solid $23,210,535 (est. $23.1/33.4 million) and was highlighted by Zeng Fanshi’s Mask Series No. 11, 1966, a triptych, which sold for $1,127,000 (est. $800,000/1 million).
Fine Chinese Ceramics and Works of Art, which featured Qing period jades, ceramics of the Five Dynasties to Early Ming period bamboo carvings, Ming and Qing dynasty porcelains and works of art from a number of distinguished private collections, totaled $11,091,263 and featured The Dexingshuwu Collection of exquisite ceramics. The top lot of this sale, from the Collection, was a ‘Jun’ Purple-Splashed Narcissus Bowl, Incised Si (‘Four’) to the Base, which commanded $869,000, far above its high estimate (est. $400/500,000). The sale also set records for a Chinese contemporary ink painting at auction as well as for works by Li Huayi, Huang Gang, Gui Jin, Li Jikai and Qui Xiaofei, among others.
The two Indian Art sales this spring brought a grand total of $12,133,626 (est. $10.6/15.6 million). Indian Art, including Modern Paintings, achieved $5,106,875 (est. $4.8/6.8 million). Top prices were dominated by works by M.F. Husain, led by his Untitled work from 1953, which sold for $409,000 (est. $200/300,000). Indian and Southeast Asian Art, including Works of Art and Miniatures, realized $7,026,758 (est. $5.7/8.5 million), highlighted by a Gilt Copper Buddha Shakyamuni, Tibet, 14th/15th
Century, which sold for $1,385,000 (est. $1.5/2.5 million).
Sotheby’s spring 2008 series of sales in Hong Kong totalled HK$1,774,494,000 (US$227,499,231), the highest ever total for a series of sales at Sotheby’s Hong Kong. The sales, which included approximately 1,700 lots of classical, Modern and Contemporary Chinese Art, watches and jewellery, were estimated to bring HK$1.5/2 billion. The top lot was a Magnificent and Extremely Rare Embellished Gold Tripod Vessel and Cover, Ming Dynasty, Xuande Period, which commanded HK$116,807,500 (US$14,947,856) to set the world auction record for Chinese Metalwork. An Exceptionally Magnificent Gold, Cloisonne and Beijing Enamelled Tibetan-styled Ewer, Duomuhu Engraved Mark and Period of Qianlong fetched HK$56,327,500 ($7,231,888) – a record for Qing Gold at auction.
Contemporary Chinese Art totalled HK$403,042,750 (US$51,672,148). The first offering of the Estella Collection brought HK$139,352,000 (US$17,865,641), far exceeding its high estimate of HK$93.6 million. Zhang Xiaogang’s Bloodline: The Big Family No.3 commanded HK$47,364,500 (US$6,061,619), a record for the artist at auction. Liu Xiaodong’s Battlefield Realism: The Eighteen Arhats sold for HK$61,927,500 (US$7,949,014) in the various-owners sale of Chinese Contemporary Art Sale – a record for the artist at auction.
Sotheby’s spring series of Chinese Works of Art sales in London on May 14 realized a total of £16,751,379 ($32,549,604) – the highest total ever for such a series in London and a sum well in excess of the pre-sale estimate of £5.2/7.4 million. The sales included works formerly in the Collection of Dr. Johan Carl Kempe whose two sessions reached a total of £13,158,504 ($25,568,289) (est. £2.6/3.6 million). Top lots included a fine and very rare 8th/9th century Tang Dynasty Parcel-Gilt Bowl
and Cover which sold for £1,588,500 ($3,086,614) against an estimate of £300,000-400,000, and a rare Northern Song Dynasty ‘Ding’ Lobed Bowl, which sold for £636,500 ($1,236,783) against an estimate of £200,000-300,000. Fine Chinese Ceramics and Works of Art from various sources totaled £3,592,875 ($6,981,315) against a pre-sale estimate of £2.67/3.93 million. The top lot was a Fine and Large Blue and White Ming style Vase, which sold for £288,500 ($560,584).
In Paris, the June 12 sale of Asian Arts and Chinese Ceramics brought an impressive €6,841,275 ($10,583,795), the highest total to date obtained in the field by Sotheby’s France. The top price was €456,750 for a Kangxi Period Gilt-Bronze Shyama Tara (est. €300/400,000).
Wine
Sotheby’s New York held four wine sales in the first half of 2008, led by the April 10 sale of Magnificent Bordeaux and Burgundy from an Important Private Cellar, which brought $6,134,035—Sotheby’s third highest value single-owner sale worldwide. The sale featured the greatest collection of rare Domaine de la Romanee-Conti wines ever offered by Sotheby’s, and attracted a diverse group of bidders from over 15 countries. Over 40% of the value of the sale was purchased by the top four buyers, who were all from Hong Kong. The highlight was the sale of six magnums of Domaine Romanée-Conti 1971 for $169,400 (est. $110/170,000).
The February 25 sale of an Exceptional Private Cellar brought $1,588,368 (est. $1.1/1.5 million); the March 15 sale of Finest and Rarest Wines Featuring the Cellar of V. Cheryl Womack also exceeded expectations, bringing $3,964,565 (est. $2.2/3 million), and the May 17 sale of Finest and Rarest Wines, Including The Cellar of William S. Morris III and Wines Direct from Chateau Angelus and The Sir Peter and Lady Michael Foundation totaled $2,911,260, well within the pre-sale estimate (est. $2/3 million). The latter sale included $182,286 to benefit The Sir Peter and Lady Michael Foundation for Cancer Research.
Jewellery and Watches
The April 17 sale in New York of Magnificent Jewels achieved a total of $26,343,850 (est. $21/28 million). Leading the sale was a stunning collection of Van Cleef & Arpels jewels from The Estate of Rita K. Hillman, a distinguished New York philanthropist and renowned collector of fine art, which totaled $4,945,825 (est. $2.8/4 million). The nine lots were 100% sold, highlighted by the sale of an extraordinary sautoir necklace, offered as two separate lots. The Natural Pearl and Diamond Necklace, Van Cleef & Arpels, brought $1,329,000 (est. $800,000/1.2 million), and the Fancy Intense Yellow Diamond Pendant sold to a different bidder for $1,833,000 (est. $800,000/1.2 million). The top-selling individual lot in the sale was a magnificent Diamond Ring, Harry Winston, The Property of a Lady, Sold to Benefit a Charitable Foundation, which realized $3,625,000 (est. $1.8/2.5 million).
The spring sale of Magnificent Jewels, Noble Jewels and Jewels from the Collection of Lily Marinho in Geneva on May 15 raised CHF 59,977,350 ($57,141,621), the highest Swiss franc total for a Jewellery sale in Switzerland. The Collection of Lily Marinho totalled CHF 11,612,350 ($11,063,318) while the sale of Noble Jewels brought CHF 7,516,350 ($7,160,977). The top lot was a Fancy Vivid Blue Pear-Shaped Diamond, mounted as a ring, weighing 3.73 carats which sold for CHF 5,201,000 ($4,955,097) – setting a new world record price per carat for any gemstone at auction ($1,328,444).
The sale of Important Watches in New York on April 23 achieved the highest total ever for a various-owners Watch sale at Sotheby’s New York, bringing $6,558,451 (est. $5.4/7.9million). The top lot of the sale was a Rolex Stainless Steel Oyster Cosmograph Daytona, Ref. 6263 with an Albino Dial, which realized $505,000 (est. $100/150,000), setting a record for a Rolex Daytona and for a Rolex sports model watch.
On May 11, the Geneva sale of Important Watches realized CHF 10,904,000 ($10,401,435), the highest total in this category at Sotheby’s Geneva. The top selling lot was an Extra Large and Possibly Unique Patek Philippe Chronograph, formerly the Property of Count Carlo Felice Trossi, which sold for over CHF 2 million ($2,236,919).
The sale of Important Watches at Sotheby’s Hong Kong in April was highlighted by a Patek Philippe Extraordinary and Rare Platinum Double-dialled Wristwatch with Twelve Complications which brought HK$11,751,500 (US$1,503,839) – a world auction record for a modern wristwatch.
About Sotheby’s
Sotheby’s is a global company that engages in art auction, private sales and art-related financing activities. The Company operates in 40 countries, with principal salesrooms located in New York, London, Hong Kong and Paris. The Company also regularly conducts auctions in six other salesrooms around the world. Sotheby’s is listed on the New York Stock Exchange under the symbol BID.
Forward-looking Statements
This release contains certain “forward-looking statements” (as such term is defined in the Securities and Exchange Act of 1934, as amended) relating to future events and the financial performance of the Company. Such statements are only predictions and involve risks and uncertainties, resulting in the possibility that the actual events or performances will differ materially from such predictions. Major factors, which the Company believes could cause the actual results to differ materially from the predicted results
in the “forward-looking statements” include, but are not limited to, the overall strength of the international economy and financial markets, political conditions in various nations, competition with other auctioneers and art dealers, the amount of quality property being consigned to art auction houses and the marketability at auction of such property. Please refer to our most recently filed form
10-K for a complete list of Risk Factors.
Financial Table Follows
All Sotheby’s Press Releases and SEC filings are available on our web site at www.sothebys.com. In addition, an outline of the conference call is available at http://investor.shareholder.com/bid/events.cfm.
Sotheby’s earnings conference call will take place on Tuesday, August 5, 2008, at 4:45 PM EDT. Domestic callers should dial: 877-548-7915 and international callers should dial: 719-325-4869. The call reservation number is 2194084.
To listen to the conference call via web cast, please go to http://investor.shareholder.com/bid/events.cfm You will need Windows Media Player or Real Player to access the call. Please download either of these programs before the call begins. The web cast will be available for replay for two weeks after the call.
*Note: All estimates do not include buyer’s premium.
