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“Making money is art”*…

 

art and money

 

In 2005, an unusual painting appeared on the website of the New Orleans Auction Gallery, a small operation headquartered on the banks of the Mississippi River. Twenty-six inches tall and 18 and a half inches wide, the painting depicted Christ in Renaissance-era robes, one hand raised in benediction, the other cupping a diaphanous sphere. “After Leonardo da Vinci (Italian 1452–1519),” read the description. “Christ Salvator Mundi. Oil on cradled panel.”

Among the people to click on the listing for Lot 664 was a Rockland County art speculator named Alexander Parish. Parish has spent his entire career in the art world, first as an assistant, later as an adviser to a major European gallery, and now as what’s known as a picker — a dealer who purchases art from minor auction houses and antiques sales and resells it to wealthy clients at a profit. “A major part of what I do,” Parish told me, “is educated gambling. You get a good feeling about a piece of art, and you place a bet that you know more about it than the auctioneer does.”

Parish felt very good about Lot 664. In fact, although he had only a few postage-stamp-size JPEGS to work with, he thought he might be looking at a piece by a student of Leonardo’s — perhaps the Milanese painter Bernardino Luini. That same afternoon, he sent a link to his friend Robert Simon, the owner of an old-master gallery on the Upper East Side, who has a doctorate in art history from Columbia University with a specialty in the art of the Renaissance.

“My first reaction was that it was a very intriguing painting,” Simon recalled. As he knew, the original Salvator Mundi, painted by Leonardo around 1500, possibly for the French king Louis XII, had been one of da Vinci’s most copied works — dozens of replicas hang in museums around the world, but the original had been lost to history. It seemed possible that another period copy dating to the Renaissance would exist. Simon and Parish agreed to invest in the painting together, with a bid ceiling of $10,000; Parish would handle the bidding via phone. “My memory of the auction is that I just sat there waiting for the price to go up,” Parish said. “But it became apparent that no one else was interested.” His winning bid came in at $1,000.

Today, of course, the contents of Lot 664 are worth far more than that: The picture has since sold once for $127.5 million and again, in a record-setting auction at Christie’s, for close to half a billion dollars…

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Find out how to turn a $1,000 art-auction pickup into a $450 million masterpiece: “The Invention of the ‘Salvator Mundi’.”

* Andy Warhol

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As we appreciate appreciation, we might recall that it was on this date in 1934 that a team of FBI agents went toe to toe with John Dillinger, Baby Face Nelson, and their gang.  The lawmen tried to capture the outlaws at their temporary hide-out, the Little Bohemia Lodge (in northern Wisconsin)

As the agents approached the lodge, the owner’s dogs began to bark. Since the dogs barked incessantly, their warning was ignored by the gang. A few minutes later, a car approached the agents. Thinking that the gangsters were inside, they opened fire in an attempt to shoot out the tires. Shooting high, which often happens when firing on full auto, they hit all of the occupants of the car, and killed one of them. To make matters worse, they had the wrong guys. Dillinger and his crew were still inside the lodge.

Barking dogs you can ignore, but submachine-gun fire will get your attention every time. Dillinger and the boys heard the shots and knew that the heat was on. They opened fire on the agents from the lodge. After throwing some hot lead at the G-men, the gang bolted for the door. Dillinger and two of his guys turned one way and made a clean getaway. Nelson turned the other way, and wound up at a nearby house in a car with the owner of the lodge and a neighbor.

A car containing two of the FBI agents and a local constable approached Nelson. Nelson pointed his gun at them, and ordered them out of the car. When they complied, Nelson shot all three of them. Agent W. Carter Baum was killed; Agent J. C. Newman and local constable Carl Christensen were injured.

The final tally: two dead (one lawman and one innocent bystander), four injured (two lawmen and two bystanders), no gangsters in custody.  [source]

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Little Bohemia Lodge

 

Written by LW

April 22, 2019 at 1:01 am

“Damien Hirst should run Lehmann Brothers”*…

 

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Peter Wilson presiding over the Goldschmidt sale at Sotheby’s, October 15, 1958. For maximum drama, Wilson limited the sale to seven star lots. Guests included Kirk Douglas, Somerset Maugham, and Lady Churchill. The rising prices paid for Impressionist paintings during the 1950s caught the attention of the press and attracted a surge of new buyers

 

“Works of art have proved to be the best investment, better than the majority of stocks and shares in the last thirty years.”

This was the confident declaration of Peter Wilson, the then chairman of Sotheby’s, during his 1966 appearance on the BBC’s Money Programme. Though he was only eight years into his chairmanship, Wilson had already overhauled the fusty image of the art trade. His ingenious pre-sale marketing efforts, celebrity invitations, and black-tie sales had transformed Sotheby’s auctions into major news affairs, and deepened the perception of Christie’s as an antiquated rival.

Reacting shrewdly to the post-war wave of prosperity, Wilson was determined to bring newly moneyed buyers into the fold. He sought to convince businessmen and bankers that collecting was no longer the exclusive preserve of cultured, old-money dynasties such as the Rothschilds, Rockefellers, or Mellons. Crucially, Wilson wanted to instill the notion that art can be an investment. The sudden and precipitous rise of the Impressionist art market during the 1950s may be cited as proof of this. If you inherited an Impressionist painting, you could now sell it for vastly more than your family paid to acquire it. Wilson’s idea just needed to be packaged in an immediate and compelling fashion.

A year after Wilson’s television appearance, twenty-seven-year-old Geraldine Keen — now Geraldine Norman — received a letter in Rome. A graduate of Oxford University and UCLA, Norman had left her job as an editorial statistician for the Times newspaper in London to work for the Food and Agriculture Organization of the UN. The letter was a job offer from the paper’s City editor, George Pulay, asking Norman whether she would consider returning to London. He wanted her to spearhead a new editorial collaboration between the Times and Sotheby’s.

Few people active in the art world today have heard of the Times-Sotheby Index. Those who have are most likely veteran art dealers or retired auction staff…

But it had a lasting effect: the project galvanized the concept of art as an investment asset.  Find out how at “‘Your Money Is Safe in Art’: How the Times-Sotheby Index Transformed the Art Market.”

* Alberto Mugrabi

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As we diversify our holdings, we might spare a thought for Berthe Marie Pauline Morisot; she died on this date in 1895.  A pioneering painter, she was one of “les trois grandes dames” of Impressionism (with Marie Bracquemond and Mary Cassatt).

In February 2013, Morisot became the highest priced female artist, when After Lunch (1881), a portrait of a young redhead in a straw hat and purple dress, sold for $10.9 million at a Christie’s auction (exceeding the $10.7 million paid for a sculpture by Louise Bourgeois in 2012).

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Berthe Morisot

source

 

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