A 1982 self-portrait by Haitian-born Jean-Michel Basquiat (1960-1988) fetched a record price of over 3,3 million dollars at Christie's on November 12th 1998.
The previous record for a work by Basquiat had been set in 1997 by Sotheby's with US $ 596,500 paid for Unbreakable a painting that was sold by Paris dealer Yvon Lambert to French singer Gérard Lenormand for a mere 200,000 French francs (some US $ 35,700) in 1988. The painting was then sold a few months later for 450,000 French francs (US $ 80,357) to a well-known French collector.
The self-portrait was acquired by Philip Niarchos, the son of Greek magnate Stravos Niarchos. It had been offered in 1993 for US $ 250,000 to the Paris Georges Pompidou National Museum of Modern Art which refused to buy it.
Basquiat has become much the target of collectors in recent months and the fact that he died from a drug overdose ten years ago is no stranger to his fame. The price paid for his self-portrait was five times the highest estimate. Specialists said they were sure that prices for the artist's works would continue to rise in the near future.
On November 17th 1998, Sotheby's benefited from the Christie's success with the sales of other works by Basquiat in New York. Untitled (1984-1985) went for US $ 717,500 against an estimate of US $ 350,000 while Rubber was sold at US $ 420,000. Untitled and Rubber had been offered for sale privately a few weeks before they were sent to Sotheby's but no collector was prepared to offer over US $ 400,000 for these.
A 1982 self-portrait by Haitian-born Jean-Michel Basquiat (1960-1988) fetched a record price of over 3,3 million dollars at Christie's on November 12th 1998.
The previous record for a work by Basquiat had been set in 1997 by Sotheby's with US $ 596,500 paid for Unbreakable a painting that was sold by Paris dealer Yvon Lambert to French singer Gérard Lenormand for a mere 200,000 French francs (some US $ 35,700) in 1988. The painting was then sold a few months later for 450,000 French francs (US $ 80,357) to a well-known French collector.
The self-portrait was acquired by Philip Niarchos, the son of Greek magnate Stravos Niarchos. It had been offered in 1993 for US $ 250,000 to the Paris Georges Pompidou National Museum of Modern Art which refused to buy it.
Basquiat has become much the target of collectors in recent months and the fact that he died from a drug overdose ten years ago is no stranger to his fame. The price paid for his self-portrait was five times the highest estimate. Specialists said they were sure that prices for the artist's works would continue to rise in the near future.
On November 17th 1998, Sotheby's benefited from the Christie's success with the sales of other works by Basquiat in New York. Untitled (1984-1985) went for US $ 717,500 against an estimate of US $ 350,000 while Rubber was sold at US $ 420,000. Untitled and Rubber had been offered for sale privately a few weeks before they were sent to Sotheby's but no collector was prepared to offer over US $ 400,000 for these.
TOP PRICE FOR PHARAOH
A statue of pharaoh Sesostris III was sold for 4,6 million French francs (US $ 821,000) in Paris by Drouot auctioneer Olivier Couteau-Bégarie. The 60 cm high black fleckeled granitestatue, dating back to the 12th Dynasty, thus reached a record price for the French market regarding archaeological pieces despite the fact that the curator of the British Museum had expressed doubts about its authenticity before the sale.
ARTS OF FRANCE
Christie's sale titled «Arts of France» only totalled US $ 9,438 million on October 23rd 1998 in New York. This result was rather disappointing in comparison with the 1997 sale which totalled over US $ 16 million. Only 109 lots out of 197 were sold while French furniture pieces and paintings did not sell well.
Antoine Watteau's Nymph before a fountain painted at the start of the artist's career however fetched $ 904,500 and a late study by François Boucher, Picking cherries, was sold for US $ 552,500.
An attractive portrait of a man, which might have been the work of either Watteau, de Troy or Tiepolo, was acquired for US $ 101,500 against an estimate of US $ 60,000-80,000. The most suprising result was for a pair of Chinese lacquered and bronze Louis XV stands which went for US $ 156,500 against a top pre-sale estimate of US $ 18,000. Meanwhile a pair of Louis XV gilded wood consoles sold for US $ 629,500.
THE ARMORY SHOW
The International Fine art and Antique dealers show which was held at the Seventh Regiment Armory on Park Avenue in New York from October 16th to 22nd 1998 met considerable success, according to the organisers. Participants were satisfied about the volume of sales for this 10th edition notably for French Art Deco furniture. Belgian dealer Philippe Denys sold 45 pieces and the French gallery Valois also fared well. The Ariane Dandois gallery sold 80% of pieces presented during the show notably to U.S buyers.
Regarding paintings, Paris dealers Philippe Cazeau and Jacques de la Béraudière were more than satisfied while the Hopkins Thomas-Custot gallery sold a painting by Pierre Bonnard for almost US $ 1 million.
Belgian dealer Axel Vervoort sold a painting by French painter Eugène Fromentin for US $ 440,000 while the Chinese Porcelain Company of New York sold 40 chinese watercolors showing birds at US $ 3,800 each on the second day of the fair. As a conclusion, American buyers did not hesitate to buy what they liked while the Europeans appeared somewhat hesitant.
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