{"id":26807,"date":"2017-06-12T16:10:45","date_gmt":"2017-06-12T20:10:45","guid":{"rendered":"https:\/\/rehs.com\/blog\/?p=26807"},"modified":"2019-02-28T21:53:11","modified_gmt":"2019-03-01T02:53:11","slug":"the-19th-century-auction-market-what-is-going-on","status":"publish","type":"post","link":"https:\/\/rehs.com\/eng\/2017\/06\/the-19th-century-auction-market-what-is-going-on\/","title":{"rendered":"The 19th Century Auction Market &#8212; What Is Going On?"},"content":{"rendered":"<p>For some time now I have been\u00a0watching the two main auction rooms put the 19th century European painting market on the back burner. \u00a0As we experienced last month (in New York), they crammed their American, 19th century European and Latin American sales into one week (some sales actually took place simultaneously)&#8230; that shows you the level\u00a0of respect they have for those markets\u00a0&#8212; not much. Let&#8217;s face it, when the price of one mediocre Contemporary painting can eclipse the total for an entire sale of 19th century works can you blame them? Well, I do! \u00a0If you do not want to support a particular market, then get out of it.<\/p>\n<p>Scott Reyburn&#8217;s article in <a href=\"https:\/\/www.nytimes.com\/2017\/06\/09\/arts\/art-19th-century-auctions-gerome.html\" target=\"_blank\">The New York Times<\/a> touches on some of the issues, but they go much deeper.\u00a0\u00a0One of the biggest hurdles to overcome\u00a0is the auction house&#8217;s need to fuel the contemporary market;\u00a0a market they are heavily vested in with guarantees, etc. There is a constant need to\u00a0find new money to buy into that market &#8230; and I have heard that they push wealthy &#8220;collectors&#8221; pretty hard\u00a0&#8230; even those who have no interest in the period.\u00a0It would be very interesting to see what would happen if the auction rooms stopped \u2018investing\u2019 in it themselves.\u00a0 Let the works come up for sale and fall where they may. \u00a0That, of course, is just a dream\u00a0since guaranteeing works is, at times, the only way they can pry major works loose and, as we have seen, there can be\u00a0huge paydays &#8212; the recent $110M\u00a0Basquiat sale is a great example.<\/p>\n<p>On top of that, there is\u00a0a serious lack of high quality 19th century works coming to the public arena and without them,\u00a0there is just no way they can produce consistently strong results. They are also relying on a handful of consignors to supply works, many of which\u00a0have recently appeared on the market (bought at auctions within the last 2-12\u00a0years). There just isn&#8217;t much diversity when you\u00a0are feeding off the works you recently sold. \u00a0My question still stands: where are all the great 19th century paintings?<\/p>\n<p>As I travel through the art world I see more and more interesting works appearing in galleries or peripheral salerooms. \u00a0This adds to the problem the New York auction rooms are having. \u00a0With all that in mind, we can no longer look at the 19th century sales in New York as a barometer of the market&#8217;s health. \u00a0The only thing those sales show is how difficult it is for them to source good material and the strength, or weakness, of the specific works they are offering.<\/p>\n<p>It is my hope that the\u00a0results from the\u00a0recent sales will serve as a wake-up call.\u00a0 It is time that the New York auction houses move the 19th century sales to their own week &#8230; how about sometime in April, before all the craziness of the Contemporary sales?<\/p>\n<div id=\"attachment_26810\" style=\"width: 310px\" class=\"wp-caption alignleft\"><a href=\"https:\/\/rehs.com\/eng\/wp-content\/uploads\/2017\/06\/gerome.jpg\"><img decoding=\"async\" aria-describedby=\"caption-attachment-26810\" class=\"wp-image-26810 size-medium\" src=\"https:\/\/rehs.com\/eng\/wp-content\/uploads\/2017\/06\/gerome-300x180.jpg\" alt=\"gerome\" width=\"300\" height=\"180\" srcset=\"https:\/\/rehs.com\/eng\/wp-content\/uploads\/2017\/06\/gerome-300x180.jpg 300w, https:\/\/rehs.com\/eng\/wp-content\/uploads\/2017\/06\/gerome.jpg 768w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-26810\" class=\"wp-caption-text\">G\u00e9r\u00f4me&#8217;s &#8220;Bathsheba&#8221;<\/p><\/div>\n<p>On a side note,\u00a0Reyburn&#8217;s article discusses the poor result for G\u00e9r\u00f4me&#8217;s <em>Bathsheba<\/em>\u00a0(offered in the recent Sotheby&#8217;s sale) &#8212; a painting his biographer, Fanny Field Hering, claimed a masterpiece. A masterpiece?\u00a0\u00a0Really? \u00a0I can think of\u00a0a couple I would rather have: <em><a href=\"https:\/\/en.wikipedia.org\/wiki\/Pollice_Verso_(G%C3%A9r%C3%B4me)#\/media\/File:Jean-Leon_Gerome_Pollice_Verso.jpg\" target=\"_blank\">Pollice Verso<\/a><\/em> and <em><a href=\"https:\/\/en.wikipedia.org\/wiki\/Pygmalion_and_Galatea_(G%C3%A9r%C3%B4me_painting)#\/media\/File:Pygmalion_and_Galatea_MET_DT1969.jpg\" target=\"_blank\">Pygmalion and Galatea<\/a><\/em>. \u00a0And just because the painting made $2.2M in 1990 &#8212; at the end of a BOOM market &#8212; does not mean\u00a0it was worth that. All it shows is that at least\u00a0two very wealthy people wanted it &#8230; and one of them GOT it.\u00a0 <em>Bathsheba<\/em> will always be a valuable work of art (a value that will fluctuate depending on when it enters the market again); but more importantly, it is a beautiful painting by an important 19th century artist &#8230; an artist that has stood the test of time.<\/p>\n<p>At this point I do not think anyone will disagree that 19th century European art is one of, if not, the\u00a0most undervalued segment of the art market and offers a great deal of value for the money. \u00a0Keep in mind that history always repeats itself and over the past 150 years\u00a0the 19th century European\u00a0art market has gone in and out of favor. During the height of their careers, artists like Bouguereau, G\u00e9r\u00f4me, Meissonier, etc. were commanding record prices. By the 1920s, they were out of favor and could be bought for pennies on the dollar (literally). By the 1970s they were coming back and prices started rising \u2026 peaking in 2008. The financial debacle crushed many markets (the 19th century included) \u2026 some came back pretty quickly and others are taking a little\u00a0longer. Since 2008 we have seen strong prices for high quality 19th century works &#8230; Alma-Tadema&#8217;s <a href=\"https:\/\/en.wikipedia.org\/wiki\/The_Finding_of_Moses_(Alma-Tadema_painting)\" target=\"_blank\"><em>The Finding of Moses<\/em><\/a> brought $35.9M\u00a0in 2010; his <a href=\"http:\/\/p4.storage.canalblog.com\/40\/04\/119589\/64397767.jpg\" target=\"_blank\"><em>The Meeting of Antony and Cleopatra: 41 BC<\/em> <\/a>sold the following year for $29.2M; in 2014 Firmin-Girard&#8217;s <a href=\"http:\/\/www.sothebys.com\/content\/dam\/stb\/lots\/N09\/N09143\/213N09143_7CW26.jpg\" target=\"_blank\"><em>Le quai aux fleurs<\/em><\/a> brought $3M\u00a0on a $300-500K estimate (about 10 times the artist&#8217;s\u00a0previous high) and in 2015 Gustave Courbet&#8217;s <a href=\"https:\/\/s-media-cache-ak0.pinimg.com\/736x\/61\/34\/a3\/6134a3bafc5e9b5409dfbc7d46ec280d.jpg\" target=\"_blank\"><em>Femme nue couch\u00e9e<\/em><\/a> made a record $15.3M \u2026 the only issue, as I stated before, is that very few great 19th century works\u00a0are being offered in the public arena so there is\u00a0very little positive\u00a0press.<\/p>\n<p>For the Contemporary market the real question is: how many of the artists will stand the test of time?\u00a0 It will be interesting to see where a Damien Hirst spin painting or a Lucien Smith abstract are 20 or 30 years from now.\u00a0 Even more telling is where have they gone over the past 5 &#8211; 10 years &#8230; I think the answers will surprise you.\u00a0 And in case you are wondering, think about this:\u00a0 In 2014, Smith&#8217;s painting <span style=\"color: #00ccff\"><a style=\"color: #00ccff\" href=\"http:\/\/www.artnet.com\/WebServices\/images\/ll00246lldk8QJFg8YECfDrCWvaHBOcbyDF\/lucien-smith-mystic-pizza.jpg\" target=\"_blank\"><em>Mystic Pizza<\/em> <\/a><\/span>was sold in a Christie&#8217;s, New York,\u00a0sale for $149,000 (est. $80-120K); the same work sold this year (less than 3 years later)\u00a0in a Phillips, London,\u00a0sale for $53,000 (est. $36-60K).\u00a0 In 2008 Damien Hirst&#8217;s <a href=\"http:\/\/www.artquotes.net\/masters\/hirst\/paint-filled-balloons.jpg\" target=\"_blank\"><em>Beautiful, Shattered, Mellow, Exploding, Paint-filled Balloons Painting<\/em> <\/a>brought $931,000, the same work sold in 2013 (5 years later)\u00a0for $648,000.\u00a0 And in 2007\u00a0Hirst&#8217;s <a href=\"http:\/\/www.christies.com\/lotfinderimages\/D58715\/damien_hirst_lullaby_winter_d5871571h.jpg\" target=\"_blank\"><em>Lullaby Winter<\/em><\/a> brought an\u00a0impressive $7.4M at auction, in 2015 it sold for just $4.6M. \u00a0Funny how those results were never mentioned!<\/p>\n<p>Anyway, I will continue to stress the importance of buying a work of art because you love it and want to own it &#8230; not because there may be a big payday since nothing is a guarantee.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>For some time now I have been\u00a0watching the two main auction rooms put the 19th century European painting market on the back burner. \u00a0As we experienced last month (in New York), they crammed their American, 19th century European and Latin &hellip; <a href=\"https:\/\/rehs.com\/eng\/2017\/06\/the-19th-century-auction-market-what-is-going-on\/?contemporary=N\">More&#8230;<\/a><\/p>\n","protected":false},"author":21,"featured_media":26810,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,1],"tags":[207,11,9],"class_list":["post-26807","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-rehs-galleries","category-rehs-contemporary","tag-auction-news","tag-rehs-contemporary-news","tag-rehs-galleries-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.7 (Yoast SEO v27.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>The 19th Century Auction Market - What Is Going On? 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