Picasso Harlequin Withdrawn from Auction

A painting by Pablo Picasso has been withdrawn from a Sotheby's Impressionist and Modern art auction in New York. The painting, which is a 1909 work titled "Arlequin", was expected to fetch more than $30 million at auction. Sotheby's says that the owners withdrew the painting for personal reasons. However, critics have suggested that it was withdrawn due to the recent financial crisis that has shaken the foundation of the art market. The harlequin painting was owned by the late Italian born American surrealist painter Enrico Donati. Donati paid $12,000 for the painting in the 1940s. Is this a sign of what is to come?

Take care, Stay true,

Brian Sherwin
Senior Editor
www.myartspace.com

Will Kazimir Malevich painting earn $60 million at Sotheby's auction?

Suprematist Composition (1916) by Kazimir Malevich, via Art Daily

Sotheby’s is confident that it will break the $20.9 million record set for the sale of Russian art at auction by Kandinsky set in 1990. Leading the charge is Suprematist Composition, composed by Kazimir Malevich in 1916. Suprematist Composition is widely considered a masterpiece of early 20th century avant garde art. In fact, Sotheby’s has stated that the painting is “one of the greatest modern paintings ever offered for sale.”

The Malevich painting is expected to earn $60 million dollars at auction when it goes on sale at the Impressionist and Modern Art auction on November 3rd. The painting hit the market after Malevich’s heirs recouped it from the Stedelijk Museum in Amsterdam. Critics have mentioned that Sotheby's is taking a blod risk considering the deterioration of global stock markets. For example, the Russian Stock Market has been hit hard with a 61% decline since May.

Links of Interest:

Malevich Painting May Fetch More Than $60 Million [Bloomberg]
Heirs to Auction Russian Painter’s Work [New York Times]
Sotheby’s: Suprematist Composition (1916), Lot #6, Impressionist and Modern Art Fall Sale [Sotheby's]
Sotheby’s expect Malevich to smash Russian record [Reuters]

Warhol's Skulls Series will Spearhead Sotheby's October Contemporary Art Sale

Andy Warhol, (1928-1987), Skulls. 5,000,000—7,000,000 GBP. Photo: Sotheby's.

Sotheby's will follow its record-breaking series of Contemporary Art sales in recent years with its October Contemporary Art sale. The event is scheduled to coincide with the Frieze Art Fair. The sale opens on the 20th of October and will include a selection of Andy Warhol’s iconic Skulls series (est. £5,000,000-£7,000,000). The Skulls series is known for its striking commentary on death and mortality. Sotheby’s senior international specialist Oliver Barker said, “The optimism and vitality of the colours only serve to underline the transience of life pitted against the omnipotence of death. Warhol’s point – ever concise and brilliantly pithy – is that even death, the nemesis of humankind, becomes mere lurid mundanity when perceived through repetition and familiarity.”