This Week in the Art Market – Friday, 29th September: From an unexpected John Constable sketch fetching $245,000 to a record-breaking Monet set to unveil at $65 million, the art auction scene is buzzing. Meanwhile, Contemporary Istanbul opens its doors, and Singapore’s art sector enjoys an unprecedented boost in donations and patronage. Dive into a week of surprises, milestones, and philanthropy in the art world.
Uncovered John Constable Sketch Sold for $245,000
On Monday, a previously unknown oil sketch by the seminal 19th century British painter was sold at an auction house for £200,000 (roughly USD 242,650 or SGD 333,000). This remarkable hammer price far exceeded presale estimates of £80,000 -£120,000, despite the fact that it had been discovered only recently in an old house in Guernsey, an island near the coast of France. The work was authenticated by a label on the back of the frame, allowing it to be traced back to the collection of the painter’s grandson, Hugh Golding Constable.
See More: https://news.artnet.com/market/constable-painting-sold-2367375
Rare Picasso Portrait Exhibited Before Auction
The 1932 portrait of Marie Therese Walter, Picasso’s young mistress, has been sent on a travelling exhibition from Dubai to Hong Kong and London, before it is set to attract at least USD $120 million at auction in November. It is the first time the painting has been shown outside the US in 50 years, and also breaks records as one of the first Picasso works to have been shown in the United Arab Emirates.
See More: https://www.businesstimes.com.sg/lifestyle/picasso-masterpiece-begins-pre-auction-tour-dubai
British Museum Enlists Public Aid to Find Stolen Artefacts
After the shocking revelations that around 2,000 artefacts had been reported missing from the British Museum’s collections, the organisation has now put up a public list of the items unaccounted for. These include mostly Greek and Roman jewellery, as well as rings, earrings and other precious items from as far back as the Late Bronze Age. The museum also revealed that at least 60 objects have been returned, and 300 more have been “identified and [are] due to be returned immediately”.
See More: https://www.bbc.com/news/world-us-canada-66921621
Much Anticipated Istanbul Art Fair Opened on Tuesday
The 18th edition of Contemporary Istanbul opened on the 26th of September, drawing 67 galleries from 22 countries and an expected attendance of 40,000 people. The fair is located in a former Ottoman shipping yard, which has since been renovated into a thriving cultural district in the city. Director Aslı Ünal told reporters that “Turkey is becoming very powerful, and very international, on this side of the world. It’s a new market in a beautiful city.”
See More: https://www.theartnewspaper.com/2023/09/27/contemporary-istanbul-fair-sales-report
Christie’s set to unveil previously unseen Monet painting for $65 million
Previously kept in a private collection, Monet’s Le bassin aux nympheas (1917-19) will be shown to the public for the first time during Christie’s 20th century evening sale in November, New York. Christie’s is set to tour the work before auction, so art lovers in Hong Kong, London and Paris will be able to see the rare canvas before it is officially sold.
See More: https://www.ft.com/content/248356f2-559e-4880-8887-f01cb31989d5
More than $45 million donated to help Singapore’s Art Scene
This year’s remarkable level of donations mark the highest ever seen in the last three years. Other forms of giving, such as in-kind donations, tripled to nearly $20 million, while the number of first time donors increased by 45%. The Patron of the Arts award ceremony also saw the most number of patrons (404) awarded since its inception in 1983, with a new category being introduced that recognised long-term donors.
