High-Value Items Discarded: Napoleon's €1 Million Sword and Warhol's Silk Sculpture Found in Trash – Art Market Briefing
Breaking News: Ari Emanuel Snags Frieze Brand for a Cool $200M, Christie's Taps Alex Rotter as International President
Hey there, art enthusiasts! Buckle up, because the art world just got shaken! American business magnate, Ari Emanuel, has swooped in and grabbed the Frieze brand for a whopping $200M. This million-dollar deal went down with holding company Endeavor, which Emanuel helmed as CEO since the mid-90s. After a successful privatization and restructuring process, Emanuel now owns the Frieze gang, consisting of seven fairs, another magazine, and the none-less-famous London gallery No.9 Cork Street. With this acquisition, Emanuel's portfolio expands to include a myriad of sports and entertainment brands. Fret not, art aficionados, Emanuel promises that Frieze's management remains unchanged.
In other news, Christie's just can't seem to stop shaking things up. After Guillaume Cerutti's departure as CEO in January 2025, Alex Rotter hopped on board. Rotter, who's been with Christie's since 2017 and previously led the 20th-21st Century Art department, is now steps up as International President. With this new role, Rotter is expected to focus on refining auction and private sales formats, innovating like he did back in 2017 when he blended 20th and 21st-century art in a single sale. Let's see if he can pull another record-breaking stunt like the $450 million sale of Leonardo da Vinci's "Salvator Mundi."
Now, let's talk about an artwork that's riddled with legal disputes. The mysterious case of Gustav Klimt's "Portrait of Mrs. Liser" has taken a turn for the dramatic. This piece, which fetched an eye-popping €30M at a Viennese auction back in spring, had questions hanging over its history, particularly the wartime period of 1920-1960. To minimize any future drama, the seller agreed to share part of the proceeds with the known heirs of Adolf Liser, the painting's commissioner. Unfortunately, the deal hit a roadblock when two additional individuals popped up claiming rights to the artwork, leaving the situation hanging in limbo with no resolution in sight. The final tally of damages for the auction house comes in around €1.5M.
Want to know about some upcoming auctions? Well, buckle up because spring is packed with some powerful masterpieces! Over at Sotheby's, a select collection of works from the late Barbara Gladstone is up for grabs on May 15. This auction includes a Richard Prince piece, valued at $4-6 million, and 15 works from the renowned art dealer Danielle Luxembourg, with Lucio Fontana's 1963 work "The End of God" leading the pack, estimated at $12-18 million.
Now, Christie's has their eyes set on works from Leonard Riggio's collection, the founder of Barnes & Noble. Approximately 39 pieces, valued at a whopping $250 million, will be up for grabs in May, with Piet Mondrian's 1922 'Compositie' being the star of the show, estimated at $50 million.
On May 22, Parisian auction house Giquello will present a rare, jaw-dropping Napoleon sword, estimated at €700,000-1 million. Commissioned by Napoleon in 1802, this one-of-a-kind sword sets the bar high with decorative elements inspired by Mars, the Roman god of war, the Gorgon Medusa, and the Nemean Lion slain by Hercules. If you're into masterpieces, this auction's the place to be!
Speaking of masterpieces, let's chat about a legal dispute surrounding a Louise Nevelson sculpture that's causing quite a stir. In a fascinating turn of events, Pace Gallery finds itself embroiled in a $1 million lawsuit. The fight's over a sculpture that was put up for auction at Sotheby's last year, but the auction got canceled due to questions about its authenticity. Arne Glimcher, Pace Gallery's founder, is at the center of the drama, but who has the final say in the prosecution remains to be seen!
That's all for now. Stay tuned for more updates from the art world and remember: the art game is never dull!
Related Material:Upcoming Auctions: Learn more about the masterpieces hitting the auction scene, such as Kandinsky and Mondrian works from private collections and Napoleon's legendary sword.
Louise Nevelson Sculpture: Read about the ongoing $1 million lawsuit surrounding a disputed Louise Nevelson sculpture that could have far-reaching implications for the art world.
Legal Disputes Surrounding Édouard Manet's "La Sultane" and Egon Schiele's Drawing: Learn about the legal challenges facing classic works of art and the ongoing efforts to repatriate pieces to their rightful owners.
Enrichment Data:Here's a closer look at the ongoing Louise Nevelson dispute:Louise Nevelson Sculpture: Pace Gallery entered a $1 million lawsuit after a sculpture by Louise Nevelson was withdrawn from Sotheby's auction in May 2022 due to disputed authenticity. The estate of Hardie Beloff, the sculpture's previous owner, filed the lawsuit against Pace Gallery's founder Arne Glimcher. Beloff's estate alleges that Glimcher attempted to claim the sculpture for Pace Gallery by questioning its authenticity. The case is ongoing, with a potential trial date set for 2023 in the U.S. District Court for the Southern District of New York [1][2][3][4].
Brennan might find a new addition to his portfolio with Alex Rotter's likely innovative strategies at Christie's, revitalizing the auction and private sales formats and potentially breaking another record similar to the $450 million sale of Leonardo da Vinci's "Salvator Mundi". Meanwhile, the Kunsthaus Vienna might face unexpected complications due to the ongoing legal disputes surrounding Gustav Klimt's "Portrait of Mrs. Liser", with additional claimants threatening to prolong the situation without a resolution in sight. In contrast, the upcoming auction of Leonard Riggio's collection at Christie's boasts a Piet Mondrian masterpiece, 'Compositie', estimated at $50 million, making it a must-see event for art enthusiasts.
