Art & Finance Newsletter #29 - Art Institute of Chicago to deaccession a portion of their Chinese art collection
Massive deaccessioning of Chinese art and antiquities at the Art Institute of Chicago. A museum near and dear to my heart.
Onto the art market...
Art Institute of Chicago Deaccessioning
The Art Institute of Chicago is deaccessioning 300 works of Chinese art from its collection at Christie’s New York in September. The “Chinese Works of Art from the Art Institute of Chicago” auction, scheduled for September 12, with a complementary online sale September 10–17, will benefit the museum’s Asian art department’s acquisition fund.
“Our curators are always evaluating and refining the museum’s collection,” the Art Institute said in a statement published by the Chicago Tribune, noting that the decision to sell the works was approved by its board of trustees. “This auction allows us to deaccession a number of works in areas where we have significant breadth and depth, and the proceeds will return to the Asian Art department’s acquisition fund.”
The Art Institute of Chicago owns some 35,000 objects in its Asian art department, which comprises more than 10 percent of its 300,000-work collection. The sale reflects the museum’s ongoing efforts to streamline its collection with an eye toward eliminating redundancy.
In March, the institute deaccessioned 22 Chinese jade carvings at the “Important Chinese Art” sale at Sotheby’s New York during Asia Week, bringing in an impressive $3.15 million. The works, which auction house vice president and Asian art division director Christina Prescott-Walker called “a spectacular offering” in a statement, all sold.
Artnet - Art Institute Chicago Deaccessioning
Matisse painting falls short at auction
High hopes for a 1919 oil painting by Henri Matisse in the spring sale at Heffel auction house in Toronto were quickly shattered when the work only drew a smattering of interest Wednesday night and failed to reach the minimum reserve price. The 26- by 20-inch canvas, Femme assise sur un balcon, was the first work by the French painter to be sold at auction in Canada and was estimated to make between C$3.8m and C$5.8m ($2.8m and $4.3m), but bidding stalled soon after opening at C$2.8 ($2m).
The auction house’s vice-president Robert Heffel put a positive spin on the disappointing result, telling The Art Newspaper: “We were honoured to offer the Matisse. Not every artwork sells the night of the auction, and we’re confident that the painting will find its rightful home.”
The Art Newspaper- Matisse painting falls short at auction
Top Portuguese collector in trouble
The vast modern and contemporary art collection of José "Joe" Berardo, the Madeira-born collector once dubbed the “Portuguese Saatchi”, is at stake after three Portuguese banks filed a lawsuit to recover debts from the businessman totalling almost €1bn.
Berardo’s 900-strong collection—comprising major works by Pablo Picasso, Nan Goldin and Francis Bacon—is on show at the Centro Cultural de Belém in Lisbon as part of a private-public partnership with the Portuguese government. It is one of the most visited museums in Portugal.
In April, three banks filed a lawsuit to recover debts from the entrepreneur totalling €962m. The banks—Caixa Geral de Depósitos (CGD), Novo Banco and BCP—had previously tried to seize a portion of Berardo’s collection after he allegedly defaulted on repayments.
The recent controversy prompted the Portuguese parliament to hold an inquiry that involved summoning Berardo to an open question session. In the hearing on 10 May, the businessman insisted that he “has no debts” and stressed that his only capital asset is a garage in Funchal, Madeira. His comments enflamed the Portuguese Prime Minister António Costa who was “shocked” by the entrepreneur’s attitude, according to local reports.
The Art Newspaper - Top Portuguese collector in trouble
I have been invited to speak at a conference in Singapore next week. The conference is the Global Migration and Overseas Wealth Management Southeast Asia (long title). The panel covers the rising appetite in art and collectible assets with UHNWI in Southeast Asia.
If you are in Singapore next week and would like to meet let me know!
Speak soon,
Blake