Alicia Keys Supports "Africa Now" at Bonhams

Last Year Bonhams New Bond Street in London hosted Britain's first ever auction sale of works exclusively by contemporary African artists entitled "Africa Now." Now, famed singer, songwriter, actress, author, and philanthropist (with extreme interest in Africa), Alicia Keys, is showing her support for Bonhams New York, which will host the "Africa Now: Contemporary African Art" sale on March 10, 2010. Keys' charity, "Keep a Child Alive" will partner with Bonhams for a VIP reception, which is sponsored by Afren plc, the African focused independent oil and gas exploration and production company with operations in several African countries.

Keys and Leigh Blake founded "Keep a Child Alive" in 2003 with the mission of providing life-saving anti-retroviral treatment and health care to children and families with HIV/ AIDS in Africa and India. The organization has served more than 250,000 children and families.

Keys talks about her organization's work and her recent trip to Africa,

"It's amazing to return to Africa and witness those who were so ill and near death, being brought back to life because of the medical care they were able to receive. Just knowing that your time and effort has helped build paediatric wings in hospitals and supply medicine to those who might not otherwise receive it, gives me a real sense of purpose."

The "Africa Now" sale at Bonhams New York will be the first commercial auction of African contemporary art ever held in the US and features work by both new and established artists.

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More Chinese Drama

In the wake of all the YSL sales bliss, the winning bidder of the the two controversial Chinese bronzes has been announced: a Chinese man with connections to a Chinese non-profit called the National Treasures Fund. But there's a catch: he's not paying. 

Cai  Mingchao says he never had any intention of paying for the bronzes and just wanted to raise awareness about their true home in Chinese cultural history. He says they should be immediately returned to the Chinese - who, also, shouldn't have to pay for them. 

In one of my classes we're studying Cultural Property and Arts Repatriation initiatives so this is a really interesting side note to all this. The LA Times was one of the first to break this story and put an interesting spin on it. 

An Auction of a Lifetime

Well, Christie's has done it! They've pulled it off, maybe saved their company, maybe saved the whole art world. We'll have to see. 

What they did do is they managed to sell $477 million dollars - that is 96 percent of everything offered - worth of art, furniture, goodies, etc. Major winners include the two Qing dynasty bronze heads for $40 million, a dragon chair for $28 million

“This was a once-in-a-century sale,” Hugh Edmeades, deputy chairman of Christies South Kensington, said in an interview. He has been involved in single-owner collections at the London-based auction house since the 1980s and said, “I can’t remember anything like it. I’ve never seen people queuing for hours to view an auction before. Patriotism was definitely a factor.”

It is certainly something that I will remember for a long while. And hopefully it will be one part of the puzzle that pulls the art market out of its downward slump. But we've got to remember that this is a single person sale - and I don't see YSL dying again any time soon. It was Christie's one big chance and opportunity but it was also a one off deal. Hopefully they can continue taking risks, working hard, and making the art market work to their favor. We've just got to keep our heads up and everything will be ok. 

Appraisals

We had an appraisal specialist come into one of my classes today. It was really fascinating because for all that I know about art and the art market I still have very little idea about how value comes about. And its a very interesting process. 

We haven't really learned how to do an appraisal (and, granted, that is not really the type of school I'm in) but we have learned what it's all about. Appraisers are basically super intense researchers - they aren't specialists in any particularly field but know a little about everything and have the wherewithall to find just about any information possible. We looked at two Frederic Remington sculptures sold within several months of each other at auction- both were from the same cast, but from different years (around 15 years apart) and different foundries. The prices varied drastically - the earlier version was valued at between $500,000 to $700,000 and sold somewhere in between while the later version was valued between $100,000 to $150,000 and BI'd. It's sort of crazy. I mean, I couldn't tell any difference between the two and I don't know that I'd even really care about those 15 years (especially when its a cast sculpture) but obviously someone does. 

New Season of Auctions

So the latest auction season has officially started. I like to follow the auctions quite closely (or at least those at Sotheby's, Christie's, and Phillips de Pury) to get an idea of the value and valuation of works of art at market right now. It's so difficult to get any price information from galleries unless they think you're a serious buyer, so this is really the most transparent and easily accessible way possible. 

The New York Times, published this story recently on the Old Masters auctions. On the whole, the action didn't do quite as well as "expected" but then again we didn't really think it would. I'm sure the estimates were really just an attempt for the auction house management to appease the consignors. I mean, they have to think they'll get something for the work or they won't bring it to auction. Sometime soon, the auctions will have to rethink their marketing ploys. They can't get works just to fill up their auctions, if none of them are going to sell. It's all about managing expectations of consignors and making them understand that you can't get top dollar at every state of the economy. 

Anyway,  "One of J. M. W. Turner’s classically romantic images brought $13 million at Sotheby’s on Thursday morning, becoming the most expensive work in two days of turbulent old master painting sales." but otherwise there were few notable sales. 

This Hendrick ter Brugghen sold for a record $10.2 million after a bit of a bidding battle between the buyer, Richard Feigen and a phone bidder.