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September 2011
Dear Friends,

Welcome back from an enjoyable summer. With fall upon us, it is apparent that the international market has become increasingly unpredictable. Many investors are moving their assets out of the stock markets and into cash.

A smart alternative to hedge against growing uncertainty is blue-chip art. It is an ideal time to consider the tangible asset of distinguished artworks. Important Impressionist artists are long dead and fewer and fewer sellers are in the market but demand, especially from Asia is getting more intense. These artrworks will continue to grow in value for decades to come.

We welcome your calls and emails and look forward to working with you on the acquisition of artwork for aesthetic and investment purposes.

Long live art!

Very truly yours,

David Benrimon
Met Museum Denies Fashion Loans to Russia

In the face of a recent ruling in the federal court in Brooklyn that Russia should immediately return the books and papers of Chabad Rabbi Joseph Isaac Schneerson amounting to over 12,000 books and 50,000 other documents, the Metropolitan Museum of Art has canceled its plans to loan 35 items by fashion designer Paul Poiret. The fashion items were originally destined for a September show at the Kremlin Museum in Moscow. The Met is responding to Russia's failure to restitute Chabad's books and documents.

Clyfford Still-Sour Grapes at Christie’s
(Photo: Clyfford Still Museum)
(Photo: Clyfford Still Museum)

The Denver City Council is deaccessioning 4 works by the important abstract expressionist artist Clyfford Still and the bid departments at Sotheby’s and Christie’s both pulled out all the stops to land the works. Sotheby’s ultimately won the works but Christie’s has been arguing the award to Sotheby’s has been “arbitrary and capricious.”

The other interesting thing about this consignment is just how privately Sotheby’s marketed the Still paintings. “Sotheby’s will try to sell the paintings through a private sale, but if they are not sold by September 19, they will be featured at the November 9 contemporary art auction in New York.

Christie’s still has not relented but it appears that the Denver City Council was not overly impressed with Christie’s presentation. According to the New York Observer: “Jan Brennan, the director of Denver’s Office of Cultural Affairs, told The Denver Post yesterday, ‘The reason we picked Sotheby’s is they had a very thorough presentation and proposal that gave us a number of options.’”

Sotheby’s was unable to place the four Still paintings in a museum, so we can see them coming to auction on November 9th in New York.

Gagosian Real Estate
Just months ago, there were discussions that 980 Madison was no longer going to be an uptown mecca for high end art. You could visit the Gagosian pop-up shop on the first floor but for real art you had to go into the building and visit them or the Picassos in Jan Krugier. In case you were short on liquidity you could stop by Art Capital Group and leverage your art collection for cash. Then Mr. Krugier died and the operations were moved overseas and mega-collector Mr. Aby Rosen, owner of the building, announced he wanted to convert the building to a residential condominium tower to be designed by starchitect Lord Norman Foster.

Enough with the digression, the real point is Larry Gagosian bought a new home (who knows if it will just be a home). The Harkness Mansion is now his.

Gagosian is also doing a show of Bob Dylan’s recent work from his travels through Asia.

George Grosz at MoMA
The big art law question for the fall is whether the Supreme Court will hear the restitution claim being made by the heirs of George Grosz against the Museum of Modern Art. MoMA, through its attorneys, continues to rely on procedural or technical defenses rather than deal with the merits of the case. Fortunately for MoMA, the lower courts have found these defenses persuasive. While the Grosz heirs have morality, the ethical imperative and various international museum declarations and ethical codes on their side, we would think this would provide for the heirs of George Grosz to receive back the three artworks.
In This Issue

Met Museum Denies Fashion Loans to Russia
Clyfford Still-Sour Grapes at Christie’s
Gagosian Real Estate
George Grosz at MoMA
Art Double-Dip?
Poussin Goes to Texas
Auction for Haiti
Occupy Wall Street

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Art Double-Dip?
Everywhere you look, commentators are speculating on the future of the art market in these turbulent times. The market for works under $250,000 has slowed down but big trophy hunters are still stalking their prey and big deals continue to be completed behind the scenes. Sellers are asking phenomenal sums for important works but there is heavy negotiation.

Poussin Goes to Texas
Nicholas Poussin Sacrament of Ordination Christ Presenting the Key to Saint Peter

This winter saw the biggest lot of the Old Master sale pass without a bid. Nicholas Poussin’s “Sacrament of Ordination (Christ Presenting the Key to Saint Peter)” failed to elicit a single bid at Christie’s, with a not so modest low estimate of $24.3M. The Kimbell Art Museum in Fort Worth gathered its trustees and made the purchase privately and the piece is now on view. We commend the Kimbell for purchasing this very important part of Western civilization.

Auction for Haiti
Artists for Haiti

Christie’s teamed up with Ben Stiller and Zwirner Gallery for an auction to benefit “Artists for Haiti” in New York City on September 23rd, 2011. The auction brought in over $13M on just 27 lots. Many celebrities were in attendance including Jennifer Aniston and her boyfriend Justin Theroux, who bought a magnificent oil and charcoal Glenn Ligon for $450,000.

Occupy Wall Street
You may have read about anarchists and their associates protesting at Wall Street about the economy and social classes in America. There was no coherent message but the Occupy Wall Street members took up the cause of the striking Sotheby’s art handler’s union at the auction on September 22, 2011. It is a video worth watching, despite the sparse crowd for the antics.


David Benrimon Fine Art

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