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$46.5 M. Basquiat leads Phillips’s tepid $86.3 M. New York Auction. Phillips earlier this week hosted New York marquee auctions on Tuesday with a sale of modern and contemporary art. The Phillips sale brought in $86.3 million, coming in just below the auction’s $90 million pre-sale estimate. Still, this result marked an improvement over last year’s May New York auction held by Phillips, which brought in $69.5 million. The priciest lot was Jean-Michel Basquiat’s Untitled (ELMAR), from 1982, one of 13 lots that hit the block with a third-party guarantee. Phillips gave the painting a $60 million high estimate, putting it on track to become one of the most expensive Basquiat paintings ever sold at auction. That number was in part a reflection of its decorated provenance: it had been acquired from dealer Annina Nosei by anthropologist Francesco Pellizzi, a friend of Basquiat. Pellizzi then sold it to the current consignor. Untitled (ELMAR) didn’t come close to that $60 million figure, ultimately hammering for just a hair above its low estimate, at $40.2 million. Even if that wasn’t an astounding number, it was good enough for people in the room, who greeted the sale with a round of applause. With fees, the final result was $46.5 million. The action at this sale was slow, with few bidding wars. Most works sold for within their estimates. Helen Frankenthaler’s Acres (1959), a soak-and-stain painting from this Abstract Expressionist’s heyday, was one of the few works that managed to incite a bona fide battle. Over the course of several minutes, two phone bidders duked it out, pushing the work far beyond its $2.5 million high estimate. In the end, it sold for $3.69 million—hardly a record for Frankenthaler, whose most expensive work at auction sold for $7.8 million at an online Sotheby’s sale in 2021, but a good result no less. But the Frankenthaler was an exception during an auction in which buyers seemed cautious about bidding on work by established artists. Following the hour-long auction’s conclusion, some said it was tough to speak in grand pronouncements about the results. “We’re seeing a mixed, artist-specific market at Phillips tonight,” art adviser David Shapiro told ARTnews. But he said there were some positives: the sell-through rate was 92 percent, which he noted was solid, “notwithstanding some tepid results.” #artcollecting #artexhibition #artmuseum #artinvesting #artinvestment #artcollector #artnews #artworld #artmarket #artmarketnews #artauction #artgallery #artfair #arthistory #artworld #fair #worldrecord #modernart #impressionism #postwar #contemporaryart #jeanmichelbasquiat #phillipsnewyork #phillips #basquiat

$46.5 M. Basquiat leads Phillips’s tepid $86.3 M. New York Auction. Phillips earlier this week hosted New York marquee auctions on Tuesday with a sale of modern and contemporary art. The Phillips sale brought in $86.3 million, coming in just below the auction’s $90 million pre-sale estimate. Still, this result marked an improvement over last year’s May New York auction held by Phillips, which brought in $69.5 million. The priciest lot was Jean-Michel Basquiat’s Untitled (ELMAR), from 1982, one of 13 lots that hit the block with a third-party guarantee. Phillips gave the painting a $60 million high estimate, putting it on track to become one of the most expensive Basquiat paintings ever sold at auction. That number was in part a reflection of its decorated provenance: it had been acquired from dealer Annina Nosei by anthropologist Francesco Pellizzi, a friend of Basquiat. Pellizzi then sold it to the current consignor. Untitled (ELMAR) didn’t come close to that $60 million figure, ultimately hammering for just a hair above its low estimate, at $40.2 million. Even if that wasn’t an astounding number, it was good enough for people in the room, who greeted the sale with a round of applause. With fees, the final result was $46.5 million. The action at this sale was slow, with few bidding wars. Most works sold for within their estimates. Helen Frankenthaler’s Acres (1959), a soak-and-stain painting from this Abstract Expressionist’s heyday, was one of the few works that managed to incite a bona fide battle. Over the course of several minutes, two phone bidders duked it out, pushing the work far beyond its $2.5 million high estimate. In the end, it sold for $3.69 million—hardly a record for Frankenthaler, whose most expensive work at auction sold for $7.8 million at an online Sotheby’s sale in 2021, but a good result no less. But the Frankenthaler was an exception during an auction in which buyers seemed cautious about bidding on work by established artists. Following the hour-long auction’s conclusion, some said it was tough to speak in grand pronouncements about the results. “We’re seeing a mixed, artist-specific market at Phillips tonight,” art adviser David Shapiro told ARTnews. But he said there were some positives: the sell-through rate was 92 percent, which he noted was solid, “notwithstanding some tepid results.” #artcollecting #artexhibition #artmuseum #artinvesting #artinvestment #artcollector #artnews #artworld #artmarket #artmarketnews #artauction #artgallery #artfair #arthistory #artworld #fair #worldrecord #modernart #impressionism #postwar #contemporaryart #jeanmichelbasquiat #phillipsnewyork #phillips #basquiat https://lnkd.in/eeKeRYfT

In the recent Modern and contemporary evening auctions held in London, Christie's emerged victorious with an impressive overall total of £163.3 million (£196.7 million including fees) on March 7, surpassing Sotheby's, which garnered £82.2 million (£99.7 million with fees) the preceding evening. Christie's remarkable £163.3 million sum, representing a 17 percent increase from the previous year, was significantly bolstered by the inclusion of 25 Surrealist masterpieces, among which was the auction's top-selling lot, René Magritte's late work "L'ami intime" (1958), which fetched a staggering £29 million (£33.7 million with fees, estimated value without fees £30 million-£50 million) despite minimal fanfare. This piece was sold from the collection of the late publisher and conductor Gilbert Kaplan and his spouse, who had initially acquired the work for a mere £90,000 at an auction in 1980. The overall results suggest a persistent divergence between auction house estimates and final selling prices in the current cautious market environment. The totals achieved by Sotheby's and Christie's were at the lower end of expectations, which had already been revised downward due to numerous withdrawals, while Phillips' modest sale of £10.9 million (£13.7 million with fees) on March 7 fell short of its lower estimate of £11.7 million. According to dealer Nick Maclean, the bidding at Christie's for Francis Bacon's "Landscape near Malabata, Tangier" (1963) – which was acquired by adviser Francis Outred for £16.8 million (£19.6 million with fees), within the estimated range – encapsulated the broader market sentiment. Maclean states, "Buyers are cautious not to exceed their limits, so the market has lost some of its froth, but there is still stability." The Bacon piece, once part of author Roald Dahl's collection, was reportedly sold last week by hedge fund manager Pierre Lagrange, who is also believed to be the seller of Frank Auerbach's "Head of EOW II" (1964), which fetched £3.3 million (£4 million with fees) at Sotheby's, within its estimated range. Both works had previously been sold through the London dealer Ivor Braka and were offered at auction with third-party guarantees. #artcollecting #artexhibition #artmuseum #artinvesting #artinvestment #artcollector #artnews #artworld #artmarket #artmarketnews #artauction #artgallery #artfair #arthistory #artworld #fair #worldrecord #modernart #impressionism #postwar #contemporaryart #financialtimes #ft #christieslondon #christies #sothebys #sothebyslondon #magritte

Auction volumes set to surge past 3,000 for the second time this year CoreLogic Australia There are 3,190 capital city homes scheduled for auction this week, compared to 2,541 last week and 3,381 one year ago. This marks the second busiest auction week of the year, behind the week leading up to Easter (3,519). Melbourne is set to host more than half of this week’s capital city auctions, with 1,635 homes going under the hammer across the city, the second busiest auction week of the year. The previous week saw 1,098 homes taken to auction, while this time last year, 1,725 auctions were held. There are 1,053 auctions scheduled in Sydney this week, compared to 974 last week and 1,071 this time last year. Across the smaller capitals, Adelaide is set to host the most auctions (207), followed by Brisbane (197), Canberra (82) and Perth (15). There is just one auction scheduled in Tasmania this week. Next week will see capital city auction volumes temporarily drop, with around 2,100 homes currently scheduled for auction. The lower volume can be attributed to the Melbourne Cup Carnival which kicks off on Saturday 2nd November, with fewer than 500 homes set for auction across the city (486). Summary of last week’s results Last week saw 2,541 homes go under the hammer across the combined capitals, compared to 2,598 over the previous week and 2,463 this time last year. The combined capital city clearance rate slipped to 58.2% last week, the lowest clearance rate so far this year. The final clearance rate has been below the 60% mark only twice this year, the second time being the week ending 6th October (59.5%). The previous week recorded a clearance rate of 60.8%, while this time last year, 65.7% of reported auctions were successful. There were 1,098 auctions in Melbourne last week, compared to 1,091 over the previous week and 1,139 this time last year. Melbourne’s clearance rate came in at 57.8% last week, a slight improvement from 57.6% over the previous week. One year ago, Melbourne reported a clearance rate of 63.3%. There were 974 homes taken to auction across Sydney last week, compared to 1,018 over the previous week and 888 this time last year. Sydney’s final clearance rate was recorded at 60.6% last week, down from 63.0% over the previous week and 68.5% this time last year. Brisbane (228) was the busiest auction market across the smaller capitals last week, followed by Adelaide (145), Canberra (76) and Perth (19). Adelaide recorded the highest clearance rate at 67.6%, followed by Perth (57.9%) and Canberra (50.0%). Brisbane’s clearance rate came in at 46.9%, the lowest clearance rate the city has seen since April 2023 (42.6%). There was just one auction in Tasmania last week, which was unsuccessful. For the full Auction Market Preview, which includes a summary of last week’s clearance rates by sub-region.

The Grand Auction: Fourth Time’s the Charm for Hue’s Prized Hotel Romance https://ift.tt/dIU6cVy Up for auction is the land use right and hotel construction project on Lot L6E at 14 Nguyen Thai Hoc, Phu Hoi Ward, Hue City, and Lots 141, 146, and 147, Map Sheet No. 13, at 16 Nguyen Thai Hoc, Phu Hoi Ward, Hue City. The total land area up for auction is 757.4 square meters, and the attached asset is the Romance Hotel of Doanh Ngan Limited Liability Company, which includes a 12-story building + basement + mezzanine; a construction area of 597 square meters; and a floor area of 7,294 square meters. The total starting price of the auctioned asset is over VND 107.919 billion. The deposit is VND 6 billion, and the bid increment is VND 1 billion. The auction participation dossiers will be sold and registered from the date of posting until 5:00 PM on September 17, 2024, at the Thua Thien Hue Province Asset Auction Service Center. The auction will be held in the form of direct voting at the auction and the upward bidding method. The auction will take place in the afternoon of September 20, 2024, at the Thua Thien Hue Province Asset Auction Service Center, located at 17 Nguyen Van Linh, An Hoa Ward, Hue City, Thua Thien Hue Province. Notice of Auction for Romance Hotel. Previously, on August 1, 2024, the Thua Thien Hue Province Asset Auction Service Center and the Thua Thien Hue Province Department of Civil Judgment Enforcement also announced the auction of the land use right and hotel construction project of Romance Hotel. The starting price at that time was over VND 117 billion. Not long ago, the 4-star Romance Hotel was also announced to be auctioned on June 10, 2024, at the Thua Thien Hue Province Asset Auction Service Center, located at 17 Nguyen Van Linh, Hue City. The starting price offered was over VND 127 billion. Also, at the Thua Thien Hue Province Asset Auction Service Center, on March 15, 2024, an auction for the Romance Hotel was held. The starting price offered was over VND 137 billion. Thus, from the beginning of the year until now, after three unsuccessful auctions, the Romance Hotel will be auctioned for the fourth time on September 20, with a starting price nearly VND 30 billion lower than at the beginning of the year. Romance Hotel enjoys a prime location on Nguyen Thai Hoc Street, Phu Hoi Ward, Hue City. It is known that during the period of 2007-2010, Doanh Ngan Limited Liability Company (16 Nguyen Thai Hoc, Hue City) with Mr. Nguyen Nhat Huy as its legal representative, signed credit contracts with Vietinbank to borrow capital for investing in the construction of Romance Hotel and supplementing the company’s business activities. The company based these contracts on capital contribution agreements using land use rights and assets attached to the land. Subsequently, Doanh Ngan Company voluntarily mortgaged all the assets of Romance Hotel, along with the land and assets on the land of the contributing members, to borr...

In the recent Modern and contemporary evening auctions held in London, Christie's emerged victorious with an impressive overall total of £163.3 million (£196.7 million including fees) on March 7, surpassing Sotheby's, which garnered £82.2 million (£99.7 million with fees) the preceding evening. Christie's remarkable £163.3 million sum, representing a 17 percent increase from the previous year, was significantly bolstered by the inclusion of 25 Surrealist masterpieces, among which was the auction's top-selling lot, René Magritte's late work "L'ami intime" (1958), which fetched a staggering £29 million (£33.7 million with fees, estimated value without fees £30 million-£50 million) despite minimal fanfare. This piece was sold from the collection of the late publisher and conductor Gilbert Kaplan and his spouse, who had initially acquired the work for a mere £90,000 at an auction in 1980. The overall results suggest a persistent divergence between auction house estimates and final selling prices in the current cautious market environment. The totals achieved by Sotheby's and Christie's were at the lower end of expectations, which had already been revised downward due to numerous withdrawals, while Phillips' modest sale of £10.9 million (£13.7 million with fees) on March 7 fell short of its lower estimate of £11.7 million. According to dealer Nick Maclean, the bidding at Christie's for Francis Bacon's "Landscape near Malabata, Tangier" (1963) – which was acquired by adviser Francis Outred for £16.8 million (£19.6 million with fees), within the estimated range – encapsulated the broader market sentiment. Maclean states, "Buyers are cautious not to exceed their limits, so the market has lost some of its froth, but there is still stability." The Bacon piece, once part of author Roald Dahl's collection, was reportedly sold last week by hedge fund manager Pierre Lagrange, who is also believed to be the seller of Frank Auerbach's "Head of EOW II" (1964), which fetched £3.3 million (£4 million with fees) at Sotheby's, within its estimated range. Both works had previously been sold through the London dealer Ivor Braka and were offered at auction with third-party guarantees. #artcollecting #artexhibition #artmuseum #artinvesting #artinvestment #artcollector #artnews #artworld #artmarket #artmarketnews #artauction #artgallery #artfair #arthistory #artworld #fair #worldrecord #modernart #impressionism #postwar #contemporaryart #financialtimes #ft #christieslondon #christies #sothebys #sothebyslondon #magritte

The Ultimate Guide to the Upcoming Land Auction in Thanh Oai: 25 Prime Lots Up for Grabs https://ift.tt/0Wul7w6 The land plots range in size from nearly 84 sq. m. to over 143 sq. m. With a starting price of 5.3 million VND per sq. m., the corresponding deposit amount is 88-151 million VND per lot. The auction will go through a minimum of six mandatory rounds, with a bid increment of 5 million VND per sq. m. As such, participants must bid a minimum of 30.3 million VND per sq. m. to win at this auction. This auction format has also led to prolonged bidding sessions in Hoai Duc and Ha Dong in recent times, with auctions stretching into the night. Previously, Thanh Oai planned to auction these land plots at the same starting price of 5.3 million VND. However, according to a notice in September, the format was changed to a single-round secret ballot during the auction. An auction site in Thanh Oai District, Hanoi. Photo: Hong Khanh Earlier this week, Hoai Duc also announced the resumption of land auctions after a temporary halt. The district will auction 52 lots in the Technical Infrastructure Project for land-use right auction in Long Khuc, Tien Yen, in two sessions. The starting price is 7.3 million VND per sq. m. On November 4, 20 land plots will be auctioned first. These plots range in size from 89 to 145 sq. m., with a deposit amount of over 130.8 to 212 million VND. A week later, Hoai Duc will organize an auction for the remaining 32 land plots, ranging in size from 97.2 to 172 sq. m., with a deposit amount of nearly 142 to 251 million VND per plot. Both sessions will involve direct voting over multiple rounds, with a minimum of six mandatory rounds and a bid increment of 6 million VND per sq. m. Thanh Oai and Hoai Duc are districts on the outskirts of Hanoi that gained attention in August for their land auctions, with winning bids reaching up to over 100 million VND per sq. m., the highest being 133.3 million VND per sq. m. In Thanh Oai, 56 out of 68 land plots auctioned in Thanh Cao commune have not been paid for, equivalent to 80%. Only 13 lots have fulfilled their financial obligations as notified by the tax agency. In Hoai Duc, regarding the auction in Long Khuc, Tien Yen (on August 19), according to the district’s report, out of 13 customers (winning the auction for 19 land plots), 6 customers (winning the auction for 11 land plots) have paid the land use fees as prescribed. Among those who have paid, there is also the winner of the plot with the highest price of 133.3 million VND per sq. m. The remaining 7 customers, who won 8 land plots, have not yet paid (accounting for more than 42% of the total number of auctioned land plots), also committed to completing their financial obligations before November 27 (the deadline as prescribed). Hong Khanh You may also like The Lion City’s Sticker Shock: How Ho Chi Minh City’s Property...

Ho Chi Minh City Announces Auction Date for 3,790 Apartments and Prime Land in Thu Thiem Ho Chi Minh City’s Department of Natural Resources and Environment (DNRE) has reported to the city’s People’s Committee about adjusting the timeline for the auction of 3,790 apartments and a series of “golden land” plots in the new Thu Thiem urban area. The auction will include the sale of 3,790 apartments in buildings R1 to R5 in the new Thu Thiem urban area. According to the DNRE, the preparation of documents for the auction of these apartments will be completed before July 7. The auction is scheduled to take place before September 26. The 3,790 apartments up for auction are located in the 38.4-hectare area of Binh Khanh ward, part of the 12,500 resettlement apartments for Thu Thiem residents. Photo: Hoang Giam Regarding the “golden land” plots in the new Thu Thiem urban area, the DNRE stated that there are 18 plots of land included in the auction plan for the 2024-2025 period. This year, Ho Chi Minh City plans to auction off 4 plots of land. Specifically, plots 1-2 (7,886m2) and 1-3 (5,006m2) are part of functional area 1; plot 3-5 (6,446m2) is part of functional area 3; and plot 7-1 (74,393m2) is part of functional area 7. The auction for the 4 plots of land is expected to take place from July to November 2024. According to the plan, these plots of land will be used for multifunctional residential areas. The 7-1 plot of land is planned to be developed into an internationally-standardized resort hotel. The auction date may change depending on the results of the auction for the 3 previous plots of land. Empty plots of land in the new Thu Thiem urban area awaiting auction. Photo: Anh Phuong In 2025, Ho Chi Minh City plans to auction off 7 plots of land in the new Thu Thiem urban area, including 4 plots of land in functional area 1, scheduled for auction in September 2025; and 3 plots of land in functional area 3, scheduled for auction in November 2025. In addition, 6 other plots of land planned for the construction of sports and entertainment complexes, such as sports facilities, specialized parks, conference centers, hotels, and commercial services, are also being prepared for auction. Anh Phuong The post Ho Chi Minh City Announces Auction Date for 3,790 Apartments and Prime Land in Thu Thiem appeared first on xe.today.

After the disruption of a few long weekends and footy finals, auction markets have bounced back a little. This week CoreLogic Australia was tracking 2,525 auctions across the capital cities, the second highest volume through the spring season so far and the 6th highest number of auctions held so far this year. The coming weeks will test the depth of demand, as the volume of auctions ramps up. Historically, the peak in auction activity has typically occurred in late November or the first two weeks of December, although last year the peak in auction activity was in the last week of October as activity was disrupted by the November rate hike. Around 2,600 properties are scheduled for auction next week and more than 3,000 auctions the week after. The preliminary combined capitals clearance rate rose to 66.6%, up from 63.9% the week prior which revised down to 59.5% on final numbers (lowest finalised clearance rate since December last year). Melbourne hosted the most auctions this week, with 1,044 homes going under the hammer, down slightly from the week prior when 1,095 homes went to auction. The preliminary clearance rate came in at 64.8%, roughly in line with the previous week (64.4% which revised down to 59.4% on final numbers). 1,044 auctions were held in Sydney this week, up from 524 the previous week to be the third highest volume of auctions so far this year. The preliminary auction clearance rate posted a solid bounce back from the previous week, rising to 69.0% from 62.7% (which revised down to 57.6% on final numbers). Brisbane led the smaller capitals on volume, with 216 homes taken to auction, returning a preliminary clearance rate of 62.5%. 164 homes were auctioned in Adelaide with 67.5% selling so far (the second lowest preliminary clearance rate so far this year after the week ending August 4th at 66.7%). 83 auctions were held in the ACT with a preliminary clearance rate of 71.2% (highest since the week ending June 23rd). 13 auctions were held in Pert, with only 55.6% selling under the hammer and one auction was held in Tasmania.

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