Art Market Report Fall 2011

I was very recently giving a lecture at an art fair in Houston, Texas. One of the attendees asked: “What is the current state of the art market, and what is going to happen this fall?” After an awkward prolonged pause, I finally yielded up my honest response: “I have no idea.”

As we all know, the future is never black and white. However, under normal conditions, we can predict with some accuracy what the outlook will be, based on recent activities and the current events leading into a new sea-son. This fall season is especially hard to predict. The enormous socio-political cross-currents throughout the world, the transitions in the Middle East, political uncer-tainties at home, global financial tension in Greece and Europe, unprecedented and bizarre weather patterns and natural disasters—all of the above have conspired to leave us all with a “what’s next” frame of mind. An ineffective U.S. government coupled with economic stagnation and high unemployment have eroded confidence and morale.

Yet against this rather bleak backdrop, the interna-tional art market has seemingly shrugged off all worries, and against all odds has shown resilience and strength. The May–June auctions for Post-War and Contemporary Art in the U.S. and London posted stellar price results. The bellwether Art Basel fair in June, likewise, saw record attendance and shockingly enormous sales. There seemed to be a disconnect between the art market and the rest of the world.

The uncertainty for the fall season lies in this ques-tion: Can this disconnect, whereby the art market has climbed a “wall of worry,” continue? The past is black and white. It is fait accompli. What lies ahead is the question of the moment. The truthful answer is, no one knows.

However, if I were a betting man (and what art dealer isn’t), I would predict further surprise for the fall season.

I am predicting continued strength this fall, but selective. Already we have seen weakness in the historical American painting market (Hudson River, still life, genre, Impression- ism). The traditional painting market is out of favor at the moment, except for rare masterpieces fresh to the market. Greater consistency and demand is seen now for Post-War and certain blue chip contemporary markets. If any area of the market will show strength this fall, it will likely be in Post-War, Pop Art, and selected contemporary artists. I have been surprised all year at how the market has performed to date, at least for this section, and I am expecting this to continue this fall, regardless of how dire things feel as we go to press.

The reason why such resilience? Because of the broaden-ing base of demand—the growing globalization of the art market. New buyers continue to emerge from Asia, Russia, India, and certain Eastern European nations. This new buying base is in its early stages and therefore the vast liquidity coming from this new wealth should remain in place for the foreseeable future. Furthermore, in this uncertain financial climate, the question arises, “Where is it safe and prudent to put money?” Few of us have the nerves for an insanely volatile stock market, real estate is in the doldrums, there is no return on cash, and few obvi-ous alternatives are presenting themselves. Art is tradition-ally viewed as a store of value, and can be enjoyed while one rides out these fragile economic times. Art is as “safe” a haven as most any alternative choice.

Against all of this analysis, art is to be acquired for personal and aesthetic reasons first and foremost. Buy with your eyes and your heart, and not with your ears. Be selective, informed, and cautious. And most of all, enjoy and be happy! As this fall season unfolds, we will keep you abreast of any and all pertinent developments.

Art Market Reportfall 201 1

Richard Pousette-Dart (1916–1992)Black & White Animal 1979–80 Acrylic on linen42H x 85H inches Signed and dated verso: “R Pousette-Dart / 80”

From Hollis Taggart

Black and White

2 Hollis Taggart Galleries | www.hollistaggart.com

Alfred H. Maurer (1868–1932)

Cubist Still Life with Green Chalice, circa 1928–32Oil on gessoed panel, 18 x 21H inchesSigned lower right: “A. H. Maurer”

Alfred H. Maurer (1868–1932)

Still Life, circa 1908–12Oil on canvas, 21H x 18 inchesSigned lower right: “A. H. Maurer”


Arthur B. Carles (1882–1952)

Nasturtiums, circa 1932Oil on canvas, 36 x 28H inches Signed lower left: “CARLES”

Walt Kuhn (1877–1949)

Performer Dressing, 1944Oil on canvas, 25 x 30 inchesSigned and dated lower right: “Walt Kuhn / 1944”


Romare Bearden (1911–1988)

Bright Mansions, circa 1964Oil and paper collage on panel, 12 x 7G inchesSigned upper right: “romare bearden”

Romare Bearden (1911–1988)

Mrs. Blanton’s October Table, 1983Oil and collage on Masonite, 40 x 30 inchesSigned lower right: “Romare Bearden”


Adolph Gottlieb (1903–1974)

Untitled (Cartoon for Steinberg House Windows), circa 1954Acrylic on paper mounted on cardboard, 14G x 47 inchesSigned lower left: “Adolph Gottlieb”

Bob Thompson (1937–1966)

Untitled, 1961Oil on board, 10I x 8L inchesInitialed lower right: “BT”Signed, dated, and inscribed verso: “B Thompson / ‘61 / Paris”

Highlight

RIchard Pousette-Dart

the soul and the universal truths of nature. Throughout his body of abstract work, Pousette-Dart fused superb technical skill with vast intellectual knowledge to give physical form to the transcendent and metaphysical. He was mesmerized with nature and he felt that nature was quite literally “in” him as he was “in” nature; per-haps more than any other artist of his generation, he might well be considered an AbEx American Trans-cendentalist. He provided a doorway into a meditative world where the visual field becomes a metaphor for the subconscious.

Pousette-Dart was one of the youngest members of the famed “Irascibles,” the founding artists of Abstract Express ionism ( inc luding K l ine , Rothko, Pol lock , Motherwell, and others). His works, easily identifiable and infused with his very personal individualism, are currently being appreciated by a growing audience of collectors and museums, as evidenced by a steady rise in market value at auction and private sales.

Drawing inspiration form Jungian and Freudian theories, mythology, African, Oceanic, and Native American Art, as well as from his own past, Richard Pousette-Dart (1916–1992) created penetrating transcendental paint-ings of extraordinary depth. He was a pioneering Abstract Expressionist and a visionary of the New York School, which was active in the 1940s and 50s. Pousette-Dart was instrumental in the development of Abstract Expressionism and had signif icant contact with al l members of this group, however, he chose to maintain a largely separate identity from his Abstract Expressionist colleagues, remaining fiercely individualistic throughout his career.

The quest to convey spirituality through the materi-ality of painting established Pousette-Dart as a signifi-cant force in the development of modern ar t . His paintings, rich, profound and substantive, reflect an impassioned commitment to queries about mysticism, spiritualism, mythology, meditative realms, the cosmos,


Richard Pousette-Dart (1916–1992)

opposite Untitled (Black Circle, Space), 1983Acrylic on paper mounted on board 22H x 30G inches

right, top Serpentine Saffron, circa 1960sAcrylic on paper9 x 11G inchesSigned verso: “R. Pousette-Dart”Inscribed verso: “s/w/p-25 #1381 1960’s”

right, bottom Intensive Crescent, 1985Acrylic on d’arches paper7H x 10G inchesSigned and inscribed verso: “R Pousette Dart, #1479, s/w/p-3”


Richard Pousette-Dart (1916–1992)

above Garden Strata, 1978Acrylic and ink on paper 22H x 30G inchesTitled, dated, and signed verso: “Garden Strata / March 78 / R Pousette-Dart”

opposite, top Arcadian Lights, 1950sWatercolor on paper 6G x 9G inches

opposite, bottom Untitled, circa 1940–45Oil, gouache, and ink on paper 6H x 8 inches

Highlight

RIchard Pousette-Dart


Pablo Atchugarry (b. 1954)

below, left Las velas de la libertad (Sails of Freedom), 2011Carrara marble 25 x 11¹⁄₁₆ x 11¹³⁄₁₆ inches

below, right Untitled, 2009Pink Portugal marble 25L x 12G x 11¹³⁄₁₆ inches

opposite Soñando New York (Dreaming New York), 2011Carrara marble 74¹⁄₁₆ x 30⁵⁄₁₆ x 10L inches

Hollis Taggart Galleries presents the first New York exhibition of sculptor Pablo Atchugarry. The Uruguayan-born artist, who lives and works in Lecco, Italy, creates elegant, imposing work in both marble and bronze.

No undertaking is too daunting for him—from the 2003 Venice Biennale installation representing Uruguay, to the private commission of a five-story high sculp- ture hewn from a single block of Carrara marble, to the more intimately scaled works on view in the gallery. Our exhibition will include 18 of Atchugarry’s pieces. In white Carrara marble, and pink Portugal and Iran mar-bles, these pieces fold, layer, and undulate. Atchugarry effectively works the medium to appear both weightless and substantial.

Vertical marble pieces such as Dreaming New York (Soñando New York) are pleated and soaring, belying their massive weight. The artist has long been recog-nized in Europe as a leading sculptor; his public com-missions are located throughout Europe and South America, and his work is held in private collections around the world. In 1999 , the Pablo Atchugarry Museum was inaugurated in Lecco, and his foundation opened in Punta del Este, Uruguay, in 2007.

The catalogue accompanying the exhibition fea-tures an essay by critic, poet, and professor Jonathan Goodman, as well as extensive photography of the artist’s working process. The exhibition runs through December 17.

Upcoming

Pablo Achutgarry: Heroic ActivitiesNovember 17 through December 17, 2011


Mark di Suvero (b. 1933)

Ojibway, 1991Steel and stainless steel, 20 x 21H x 16G inches

Norman Bluhm (b. 1920)

Abstract Composition, 1962Tempera on paper, 24 1/8 x 19 7/8 inchesSigned and dated lower right: “Bluhm ’62”

George Rickey (1907–2002)

Unstable Axis—Bronze, 1971Bronze and lead, 38H x 28G x 28 inchesEach blade: 28 inches long, base: 1 x 3 x 3 inchesSigned and dated on base: “Rickey 71 S”


Alexander Calder (1898–1976)

Untitled, 1972

Gouache on paper, 43G x 29H inchesSigned and dated lower right: “Calder 72”

Alexander Calder (1898–1976)

Flag Pinwheel, 1970Gouache on paper, 42K x 29⁵⁄₁₆ inches Signed and dated lower right: “Calder 70”


Norman Bluhm (1921–1999)

Dhatri II, 1971Acrylic on paper mounted on Masonite, 30 x 68 inchesSigned and dated lower left: “bluhm / ‘71”

Theodoros Stamos (1922–1997)

Field I, 1952Oil on canvas, 50 x 28 inchesSigned lower left: “Stamos”Titled and dated on stretcher verso: “’Field’ #1 1952”


Jack Tworkov (1900–1982)

Related to Barrier, 1963Oil on canvas, 40 x 23 inchesSigned lower right: “Tworkov”Signed, dated, titled, and inscribed verso: “Tworkov / ‘63 / RELATED TO BARRIER / 40 x 23”

Norman Bluhm (1921–1999)

Blue Blade, 1961Oil on linen, 70H x 60H inchesSigned and dated lower left: “bluhm ‘61” Signed, dated, and titled verso: “bluhm ‘61, ‘BLUE BLADE’”

Solo Exhibition

Bill Scott (b. 1956)

left The Longed-for Pause, 2009Oil on canvas, 48 x 40 inchesSigned and dated lower left: “Bill Scott 09”

right Coastline, 2011Oil on canvas, 65 x 34 inchesSigned and dated lower right: “Bill Scott 11”

The September solo exhibition of Bill Scott’s newest vibrant, complex paintings met with great success; we are pleased to report very active sales. Since his first show with Hollis Taggart Galleries in 2004, the gallery continues to represent and show his evolving work. Please contact the gallery for additional images and a catalogue.

958 Madison Avenue New York, New York 10021 Tel 212 628 4000 Fax 212 570 5786 www.hollistaggart.com

Documents

Art Market Report Fall 2011