David Hockney’s ‘Early Morning, Sainte-Maxime’ Could Fetch $11.5 Million
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David Hockney’s ‘Early Morning, Sainte-Maxime’ Could Fetch $11.5 Million

By FANG BLOCK
Mon, Sep 5, 2022 8:34amGrey Clock 2 min

David Hockney’s painting Early Morning, Sainte-Maxime will be auctioned in October at Christie’s in London, with an estimate of between £7 million and £10 million (US$8.1 million and US$11.5 million).

Starting Saturday, the 1969 painting will be exhibited, along with some US$440 million-worth artworks, by Christie’s during the inaugural Frieze Seoul art fair in Seoul, South Korea.

The painting is one of four paintings Hockney created based on photographs taken during a trip to France with his then partner, Peter Schlesinger, an American artist and model, in autumn 1968. It depicts a sublime view in the South of France, near Saint Tropez.

“This exquisite scene captures the vibrant hues that the sun casts as it rises over the glistening water of the French Riviera,” Katharine Arnold, head of post-war and contemporary art at Christie’s Europe, said in a statement. The painting “demonstrates Hockney’s masterful ability to translate the multifaceted qualities of water to canvas.”

Hockney, 85, is one of the most commercially successful living artists in the world. A total of 511 Hockney works were sold in 2020—the latest year from which data is available—at public auctions with a total value of US$132 million, making him the top-selling living artist.

A prolific artist, Hockney is best known for his swimming pool series. His 1972 work, Portrait of an Artist (Pool with Two Figures), sold in November 2018 at Christie’s in New York for US$90.3 million, a then-record for any artwork by a living artist sold at auction.

While the 1972 masterwork was created as Hockney was dealing with the heartbreak after his relationship with Schlesinger ended, Early Morning, Sainte-Maxime preceded that and was painted as their relationship was blossoming. From the painting, “we see the artist expressing his feelings of deep contentment and ease,” Arnold said.

Early Morning, Sainte-Maxime last sold at auction in 1988 and has not been seen in public for more than 34 years, according to Christie’s, which will offer it as a highlight of its 20th and 21st-century art sale on Oct. 13 in London.

The painting will travel to Hong Kong from Seoul for a public exhibition from Sept. 14 to 16, then to New York from Sept. 24 to 28 before returning to London for viewing from Oct. 6 to 13.



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Boost for World Economy as U.S., Eurozone Accelerate in Tandem

Surveys point to a fresh acceleration in the U.S., even as growth in the eurozone strengthens

By JOSHUA KIRBY
Sat, May 25, 2024 3 min

Global economic growth is becoming more broad based, with surveys indicating that business activity in both the U.S. and the eurozone gained momentum in May.

The eurozone economy contracted in the second half of 2023 following a surge in energy and food prices triggered by Russia’s invasion of Ukraine, and the subsequent rise in interest rates intended to tame that inflation.

By contrast, the U.S. economy expanded strongly over the same period, opening up an unusually wide growth gap with the eurozone. That gap narrowed as the eurozone returned to growth in the first three months of the year, while the U.S. slowed.

However, surveys released Thursday point to a fresh acceleration in the U.S., even as growth in the eurozone strengthened. That bodes well for a global economy that relied heavily on the U.S. for its dynamism in 2023.

The S&P Global Flash U.S. Composite PMI —which gauges activity in the manufacturing and services sectors—rose to 54.4 in May from 51.3 in April, marking a 25-month high and the first time since the beginning of the year that the index hasn’t slowed. A level over 50 indicates expansion in private-sector activity.

“The data put the U.S. economy back on course for another solid gross domestic product gain in the second quarter,” said Chris Williamson, chief business economist at S&P Global Market Intelligence.

Eurozone business activity in turn increased for the third straight month in May, and at the fastest pace in a year, the surveys suggest. The currency area’s joint composite PMI rose to 52.3 from 51.7.

The uptick was led by powerhouse economy Germany, where continued strength in services and improvement in industry drove activity to its highest level in a year. That helped the manufacturing sector in the bloc as a whole grow closer to recovery, reaching a 15-month peak.

By contrast, surveys of purchasing managers pointed to a slowdown in the U.K. economy following a stronger-than-expected start to the year that saw it outpace the U.S. The survey was released a day after Prime Minister Rishi Sunak called a surprise election for early July, banking on signs of an improved economic outlook to turn around a large deficit in the opinion polls.

Similar surveys pointed to a further acceleration in India’s rapidly-expanding economy, and to a rebound in Japan, where the economy contracted in the first three months of the year. In Australia, the surveys pointed to a slight slowdown in growth during May.

Businesses reported that they were raising their prices at the slowest pace since November, which should reassure the European Central Bank. However, the eurozone continued to add jobs in May, suggesting that wages might not cool as rapidly as the ECB had hoped.

The ECB released figures Thursday that showed wages negotiated by labor unions in the eurozone were 4.7% higher in the first quarter than a year earlier, a faster increase than the 4.5% recorded in the final three months of 2023

The ECB has signalled it will lower its key interest rate in early June, while the Fed is waiting for evidence that a slowdown in inflation will resume after setbacks this year.

Nevertheless, eurozone businesses and households shouldn’t bank on successive cuts to borrowing costs, ECB Vice President Luis de Guindos said. “There is a huge degree of uncertainty,” he said. “We have made no decisions on the number of interest rate cuts or on their size,” he said in an interview published Thursday. “We will see how economic data evolve.”

Continued resilience in the eurozone economy would likely make the ECB more cautious about lowering borrowing costs after its first move, economist Franziska Palmas at Capital Economics wrote in a note. “If the economy continues to hold up well, cuts further ahead may be slower than we had anticipated,” she said.

– Edward Frankl contributed to this story.

MOST POPULAR
11 ACRES ROAD, KELLYVILLE, NSW

This stylish family home combines a classic palette and finishes with a flexible floorplan

35 North Street Windsor

Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.

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