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.
Following the devastation of recent flooding, experts are urging government intervention to drive the cessation of building in areas at risk.
RMIT expert says a conflation of factors is making the property market hard than ever to predict
A leading property academic has described navigating the current Australian housing market ‘like steering a ship through a thick fog while trying to avoid obstacles’.
Lecturer in RMIT’s School of Property Construction and Project Management Dr Woon-Weng Wong said the combination of consecutive interest rate rises aimed at combating high inflation, higher property prices during the pandemic and cost of living pressures such as the end of the fuel excise that occurred this week made it increasingly difficult for those looking to enter or upgrade to find the right path.
“Property prices grew by approximately 25 percent over the pandemic so it’s unsurprising that much of that growth ultimately proved unsustainable and the market is now correcting itself,” Dr Wong says. “Despite the recent softening, the market is still significantly above its long-term trend and there are substantial headwinds in the coming months. Headline inflation is still red hot, and the central bank won’t back down until it reins in these spiralling prices.”
This should be enough to give anyone considering entering the market pause, he says.
“While falling house prices may seem like an ideal situation for those looking to buy, once the high interest rates, taxes and other expenses are considered, the true costs of owning the property are much higher,” Dr Wong says.
“People also must consider time lags in the rate hikes, which many are yet to feel to brunt of. It can take anywhere from 6 to 24 months before an initial change in interest rates eventually flows on to the rest of the economy, so current mortgage holders and prospective home buyers need to take this into account.”