A trio of paintings by Williem de Kooning from his family’s collection will be auctioned for the first time this November at Sotheby’s New York, with a combined value in excess of US$50 million.
The three works span three decades from the 1960s to1980s and represent “an incredible insight into how de Kooning relentlessly refined and reworked his visual style, always exploring new techniques and approaches,” David Galperin, head of contemporary Art at Sotheby’s New York, said in a statement.
The Dutch-born abstract expressionist painter, who spent most of his time in New York City and East Hampton, was part of a group of artists, such as Jackson Pollock, Lee Krasner, Mark Rothko, and Clyfford Still, known as the New York School.
The artist’s price record at auction was set in 2018, when his 1955 painting Woman as Landscape sold for US$68.9 million at Christie’s. However, his 1955 painting Interchange was reportedly traded for US$300 million through a private deal between the entertainment magnate David Geffen and hedge fund billionaire Kenneth Griffin.
This time, Untitled, circa 1979, a colourful canvas that is estimated to sell for between US$30 million and US$40 million, will be the most valuable painting on offer from his heirs—three granddaughters.
“For as long as we can remember, Untitled, c. 1979, was referred to affectionately as ‘the Monet’ by our mother,” the granddaughters said through Sotheby’s. “Even as young children, we were captivated by it.”
Montauk II, from 1969, is one of five known Montauk paintings de Kooning created in that year and carries an estimate of between US$10 million and US$15 million. A rare large-scale colourful work from 1987, The Hat Upstairs, never-before-seen by the public, is valued between US$8 million and US$12 million.
The three works will highlight Sotheby’s contemporary evening auction in November in New York. They will be on a touring exhibition with stops in Hong Kong from Oct. 2-8; London from Oct. 8-12, Paris from Oct. 19-24, and Los Angeles from Oct. 26-29 before returning to New York for exhibition from Nov. 4-16.
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.”