Three Paintings by Williem de Kooning Expected to Fetch a Total of $50 Million
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Three Paintings by Williem de Kooning Expected to Fetch a Total of $50 Million

By FANG BLOCK
Mon, Sep 19, 2022 9:03amGrey Clock 2 min

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.



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Greenland Is Gorgeous and Uncrowded. Now Here Come the Americans.

The remote northern island wants more visitors: ‘It’s the rumbling before the herd is coming,’ one hotel manager says

By ALLISON POHLE
Wed, Oct 23, 2024 4 min

As European hot spots become overcrowded , travellers are digging deeper to find those less-populated but still brag-worthy locations. Greenland, moving up the list, is bracing for its new popularity.

Aria Varasteh has been to 69 countries, including almost all of Europe. He now wants to visit more remote places and avoid spots swarmed by tourists—starting with Greenland.

“I want a taste of something different,” said the 34-year-old founder of a consulting firm serving clients in the Washington, D.C., area.

He originally planned to go to Nuuk, the island’s capital, this fall via out-of-the-way connections, given there wasn’t a nonstop flight from the U.S. But this month United Airlines announced a nonstop, four-hour flight from Newark Liberty International Airport in New Jersey to Nuuk. The route, beginning next summer, is a first for a U.S. airline, according to Greenland tourism officials.

It marks a significant milestone in the territory’s push for more international visitors. Airlines ran flights with a combined 55,000 seats to Greenland from April to August of this year, says Jens Lauridsen, chief executive officer of Greenland Airports. That figure will nearly double next year in the same period, he says, to about 105,000 seats.

The possible coming surge of travellers also presents a challenge for a vast island of 56,000 people as nearby destinations from Iceland to Spain grapple with the consequences of over tourism.

Greenlandic officials say they have watched closely and made deliberate efforts to slowly scale up their plans for visitors. An investment north of $700 million will yield three new airports, the first of which will open next month in Nuuk.

“It’s the rumbling before the herd is coming,” says Mads Mitchell, general manager of Hotel Nordbo, a 67-room property in Nuuk. The owner of his property is considering adding 50 more rooms to meet demand in the coming years.

Mitchell has recently met with travel agents from Brooklyn, N.Y., South Korea and China. He says he welcomes new tourists, but fears tourism will grow too quickly.

“Like in Barcelona, you get tired of tourists, because it’s too much and it pushes out the locals, that is my concern,” he says. “So it’s finding this balance of like showing the love for Greenland and showing the amazing possibilities, but not getting too much too fast.”

Greenland’s buildup

Greenland is an autonomous territory of Denmark more than three times the size of Texas. Tourists travel by boat or small aircraft when venturing to different regions—virtually no roads connect towns or settlements.

Greenland decided to invest in airport infrastructure in 2018 as part of an effort to expand tourism and its role in the economy, which is largely dependent on fishing and subsidies from Denmark. In the coming years, airports in Ilulissat and Qaqortoq, areas known for their scenic fjords, will open.

One narrow-body flight, like what United plans, will generate $200,000 in spending, including hotels, tours and other purchases, Lauridsen says. He calls it a “very significant economic impact.”

In 2023, foreign tourism brought a total of over $270 million to Greenland’s economy, according to Visit Greenland, the tourism and marketing arm owned by the government. Expedition cruises visit the territory, as well as adventure tours.

United will fly twice weekly to Nuuk on its 737 MAX 8, which will seat 166 passengers, starting in June .

“We look for new destinations, we look for hot destinations and destinations, most importantly, we can make money in,” Andrew Nocella , United’s chief commercial officer, said in the company’s earnings call earlier in October.

On the runway

Greenland has looked to nearby Iceland to learn from its experiences with tourism, says Air Greenland Group CEO Jacob Nitter Sørensen. Tiny Iceland still has about seven times the population of its western neighbour.

Nuuk’s new airport will become the new trans-Atlantic hub for Air Greenland, the national carrier. It flies to 14 airports and 46 heliports across the territory.

“Of course, there are discussions about avoiding mass tourism. But right now, I think there is a natural limit in terms of the receiving capacity,” Nitter says.

Air Greenland doesn’t fly nonstop from the U.S. because there isn’t currently enough space to accommodate all travellers in hotels, Nitter says. Air Greenland is building a new hotel in Ilulissat to increase capacity when the airport opens.

Nuuk has just over 550 hotel rooms, according to government documents. A tourism analysis published by Visit Greenland predicts there could be a shortage in rooms beginning in 2027. Most U.S. visitors will stay four to 10 nights, according to traveler sentiment data from Visit Greenland.

As travel picks up, visitors should expect more changes. Officials expect to pass new legislation that would further regulate tourism in time for the 2025 season. Rules on zoning would give local communities the power to limit tourism when needed, says Naaja H. Nathanielsen, minister for business, trade, raw materials, justice and gender equality.

Areas in a so-called red zone would ban tour operators. In northern Greenland, traditional hunting takes place at certain times of year and requires silence, which doesn’t work with cruise ships coming in, Nathanielsen says.

Part of the proposal would require tour operators to be locally based to ensure they pay taxes in Greenland and so that tourists receive local knowledge of the culture. Nathanielsen also plans to introduce a proposal to govern cruise tourism to ensure more travelers stay and eat locally, rather than just walk around for a few hours and grab a cup of coffee, she says.

Public sentiment has remained in favour of tourism as visitor arrivals have increased, Nathanielsen says.

—Roshan Fernandez contributed to this article.

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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