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Blockbuster Auctions

Each May, the art world buzzes as art fairs hit New York City and the major auction houses host blockbuster international sales. After scaling back in 2020 and 2021 due to the Covid-19 pandemic, the art scene returned with gusto this spring. Even the Financial Times noted that New York’s 2022 auction season wrapped up “strongly,” after a series of record-breaking successes.

 

Shot Sage Blue Marilyn (courtesy of Christie’s)

Christie’s made headlines during its Spring Marquee Week when Andy Warhol’s “iconic portrait of Marilyn Monroe,” Shot Sage Blue Marilyn, sold to Larry Gagosian for a little over $195 million after just 4 minutes of bidding. This was the second-highest result for an artwork at auction, and the highest price ever paid for a work by an American artist. Notably, Gagosian had previously sold the work to Thomas Ammann in 1986, so the work is returning to its prior seller almost forty years later. (It is unclear whether Gagosian is keeping Marilyn for his own collection or whether he purchased it on behalf of a client.) Overall, the sale attracted bidders from 29 different countries and 68% of lots sold above their respective high estimates, demonstrating that collectors have not lost their appetite for contemporary art over the past two years. Works by six other artists, including Francesco Clemente and Ann Craven also sold for record prices while Cy Twombly and Robert Ryman occupied the top lots after Warhol. Christie’s Chairman of 20th and 21st Century Art, Alex Rotter, commented that this was a “historic night” and “a testament to the strength, the vibrancy, and the overall excitement of the art market today.”

 

Sotheby’s spring sales also broke records, with the second half of the Macklowe Collection up for grabs. Achieving a total of $922 Million, the Macklowe Collection won the distinction of becoming the most valuable collection ever sold at auction. The group of 65 works, including exemplars by Rothko, Warhol, Giacometti, and de Kooning, was sold during two separate auctions in the fall and spring (the first on November 15, 2021, and the second on May 16, 2022), driving up interest. The collection was formed by Harry B. Macklowe and his ex-wife Linda over the many decades of their marriage. In 2018, amidst acrimonious divorce proceedings and widely varying appraisals over the collection’s actual value, a New York State Supreme Court judge ordered the couple to sell the artworks and split the profits equally. Although the auctions were delayed due to Covid-19, it was well worth the wait.

 

Finally, a third big auction house player made headlines for astronomical prices this spring. Phillips’ superstar was an untitled work by Jean-Michel Basquiat. The acrylic and spray paint on canvas from 1982 was estimated to sell for $70 million, but it surpassed expectations and brought in $85 million during an evening sale on May 18, 2022.  The seller, Japanese mogul Yusaku Maezawa, had originally purchased the 16-foot-long work in 2016 for $57.3 million. Basquiat is currently enjoying a resurgence in popularity among both established and younger art collectors, with another work selling for $40 million last November.

 

Artsy noted that the 20th-century and contemporary art auctions reflect a “shift in collector’s interests across the board with women artists, artists of color, and emerging artists receiving both critical interest and incredible financial interest.” The staggering results for some of these artists (often realizing much larger amounts their high estimates) may be the result of collectors seeking to purchase works by artists with potentially long and successful careers whose values may further increase. Several news sources noted that one of the stars in this field is Anna Weyant. The 27-year-old Canadian had her works sold at the three major auction houses (Sotheby’s, Christie’s, and Phillips) and high-profile galleries. Her work, “between sweet and sour, beautiful and foreboding” has surged in price and interest across the board.

 

We were pleased to represent a number of collectors consigning important works at auction this spring. One of our clients is the collecting family that consigned three works by David Hammons for the Sotheby’s Contemporary Evening Auction on May 19. Sotheby’s touted these works and their provenance, after the paintings remaining with our clients for nearly five decades. All three of the works performed well, with two of them selling for above their high estimates. (The combined high estimate of the 3 works was $2.3 million, and they actually realized $2.6 million.)

 

It is always gratifying to work with clients and help them achieve the best outcomes for the sale of artwork. We look forward to a continued season of strong art market sales and new and exciting artists as summer approaches.

 

Celebrating the Carabinieri

Leila Amineddoleh’s article about the Comando Carabinieri Tutela Patrimonio Culturale, TPC (the Carabinieri’s Art Crime Squad) appeared in Artsy today. (Link here.) Our founder was invited to attend the opening reception of the ceremony celebrating the work accomplished by Italy’s renowned Art Crime Squad. Leila served as the cultural heritage law expert in the case that led to the repatriation of the one the amphorae on display. Congratulations to the Carabinieri on its wonderful work and successful recoveries.  

Celebrating Our First Anniversary

Amineddoleh & Associates LLC is pleased to celebrate its first anniversary. The litigation and transactional boutique law firm is recognized for its work in the areas of art, cultural heritage, and intellectual property law.

Since our inception, we have been involved in numerous high-profile matters. The law firm’s founder Leila Amineddoleh served as a consultant to the Brooklyn United States Attorney’s Office in the civil case brought against Hobby Lobby (information about the case is available here and here), and likewise serves as a cultural heritage law expert to the New York District Attorney’s Office for antiquities investigations. In that role, she was involved in the repatriation of looted antiquities from Italy and the recent seizure of an ancient Lebanese bull’s head to Lebanon from the Metropolitan Museum of Art. Amineddoleh also worked as a legal expert consultant for foreign governments in Europe and Asia on repatriation issues.

Amineddoleh & Associates serves the needs of private clients in a number of areas as well. The firm’s first year has been very active with a host of high-stakes art and intellectual property matters, including the following:

  • Selling art and collectibles (including military items and rare books) around the globe;
  • Serving as legal counsel for a leading international artist concerning his installation at the Smithsonian Institution;
  • Demanding restitution of a stolen multi-million dollar collectible now housed in a private European collection;
  • Protecting the art and IP of well-known artists, such as Samuel Amoia and Lynx Alexander;
  • Recovering artwork for an artist after her sculpture was unlawfully withheld by a gallery;
  • Assisting international art dealers and collectors sell works within the US;
  • Presenting works for sale to artists’ foundation after performing due diligence and authentication;
  • Working with artists’ foundations for licensing and intellectual property permissions;
  • Advising on fair use issues for visual artists;
  • Providing legal counsel to entertainment marketing agencies, such as The Syndicate;
  • Drafting agreements in furtherance of the release of films, such as “Thirst Street;”
  • Seeking funding for film projects;
  • Demanding rescissions from auction houses for the sales of forged works;
  • Representing a nationally acclaimed magician to protect his intellectual property;
  • Establishing non-profit organizations and corporate entities;
  • Prosecuting trademarks, filing cease and desist demands, and developing intellectual portfolios;
  • Drafting contracts for authors, artists, and videogame designers;
  • Representing collectors before cultural ministries to receive permission for international sales.

 

Besides work for our valued clients, Amineddoleh & Associates has been actively weighing in on art and heritage issues in national and international dialogues. We’ve discussed art and heritage issues in numerous publications, including Live Science, Time Magazine, NY Times, Bloomberg News, and iNews. Our founder Ms. Amineddoleh appeared on two nationally aired radio shows, Knowledge@Wharton and WNPR, and she spoke at numerous conferences and presented guest lectures across the country.

 

Ms. Brennan assisted in co-teaching a course on antiquities at Sotheby’s Institute of Art. She is actively researching current international and federal legislation controlling cultural property, as well as conducting legal research into artists’ estates and foundations. We’ve been published extensively in sources such as Artsy and Artnet, and Ms. Brennan served as the research assistant for Maxwell L. Anderson’s book Antiquities: What Everyone Needs to Know.

 

The attorneys at Amineddoleh & Associates are pleased to work in the arts in other capacities. Ms. Brennan is a graphic designer and illustrator in her spare time. Ms. Amineddoleh performs classical piano music, and she curated an art crime exhibition at New York University. Michael Rose is a talented painter. We are proud to actively support the arts, as members of arts organizations, such as Lincoln Center Young Patrons, Young Patrons’ of the Hispanic Society of America, and Young Friends of the Philadelphia Museum of Art.

We look forward to another exciting year ahead. In November, Ms. Amineddoleh will be organizing and speaking at a program on art collecting and due diligence for Harvard Business School at the Harvard Club in New York City. In February, she will be leading a lecture at the Philadelphia Museum of Art on the history of art collecting. We are proud to contribute to the Antiquities Coalition in a forthcoming policy piece for the group. In the fall, please look for our contribution to a forthcoming book from Bloomsbury Press, Nazi Law: From Nuremberg to Nuremberg.

For more information on the firm’s practice please visit www.artandiplawfirm.com.