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INVESTING | 4/26/2013 @ 6:11PM | 716 views
Top Selling Artists at Auction in
Miró
A photographer looks at Pablo
Picasso's 'Deux nus couches' at
Christie's auction house in Hong
Kong on April 2, 2012. (Image
credit: AFP/Getty Images via
@daylife)
Pablo Picasso was the top selling artist at
auction by value in the first quarter of 2013 with
sales of $87.6 million, according to a recent
artnet
($44.9 million), Joan Miró ($44.3 million),
Amedeo Modigliani ($43.1 million), Jean-
Michel Basquiat ($42.3 million), Francis Bacon
($36.8 million), Claude Monet ($30.2 million),
René Magritte ($29.2 million), Egon Schiele
($28.0 million) and Pierre-Auguste Renoir
($22.2 million).
Plenty of the same
names that populated
last year’s list pop up
again, although Andy
Warhol didn’t make
the top 10 in the first
quarter, after
finishing 2012 at the top of artnet’s ranking with
$380.5 million of sales. Nor did any Chinese artists
make the top 10, when Qi Baishi, Zhang Daqian and
Li Keran all featured in the full year 2012 results.
Obviously, you can’t read too much into quarterly
results, particularly when the sale of just one multi-
million dollar painting can assure a high ranking,
which is the certainly true of Modigliani after his
portrait of Jeanne Hebuterne sold for $42 million at
Christie’s in London this February.
That’s clearly not the case for Picasso, though. Over
2,700 of his art works changed hands at auction last
year, while 645 of his works sold in the last quarter,
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Page 1 of 4Top Selling Artists at Auction in First Quarter: Picasso, Richter, Miró - Forbes
4/29/2013http://www.forbes.com/sites/kathryntully/2013/04/26/top-selling-artists-at-auction-in-first-...
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according to artnet. This doesn’t even take into
account private sales, such as the sale of Le Rêve by
Steve Wynn to Steven Cohen for $155 million earlier
this year. While the sale of paintings like this and
Femme assise près d’une fenêtre that sold for for
$45 million at Sotheby’s this February make the
headlines, Picassos are popular at many different
price levels and in different media.
Does this mean that Picasso is a great investment?
Not necessarily. For example, a March Report from
Beautiful Asset Advisors, using data from the Mei
Moses family of art indices, showed that Picasso’s
Nature Morte Aux Tulipes, which sold for $41.5
million in November 2012, produced a compound
annual return of 3% for the seller, who bought it for
$28.6 million in 2000. That’s not bad on the face of
it, given the time period involved, but it doesn’t take
into account transaction costs, or storage, insurance
or other ongoing costs.
There are more Picassos coming to auction in the
New York Impressionist and Modern Art sales in a
couple of weeks, so watch this space.
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Kathryn Tully
Contributor
Follow(50)
I've worked as either a journalist, editor or
columnist for 15 years and I write about art,
investing, and where those two worlds collide.
Words I've put in a row have appeared in the
Financial Times, where I'm a long-standing
contributor, The Economist and The Times of
London, among others. My articles cover everything
plenty of
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4/29/2013http://www.forbes.com/sites/kathryntully/2013/04/26/top-selling-artists-at-auction-in-first-...
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Page 3 of 4Top Selling Artists at Auction in First Quarter: Picasso, Richter, Miró - Forbes
4/29/2013http://www.forbes.com/sites/kathryntully/2013/04/26/top-selling-artists-at-auction-in-first-...
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Page 4 of 4Top Selling Artists at Auction in First Quarter: Picasso, Richter, Miró - Forbes
4/29/2013http://www.forbes.com/sites/kathryntully/2013/04/26/top-selling-artists-at-auction-in-first-...