Italian art convinces, international art surprises

A positive test for the Modern and Contemporary art auctions held in Milan at the end of May at Sotheby's and Il Ponte auction houses. Italian art appreciated the icons of the 20th century with some incredible exploits and much interest in international art with sales well above the high pre-auction estimates. An appointment that once again confirmed that quality is always rewarding and even the level of the pre-sale estimates plays an important role in shaping the success of the auction.

On 28 May, Sotheby's presented a catalogue with 93 lots, of which 80 were making their auction debut, ranging from Italian and international 20th century works. The auction closed with a countervalue, including the buyer's premium, of around €11.4m, which was below the pre-sale high estimate (which does not take the buyer's premium into account) of between €8.7m and €12.1m, with a sale rate of 90%. The works in the catalogue came from three private Italian collections each with a focus on the avant-garde of the 20th century. The top lot could not fail to include Lucio Fontana's 'Concetto Spaziale, Attese' (1968), estimated at between €1.6 million and €1.8 million, considered the highest valuation placed on a work by the artist, in Italy, since 2016. The blank canvas fetched a price (with the buyer's premium) of €1.56m, below estimates of between €1.6m and €1.8m. Five other works by the master were also in the catalogue, including a rare pink canvas with four holes (1962) and a black 'Spatial Concept' with stones which fetched prices reflecting estimates. More appreciated was the €300-400,000 'Teatrino rosso fuoco' that fetched €444,000. The 'Achrome' by Piero Manzoni (1958-59), estimated at €400-600,000, did not ignite collectors' spirits. The work represents an act of liberation from art understood as representation; the central wrinkles, obtained with kaolin, embody Manzoni's vision of an autonomous painting, without colour or meaning, in advance of Arte Povera and Minimalism, and went unsold.
Several works fetched prices above the high estimate. Two works by Giorgio de Chirico surpassed the high estimate: "Temple in a Room" sold for 584,000 euro (estimate 350-450,000 euro) and "Comedy and Tragedy" fetched 203,000 euro (estimate 80-120,000 euro). 'Spain No. 14' by Emilio Vedova sold for €419,000 against an estimate of between €250 and €350,000. "Self-Portrait" by Alighiero Boetti and "Rebel Night Angel" by Osvaldo Licini performed strongly against their pre-auction estimates. Boetti's work fetched five times its high estimate (it fetched €139,700 from €20-30,000), while Licini's work fetched €330,000 from €120-180,000. Mother and Daughter" by Antonio Donghi fetched more than three times its high pre-auction estimate (sold for €419,000 from €80-120,000), also setting a record for the artist in Italy. The artist had a retrospective at Palazzo Merulana in Rome last year. Also surprising was The Case of the Good-Hearted Maid, a 1967 work by Valerio Adami, which fetched 63 thousand euro (estimate 24-35 thousand euro). The offer also featured a collection celebrating international art and Pop Art, as evidenced by the presence of Andy Warhol with "Diamond Dust Shoes" (1980), which fetched €107,000 from an estimate of €70-80,000, and Tom Wesselmann with "Smoker Study" (1973) which received a lukewarm reception with a sale price of €127,000 from an estimate of between €100-150,000. The work 'Physichromie n 2282' by the Venezuelan Carlos Cruz-Diez was more popular and sold for €139,000 from an estimate of between €50-70,000. But even more striking was the exploit of "Decade Autoportrait" by Robert Indiana which sold for 245,000 euro (estimate 100-150,000 euro), and "Moby Dick" by the German painter Willis Baumeister which sold for 127,000 euro (estimate 26 - 50,000 euro) - a record for the artist in Italy. Another record in Italy for the artist Ronnie Cutrone, whose work 'Campaign Promises' exceeded the high estimate fourfold, reaching €30,000.

Antonio Donghi, Madre e figlia. (Asta Sotheby’s)

On 27 and 28 May, Il Ponte, also in Milan, presented a catalogue with the most significant protagonists of 20th and 21st century art, receiving an enthusiastic response from the public: the countervalue reached €5.7m with 92% of lots sold and an average revaluation of 150%. The auction began with the protagonists of early 20th century Italy with a nucleus of works by Cagnaccio di San Pietro, including the 1930s sketch "Studio per natura morta con frutta" (Study for still life with fruit) pencil on tracing paper that fetched €6,500 (hammer price without buyer's premium) from a pre-auction estimate of between €1,000 and €1,500. Also on offer was a rare collection of works by Giacomo Balla from the Molino Collection, which included the 1920 "Segnaposto" (sold for €6,000 from an estimate of €2,000 to €3,000) and the 1925 "Scatola futurista", oil on wood (hammer price €8,000 from an estimate of €4,000 to €6,000). Leading the adjudications were Giorgio de Chirico's metaphysics ("Piazza d'Italia" of 1953, sold for 350,000 euros (without buyer's premium, from an estimate of 150-250,000 euros), a terracotta painted with third fire by Lucio Fontana, "Crocefisso" of 1952, sold for 300,000 euros from an estimate of 130-160,000 euros. Among sculptures, an excellent result for Arnaldo Pomodoro: his bronze 'Rotante' (2002) fetched €170,000 (hammer price from an estimate of €70-100,000), a work made in eight examples + three artist's proofs. Another noteworthy sculpture was Giò Pomodoro's black marble 'Sun and Beam' (1974), which fetched a hammer price of 33 thousand euro, from an estimate of 15-20 thousand euro. The kinetic art of Victor Vaserely with the work "Untitled" fetched €45,000, from an estimate of between €20 and €30,000, and Grazia Varisco's 1970 "Mercuriale" fetched €16,000 from a pre-auction valuation of between €7-9,000. Among the top lots, "Azzuroverde" by Carla Accardi with a hammer price of €160,000 from an estimate of between €80 and €120,000, and "Schriftzug= Atemzug" by Irma Blank of 1988 fetched €75,000 from an estimate of €30-50,000.