ARTWORK BACKGROUND REPORT - artmarketmonitor.com · Claude Monet Effet de neige Limetz (1886) May...
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ARTWORK BACKGROUND REPORT Artist: Title: Date of Report: Claude Monet Effet de neige à Limetz (1886) May 3, 2010 Transparency for the Global Art Market Since 2004 www.skatepress.com
Transcript of ARTWORK BACKGROUND REPORT - artmarketmonitor.com · Claude Monet Effet de neige Limetz (1886) May...
ARTWORK BACKGROUND REPORT
Artist:
Title:
Date of Report:
Claude Monet
Effet de neige à Limetz (1886)May 3, 2010
Transparency for the Global Art Market Since 2004
www.skatepress.com
Contents
Skate’s Art Market Research575 Broadway, 5th FloorNew York, NY 10012
/ Tel: +1.212.514.6012 / Fax: +1.212.514.6037www.skatepress.com
1. Artwork Profiled
2. Skate’s Investment Summary3. Skate’s Artwork Risk Ra=ng
4. Brief Biography of Claude Monet5. Public Collec=ons
6. Solo Exhibi=ons
7. Group Exhibi=ons, 2009-‐20108. Dealer Directory
9. Provenance 10. Known TheVs of Monet’s Works
11.Market for Monet’s Works
Top 10 Monet Sales Repeat Sales of Monet’s Works
12. Market for Effet de neige à Limetz Peer Group for Effet de neige à Limetz
Repeat Sales in Peer Group
Peer Group Analysis13. Approach to Art Valua=on
14. Skate’s Artwork Risk Scale15. Peer Group Forma=on
16. Disclaimer
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1. Artwork Profiled
This report has been prepared for the following artwork:
Ar=st: Claude Monet (1840-‐1926)Title: Effet de neige à Limetz Year: 1886Medium: Oil on canvasSize: 25½ x 32 in. (65 x 81 cm.)
The artwork is listed in the catalogue of the following auc=on:
Auc=on House: Chris=e’s Auc=on Loca=on: New YorkAuc=on Name: Impressionist/Modern Evening SaleLot: 61Auc=on Date: Tuesday, May 4, 2010
Auc=on Es=mate: $2,500,000 -‐ $3,500,000
Source: Courtesy of Chris0e’s.
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2. Skate’s Investment Summary
Ar1st
Claude Monet is classified by Skate’s as a blue-‐chip ar=st, the highest category in Skate’s rankings of ar=sts. For a complete list of ar=st categories, please refer to pg. 84 of Skate’s Art Investment Handbook.
Based on Skate’s Top 5000 ranking of the world’s most valuable art (in nominal auc=on prices, USD, and including buyer’s premium), as of May 3, 2010:
• Claude Monet is the 2nd most valuable ar=st with 224 works in Skate’s Top 5000. His works have a combined market value of $1,468,759,274.
• The average Monet’s work listed in Skate’s Top 5000 is priced at $6,556,961 (the average work in Skate’s Top 5000 is $1,910,251).
Artwork
Claude Monet’s most valuable works (in terms of market prices) were created during the period of his career between 1900-‐1920. Nine of his ten highest priced works were created during this period.
The period of crea=on for Effet de neige à Limetz – 1870-‐1890 – has also showed strong auc=on performance, although Monet’s snow landscapes have generally seen more modest prices.
Investment risk summary
Effet de neige à Limetz is rated BBB+ on Skate’s Artwork Risk Scale (see Sec=on 14 for the full scale), which corresponds to Tier-‐4 investment grade art. Skate’s generally posi=ve outlook is due to the work’s sale at a top-‐=er auc=on house. Though high for this peer group, the work’s pre-‐auc=on es=mate, the fact it was bought-‐in at a previous sale and the numerous changes in ownership does nega=vely affect its investment quality. For a detailed discussion of the risks associated with this pain=ng, please refer to Sec=on 3 of this report.
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3. Skate’s Artwork Risk Ra=ng
Effet de neige à Limetz is an investment quality work of art and rated BBB+, a ra=ng that captures the following risk factors:
Ar1st Liquidity Risk: Low
• Claude Monet is a top Impressionist ar=st who enjoyed a long and prolific career. The market for his works is both broad and liquid.
Ar1st Price Vola1lity Risk: Low
• Monet has a well-‐established historical track record of auc=on prices. Mul=ple price points in the public domain allow accurate peer groups to be constructed.
• The weighted average effec=ve rate of return (ERR) of Monet’s repeat sales in Skate’s Top 5000 is 0.04 % (based on a total 35 repeat sales of the ar=st’s works). Monet ranks 146th in Skate’s list of ar=sts by weighted average ERR (the average ERR in Skate’s Top 5000 is 4.18%). This low ERR, based on a substan=al number of repeat sales, causes us to conclude that Monet’s price vola=lity risk is also low.
Title Risk: High
• Many theVs of Monet’s works have taken place during brazen robberies that have received significant anen=on from the media, which makes Monet look like an ar=st highly anrac=ve for thieves. According to Art Loss Register, however, he is only the 46th most frequently targeted ar=st for theV.
Authen1city Risk: Moderate-‐High
• Several forgeries of Monet’s works have appeared on the market, although the fact that Effet de neige à Limetz is being sold at a top-‐=er auc=on house should reduce authen=city risk. Poten=al buyers may wish to request a cer=ficate of authen=city before entering a transac=on.
Condi1on Risk: Low
• Effet de neige à Limetz is 124 years old and has experienced considerable travel along with nine changes in ownership. Poten=al buyers may want to examine condi=on before comple=ng a transac=on.
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4. Brief Biography of Claude Monet
Source: Félix Nadar
1840 -‐ Birth of Claude Oscar MONET on November 14th in Paris.1845 -‐ The family moves to Le Havre.1857 -‐ Death of his mother Louise Monet.1858 -‐ Claude Monet meets Eugène Boudin who encourages him to paint out of doors.1859 -‐ Monet comes to Paris and enters the Swiss Academy.1860 -‐ Monet meets Pissaro and Courbet.1863 -‐ Monet discovers Manet's pain\ng and paints "en plein air" in the Fontainebleau forest.1864 -‐ Monet stays in Honfleur with Boudin, Bazille, Jondkind. He meets his first art lover: Gaudibert.1865 -‐ Monet's pain\ngs are submiced for the first \me to the official Salon. Camille Doncieux his lady friend and Bazille pose for Le Dejeuner sur l'herbe (the Picnic).1867 -‐ Birth of his first son Jean Monet while Claude Monet is in Sainte-‐Adresse.1868 -‐ Monet tries to commit suicide. He receives a pension from Mr Gaudibert. He paints in Fecamp and Etretat.1869 -‐ Monet secles in the village of Saint-‐Michel near Bougival where he paints in company of Renoir.1870 -‐ Monet marries Camille, Courbet is his witness. They take refuge in London when the war begins.1871 -‐ Monet meets Durand-‐Ruel in London with Pissaro and Daubigny. Death of his father. Monet secles at Argenteuil aeer visi\ng the Netherlands.
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1873 -‐ Monet meets Cailleboce.1874 -‐ Monet exhibits "Impression : sunrise" at the first Impressionist exhibi\on in the studio of Nadar.1876 -‐ Monet meets Ernest and Alice Hoschedé.1877 -‐ Bankruptcy of Ernest Hoschedé. Monet paints the Saint-‐Lazare train sta\on.1878 -‐ Birth of Michel Monet, his second son. Monet and his family secle at Vétheuil in compagny of the family Hoschedé.1879 -‐ Death of Camille.1881 -‐ The family moves to Poissy.1883 -‐ Monet rents a house at Giverny. He will stay there for 43 years. 1887 -‐ Monet exhibits in New-‐York thanks to Durand-‐Ruel.1889 -‐ Monet exhibits with Rodin.1890 -‐ Monet purchases the house in Giverny and begins the digging for the nympheas basin.1891 -‐ Death of Ernest Hoschedé. Monet paints the series of Meules (Haystacks) and of Peupliers (Poplars)1892 -‐ Monet paints the Rouen Cathedrals series. He marries Alice in July.1894 -‐ Visit of Mary Cassac and of Cézanne at Giverny. Rodin, Clémenceau and Geffroy are present.1900 -‐ Monet paints several views of the Japanese bridge. He takes several trips to London and paints views of the Thames.1904 -‐ Monet travels to Madrid and admires the pain\ngs of Velasquez.1907 -‐ First problems with his eyesight. Monet discovers Venice.1911 -‐ Death of Alice.1914 -‐ Death of Jean, Monet's eldest son. Blanche moves to live near Claude Monet.1916 -‐ The ar\st decides to build a large studio of 23 m x 12m at Giverny.1916-‐1926 -‐ Claude Monet works on twelve large canvas, The Water Lilies. Following the signing of the Armis\ce, Monet offers to donate them to France. Theses pain\ngs will be installed in an architectural space designed specifically for them at the museum of the Orangerie in Paris.1923 -‐ Monet is nearly blind. He has an opera\on from the cataract in one eye. His sight improves.1926 -‐ In February Monet is s\ll pain\ng. But he suffers from lung cancer. He dies on December 5th. He is buried in a simple ceremony at Giverny. His friend Georges Clémenceau acends the ceremony.
Source: hMp://giverny.org
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5. Public Collec=ons
Argen5na
1. Museo Nacional de Bellas Artes -‐ MNBA, Buenos Aires
Australia 1. NGV Na=onal Gallery of Victoria, Melbourne, VIC
Belgium 1. MAMAC Musée d´Art Moderne et Contemporain,
Liège
Brazil 1. Museu de Arte de São Paulo Assis Chateaubriand -‐
MASP, São Paulo
Canada 1. McMaster Museum of Art, Hamilton, ON 2. The Montreal Museum of Fine Arts -‐ Musée des
beaux-‐arts de Montréal, Montreal, QC 3. Art Gallery of Ontario, Toronto, ON
Colombia 1. Museo Botero, Bogota
Denmark
1. Ny Carlsberg Glyptotek, Copenhagen
Finland 1. Ateneum Art Museum, Helsinki
France 1. Musée d'Unterlinden, Colmar 2. Palais des Beaux-‐Arts Lille, Lille 3. Musée des Beaux-‐Arts de Lyon, Lyon 4. Musée des Beaux-‐Arts de Nancy, Nancy 5. Musee Marmonan -‐ Claude Monet, Paris 6. Musée Na=onal de l´Orangerie, Paris 7. Musée d´Orsay, Paris 8. Musée Auguste Rodin -‐ Paris, Paris 9. Musée d'Art moderne de Saint-‐E=enne, Saint-‐
E=enne 10. Musée d'Art Moderne et Contemporain (MAMCS),
Strasbourg
Germany
1. Alte Na=onalgalerie, Berlin 2. Kunsthalle Bremen, Bremen
3. Wallraf-‐Richartz-‐Museum & Fonda=on Corboud, Cologne
4. Museum Folkwang Essen, Essen 5. Städel Museum, Frankfurt/Main 6. Niedersächsischen Landesmuseum, Hannover 7. Städ=sche Kunsthalle Mannheim, Mannheim 8. Neue Pinakothek, Munich 9. Staatsgalerie Stungart, Stungart 10. Von der Heydt Museum, Wuppertal
Hungary 1. Museum of Fine Arts -‐ Budapest, Budapest
Iran 1. Tehran Museum of Contemporary Art, Tehran
Ireland (Republic) 1. Dublin City Gallery The Hugh Lane, Dublin
Israel 1. The Israel Museum, Jerusalem 2. Tel Aviv Museum of Art, Tel Aviv
Italy 1. Galleria Nazionale d'Arte Moderna, Rome
Japan 1. Kawamura Memorial Museum of Art, Chiba 2. Fukushima Prefectural Museum of Art, Fukushima
City 3. Hiroshima Museum of Art, Hiroshima 4. Pola Museum of Art, Kanagawa 5. Kitakyushu Municipal Museum of Art, Kitakyushu 6. Asahi Beer Oyamazaki Villa Museum of Art, Kyoto 7. Shizuoka Prefectural Museum of Art, Shizuoka 8. Tochigi Prefectural Museum of Fine Arts, Tochigi 9. Bridgestone Museum of Art, Tokyo 10. NMWA The Na=onal Museum of Western Art,
Tokyo 11. Mie Prefectural Art Museum, Tsu City
Netherlands 1. Stedelijk Museum Amsterdam, Amsterdam 2. Van Gogh Museum, Amsterdam 3. Rijksmuseum Twenthe -‐ Museum voor oude en
moderne kunst, Enschede 4. Kröller-‐Müller museum, Onerlo 5. Museum Boijmans van Beuningen, Ronerdam 6. Gemeentemuseum Den Haag, The Hague
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https://www.artfacts.net/en/institution/wallraf-richartz-museum-fondation-corboud-9045/overview.html
https://www.artfacts.net/en/institution/wallraf-richartz-museum-fondation-corboud-9045/overview.html
https://www.artfacts.net/en/institution/asahi-beer-oyamazaki-villa-museum-of-art-21126/overview.html
New Zealand 1. Dunedin Public Art Gallery, Dunedin
Romania 1. The Na=onal Museum of Art of Romania,
Bucharest
Russia 1. The Pushkin State Museum of Fine Arts, Moscow 2. The State Hermitage Museum, St. Petersburg
South Africa 1. Johannesburg Art Gallery (JAG), Johannesburg
Spain 1. Museo Thyssen-‐Bornemisza, Madrid
Sweden 1. Göteborgs Konstmuseum, Göteborg
Switzerland 1. Museum Langman, Baden 2. Kunstmuseum Basel, Basel 3. Kunstmuseum Bern, Bern 4. Museo d´Arte Moderna, Lugano 5. Villa Ciani -‐ Museo civico di belle ar=, Lugano 6. Founda=on Beyeler, Riehen 7. Kunstmuseum St. Gallen, St. Gallen 8. Kunsthaus Zürich, Zurich
United Kingdom 1. The Fitzwilliam Museum, Cambridge,
Cambridgeshire (England) 2. Na=onal Museum Cardiff, Cardiff (Wales) 3. Dundee Contemporary Arts -‐ DCA, Dundee
(Scotland) 4. Walker Art Gallery, Liverpool (England) 5. The Na=onal Gallery, London (England) 6. Tate Britain, London (England) 7. Tate Modern, London (England) 8. Glynn Vivian Art Gallery, Swansea (Wales) 9. The New Art Gallery Walsall, Walsall, West
Midlands (England)
USA 1. Mead Art Museum, Amherst, MA 2. UMMA -‐ The University of Michigan Museum of
Art, Ann Arbor, MI 3. The High Museum of Art, Atlanta, GA
4. The Walters Art Museum, Bal=more, MD 5. MFA -‐ Museum of Fine Arts, Boston, Boston, MA 6. Albright-‐Knox Art Gallery, Buffalo, NY 7. The Art Ins=tute of Chicago, Chicago, IL 8. Cincinna= Art Museum, Cincinna=, OH 9. Columbia Museum of Art, Columbia, SC 10. Columbus Museum of Art, Columbus, OH 11. Dallas Museum of Art, Dallas, TX 12. The Dayton Art Ins=tute, Dayton, OH 13. The Detroit Ins=tute of Arts, Detroit, MI 14. Samuel P. Harn Museum of Art, Gainesville, FL 15. The Wadsworth Atheneum Museum of Art,
Har|ord, CT 16. MFAH -‐ Museum of Fine Arts Houston, Houston,
TX 17. Spencer Museum of Art, Lawrence, KS 18. Arkansas Arts Center, Linle Rock, AR 19. J. Paul Geny Museum, Los Angeles, CA 20. UCLA Hammer Museum, Los Angeles, CA21. Los Angeles County Museum of Art -‐ LACMA, Los
Angeles, CA 22. Speed Art Museum, Louisville, KY 23. Milwaukee Art Museum, Milwaukee, WI 24. The Minneapolis Ins=tute of Arts, Minneapolis,
MN 25. Yale University Art Gallery, New Haven, CT 26. Solomon R. Guggenheim Museum, New York City,
NY 27. The Metropolitan Museum of Art, New York City,
NY 28. MoMA -‐ Museum of Modern Art, New York City,
NY 29. Smith College Museum of Art, Northampton, MA 30. The Allen Memorial Art Museum, Oberlin, OH 31. Joslyn Art Museum, Omaha, NE 32. Norton Simon Museum of Art, Pasadena, CA 33. Portland Art Museum, Portland, OR 34. Princeton University Art Museum, Princeton, NJ 35. The RISD Museum -‐ University of Rhode Island,
Providence, RI 36. Reading Public Museum, Reading, PA 37. Saint Louis Art Museum, Saint Louis, MO 38. Fine Arts Museum of San Francisco, San Francisco,
CA 39. San Francisco Museum of Modern Art -‐ SFMOMA,
San Francisco, CA 40. Seanle Art Museum, Seanle, WA 41. Shelburne Museum, Shelburne, VT 42. Museum of Fine Arts St. Petersburg, St.
Petersburg, FL 43. The Corcoran Gallery of Art, Washington, DC 44. Kreeger Museum, Washington, DC 45. Davis Museum and Cultural Center -‐ Wellesley
College, Wellesley, MA 46. Norton Museum of Art, West Palm Beach, FL 47. Sterling and Francine Clark Art Ins=tute -‐ The
Clark, Williamstown, MA
Source: ArQacts.net
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https://www.artfacts.net/en/institution/san-francisco-museum-of-modern-art-sfmoma-2379/overview.html
6. Solo Exhibi=ons
2009 1. Claude Monet -‐ Von der Heydt Museum, Wuppertal 2. Monet's Water Lilies -‐ MoMA -‐ Museum of Modern
Art, New York City, NY 3. Monet -‐ Il tempo delle ninfee -‐ Palazzo Reale, Milan
2008 1. Monet, l'oeil impressionniste -‐ Musee Marmonan -‐
Claude Monet, Paris 2. The World of Claude Monet -‐ Nagoya -‐ Boston
Museum of Fine Arts, Nagoya
2007
1. In Monet's Garden: The Lure of Giverny -‐ Columbus Museum of Art, Columbus, OH
2. The Unknown Monet: Pastels and Drawings -‐ Sterling and Francine Clark Art Ins=tute -‐ The Clark, Williamstown, MA
3. Monet in Normandy -‐ The Cleveland Museum of Art, Cleveland, OH
2006 1. Monet in Normandy -‐ Fine Arts Museum of San
Francisco, San Francisco, CA 2. Claude Monet -‐ Effet de soleil -‐ Felder im Frühling -‐
Staatsgalerie Stungart, Stungart
2005 1. Monet's London: Ar=sts' Reflec=ons on the
Thames, 1859-‐1914 -‐ The Bal=more Museum of Art, Bal=more, MD
2. Monet’s London -‐ Ar=sts’ Reflec=ons on the Thames (1859–1914) -‐ Brooklyn Museum of Art, New York City, NY
2004 1. In Monet´s Light -‐ The Bal=more Museum of Art,
Bal=more, MD
2003 1. Monet -‐ The Seine and the Sea -‐ Weston Link,
Edinburgh (Scotland) 2. Claude Monet -‐ Haystacks, midday 1890 -‐ Art
Gallery of South Australia, Adelaide, SA
2002 1. Monet – Later Works: Homage to Ka=a Granoff -‐
Kawamura Memorial Museum of Art, Chiba 2. Claude Monet -‐ The State Hermitage Museum, St.
Petersburg
2001
1. Monet & Japan -‐ Na=onal Gallery of Australia, Canberra, ACT
2000 1. Promenade -‐ Les chefs d’œuvre de Monet du
Musée Marmonan. -‐ Musee Marmonan -‐ Claude Monet, Paris
1999 1. Monet at Giverny -‐ Masterpieces from the Musée
Marmonan -‐ Phoenix Art Museum, Phoenix, AZ 2. Monet at Giverny -‐ Masterpieces from the Musée
Marmonan -‐ Albright-‐Knox Art Gallery, Buffalo, NY 3. Le Cycle des Nymphéas -‐ Musée Na=onal de l
´Orangerie, Paris 4. Monet at Giverny -‐ The Montreal Museum of Fine
Arts -‐ Musée des beaux-‐arts de Montréal, Montreal, QC
1998
1. Monet in the 20th Century -‐ MFA -‐ Museum of Fine Arts, Boston, Boston, MA
1997 1. Claude Monet -‐ Göteborgs Konstmuseum,
Göteborg
1995 1. Claude Monet: 1840-‐1926 -‐ The Art Ins=tute of
Chicago, Chicago, IL
1992 1. Monet en Giverny -‐ Ins=tut de Cultura de
Barcelona, Palau de la Virreina, Barcelona
1991
1. Monet en Giverny -‐ Fundación Juan March, Madrid
1975 1. Pain=ngs by Claude Monet -‐ The Art Ins=tute of
Chicago, Chicago, IL
1960 1. Claude Monet: Seasons and Moments -‐ MoMA -‐
Museum of Modern Art, New York City, NY
Source: ArQacts.net
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7. Group Exhibi=ons, 2009-‐2010*
2010 1. Hinaus in die Natur! -‐ Barbizon, die Weimarer
Malerschule und der Au�ruch zum Impressionismus -‐ Neues Museum Weimar, Weimar
2. Gipfeltreffen der Moderne. Das Kunstmuseum Winterthur -‐ Museum der Moderne Salzburg, Salzburg
3. Monet y la abstracción -‐ Museo Thyssen-‐Bornemisza, Madrid
4. Van Gogh, Cezanne, Monet -‐ Die Sammlung Bührle zu Gast im Kunsthaus Zürich -‐ Kunsthaus Zürich, Zurich
5. Farbwelten. Von Monet bis Yves Klein. Werke der klassischen Moderne aus den Kunstmuseen Krefeld -‐ Kunsthalle Erfurt, Erfurt
6. Delacroix to Monet: Masterpieces of 19th-‐Century Pain=ng from the Walters Art Museum -‐ Santa Barbara Museum of Art, Santa Barbara, CA
7. Turner to Cézanne: Masterpieces from the Davies Collec=on, Na=onal Museum Wales -‐ The Corcoran Gallery of Art, Washington, DC
8. Degas to Picasso -‐ French Masterpieces from the Pushkin Museum, Moscow -‐ Museum of Fine Arts -‐ Budapest, Budapest
9. Modern Japanese Art and Europe -‐ Bridgestone Museum of Art, Tokyo
10. Impresionismo. Un nuevo Renacimiento -‐ Fundación MAPFRE, Madrid
2009 1. Masterpieces from Paris: Van Gogh, Gauguin,
Cézanne and beyond -‐ Na=onal Gallery of Australia, Canberra, ACT
2. Von Degas bis Picasso Die Sammlung Jean Planque -‐ Graphikmuseum Pablo Picasso Münster, Münster
3. By the Water-‐lily pond -‐ Asahi Beer Oyamazaki Villa Museum of Art, Kyoto
4. Farbwelten. Von Monet bis Yves Klein -‐ Paula Modersohn-‐Becker Museum, Bremen
5. The Lens of Impressionism: Photography and Pain=ng Along the Normandy Coast, 1850–1874 -‐ UMMA -‐ The University of Michigan Museum of Art, Ann Arbor, MI
6. Turner to Cézanne -‐ Masterpieces from the Davies Collec=on, Na=onal Museum Wales -‐ Everson Museum of Art, Syracuse, NY
7. l'eta' di Courbet e Monet -‐ Villa Manin. Centro d'arte contemporanea, Codroipo (UD)
8. Capolavori della modernità. La collezione del Kunstmuseum Winterthur -‐ MART-‐ Museo d'Arte Moderna e Contemporanea di Trento e Rovereto, Rovereto
9. Impressionismus -‐ Alber=na, Vienna 10. Impressionismus. Wie das Licht auf die Leinwand
kam -‐ Alber=na, Vienna 11. Colors of the Sea, Shapes of the Sea -‐ Bridgestone
Museum of Art, Tokyo12. Corot to Monet: A Fresh Look at Landscape from
the Collec=on -‐ The Na=onal Gallery, London (England)
13. Flowers and Landscapes -‐ Contemporary Art Museum, Kumamoto -‐ CAMK, Kumamoto
14. Turner to Cézanne: Masterpieces from the Davies Collec=on, Na=onal Museum Wales -‐ Oklahoma City Museum of Art, Oklahoma City, OK
15. De Courbet à Picasso -‐ Fonda=on Pierre Gianadda, Mar=gny
16. Gipfeltreffen der Moderne -‐ Das Kunstmuseum Winterthur -‐ Kunst-‐ und Ausstellungshalle der Bundesrepublik Deutschland, Bonn
17. Turner to Cezanne -‐ Masterpieces from the Davies Collec=on, Na=onal Museum Wales -‐ Columbia Museum of Art, Columbia, SC
18. Becoming Edvard Munch: Influence, Anxiety, and Myth -‐ The Art Ins=tute of Chicago, Chicago, IL
19. La Sombra -‐ Museo Thyssen-‐Bornemisza, Madrid20. Landscapes from the Age of Impressionism -‐
Norton Museum of Art, West Palm Beach, FL 21. Monet to Ma=sse: French Masterworks from the
Dixon Gallery and Gardens -‐ Allentown Art Museum, Allentown, PA
22. Monet, Renoir, Van Gogh, Gauguin -‐ Impressionists And Pos=mpressionists In The Israel Museum, Jerusalem -‐ ARKEN Museum for Moderne Kunst, Copenhagen
Source: ArQacts.net *Data on more than 200 addiUonal group exhibiUons daUng back to 1874 can be found at www.arQacts.net
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https://www.artfacts.net/en/institution/asahi-beer-oyamazaki-villa-museum-of-art-21126/overview.html
https://www.artfacts.net/en/institution/asahi-beer-oyamazaki-villa-museum-of-art-21126/overview.html
https://www.artfacts.net/en/institution/asahi-beer-oyamazaki-villa-museum-of-art-21126/overview.html
https://www.artfacts.net/en/institution/asahi-beer-oyamazaki-villa-museum-of-art-21126/overview.html
https://www.artfacts.net/en/exhibition/landscapes-from-the-age-of-impressionism-178376/overview.html
8. Dealer Directory
France
Galerie Cazeau-‐Béraudière, Paris Galerie Hopkins-‐Custot, Paris Galerie Larock-‐Granoff, Paris Malingue, Paris Galerie Taménaga, Paris
Japan Galerie Tamenaga -‐ Nakano-‐Shima, Osaka Galerie Tamenaga -‐ Osaka, Osaka Galerie Tamenaga -‐ Tokyo, Tokyo Monaco GAM Galerie d´Art, Monaco
Spain Luis Burgos Arte del siglo XX., Madrid
Switzerland Galerie Beyeler, Basel Barr & Ochsner GmbH, Zurich
United Kingdom Crane Kalman Gallery, London (England) Hildegard Fritz-‐Denneville Fine Arts Ltd, London (England) Thomas Gibson Fine Art, London (England) Theobald Jennings LLP, London (England) Lefevre Fine Art Limited, London (England) Wildenstein & Co Ltd, London (England)
USA Acquavella Galleries, Inc., New York City, NY Adelson Galleries, Inc., New York City, NY C.G. Boerner, LLC. , New York City, NY Chowaiki & Co., New York City, NY Peter Findlay Gallery, New York City, NY Pascal de Sarthe Fine Art, Paradise Valley, AZ Adams Davidson Galleries, Washington, DC
Source: ArQacts.net
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9. Provenance
From Chris*e’s catalogue for Sale 2311, Lot 61, New York, New York, May 4, 2010:
Provenance
Galerie Georges Pe=t, Galerie Bernheim-‐Jeune et Cie. and Montaignac, Paris (acquired from the ar=st, 1898).Galerie Durand-‐Ruel et Cie., Paris (1898).Paul Cassirer, Berlin (1900).Maurice Barret-‐Decap, Paris (circa 1946).Galerie René Drouet, Paris (circa 1970).Robert O. Peterson and Richard T. Silberman, San Diego (1970-‐1972).University of California San Diego Founda=on (giV from the above, December 1972); sale, Sotheby's, New York, 10 May 2000, lot 10.Acquired at the above sale by the present owner.
Exhibited
Stockholm, Konsthall Liljevalchs, Cézanne 1ll Picasso: fransk konst i svensk ägo, 1954, p. 86, no. 270A (=tled Paysage d'hiver).Paris, Galerie René Drouet, 1970.Fine Arts Gallery of San Diego, Out of Sight From San Diego Collec1ons, March-‐April 1972.Los Angeles County Museum of Art, Impressionists and the Salon, 1874-‐1886, 1974, no. 39 (illustrated).University of San Diego, Selected Works from the University of California, San Diego Collec1on, 1975.Paris, Centre culturel du Marais, Claude Monet au temps de Giverny, April-‐July 1983, pp. 36 and 56, no. 10 (illustrated, p. 56).San Diego Museum of Art (on extended loan, from 1975).
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10. Known TheWs of Claude Monet’s Works
Claude Monet is a high-‐risk ar=st under Skate’s theV risk classifica=on.
• Interpol lists as stolen the following six works by Claude Monet:
Effet de neige à Limetz is not currently listed on an Interpol or FBI stop list and was not listed as missing by Art Loss Register.
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11. Market for Monet’s Works
Top 10 Monet Sales
Rank Title Year of Crea5on
Date of Sale Auc5on Es5mate (low), USD
Es5mate (high), USD
Premium Price, USD
1 Le bassin aux nymphéas 1919 Jun. 24, 2008 Chris\e′s 35,431,200 47,241,600 80,549,392
2 Le Pont du chemin de fer à Argenteuil
1873 May 6, 2008 Chris\e′s -‐ -‐ 41,481,000
3 Nymphéas 1904 Jun. 19, 2007 Sotheby′s 19,816,000 29,724,000 36,659,600
4 Waterloo Bridge, temps couvert 1904 Jun. 18, 2007 Chris\e′s 11,860,200 15,813,600 35,462,000
5 Bassin aux nympheas et sen\er au bord de l′eau 1900 Jun. 30, 1998 Sotheby′s 6,664,445 9,996,667 32,991,502
6 Le portail (Soleil) 1892 May 10, 2000 Sotheby′s 15,000,000 20,000,000 24,205,750
7 Nymphéas 1906 May 8, 2000 Chris\e′s 20,000,000 25,000,000 20,906,000
8 Nymphéas 1906 Jun. 24, 2002 Sotheby′s 14,970,059 22,455,088 20,182,110
9 Londres, le Parlement, effet de soleil dans le brouillard
1904 Nov. 3, 2004 Chris\e′s 12,000,000 18,000,000 20,167,500
10 Nymphéas 1906 Nov. 5, 2002 Sotheby′s 16,000,000 20,000,000 18,709,500
Source: Skate’s Art Market Research (aucUon results from ChrisUe's and Sotheby’s)
Repeat Sales of Monet’s Works*
WorkYear of Crea5on Auc5on Date of Sale
Premium Price, USD ERR**, %
Holding Period, Years
Le Pont du chemin de fer à Argenteuil 1873 Chris\e′s May 6, 2008 41,481,000 5.62 19
Waterloo Bridge, temps couvert 1904 Chris\e′s Jun. 18, 2007 35,462,000 14.25 16
Nymphéas 1906 Sotheby′s Nov. 5, 2002 18,709,500 -‐9.46 2
Source: Skate’s Art Market Research *Based on presence in Top 10 Monet sales above **Annualized effecUve rate of return
Claude Monet is a blue-‐chip investment-‐quality ar=st with a well-‐established historical track record of auc=on prices. Mul=ple price data points in the public domain allow accurate peer groups to be constructed.
The most valuable of Monet’s artworks in terms of market prices were created in the period between 1900-‐1920.
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12. Market for Effet de neige à Limetz
Peer Group for Effet de neige à Limetz
Title Medium SizeYear of Crea5on Date of Sale Auc5on
Es5mate (low), USD
Es5mate (high), USD
Premium Price, USD
L'entrée de Giverny sous la neige Oil on canvas
Height 65.3 cm.; Width 81.5 cm. 1885 Dec. 1, 2006 Chris\e's 800,000 1,066,666 1,882,666
Effet de neige à Limetz Oil on canvasHeight 65 cm.; Width 81 cm. 1886 May 2, 2006 Chris\e's 3,500,000 4,500,000 BOUGHT IN
Effet de neige a Limetz Oil on canvasHeight 64.8 cm.; Width 81.3 cm. 1886 May 10, 2000 Sotheby's 1,000,000 1,500,000 2,865,750
Train dans la neige a Argenteuil Oil on canvas
Height 59.9 cm.; Width 81.5 cm. 1875 Nov. 13, 1996 Chris\e's 1,200,000 1,600,000 1,300,000
NEIGE A AMSTERDAM Oil on canvasHeight 55.6 cm.; Width 73.7 cm. 1874 May 11, 1993 Sotheby's 500,000 700,000 442,500
La berge à Lavacourt, neige Oil on canvas
Height 55.1 cm.; Width 73.9 cm. 1879 Nov. 11, 1987 Sotheby's 600,000 800,000 632,500
Route à Louveciennes, effet de neige Oil on canvas
Height 55.9 cm.; Width 65.8 cm. 1869-‐1870 Nov. 1, 2005 Chris\e's 4,000,000 6,000,000 BOUGHT IN
MEULES, EFFET DE NEIGE, LE MATIN Oil on canvas
Height 65 cm.; Width 100.1 cm 1891-‐1891 Oct. 18, 1989 Sotheby's 6,000,000 8,000,000 8,525,000
Les Meules, Giverny, effet du ma\n
Oil on canvasHeight 65.1 cm.;
Width92.1 cm.
1889 May 1, 1996 Sotheby′s 6,000,000 -‐ 7,152,500
Les Meules, Giverny, effet du ma\n Oil on canvas
Height 65 cm.; Width 91.9 cm. 1889 Nov. 15, 1989 Sotheby's 5,000,000 7,000,000 6,710,000
Les maisons dans la neige, Norvège Oil on canvas
Height 66 cm.; Width 92.7 cm. 1895 Nov. 2, 2005 Sotheby's 600,000 800,000 1,416,000
Route de Giverny en hiver Oil on canvas 65.5x81 1885 Jun. 24, 2009 Sotheby′s 4,771,553 6,362,071 6,308,953
Sandviken, Norvège, effet de neige Oil on canvas
Height 72.9 cm.; Width 91.9 cm. 1895 Jun. 19, 2006 Sotheby's 1,388,888 1,851,851 2,088,888
Route de Giverny en hiver Oil on canvas
Height 65.5 cm.; Width 81.5 cm. 1885 Jun. 24, 1998 Chris\e's 2,949,370 4,096,350 BOUGHT IN
Route de Giverny en hiver Oil on canvas
Height 65.5 cm.; Width 81.5 cm. 1885 Nov. 28, 1989 Sotheby's 2,202,300 2,831,520 3,094,717
Source: Skate’s Art Market Research, artnet N.B. Repeat sales indicated in blue
Our sampling of repeat sales (limited to the Top 10 works above) shows that Claude Monet is a reasonable choice as an investment target.
AVer a 19-‐year holding period, Le Pont du chemin de fer à Argenteuil achieved a 5.62% effec=ve rate of return (ERR) on an annualized basis. Waterloo Bridge, temps couvert achieved an impressive 14.25% return aVer a 16-‐year holding period.
Poten=al buyers should expect a reasonable degree of price stability over the long-‐term due to the well-‐established market for Monet’s works. Nevertheless, historically modest returns on resales of Impressionist art and a current strong market for Impressionist works in general indicate that significant returns in the foreseeable future would be unlikely should the buyer of Effet de neige à Limetz choose to resell the pain=ng.
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Repeat Sales in Peer Group
WorkYear of Crea5on Auc5on Date of Sale
Hammer Price, USD
Premium Price, USD ERR, %
Holding Period, Years
Les Meules, Giverny, effet du ma\n 1889 Sotheby′s May 1, 1996 6,500,000 7,152,500 -‐1 5.5
Sotheby′s Nov. 15, 1989 6,710,000
Route de Giverny en hiver 1885 Sotheby′s Jun. 24, 2009 5,554,580 6,308,953 3 8.8
Sotheby's Nov. 28, 1989 3,094,717
Source: Skate’s Art Market Research
While the top ten highest priced Monet works (i.e., above $18,000,000) primarily date from the period between 1900-‐1926, the high-‐end segment for the ar=st in general (i.e., $6,000,000-‐15,000,000) is more representa=ve of his career as a whole, with a major contribu=on made by works da=ng from 1870-‐1890. The most valuable genre for these two decades is the landscape. In its catalogue note, Chris=e’s stresses the fact that Effet de neige à Limetz belongs to the specific genre of the snow landscape, although from a marke=ng perspec=ve simply calling the pain=ng a “landscape” may have been a bener move, as works depic=ng winter subjects have generally performed less well at auc=on.
The average price for works in the Effet de neige à Limetz peer group is $3,534,956. Two works were sold above this level ($8,525,000 and $7,152,500), both of which depict the “meules” (haystacks). This subject tradi=onally commands higher valua=ons at auc=on (in the case of Monet this really maners, as another subject found to drama=cally increase prices is the Nymphéas (water lilies)). Prices for other works have been considerably more moderate.
With higher es=mates, we no=ce a greater frequency of unsold lots in this peer group, which has a buy-‐in rate of 20%
The low end of the Chris=e’s es=mate for Effet de neige à Limetz corresponds with what can be considered a reasonable price range for the peer group, while the auc=on house’s high es=mate includes a certain degree of irra=onal premium.
This May is the third =me Effet de neige à Limetz has been put up for auc=on. In 2000, the buyer paid a significant irra=onal premium by exceeding the auc=on house’s high es=mate by more than $1.3 million (i.e., more than 80%). If sold at the high es=mate this =me ($3,500,000), the seller could achieve a strong return on the investment, although such a result is actually rather unlikely. During an anempted resale in 2005, $3,500,000 was the low end of the es=mate range, and the auc=on ended with a buy-‐in.
To understand what kind of a return Effet de neige à Limetz will bring, we could look at the historical returns of repeat sales of Monet’s works. While one might be tempted to look at the repeat sales data on the top Monet works in Sec=on 11 above, this would be a mistake given that buyers in this price category rarely, if ever, are mo=vated by the poten=al investment returns on their purchases.
It would be more prudent, therefore, to look at the returns on repeat sales of works in the peer group -‐ Les Meules, Giverny, effet du ma1n and Route de Giverny en hiver.
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Though the two works differ in their dates of resale (1996 vs. 2009), they were originally purchased at auc=on in 1989 within several weeks of one another and share similar visual characteris=cs. The returns seen on their repeat sales are also quite modest -‐ -‐1% and 3%, respec=vely.
Route de Giverny en hiver probably provides the best indica=on of how Effet de neige à Limetz will perform given the more recent sale date. June 2009, like this spring, saw considerable strength for Impressionist works vis-‐a-‐vis other categories of fine art. Furthermore, the “equity stories” of these two works are almost the same. In both cases, a high irra=onal premium was paid on the purchase, although pre-‐auc=on es=mates were moderate. This irra=onal premium was included in the es=mates of both works on the first anempted repeat sales, both of which ended in failure. The es=mate for Effet de neige à Limetz has been reduced, although this is unlikely to have been caused by weak confidence in the market; rather, the short period between the sales suggests a certain degree of urgency to liquidate an asset). The es=mate for Route de Giverny en hiver was, on the contrary, increased (the low es=mate was set above the previous high es=mate), although the economic condi=ons were measurably worse last summer than they are now. Route de Giverny en hiver sold within near its high es=mate for $6,308,953, which translates into an annualized effec=ve rate of return (ERR) of 3%.
These stories arguably reveal the reason behind the price growth seen in the peer group. The buyers who were induced to pay high irra=onal premiums quite likely want to recoup their investments. Subsequent buyers are ready to pay such amounts, and as a result, the peer group shows growth in value. Given this apprecia=on trend we would argue that Effet de neige à Limetz, although slightly overpriced, is s=ll a reasonable investment target. Recent sales in the peer group suggest that even bidding within the high end of the es=mate range can s=ll be a reasonable strategy in terms of acquiring an affordable asset, although only by purchasing toward the lower end will buyers have room for decent returns should they seek to resell in the future.
Peer Group Analysis
Average Premium Price, USD $3,534,956
% Bought In 20%
Average Es\mate* 3,120,686
Average Variance** +13.3%
# Repeat Sales (including sales where work is bought in) 4
Average ERR 1%
*Average mid-‐range esUmate (USD), pre-‐aucUon **Average variance between selling price and mid-‐range esUmate Source: Skate’s Art Market Research
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13. Approach to Art Valua=on
14. Skate’s Artwork Risk Ra=ng Scale
Although this report does not assign a specific valua=on or valua=on range, Skate’s approach to art valua=on is based on the applica=on of Skate’s Art Asset Pricing Model (AAPM), which can be used to define a valua=on range for an artwork based on the valua=on range of comparable artworks (i.e., a peer group). An adjustment can be made using a provenance factor (i.e., a discount rate that varies between 0 and 1 and captures all the risks per=nent to the art asset, including authen=city, =tle and transport restric=ons) and irra=onal premium reflec=ng personal affec=on of a poten=al buyer and the individual artwork.
We have not es=mated an irra=onal premium that can be added to this artwork (i.e., an es=mate on how much a buyer may be willing to pay beyond the fair value), which can drama=cally affect an artwork’s final selling price. We believe, however, that the auc=on’s suggested pricing range for an artwork does generally imply that a buyer may be willing to pay an irra=onal premium amoun=ng to 20% more than the price levels of comparable artworks (i.e., the peer group discussed above).
Skate's Artwork Risk Ra=ng Scale consists of three major parts: Investment Quality (Grade), Specula=ve Quality (Grade) and Non-‐investment Quality (Grade).
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15. Peer Group Forma=on
16. Disclaimer
The forma=on of peer groups for use in Skate’s Artwork Background Reports varies considerably depending on the ar=st and the size of the sample. In general, all peer groups are limited to a single ar=st and medium. The peer groups used by Skate’s contain works by only one ar=st for the reason that the inclusion of more than one name would represent a subjec=ve judgement that would inevitably lead to skewed pricing results in the peer group.
Once an ini=al sampling of works is obtained, peer groups are narrowed by year of crea=on (or range of years), subject and, in some cases, size.
Although in prac=ce there is no standard number of works included in the peer groups used by Skate’s, experience has shown that groups of 5-‐15 works tend to be the most efficient when it comes to showing the market dynamics for a given work.
This report is not an appraisal, condi=on report or authen=city report. It has been prepared using publicly available sources of informa=on and without seeing or otherwise examining the actual artwork. Upon request, Skate’s is able to provide addi=onal research into provenance and other anributes, as well as to secure access to the paperwork necessary for comple=ng due diligence on =tle quality and preparing a more accurate valua=on range. In certain circumstances, Skate’s is able to arrange for a full authen=ca=on of the artwork.
Skate’s Art Market Research is an independent art investment research provider that is majority owned by IndexAtlas Group (www.indexatlas.com).
Neither Skate’s nor IndexAtlas Group are involved in or have otherwise vested interest in any art trade or art assets.
Skate's, LLC believes that the informa=on in the report is reliable, but it does not guarantee, and has not independently verified, its accuracy. Skate's, its affiliates, and any third party providers, as well as its and their managers, directors, officers, shareholders, employees or agents (each a "Skate's Party") do not guarantee the accuracy, completeness and =meliness of the informa=on in the report or any valua=on or opinion stated in the report (which informa=on, valua=ons and opinions are referred to as the "Content"). Skate's provides the Content on an “as is” basis. EACH SKATE'S PARTY DISCLAIMS ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. In no event shall any Skate's Party be liable to any party for any direct, indirect, incidental, exemplary, compensatory, puni=ve, special or consequen=al damages, costs, expenses, legal fees, or losses (including, without limita=on, lost income or lost profits and opportunity costs) in connec=on with any use of the Content even if advised of the possibility of such damages.
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