{"id":60005,"date":"2023-09-12T09:36:11","date_gmt":"2023-09-12T13:36:11","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/wall-sized-painting-by-gerhard-richter-could-fetch-30-million-at-auction\/"},"modified":"2023-09-12T09:36:15","modified_gmt":"2023-09-12T13:36:15","slug":"wall-sized-painting-by-gerhard-richter-could-fetch-30-million-at-auction","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=60005","title":{"rendered":"Wall-Sized Painting by Gerhard Richter Could Fetch $30 Million at Auction"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-PENTAB-0000033998\">\n<p>A monumental work by German painter Gerhard Richter will hit the auction block at Phillips next month in New York after touring Hong Kong and Taipei for an estimate in the range of US$30 million.\u00a0<\/p>\n<p>Phillips will sell <em>Abstraktes Bild<\/em>, 1987,<em>\u00a0<\/em>on Nov. 13 \u201cas the star lot of the house\u2019s international fall auction season,\u201d according to an announcement.\u00a0\u00a0\u00a0<\/p>\n<div class=\"paywall\">\n<p>With two panels that measure 9 feet tall and 13 feet wide, the painting is \u201cone of the largest works from Richter\u2019s oeuvre to ever be offered at auction,\u201d Phillips said. Though Richter painted other works as part of the <em>Abstrakte Bilder<\/em> series from 1986-1989, the only one on a similar scale to the work set for auction is in Lisbon\u2019s Museu Cole\u00e7\u00e3o Berardo.<\/p>\n<p>\u201cPainted shortly after the artist moved away from his figurative, photo-based painting, <em>Abstraktes Bild<\/em> reveals the explosive power, depth of color, and emotional resonance that would distinguish Richter as one of the most profound abstract painters of his generation,\u201d Phillips said.<\/p>\n<p><strong>More<\/strong>: A Brisk Start to a Slew of New York Art Fairs<\/p>\n<p>The auctioneers are hoping for a better outcome than they saw in March, when a Richter painting was withdrawn from bidding after preliminary bids fell short of expectations. French collector Marcel Brient had offered Richter\u2019s 1983 abstract work <em>Mathis<\/em>, along with an untitled 1994 Willem de Kooning painting, for a combined estimate between \u00a317 million and \u00a324 million (about US$21.2 million and US$30 million).<\/p>\n<p>Along with abstract paintings, Richter\u2019s work has encompassed grid-like <em>Colour Charts<\/em>, 1977\u2019s infamous <em>Baader-Meinhof <\/em>series, photo paintings, and portraits.\u00a0\u00a0<\/p>\n<p>\u201cPhotographs, private ones and others, keep appearing that fascinate me so much that I want to paint them. And sometimes the real meaning these images have for me only becomes apparent later,\u201d he told German magazine Spiegel in 2005.<\/p>\n<p>Richter\u2019s\u00a0 auction record stands at US$46.3 million for a 1986 <em>Abstraktes Bild<\/em> sold in 2015 by Sotheby\u2019s in London. A similar work with the same title helped the 91-year-old painter set a 2020 record as the most expensive Western artist to sell at an Asian auction. That <em>Abstraktes Bild <\/em>sold in October 2020 for HK$214.6 million (US$27.6 million) at Sotheby\u2019s in Hong Kong.<\/p>\n<p>The elite end of the art market has faced a rough ride in 2023.\u00a0 Global auction sales from Christie\u2019s, Sotheby\u2019s and Phillips decreased 18% during the first half of 2023, according to a July report from London art-market analyst firm ArtTactic, with sales of US$5.8 billion compared to US$7.1 billion in the same period last year. Artnet reported that Phillips\u2019 global sales sank 39% in the first half of 2023 compared to the same period in 2022.\u00a0<\/p>\n<p>But experts in the industry have cautioned against calling recent financial results \u201ca correction.\u201d New York\u2019s Bonhams, for instance, reported the best results in its 250-year history in the first half of 2023, with sales of US$552 million.\u00a0 And there have been major recent sales, including Louise Bourgeois\u2019s <em>Spider, 1996,<\/em>, which sold at Sotheby\u2019s in May for a record-smashing US$32.8 million.<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/articles\/wall-sized-painting-by-gerhard-richter-could-fetch-30-million-at-auction-b80e604f?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A monumental work by German painter Gerhard Richter will hit the auction block at Phillips next month in New York after touring Hong Kong and Taipei for an estimate in the range of US$30 million.\u00a0 Phillips will sell Abstraktes Bild, 1987,\u00a0on Nov. 13 \u201cas the star lot of the house\u2019s international fall auction season,\u201d according [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":60006,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-60005","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Wall-Sized Painting by Gerhard Richter Could Fetch $30 Million at Auction | iFintechWorld<\/title>\n<meta name=\"description\" content=\"A monumental work by German painter Gerhard Richter will hit the auction block at Phillips next month in New 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