Christie’s 20th Century Evening Sale Achieves $413 Million

Welcome to the 38th edition of Maximalist! Dive into the ultimate guide, filled with insider insights into the world of fashion, art, real estate, travel, jewelry, and horology.

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Markets

On this week’s agenda:

1. Christie’s 20th Century Evening Sale Achieves $413 Million

2. Federer and Nadal Star in Louis Vuitton’s Core Values Campaign

3. Loro Piana at La Réserve à La Plage Returns for Summer 2024

4. Sotheby’s New Fee Structure: A High-Risk, High-Reward Move

5. Mara Hoffman Shuts Down Her Fashion Label After 24 Years

6. Louboutin and Yovanovitch Unveil New Chair Collection

Christie’s 20th Century Evening Sale Achieves $413 Million

Christie’s 20th Century Evening Sale in New York concluded with impressive results, totaling $413 million. This amount fell within the pre-sale estimate range of $342 million to $497 million. The auction featured 64 lots, with notable sales including a David Hockney painting and a Vincent van Gogh piece, which fetched $28.6 million and $33.2 million, respectively.

The Hockney piece "A Lawn Being Sprinkled" (1967), once owned by television producer Norman Lear, garnered significant attention but ultimately sold to a phone bidder for $28.6 million, just above its low estimate. Similarly, van Gogh's "Coin de Jardin avec papillons" (1887) sold for $33.2 million after a somewhat subdued bidding process, with the final offer coming from a phone bidder.

Of the 64 lots, three were withdrawn prior to the auction, and over 37 percent had guarantees, indicating strong interest from collectors. Despite this, some art advisers felt the sale lacked cohesion, describing it as cobbled together. Auctioneer Adrien Meyer humorously acknowledged the lengthy list of guaranteed lots, which included Frank Stella’s "Untitled (Concentric Squares)," which sold for $6.1 million, below its estimated range.

The evening saw several records, including André Kertész’s photograph "Satiric Dancer" (1926), which sold for $567,000, just above its estimate. Alexander Archipenko’s sculpture "Woman Combing Her Hair" set a new record, selling for $5.1 million, more than double its high estimate.

However, not all pieces met expectations. Works by Isamu Noguchi, Richard Diebenkorn, and Joan Mitchell failed to sell. Notably, Joseph Cornell’s "Untitled (Medici Prince Variant)" was initially passed over but later sold for $403,200 after being reintroduced.

Georgia O’Keeffe’s "Red Poppy" (1928) was one of the highlights, sparking competitive bidding and applause and ultimately selling for $16.5 million. This piece, the largest of O’Keeffe’s poppy paintings still in private hands, attracted significant interest and quickly surpassed its low estimate.

Economic uncertainties and a shift in spending habits have influenced the art market. Adviser Elizabeth Fiore observed that while money is still being spent, the urgency seen in previous years has diminished. Maria Brito echoed this sentiment, noting a lack of standout pieces that drive aggressive bidding.

Deals were still to be had, with Picasso’s "Femme au chapeau assise" (1971) selling for $19.9 million, below its estimated range. Despite being dynamic and notable for Picasso’s age at the time of creation, it did not reach its higher estimate.

Reflecting on the season, Alex Glauber, president of the Association of Professional Art Advisors, noted that auction houses have adopted a more cautious approach. “If they can’t show strength, they can at least show that the market is healthy and functional,” he remarked.

Federer and Nadal Star in Louis Vuitton’s Core Values Campaign

Louis Vuitton has unveiled its latest Core Values campaign featuring tennis icons Roger Federer and Rafael Nadal, photographed by the legendary Annie Leibovitz in the stunning Dolomites of Italy.

The campaign capitalizes on the remarkable careers of both players, showcasing a journey of ambition, determination, and discovery. The tagline, “There are Journeys that turn into Legends,” perfectly captures the essence of Federer and Nadal’s ascent to the summit of the Dolomites, 3,000 meters high. The campaign features Federer with the classic Monogram Christopher backpack, symbolizing Louis Vuitton’s timeless style, while Nadal carries the Monogram Eclipse version, reflecting his dynamic strength and tenacity.

Despite their rivalry, Federer and Nadal’s camaraderie shines through. With Federer’s record-setting 20 Grand Slam titles and Nadal’s 22 Grand Slams, including 14 French Open wins, their careers are legendary. Nadal expressed pride in being part of the campaign, especially alongside Federer: “I know how many important icons have been part of this campaign, so for me personally, being part of it is something that I am very proud of, especially sharing it with Roger – he has been my biggest rival and now a close friend today.” Federer echoed the sentiment, saying, “It’s a unique opportunity to be working on this campaign with Rafa. How we could be such rivals and then at the end of our careers be beside each other doing this campaign has been very cool. And where we are here today, I think it also embodies everything: at the peak of the mountains. For us, it is something meaningful and special.”

This campaign follows a similar theme to Louis Vuitton’s 2022 campaign featuring Cristiano Ronaldo and Lionel Messi, also shot by Leibovitz. Both campaigns highlight major sports rivals and their sportsmanship off the court, paying homage to the values of the Louis Vuitton house. Federer and Nadal, as stars of the Core Values campaign, exemplify these principles beautifully.

Loro Piana at La Réserve à La Plage Returns for Summer 2024

Each summer, the world beckons travelers to its coasts, cities, and mountains, imbuing the season with a unique charm reflected in our attire, cuisine, and the very air we breathe. This summer, Loro Piana has captured the essence of the season with a luxurious debut on the Côte d’Azur in Saint-Tropez, blending fashion with immersive experiences at La Réserve à La Plage beach club.

Loro Piana has redesigned the décor of La Réserve à La Plage, creating an exclusive beach club that embodies the brand’s signature materials, colors, and patterns. Open throughout the summer, the club features a boutique offering select pieces from Loro Piana’s Summer Resort 2024 collection. Items available include hats, swimsuits, linen beach bags, outfits adorned with the Flower Ceremony print, and the newly introduced Blossom bag. This boutique mirrors the offerings at Loro Piana's Saint-Tropez store, located at 2 Rue Victor Laugier.

Just steps from the boutique, the beach club itself reflects Loro Piana's personalized style. The club is decorated with outdoor fabrics from the brand’s Interiors collection. Parasols, beach towels, beach rackets, and table accessories in the bar and restaurant are all adorned with the multi-striped Suitcase Stripe motif, evoking the vibrant spirit of summer.

Loro Piana’s venture at La Réserve à La Plage is more than just a showcase of luxury goods; it is an homage to the enchanting summer soirées along the French seaside, offering a truly immersive experience in Saint-Tropez.

Sotheby’s New Fee Structure: A High-Risk, High-Reward Move

Sotheby’s is making a bold move with a significant overhaul of its fee structure, aiming to balance client satisfaction with increased profitability. Starting May 20, buyers will face a reduced premium: 20% on hammer prices up to $6 million and 10% on any portion above that. The controversial 1% overhead premium will be eliminated. In contrast, sellers will experience increased fees, with a flat 10% commission on hammer prices for lots estimated at $5 million or less, capped at $50,000 per work. For high-value consignments, Sotheby’s will waive the vendor’s commission but impose a 2% "success fee" on lots exceeding their high estimates.

Sebastian Fahey, Sotheby’s managing director of global fine art, explained the rationale behind these changes: “We’ve been feeling for some time that there was a real need for a reset between the onus on the buyer and that on the seller. A huge part of the decision to change was down to our desire to cut down on what you might call ‘distractions’ and to concentrate on things that, in our view, really matter. We believe that a simplified fee structure will bring more participants to the market simply by making transacting easier to understand.”

However, this strategy comes with risks. Philip Hoffman, CEO of the Fine Art Group, noted that the aim is to boost profitability by reducing generous terms to sellers: “Drahi is trying to improve profitability by stopping giving away so much to sellers through complicated negotiations on things like ‘enhanced hammer’ and reduced vendor’s commission deals. He’s got high costs. He’s got to make more money out of this business.”

Sotheby’s overall sales reached $7.9 billion last year, slightly down from the previous year’s record $8 billion but still ahead of Christie’s $6.2 billion. Despite these figures, the pressure is on for Sotheby’s owner, Patrick Drahi, who has accumulated $60 billion in debt through his Altice telecommunications group. A report from the Financial Times suggested that Sotheby’s might sell a minority stake to reduce this burden, but no deal has been confirmed.

The art market faces additional challenges. Data from Pi-eX indicates a decline in online-only auctions and average lot prices at major auction houses. Christine Bourron, CEO of Pi-eX, acknowledged Sotheby’s attempt to innovate: “It’s good that Sotheby’s has tried something. The market needs a shake-up.” However, she noted the difficulty of maintaining profitability in a declining market.

Some in the trade are skeptical. Abigail Asher of Guggenheim, Asher Associates, believes the new fee structure might benefit competitors: “It’s like a card game in which you’re showing your hand to the other players. It makes it easy for the competition to undercut them.” She also highlighted potential dissatisfaction among high-level clients who might not appreciate the standardization of fees.

On the other hand, Thierry Ehrmann, founder of Artprice, sees potential benefits: “The decision by Sotheby’s to simplify its fee structure reveals a will to be more transparent and to stimulate sales. Purchasers are now in a position of strength.” However, he cautioned that similar past changes were quickly reversed.

As Sotheby’s navigates this new strategy, the industry watches closely to see if competitors like Christie’s and Phillips will follow suit. Historically, coordinated fee adjustments have faced legal scrutiny, as seen in the 1981 case where auction houses were accused of collusion. Today, with wealthy individuals dominating the market, the impact of Sotheby’s new fee structure remains to be seen, but the focus on profitability suggests a challenging road ahead.

Mara Hoffman Shuts Down Her Fashion Label After 24 Years

Fashion designer Mara Hoffman is closing her eponymous label after 24 years in the industry. In an exclusive interview, she revealed that her spring/summer 2024 collection will be her last. This announcement comes just six months after receiving the 2023 CFDA Environmental Sustainability Award for her decade of work in sustainable fashion.

Hoffman admitted that closing her brand “is by far the hardest thing I’ve ever had to do in my life.” She explained that the decision, made in January, was deeply personal: “I didn’t want other people’s ideas of solutions and how they thought it could be fixed or where I could have done things differently. Once that had been decided, it was between me and my team.”

Hoffman started her brand in 1999 after graduating from Parsons in New York City. Her brightly patterned swimwear quickly gained popularity, especially after Patricia Field began selling her pieces in her East Village store. By 2014, Hoffman made a significant pivot to sustainability, overhauling her supply chain to focus on ethical practices and Fair Trade certifications. “I halted everything I had been doing,” she recalled, investing in workers and communities worldwide to ensure her garments met high ethical standards.

The shift to sustainability brought financial challenges. Hoffman moved from wholesale to direct-to-consumer sales to avoid overproduction, but this model presented its own difficulties. “There are not many companies that have successfully done this for as long of a period as we have. And the reality is that the demands that are on a small company financially make it almost impossible to be privately held and run after a certain point,” she explained.

Hoffman also highlighted the broader industry issues, noting that up to 45 billion pieces of clothing produced annually go unsold, ending up in landfills or second-hand markets. She wanted to maintain the integrity of her brand without outside investment: “It was the right time while I still own my name.”

Reflecting on her career, Hoffman said, “This is all I’ve known. I’ve grown up in my brand. I’ve been a brand my entire adult life. It’s been my identity. It’s been my purpose, my way of existing in the world, my way of being recognized and seen, my outlet, my channel for art, for speaking. I’ve lived through this thing.”

Despite the closure, Hoffman remains hopeful about the future of sustainable fashion. “We need to hold the recognition of the fact that there is so much more to do, and if we’re going to have brands like Mara Hoffman that are using everything they can to make some sort of transformation, there have to be different support systems built for it,” she said.

In a letter to her customers, collaborators, and team, Hoffman expressed pride in her contributions: “It has been an honor to step into a position of responsibility, to become an example of change in this industry, and show the potential for new systems that are more loving, Earth-centered, and kinder.” She emphasized that closing her brand does not mean giving up on sustainability but rather stepping away from a system that needs significant change.

Hoffman concluded, “It will forever be the most beautiful love story that I could ever imagine writing. I lived in a state of my own expressiveness and creation and got to work with and help and bring forth so much elevation and beauty to many people. I am here to celebrate that and champion and say, please, people, let’s do this work.”

Louboutin and Yovanovitch Unveil Chair Collection Inspired by Iconic Women

French designers Pierre Yovanovitch and Christian Louboutin have collaborated on a unique collection of oakwood chairs featuring high-heeled legs, reflecting "female individuality." Unveiled at Yovanovitch's New York gallery, the collection includes nine bespoke chairs inspired by historical, mythological, and filmic female figures such as Dita, Josefina, Syrena, Nefertari, Zenobie, Radicalla, Morphea, Metropolissa, and Pompadour.

"The concept of using figurative women's feet as the front legs of a chair came to me, and the idea to collaborate with Christian Louboutin quickly followed suit," Yovanovitch explained. "With his enthusiastic acceptance, we collectively expanded upon the concept and crafted chairs that represent iconic women."

Each chair in the collection pays homage to a different muse. The Nefertari chair, named after the ancient Egyptian queen, features golden-bronze heels, while the Zenobie chair, dedicated to the third-century queen of Palmyra, is adorned with turquoise stones. The Metropolissa chair, with metallic and leather elements, nods to the futuristic film "Metropolis" by Fritz Lang. Syrena, named after the Polish word for mermaid, is finished with marine-blue fabric and fishnet-covered legs.

"The Simply Nude series are a paired down version of the limited edition works in that they reference female individuality more broadly but do not depict one single character or allegory," Yovanovitch said, referencing the series that showcases Louboutin's signature red-soled heels.

Christian Louboutin and Pierre Yovanovitch selected skilled French artisans for the project, including embroidery ateliers Maisons Vermont and Lesage Interieurs, fabric painter Christophe Martin, and Louboutin's cobbler Minuit Moins 7, who handled the upholstery work.

"Designing a chair is a very constrained exercise: the general dimensions and angles are very much fixed," Yovanovitch noted. "Designing a shoe is even more constrained and technical. In both cases, there is huge space for creativity and in both cases, reliance on strong craftsmanship is key."

While Louboutin is renowned for his luxury footwear, he has recently expanded into interiors through collaborations with Yovanovitch. In 2023, Louboutin unveiled his first hospitality project, a hotel in Portugal, and this year, he will serve as a judge at the 2024 Dezeen Awards.

Yovanovitch, who previously worked as a menswear designer at Pierre Cardin, founded his Paris-based studio in 2001, focusing on interior architecture and design. In 2021, he launched his furniture brand, Pierre Yovanovitch Mobilier, followed by the opening of his first US showroom in Manhattan.

The chair collection by Pierre Yovanovitch and Christian Louboutin is on display at Pierre Yovanovitch Mobilier New York Gallery from May 3 to May 24, 2024.

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