Art Market Report: Fall 2023 by Hollis Taggart

ART MARKET REPORT FALL 2023

STATE OF THE ART MARKET Hollis Taggart

At a time when financial and geo-political events are perilous, it is hard to talk about the art market, and where it is heading. Wars in the Middle East and Ukraine, and ever rising interest rates, are deeply unsettling and have impinged on the momentum that the art market had enjoyed in recent years. There is no doubt that world events like we are currently witnessing create a cloud of fear and uncertainty for everyone, and the financial implications of higher interest rates add to the concerns. There is much talk about an art market “correction”, and in fact there has been a noticeable pause in the ever escalating prices for fine art at the major auction houses, and additionally at the art fairs globally. This softening in the art market was clear in the May auctions in the United States and was repeated in the June sales in Europe. As this Fall season has progressed, similar trends are playing out. The Frieze London art fair in October was spotty and uneven, and the Paris+ par Art Basel art fair that followed was likewise mixed, although somewhat stronger than the Frieze London. There is a sense that Paris is rising as an international art hub, while London is declining.

A major test of the art market’s health will come with the major November auctions at Sotheby’s and Christie’s, with all eyes on the sale of the Emily Fisher Landau Collection at Sotheby’s, with major iconic works by Pablo Picasso, Jasper Johns, and 118 other lots being offered in November. The art fairs in Miami (Art Basel Miami Beach; Art Miami; Untitled Art; and others) coming in early December will be additional indicators of the health of the market for fine art. The art world has endured centuries of tumultuous global events, from depressions to world wars to toppled governments. In our gallery’s 44 years, which began in 1979, we have seen massive swings, ups and downs, and various transformations. No doubt the current challenges will have effects on the market, financially and psychologically, but the market will adapt and evolve. In times of stress, fine art has often provided a safe haven. Sitting in a museum, or in one’s own home, enjoying a communion with artworks, can provide solace and comfort in these troubled times. Our gallery continues to mount a vigorous ongoing program of both contemporary and historical exhibitions, and we thank each and every one of you for your continued interest and support.

Alexander Calder (1898-1976) Untitled, 1962 Gouache and ink on paper 29 1/2 × 41 in. (74.9 × 104.1 cm)

Giorgio Cavallon (1904-1989) Untitled, 1965 Oil on canvas 41 1/8 × 60 1/8 in. (104.5 × 152.7 cm)

Albert Kotin (1907-1980) Chinese Holiday, circa 1949 Oil and enamel on canvas 36 × 22 in. (91.4 × 55.9 cm)

Allan D’Arcangelo (1930-1998) Untitled, 1967 Acrylic on canvas 70 1/8 × 49 in. (178.1 × 124.5 cm)

Dusti Bongé (1903-1993) Still Life, 1942 Oil on canvas 15 7/8 × 19 3/4 in. (40.3 × 50.2 cm)

Norman Carton (1908-1980) Andalusia #757, 1955 Oil on canvas 25 1/2 × 32 in. (64.8 × 81.3 cm)

UPCOMING SOLO EXHIBITION: Norman Carton: Chromatic Brilliance, Paintings from the 1940s-60s 521 West 26th Street, 1st Floor 16 November – 30 December 2023

Richard Johnson (b. 1942) Moment of Impact, 1991 Acrylic and collage on canvas 54 × 59 in. (137.2 × 149.9 cm)

Jack Whitten (1939-2018) Untitled, 1966 Ink and ink wash on rice paper 10 3/8 × 14 1/2 in. (26.4 × 36.8 cm)

Theodoros Stamos (1922-1997) Infinity Field, Lefkada Series, 1969 Oil on canvas 46 × 31 1/2 in. (116.8 × 80 cm)

John D. Graham (1886-1961) Poussin m’instruit, 1944 Oil, casein, charcoal, and graphite on canvas 60 × 48 in. (152.4 × 121.9 cm)

Brett Taylor (1943-1983) Woman in Red Dress, 1970 Acrylic on canvas 36 × 52 1/4 in. (91.4 × 132.7 cm)

Conrad Marca-Relli (1913-2000) S-X-5-78, 1978 Oil, burlap, and canvas collage on canvas mounted to board 17 1/2 × 21 1/4 in. (44.5 × 54 cm)

Stephen S. Pace (1918-2010) 55-16, 1955 Oil on canvas 48 × 68 in. (121.9 × 172.7 cm)

Charles Cajori (1921-2013) For R.S., 1978–80 Oil on canvas 69 × 60 in. (175.3 × 152.4 cm)

UPCOMING SOLO EXHIBITION: Charles Cajori 521 West 26th Street, 1st Floor October 2024

Sheila Isham (b. 1927) Untitled, circa 1971 Acrylic on canvas 66 × 73 in. (167.6 × 185.4 cm)

Irene Monat Stern (1932-2010) Untitled, circa 1970s Acrylic on unprimed canvas 43 × 68 1/2 in. (109.2 × 174 cm) rrara marble 35 7/8 (H) × 8 1/4 (w) × 7 1/2 (D) inches

UPCOMING SOLO EXHIBITION: Irene Monat Stern 521 West 26th Street, 1st Floor October 2024

Richard Pousette-Dart (1916-1992) Untitled, 1940–42 Oil on canvas 14 × 12 1/4 in. (35.6 × 31.1 cm)

Ralph Iwamoto (1927-2013) Coralscape, 1957 Oil on canvas 30 × 44 in. (76.2 × 111.8 cm)

Sophia Vari (1940–2023) L’inévitable des choses, 1995 Bronze, black patina, and red oil 35 3/8 × 7 1/2 × 8 5/8 in. (90 × 19 × 22 cm) Edition 2 of 6

Michael Goldberg (1924-2007) Untitled, 1959 Oil on card mounted to canvas 11 × 14 in. (27.9 × 35.6 cm)

Michael (Corinne) West (1908-1991) Study, 1957 Oil on canvas 69 1/2 × 38 3/8 in. (176.5 × 97.5 cm)

CURRENT GROUP EXHIBITION: Michael (Corinne) West in Connecticut Modern: Art, Design, and the Avant-Garde, 1930–1960 Bruce Museum, Greenwich, CT 23 September 2023–7 January 2024

Michael Goldberg (1924-2007) The Last Supper, circa 1950s Oil on canvas 15 × 30 in. (38.1 × 76.2 cm)

Alfred H. Maurer (1868-1932) Still Life, circa 1905-07 Oil on canvas 21 1/2 × 18 in. (54.6 × 45.7 cm)

Charles Seliger (1926-2009) Trio, 1970 Oil and acrylic on linen 18 × 24 in. (45.7 × 61 cm)

UPCOMING TWO-PERSON EXHIBITION: Ruth Lewin and Charles Seliger 521 West 26th Street, 1st Floor February 2024

Pablo Atchugarry (b. 1954) Untitled, 2023 Carrara marble 27 3/4 × 11 × 6 3/4 in. (70.5 × 28 × 17 cm) 13 3/4 × 11 3/8 × 2 3/8 in. (35 × 29 × 6 cm) (base)

UPCOMING SOLO EXHIBITION: Pablo Atchugarry 521 West 26th Street, 1st Floor May 2024

Francis Hines (1920-2016) Untitled from the Mutagenesis Series (No. 116), 1986 Hardpoint pastel on Arches paper mounted on wood with synthetic fabric wraps 48 × 64 in. (121.9 × 162.6 cm)

CURRENT SOLO EXHIBITION: Francis Hines: Bound in Time 521 West 26th Street, 2nd Floor 19 October – 18 November 2023

Chloë Lamb (b. 1960) Challange, 2023 Oil on linen canvas 50 × 50 in. (127 × 127 cm)

UPCOMING SOLO EXHIBITION: Chloë Lamb 521 West 26th Street, 2nd Floor September 2024

Grace Hartigan (1922-2008) America’s Bicentennial, 1976 Oil on linen 80 × 80 in. (203.2 × 203.2 cm)

Gaston Lachaise (1882-1935) Torso of Elevation, 1912-27/1934 (Cast 1966-1967) Bronze 46 1/2 × 23 1/4 × 12 3/4 in. (118.1 × 59.1 × 32.4 cm) Edition 5 of 7

Janice Biala (1903-2000) Bullfight, 1956 Oil and collage on canvas 24 × 36 in. (61 × 91.4 cm)

Alfred Leslie (1927-2023) Untitled, 1960 Mixed media and collage on board in artist’s frame 7 7/8 × 10 1/2 in. (20 × 26.7 cm)

Mercedes Matter (1913-2001) Tabletop Still Life, 1936–37 Oil on paper laid on canvas 20 × 24 in. (50.8 × 61 cm)

Ed Ruscha (b. 1937) Untitled Study, 1983 Dry pigment and paper collage on paper 22 × 30 1/2 in. (55.9 × 77.5 cm)

Kendall Shaw (1924-2019) Waiting for the Message, 1988-1998 Acrylic and collage on canvas 36 × 36 in. (91.4 × 91.4 cm)

Michael (Corinne) West (b. 1937) Untitled, circa early 1970s Oil on canvas 57 1/8 × 47 3/8 in. (145.1 × 120.3 cm)

SEEKING CONSIGNMENTS AND NEW ACQUISITIONS Hollis Taggart is actively seeking original works of art by American Abstract Expressionist, Color Field, Post-War, and Pop artists. For over 40 years the gallery has been conducting business with discretion, diligence, and confidence. We pride ourselves on our knowledgeable staff, scholarly publications, and an active client base. Please contact us at info@hollistaggart.com or 212.628.4000

H O L L I S TAG G A RT 521 West 26th Street, 1st and 2nd Floors New York, New York 10001 212.628.4000 hollistaggart.com