Picasso Painting of Muse Dora Maar Comes to Auction for the First Time
By GEOFF NUDELMAN
Tue, Apr 30, 2024 9:30am
2 min
2 min
A portrait by Pablo Picasso of his lover and muse Dora Maar will be sold at auction for the first time at a Phillips evening sale in May in New York and is estimated to realize as much as US$18 million.
Buste de femme au chapeau, 1939, depicts Maar, whom Picasso met in 1935 and remained with for a decade. Buste de femme remained in Picasso’s personal collection until he died in 1973, when Galerie Beyeler in Switzerland took ownership of the piece and kept it alongside other works from the artist’s Femmes au chapeau series, according to Phillips.
The piece has been in the same collection for the last 30 years, according to Jean-Paul Engelen, president, Americas, and worldwide co-head of modern and contemporary art for Phillips.
According to Phillips, the painting, only 24 inches by 15 inches, employs techniques from Cubism, and contains elements familiar to Picasso’s paintings of Marr, “including his distinctive rendering of her eyes, strong line of her nose, and radical combinations of frontal and profile views.”
Phillips
Phillips’ modern and contemporary evening sale on May 14 will also include three previously announced works by Jean-Michel Basquiat, including a large painting from the early 1980s, Untitled (ELMAR) , 1982, that could sell for more than US$60 million.
Phillips
Also in the sale is Barclay L. Hendricks’ 1977 work, Vendetta, with an estimate between US$2.5 million and US$3.5 million. The painting was featured in the artist’s first career retrospective, and toured across the U.S. from 2008 to 2009. Hendricks’ works rarely come to auction, and Engelen expects increased interest given a recent exhibition of the artist’s works at the Frick Collection in New York.
Phillips
Lastly, two sculpture “stacks” from Donald Judd will be sold. A 1978 set in stainless steel and yellow fluorescent Plexiglas, described as a “signature” piece by the artist completed when he was near the top of his career, is estimated to sell for between US$5.5 million and US$7.5 million. The second is a 1994 six-part set composed of Cor-ten steel and black Plexiglas finished just before the artist’s death early that year. It carries an estimate of US$2 million to US$3 million.
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The latest round of policy boosts comes as stocks start the year on a soft note.
By Tracy Qu
Thu, Jan 23, 2025 3 min
3 min
China’s securities regulator is ramping up support for the country’s embattled equities markets, announcing measures to funnel capital into Chinese stocks.
The aim: to draw in more medium to long-term investment from major funds and insurers and steady the equities market.
The latest round of policy boosts comes as Chinese stocks start the year on a soft note, with investors reluctant to add exposure to the market amid lingering economic woes at home and worries about potential tariffs by U.S. President Trump. Sharply higher tariffs on Chinese exports would threaten what has been one of the sole bright spots for the economy over the past year.
Thursday’s announcement builds on a raft of support from regulators and the central bank, as officials vow to get the economy back on track and markets humming again.
State-owned insurers and mutual funds are expected to play a pivotal role in the process of stabilizing the stock market, financial regulators led by the China Securities Regulatory Commission and the Ministry of Finance said at a press briefing.
Insurers will be encouraged to invest 30% of their annual premiums earning from new policies into China’s A-shares market, said Xiao Yuanqi, vice minister at the National Financial Regulatory Administration.
At least 100 billion yuan, equivalent to $13.75 billion, of insurance funds will be invested in stocks in a pilot program in the first six months of the year, the regulators said. Half of that amount is due to be approved before the Lunar New Year holiday starting next week.
China’s central bank chimed in with some support for the stock market too, saying at the press conference that it will continue to lower requirements for companies to get loans for stock buybacks. It will also increase the scale of liquidity tools to support stock buyback “at the proper time.”
That comes after People’s Bank of China in October announced a program aiming to inject around 800 billion yuan into the stock market, including a relending program for financial firms to borrow from the PBOC to acquire shares.
Thursday’s news helped buoy benchmark indexes in mainland China, with insurance stocks leading the gains. The Shanghai Composite Index was up 1.0% at the midday break, extending opening gains. Among insurers, Ping An Insurance advanced 3.1% and China Pacific Insurance added 3.0%.
Kai Wang, Asia equity market strategist at Morningstar, thinks the latest moves could encourage investment in some of China’s bigger listed companies.
“Funds could end up increasing positions towards less volatile, larger domestic companies. This could end up benefiting some of the large-cap names we cover such as [Kweichow] Moutai or high-dividend stocks,” Wang said.
Shares in Moutai, China’s most valuable liquor brand, were last trading flat.
The moves build on past efforts to inject more liquidity into the market and encourage investment flows.
Earlier this month, the country’s securities regulator said it will work with PBOC to enhance the effectiveness of monetary policy tools and strengthen market-stabilization mechanisms. That followed a slew of other measures introduced last year, including the relaxation of investment restrictions to draw in more foreign participation in the A-share market.
So far, the measures have had some positive effects on equities, but analysts say more stimulus is needed to revive investor confidence in the economy.
Prior enthusiasm for support measures has hardly been enduring, with confidence easily shaken by weak economic data or disappointment over a lack of details on stimulus pledges. It remains to be seen how long the latest market cheer will last.
Mainland markets will be closed for the Lunar New Year holiday from Jan. 28 to Feb. 4.
