Gerhard Richter: at the peak of contemporary art

[29.10.2002]

 

Gerhard RICHTER has been all over the auction rooms lately. Since the exhibition “Gerhard Richter: 40 years of painting” opened, 80 pieces have been offered for auction and prices are still rising (+67% between January and June 2002), although none this year has had the quality to beat the record set 15 May 2001: USD4.9 million for Drei Kerzen (Three Candles).

These are unprecedented prices for a living artist. The current exhibition ratcheted up his fame even further. It opened at MoMA New York in February and reveals the full richness of the contemporary German artist. Due to tour the US until May 2003, the success of the 180 canvases in US galleries mimics his success in the auction rooms. His price level has grown without a pause since the first of his works appeared at auction, and for the last five years prices have risen almost exponentially. EUR100 invested in a Gerhard RICHTER work of art in 1992 would have been worth an average EUR670 in June 2002.

Many buyers have been able to cash in on this vertiginous rise. Buy-ins have become a blessing. A work that failed to find a buyer in the early nineties has every chance of selling now for a reserve three or four times higher. For instance, the 1986 abstract Claudius was bought in with an estimate of USD400,000-500,000 in 1994. Seven years on, with a more ambitious estimate (USD1-1.5 million) the canvas went for a stunning USD1.7 million, leaving its former owner counting nearly a million dollars in extra profit, thanks to the failed sale in 1994.
This has opened the door to big, fast speculative gains, particularly in the last 12 months. Galerie, a small 1967 canvas was bought for GBP34,000 in 1999 and resold in June this year for GBP240,000. In the same period the artist’s record price was broken four times. We saw the first USD1 million Richter in 1998 : Domplatz, Mailand. This is a large format 1968 work (275 by 290 cm) typical of his photorealist period.

For the last two years, the artist’s success has mirrored that of his candles. Their rarity — Richter only painted around twenty — makes them all the more sought-after. Auction houses have been holding candle-themed sales nearly every year for the last 11 years. In 1991 enthusiasm was scant. One (an oil on colour photograph from 1989, with an estimate of USD12,000-18,000) was even bought in. It was not until 1994 that a 1982 work on canvas (estimated at USD250,000-300,000) beat its high estimate. Since then, like Quentin de La Tour, Richter’s candle paintings have been the most prized of his output. The latest sold for USD3.6 million on 15 May 2002. This is still the year’s top price paid for a Richter.

Productivity is one of the keys to Richter’s success. He paints by going straight to the essential, eliminating all detail. Like Andy WARHOL, Richter mechanised his work. His “wiping” technique and the construction of canvases from ready-made images (newspaper and magazine photos) were the secret of his massive output. The result is a dense and varied body of work that is easily marketable. While 38% of his works are still sold in Germany the biggest buyers are Anglo-Saxon countries.

In New York, Gerhard RICHTER fans can find a very good survey of the themes and techniques used by Richter, in three days of auctions spread over 12-14 November 2002. For USD15,000-20,000 Christie’s is offering a big selection of photographs and small format canvases. Two abstract canvases, one from 1986 and another from 1992 are offered with estimates of USD50,000-70,000. On 14 November Sotheby’s is offering, in the same price range, one of the artist’s iconic works: Betty, an offset print numbered 11/25. The same day, another of his classic images goes under the hammer, an offset lithograph Candle with an estimate of USD25,000-35,0000. Again at Sotheby’s but in a rather different price range, collectors can find two of the artists large format works, including Blue, a 3 metre square canvas estimated at USD1-1.5 million.

Top annual auction record for the Gerhard Richter’s works of art