On occasion, Christie's has a direct financial interest in the outcome of the sale of certain lots consigned for sale. This will usually be where it has guaranteed to the Seller that whatever the outcome of the auction, the Seller will receive a minimum sale price for the work. This is known as a minimum price guarantee. Where Christie's has provided a Minimum Price Guarantee it is at risk of making a loss, which can be significant, if the lot fails to sell. Christie's therefore sometimes chooses to share that risk with a third party. In such cases the third party agrees prior to the auction to place an irrevocable written bid on the lot. The third party is therefore committed to bidding on the lot and, even if there are no other bids, buying the lot at the level of the written bid unless there are any higher bids. In doing so, the third party takes on all or part of the risk of the lot not being sold. If the lot is not sold, the third party may incur a loss. The third party will be remunerated in exchange for accepting this risk based on a fixed fee if the third party is the successful bidder or on the final hammer price in the event that the third party is not the successful bidder. The third party may also bid for the lot above the written bid. Where it does so, and is the successful bidder, the fixed fee for taking on the guarantee risk may be netted against the final purchase price.
Third party guarantors are required by us to disclose to anyone they are advising their financial interest in any lots they are guaranteeing. However, for the avoidance of any doubt, if you are advised by or bidding through an agent on a lot identified as being subject to a third party guarantee you should always ask your agent to confirm whether or not he or she has a financial interest in relation to the lot.
Solomon R. Guggenheim, New York (acquired from the artist, August 1936).
The Solomon R. Guggenheim Foundation, New York (gift from the above, 1937); sale, Sotheby’s, London, 30 June 1964, lot 14.
Acquavella Galleries, Inc., New York (acquired at the above sale).
Fort Worth Art Museum (acquired from the above, 1968 and until 2001).
Acquavella Galleries, Inc., New York.
Acquired from the above by the present owner, October 2007.
PROPERTY FROM A DISTINGUISHED COLLECTION
H. Rebay, Innovation: Une nouvelle ère artistique, Paris, 1937, p. 49 (illustrated in color).
W. Kandinsky and H. Rebay, On the Spiritual in Art, New York, 1946, p. 105 (illustrated in color, p. 119).
W. Grohmann, Wassily Kandinsky, Life and Work, New York, 1958, p. 364, no. 181 (illustrated).
P. Overy, Kandinsky: The Language of the Eye, New York, 1969, pp. 7 and 108, no. 35 (illustrated in color).
H.K Roethel and J.K Benjamin, Kandinsky: Catalogue Raisonné of the Oil Paintings, 1916-1944, New York, 1984, vol. II, p. 692, no. 737 (illustrated).
K. Vail, The Museum of Non-Objective Painting: Hilla Rebay and the Origins of The Solomon R. Guggenheim Museum, New York, 2009, p. 127 (illustrated in situ).
Erfurt, Kandinsky, April 1925.
Dusseldorf, Summer 1925.
Dresden, Internationale Kunstausstellung, June-September 1926.
Berlin, Galerie Ferdinand Möller, Die Blaue Vier: Feininger, Jawlensky, Kandinsky, Klee, October 1929.
Philadelphia, Art Alliance; Charleston, Charles Gibbes Memorial Art Gallery and Baltimore Museum of Art, The Solomon R. Guggenheim Collection of Non-Objective Paintings, 1937-1939 (illustrated in color).
New York, 1939, no. 265 (illustrated in color).
New York, Museum of Non-Objective Painting, The Kandinsky Memorial Exhibition, March-May, 1945, no. 79 (illustrated in color on the cover).
Pittsburgh, Carnegie Institute, Memorial Exhibition of Paintings by Wassily Kandinsky, April-May 1946, no. 39 (illustrated, pl. 9).
The Solomon R. Guggenheim Museum, 1954-1961 (on extended loan).
Corpus Christi, Centennial Art Museum, Renoir to Chagall, October 1964.
Austin, University Art Museum of the University of Texas, Not So Long Ago: Art of the 1920s in Europe and America, October-December 1972, p. 51 (illustrated in color).
Fort Worth Art Museum, Exponents of Modernism: From the Collections of the Fort Worth Art Museum, A Museum of Twentieth Century Art, September 1973-May 1974.
Fort Worth Art Museum, Twentieth Century Art from Fort Worth Dallas Collections, September-October 1974 (illustrated).
Waco Creative Art Center, At the Line of the House, April-May 1976.
Fort Worth Art Museum, The Permanent collection: 75th Anniversary Retrospective, June-October 1976.
Amarillo, Art Center Association, Between the Wars: A Brief Survey of Art from 1918-1940, 1978.
New York, The Solomon R. Guggenheim Museum and Atlanta, The High Museum, Kandinsky: Russian and Bauhaus Years 1915-1933, December 1983-April 1984, p. 212, no. 158 (illustrated; with incorrect medium).
San Antonio, Marion Koogler McNay Art Museum, Collecting: A Texas Phenomenon, November-December 1986.
Washington, D.C., The Phillips Collection; Dayton Art Institute; Chicago, Terra Museum of American Art and Fort Worth, Amon Carter Museum, Theme & Improvisation: Kandinsky & The American Avant-Garde,1912-1950, September 1992-August 1993, p. 41 (illustrated in color, pl. 9).
Essen, Museum Folkwang, Bauhaus: Dessau, Chicago, New York, August-November 2000, no. 10 (illustrated in color).