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Gerhard Richter: the Top-Selling Living Artist - WSJ.Com Gerhard Richter: The Top-Selling Living Artist - WSJ.com http://online.wsj.com/article/SB100014240529702047818... Dow Jones Reprints: This copy is for your personal, non-commercial use only. To order presentation-ready copies for distribution to your colleagues, clients or customers, use the Order Reprints tool at the bottom of any article or visit www.djreprints.com See a sample reprint in PDF format. Order a reprint of this article now ARTS & ENTERTAINMENT Updated March 10, 2012, 5:14 p.m. ET The Top-Selling Living Artist Last year at auction, German painter Gerhard Richter outsold Monet, Giacometti and Rothko—combined. A case study of an artist's rise. Will it last? By KELLY CROW In the early 1980s, German artist Gerhard Richter painted 24 views of flickering white candles, and not a single one sold. When one of those "Candle" canvases came up at Christie's in London this past fall, it sold for $16.5 million. Few people can pinpoint the moment when an artist becomes iconic in the way of Pablo Picasso or Andy Warhol, but right now the art world is trying to anoint Mr. Richter. Last year, his works sold at auction for a total of $200 million, according to auction tracker Artnet—more than any other living artist and topping last year's auction totals for Claude Monet, Alberto Giacometti and Mark Rothko combined. At Mr. Richter's gallery in New York, the waiting list for one of his new works, which can sell for $3 million apiece, is several dozen names long. Agence France-Presse/Getty Images A visitor at the blockbuster retrospective 'Gerhard In November at Sotheby's, London collector Lily Safra paid Richter: Panorama' at Berlin's Neue Nationalgalerie; it $20.8 million for Mr. Richter's 1997 eggplant-colored "Abstract will travel to Paris in June. Painting," an auction record for the artist. Other artists have sold individual works at higher prices—Jeff Koons, for example—but in terms of volume at auction, Mr. Richter currently tops the market. The artist's ascent is being driven by market demands as much Related as curatorial merit: Auction houses and museums, eager for The Art of the Tablet new masters to canonize, are showcasing Mr. Richter's works around the world at an ever-increasing clip. An influx of international collectors and dealers are also seizing the moment to buy or sell his pieces at a profit—including art-world tastemakers such as Russian industrialist Roman Abramovich, French luxury-goods executive Bernard Arnault, dealer Larry Gagosian, Taiwanese electronics mogul Pierre Chen and New York hedge-fund manager Steven Cohen. Mr. Richter's work is uniquely suited to the tastes of the current art market. Like Picasso, he paints in a number of different styles—from rainbow-hued abstracts to poignant family portraits—giving collectors plenty of choice. Like Warhol, he is prolific, which ensures a steady volume of his works in the 1 of 5 3/11/12 8:06 PM Gerhard Richter: The Top-Selling Living Artist - WSJ.com http://online.wsj.com/article/SB100014240529702047818... marketplace—yet enough of his works are in museum collections that he has avoided a glut. And ever since the deaths Germany's Gerhard Richter's artworks sold at auction last year of painters Cy Twombly and Lucian Freud, collectors last year for a total of $176 million, more than any other searching for another senior statesman have started giving his living artist. Kelly Crow has a profile of Richter and his work on Lunch Break. Photo: Sotheby's work a closer look. Collectors are paying a particular premium for Mr. Richter's larger abstracts from the late 1980s, which have all the visual impact of a work by Francis Bacon or Mr. Rothko, artists whose prices spiked before the recession. These abstracts are also immediately identifiable as being Mr. Richter's creations, making them easy status symbols. San Francisco dealer Anthony Meier says, "Collectors want an iconic work in a format that everyone recognizes. Monkey see, monkey do." Getty Images Mr. Richter, 80 years old, isn't a household name in the U.S. German artist Gerhard Richter. yet, but he's revered in Europe. Born in Dresden, he fled the former East Germany months before the Berlin Wall went up. He has spent the past six decades experimenting with ways to Related Video refresh traditional painting categories like the still life. He's best known for haunting family portraits that evoke smudged newspaper clippings—a wry response to Pop that won him a pre-eminent spot among Europe's postwar painters. He also uses an oversized squeegee the size of a car bumper to create layered abstracts. That he flits between several painting styles, rather than sticking to one signature look, has always confounded some audiences, yet the toggling is actually his calling card, the painter as polymath. The tiny, oil-rich country of Qatar recently rocked the art world by paying more than $250 million dollars for a A blockbuster retrospective, "Gerhard Richter: Panorama," has Cezanne, the highest price ever for a work of art at auction. And while eye-popping numbers like that might been crisscrossing the art capitals of Europe, having just get you thinking about investing in art, it is certainly not traveled from London's Tate Modern to Berlin's Neue for everyone. Kelsey Hubbard asks Christie's art expert Lydia Fenet about art as an investment. Nationalgalerie, where it will show through May 13. So far, the show has drawn large crowds; it heads to Paris's Centre Pompidou in June. For his part, Mr. Richter seems a reluctant commodity. At a time when superstar artists typically have a different dealer for every continent, he funnels nearly all his new works through New York dealer Marian Goodman. Both are soft-spoken and rarely attend high-profile auctions. The pair has declined lucrative licensing deals and private commissions. For years, their combined efforts have helped his price levels retain an air of integrity. Ms. Goodman, speaking on behalf of the artist, who declined to be interviewed himself, said, "He has an honest market." Not everyone is ready to bet on Mr. Richter. Jose Mugrabi and David Nahmad, major dealers in Warhol and Picasso, respectively, said they don't think Mr. Richter has enough heft to compete with the market presence of those modern masters. Mr. Mugrabi said Mr. Richter's art is more fashionable now than it used to be, but not more important. Trends in contemporary art, as in fashion, can also change quickly, so it's unclear whether Mr. Richter's prices will keep climbing or drop again over the long run. In the late 1980s, Ol auf Holz Museum Ludwig, Koln;ln/Privatsammlung © 2 of 5 3/11/12 8:06 PM Gerhard Richter: The Top-Selling Living Artist - WSJ.com http://online.wsj.com/article/SB100014240529702047818... Gerhard Richter 2012 prices for Frank Stella's geometric paintings rose quickly to Mr. Richter has created more than 3,000 paintings, but nearly 40% of them (including 'Betty,' pictured nearly $4 million before reaching a plateau in 1989 that he here) are in museum collections, which has prevented hasn't matched at auction since. Mr. Rothko's abstract paintings a market glut. also soared to $72.8 million during the market's last peak in 2007, but nothing by him has sold for half as much in the past couple of years. Art adviser Nicolai Frahm says he's counseling his collector clients to hold off seeking Mr. Richter's works "until his prices equalize." Robert Storr, dean of the Yale School of Art, said he thinks such lofty comparisons to Picasso and Warhol will hold up, though. "Richter doesn't want to be the next king, but he has taken painting farther than just about anyone else," he said. Richter's Rise Mr. Richter works out of a pair of pristine studios in Cologne, including one attached by a garden path to the home he shares with his third wife, Sabine, and their young son, Moritz. Mr. Sotheby's Richter suffered a stroke a few years ago, but he remains fit and Russian industrialist Roman Abramovich is among the moves easily, his face framed by a jaunty pair of translucent influential collectors who have helped to make Mr. Richter's market. Mr. Abramovich paid $15.1 million eyeglasses. for Mr. Richter's 1990 'Abstract Painting' at Sotheby's. The son of a Dresden schoolteacher, Mr. Richter grew up in communist East Germany, steeped in the academic rigors of Soviet Realism. Some of his first jobs included painting murals of cheery workers for the state. In 1959, he saw Western contemporary art for the first time at an exhibition called Documenta in the German town of Kassel; afterward, he told friends he would have to rethink what he knew about art after seeing Jackson Pollock's drippy splatters and Lucio Fontana's punctured canvases. Two years later, he and his wife, Ema, enlisted a friend to sneak them by car into West Berlin so he could study art without political constraint. The couple moved to Düsseldorf, and by the end of the summer the Berlin Wall had gone up. He never saw his parents again. Over the next decade, the artist grappled with occasional homesickness—and the legacy of his country's role in the war—by painting portraits of his relatives that looked like black- and-white photographs, only hazy. The subjects included his Sotheby's Part of Mr. Richter's appeal to collectors: He paints in "Aunt Marianne," who was exterminated by the Nazis because a wide range of styles, from colorful abstracts to hazy she was mentally ill, and his "Uncle Rudi," a Nazi soldier who portraits.
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