The Rising Value of Joan Mitchell Paintings: Rockefeller University’s Auction and Future Trends
On November 19, Sotheby’s will auction two paintings by Joan Mitchell from the prestigious collection of Rockefeller University. This significant event has sparked discussions about the rising value of Mitchell’s works and the potential trends in the art industry. City Landscape (1955), estimated at million to million, and an untitled painting from the same year, estimated at million to million, showcase Mitchell’s prowess as one of the foremost artists of the Abstract Expressionist movement.
Rockefeller University’s Decision
Rockefeller University, despite its substantial financial stability with a .5 billion endowment, has chosen to sell these paintings to fund future biomedical research. Christie’s vice chairman, Max Carter, explains that the university believes that utilizing the proceeds for the advancement of scientific endeavors would benefit mankind more than merely displaying the artworks on their walls (ARTnews). This decision highlights the heightened appreciation for art’s potential to contribute to important causes.
Additionally, the paintings have rarely been seen by the public, primarily seen by campus staff, visitors, and renowned scientists, including 26 Nobel laureates in medicine and chemistry. City Landscape was exhibited twice in 1955 and 1957, while the untitled painting had never been exhibited before. Both works remained on the campus since their acquisition in 1958, with City Landscape hanging in the Abby Aldrich Rockefeller Dining Room and the untitled painting displayed in the university president’s residence (ARTnews).
Rockefeller University’s Previous Artwork Sales
This is not the first time Rockefeller University has sold artworks to fulfill its financial objectives. In 1977, they sold Jacques-Louis David’s 1788 painting Antoine-Laurent and his Wife. The sale’s proceeds, around million, were used to endow professorships and graduate fellowships. The painting was acquired by oil industrialist Charles Wrightsman, who then donated it to the Metropolitan Museum of Art (ARTnews).
Rising Values and Auction Records
The recent record-breaking sales of Joan Mitchell’s paintings have contributed to the growing interest in her works. Last November, an untitled painting from around 1959 sold for .2 million at Christie’s, surpassing Mitchell’s previous record set in 2018 with Blueberry (1969), which sold for .6 million. Other notable sales include Sotheby’s auctioning four guaranteed Mitchell paintings, with the highest-selling one, Noon (ca. 1969), fetching .6 million. Furthermore, David Zwirner gallery sold a Mitchell diptych titled Sunflowers (1990–91) for million during this year’s Art Basel (ARTnews).
Trends and Future Predictions
The auctioning of Joan Mitchell’s paintings from Rockefeller University’s collection reflects several trends within the art industry. Firstly, the increasing recognition and value of Mitchell’s works signify a growing appreciation for female artists from the Abstract Expressionist movement. As the art world continues to acknowledge previously overlooked artists, the demand and prices for their works are likely to rise.
Additionally, the sale of artworks by prestigious institutions to fund important causes reflects a broader shift in the art market. Philanthropic endeavors driven by art sales are becoming more common, allowing art collectors and institutions to contribute to areas beyond the traditional art world. This trend is likely to continue as the art market evolves and adapts to societal demands.
Furthermore, the scarcity of significant paintings from Mitchell’s early years and the historical significance of the artworks being auctioned contribute to their high estimates and anticipated success at the auction. As art collectors become more interested in acquiring rare and historically significant pieces, the value and demand for such artworks are expected to increase.
Recommendations for the Art Industry
With these trends in mind, there are several recommendations for the art industry as it moves forward. Institutions and collectors should continue to prioritize acquiring and preserving historically significant artworks, especially those by underrepresented artists. This not only enriches the art world but also contributes to a more inclusive and diverse cultural narrative.
Transparency and ethical practices in the art market are of utmost importance. As the market values continue to rise, it is crucial to ensure that all stakeholders, including artists, institutions, and collectors, engage in fair and ethical transactions. This includes fair compensation for artists and proper provenance research to protect against fraudulent practices.
Lastly, the integration of technology in the art market should be embraced. Platforms that facilitate art sales, engage collectors, and provide educational resources can expand access to art for a wider audience. Embracing digital platforms and technologies can make the art world more accessible and inclusive.
In Conclusion
The auction of Joan Mitchell’s paintings from Rockefeller University reflects the rapidly evolving art market and the increasing value placed on historically significant artworks. As institutions and collectors prioritize social causes, support for underrepresented artists, and ethical practices, the art industry will continue to thrive and contribute to society. The rising popularity of female artists from movements like Abstract Expressionism and the integration of technology will shape the future of the art world.
References:
- ARTnews. (n.d.). Rockefeller University to Auction King Fish of Joan Mitchell Paintings. Retrieved from https://www.artnews.com/art-news/market/rockefeller-university-joan-mitchell-paintings-auction-13438/