Sotheby’s stock is down significantly, partly because of two “Mystery” paintings

For the foreseeable future, I will publish once a week on Monday.


Buste de femme de profil by Pablo Picasso. Photo courtesy of Sotheby’s.

Sotheby’s stock (very clever symbol BID on the New York Stock Exchange) is down significantly to $46.99 (as of August 10, 2018) from a recent high of $59.67 on June 8, 2018. Analysts attribute part of the drop to a decline in margin resulting from the sale of two “Mystery” paintings. Art experts have identified the two paintings as a Modigliani sold in New York and a Picasso sold in London. Even though their selling prices were very high, their results hurt the bottom line.

Following is the link to an article from cnbc.com that explains the seeming contradiction. The two mystery paintings that sunk Sotheby’s stock.


The Baltimore Art, Antique & Jewelry Show is now only two weeks away, at the end of this month, August 30 – September 2, 2018. Unfortunately the Baltimore show promoter has moved the show one week later than usual, to the Labor Day weekend. The show used to be held over the Labor Day weekend, but that was many years ago. The show is wonderful, so we’ll continue to exhibit there regardless of the change of dates.

We’re still very much in business between shows, so please don’t hesitate to email or call. I recently listed some of the new items on my website and will list more every week. Click Philip Chasen Antiques to take a look. I will make every effort to actively list new items as often as time permits. I always strive to offer the finest objects for sale on my website and at every show. There are many items for sale, sold items with prices and free lessons about glass and lamps. And remember to keep reading my blog.

Sotheby’s sells Edvard Munch’s The Scream for $119,922,500

My goal is to publish new posts twice a week — Mondays and Thursdays. However, if you don’t see a new post on Thursday, it’s because I was too busy, so please look for a new one the following Monday.

Edvard Munch's The Scream, Sotheby's lot #20

Sotheby’s New York held its Impressionist and Modern Art Evening Sale on May 2, 2012, with fabulous results. The big news for the evening was the sale of the world’s most valuable single work of art, Edvard Munch’s iconic painting, The Scream. Pre-sale chatter suggested the price may reach $80,000,000. That was blown away, when the painting sold for $107,000,000 at the hammer ($119,922,500, including buyer’s premium). Sotheby’s produced an interesting 2½-minute video with highlights of the painting’s sale, which can be viewed by clicking on the following link. Sotheby’s video.

The auction was a barn-burner, with total sales reaching $330,568,550, the second-highest total for any Sotheby’s auction ever. Only a few paintings did not sell. Surprisingly one of them was by Edvard Munch, entitled Sommernatt, (Summer Night). It was offered as lot #41, with an estimate of $2,500,000 – $3,500,000. But let’s not feel bad for Munch – four additional paintings by the artist sold in the auction.

Pablo Picasso's Femme Assise Dans Un Fauteuil, Sotheby's lot #4

Honors for second place went to Pablo Picasso. His Femme Assise Dans Un Fauteuil sold for $29,202,500, against a pre-sale estimate of $20,000,000 – $30,000,000.

For the complete results of the sale, click on the following link. Sotheby’s sale results.

Our next show won’t be until July, but we’ll still be very much in business (except for a two week well-deserved vacation). Don’t hesitate to call or write, and let me know what you’d like to buy, sell, or trade.

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A wonderful Martin Brothers stoneware face jug

Look around my website. There are many items for sale, sold items with prices and free lessons about glass and lamps. I regularly add Tiffany vases, lamps and desk accessories, as well as French cameo glass by Galle and Daum Nancy and Louis Icart etchings. Here’s the link. chasenantiques.com

Like original Picasso art? Just take it (and get arrested).

The show season is starting again, with our first show in Redondo Beach, CA, July 29-31, 2011. Since I will have less time to write about the interesting things happening in the antiques world, I will be posting new blog entries once or twice a week — Mondays and Thursdays. If you don’t see a new post on Thursday, it’s because I was too busy, so look for a new one the following Monday.

Mark Lugo, photo courtesy AP

Mark Lugo of Hoboken, NJ, has very good taste. He likes fine wine and good art. The problem was that he didn’t have the money to pay for it, so he just took what he liked. Lugo was arrested in San Francisco on July 6, 2011, a day after allegedly stealing a 1965 Picasso drawing, “Tete de Femme” from the Weinstein Gallery on Union St. in San Francisco. His modus operandi was to calmly remove art from the wall of a gallery or hotel, walk out, and then take a taxi. In the San Francisco theft, he was caught on video in a taxi, at his hotel and at a nearby restaurant.

Mark Lugo with the suspected stolen Picasso. Photo courtesy of AP.

Using tapes from previous robberies, the police were able to obtain a search warrant for his apartment in Hoboken, NJ, where 11 other stolen artworks were recovered. The most valuable of the stolen works ($350,000) was a 1917 Fernand Léger India ink composition on linen, “Composition aux Elements Mécaniques (Composition of Mechanical Elements). It was on loan to the Carlyle Hotel in NYC, where it was hanging on the wall in the lobby. Lugo supposedly removed the work from the wall and calmly walked out of the hotel on the morning of Jun 29, 2011. All of Lugo’s suspected thefts occurred within a relatively short period of about four weeks.

Picasso "Tete de Femme". Photo courtesy of Weinstein Gallery.

To top it off, Lugo, who had been a sommelier at fine New York restaurants, like BLT Fish, was also suspected of stealing three bottles of very expensive wine, Château Pétrus Pomerol, from Gary’s Wines in Wayne, N.J. At $2,000 a bottle, that’s really fine wine. In no surprise, the wine has not been recovered. Now that’s funny.

The New York Times reported on July 15, 2011, that his attorney, Douglas I. Horngrad, said “I think there is some psychiatric episode going on. Everything we’ve heard that Mark has taken, he’s apparently taken in a short period of time, with no indication of any such activity before then. So this sounds like the act of someone in the middle of a compulsive episode.”

On Friday, July 15, 2011, in a San Francisco court, Lugo pleaded not guilty to stealing the Picasso from the Weinstein Gallery. Judge Samuel Feng denied his request to reduce his bail from $5 million to $2 million, citing that the defendant “posed a threat to public safety and local business owners”. He will remain incarcerated until his next court appearance, scheduled for August 23, 2011.

Rare Louis Icart etching Miss America

Check out my new acquisitions. I just listed a very rare Louis Icart etching, entitled “Miss America”, plus a gorgeous Daum Nancy pink floral vase; a rare Tiffany Studios desk lamp in the Spanish pattern; several fine Daum vases; a Daum lamp; several Galle vases; and several more Tiffany Favrile vases. Soon I’ll be listing a wonderful Tiffany Studios 7-light lily lamp with beautiful shades and a fine patina. Also coming soon will be several wonderful European ceramic items by Clement Massier, Zsolnay and Amphora. Here’s the link. chasenantiques.com

Illinois art forger sentenced to 9 years in prison

Lots of interesting things have been happening in the antiques world recently. Since I have a bit more time to write about them during the spring and summer, I will be posting new blog entries twice a week, instead of once — Mondays and Thursdays for the next few weeks. So make sure you come back often and tell your friends about my blog!

Michael Zabrin. Photo courtesy Chicago Tribune

Over the years, I’ve had many opportunities to buy limited edition etchings, lithographs, etc., by big name artists like Marc Chagall, Salvador Dalí, and Pablo Picasso. I was always concerned about reproductions that I knew existed (and were even rampant). I didn’t have the knowledge to tell the difference, so I always avoided them. Reproductions of Louis Icart etchings also existed, but in that world I’m an expert, so I’ve dealt in them for over 30 years. Now comes news of the arrest, conviction and sentencing of one of the main culprits in the world of limited editions art — Michael Zabrin of Northbrook, Illinois.

Zabrin was first arrested and convicted in 1992, after pleading guilty to selling $800,000 worth of reproduction “limited edition” prints. One year after his supervised release ended in 1998, he was back at it. According the the grand-jury indictment, from July, 1999 to October, 2007, he and fellow associates, Oswaldo Aulestia-Bach, Elio Bonfiglioli, Patrizia Soliani, and Jerome Bengis, conspired to produce and sell these reproduction prints through various outlets, including eBay and dealers in Florida, New York and Australia.

According to the Chicago Tribune, the fake artwork was sold throughout the world in prestigious galleries in Paris, Tokyo, and Barcelona, for example. Of course, Zabrin included his home state of Illinois, with galleries on Michigan Ave. in Chicago.

Now he’s been sentenced to nine years in prison. That should cool his heels for a while. He’ll be 67 when released, if he serves the full term. One would hope that he will have learned his lesson by that time, but some people seem to have larceny in their genes, so I’m not optimistic. Hopefully, the fear of being imprisoned again will keep him on the straight and narrow.

Leon Amiel, Jr., 39, on right. Photo courtesy Chicago Tribune.

James Kennedy and Leon Amiel, Jr., were associates of Zabrin’s in the fake art schemes. On June 15th, U.S. District Judge Joan Gottschall sentenced Amiel to two years in prison for his part. He faced a possible six years, but the judge was lenient, citing “his commitment to family as well as mental problems and a family history of emotional and physical abuse.” Kennedy is due for sentencing this month, after which federal officials will destroy 20,000 fakes. Those that have already been sold will continue to be a problem for years to come.

Rare Louis Icart etching Miss America

Check out my new acquisitions. I just listed a very rare Louis Icart etching, entitled “Miss America”, plus a gorgeous Daum Nancy pink floral vase; a rare Tiffany Studios desk lamp in the Spanish pattern; several fine Daum vases; a Daum lamp; several Galle vases; and several more Tiffany Favrile vases. Soon I’ll be listing a wonderful Tiffany Studios 7-light lily lamp with beautiful shades and a fine patina. Also coming soon will be several wonderful European ceramic items by Clement Massier, Zsolnay and Amphora. Here’s the link. chasenantiques.com

Picasso painting sells for $106.5 million, a world record

Picasso 'Nude, Green Leaves and Bust', Christie's New York, lot 6, May 4. 2010

Picasso 'Nude, Green Leaves and Bust', Christie's New York, lot 6, May 4. 2010

Christie’s New York held several Impressionist and Modern Art sales, May 4-5, 2010. The PROPERTY FROM THE COLLECTION OF MRS. SIDNEY F. BRODY sale included lot 6, a Pablo Picasso painting entitled “Nude, Green Leaves and Bust”. It sold for $106,482,500, becoming the most expensive single work of art ever sold at auction. It eclipsed the recent record of $101,426,070, set by a bronze sculpture by Alberto Giacometti entitled “Walking Man I”, that was sold at Sotheby’s in London on February 3, 2010.

Alberto Giacometti bronze 'Walking Man I', lot Sotheby's London, February 3, 2010

Alberto Giacometti bronze 'Walking Man I', lot Sotheby's London, February 3, 2010

The painting was purchased in 1950 from the art dealer Paul Rosenberg for $17,000. It was painted in 1932 and depicts the model Marie-Thérèse Walter. The painting has only been exhibited once in public, in 1961, at an exhibition sponsored by the UCLA Art Council.

Interestingly enough, the ladies of The View discussed the sale of the painting on their show, but were forced by the network’s attorneys to blur out the breasts of the nude. What??? Scantily clad women can dance on Dancing With the Stars, soap operas have blatant sexual topics and near nudity, but The View can’t show two single line breasts? Just plain nuts.

The Brody sale also eclipsed another record, the highest gross for any single owner collection sold at auction — $224,177,500. Click on this link for the entire sale results. The Brody Collection Results.

In the next few days and weeks, I’ll be adding my new acquisitions to my website as they come in. Please take a look. Click on this link chasenantiques.com.

Please send me your suggestions or questions about art glass, lamps, Louis Icart, shows, auctions, etc. If it’s interesting, I’ll answer your question in a future blog.