In line with its original statement quoted in the AFP dispatch dated May 2, 2013, Artprice confirms the over-estimation of the two paintings involved in the Claude Guéant inquiry. | Bourse Reflex
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In line with its original statement quoted in the AFP dispatch dated May 2, 2013, Artprice confirms the over-estimation of the two paintings involved in the Claude Guéant inquiry.

Vendredi 01 Mai 2015 à 11:35

In line with its original statement quoted in the AFP dispatch dated May 2, 2013, Artprice confirms the over-estimation of the two paintings involved in the Claude Guéant inquiry.

Artprice is being constantly quoted throughout the press and broadcast media regarding the estimated value of two Flemish paintings bought and sold by Claude Guéant. In most cases the references are very partial and sometimes incorrect quotes of a sentence extracted from an AFP dispatch on May 2, 2013 in which Artprice calculated exactly the same valuation for these paintings as the one currently being quoted, and two years before anyone else.

Please open the attached PDF file to visualize the two paintings in question.

The quote “But experts had challenged the valuation of these works, Artprice having estimated their value at around EUR 140,000, excluding costs, equivalent to the artist's auction record” needs to be read in its original context. The original AFP dispatch of 2 May 2013 read as follows:

“A painting comparable to the Guéant paintings is worth around EUR 15,000 (Artprice)” “(515 words)”

On March 8, 2015, Artprice.com - world leader in art market information - stated that the two paintings by Andries van Eertvelt (1590-1652) could hardly explain the EUR 500,000 discovered on a bank account belonging to the former Interior Minister, Claude Guéant. Artprice stated that the two paintings are worth well below this amount, around 15,000 euros each, i.e. 30,000 in total, which corresponds exactly to the current valuation, unlike the figures put forward by a number of other art valuers who were clearly wide of the mark.

The publicized estimate was based on auction results for certain works on the basis of public statements MADE by Nicholas Sarkozy's former minister “About twenty years ago I bought two Flemish paintings representing boats in a storm, and I sold them in 2008. [...] The two paintings measured about 30 x 60 cm and were painted on wood panels.”

However, after investigation, certain information relating to the works acquired by Claude Guéant was discovered. The two paintings were indeed wood panel paintings by the Antwerp artist Andries van Eertvelt, entitled Dutch three-masters in a storm. In its sales catalogue, the auctioneer that offered the works on June 12, 1990 (Christie's in Amsterdam) indicated that the larger of the two measured paintings 19.8 x 36.4 cm.

The lot consisting of two panels was acquired for 42,000 Dutch florins (48,300 including fees), which, based on the 2001 exchange rate and ignoring inflation, represents approximately19,190 euros (22,068 euros including fees).

Christie's description of the lot therefore appears to correspond to that provided by the former minister, but the valuation attributed in 2008 is absurd. If Mr Guéant bought the two paintings for under 20,000 euros in 1990 and sold them for 500,000 euros in 2008, that would imply a value multiplication of 25 times in just 18 years!

While such scenarios do occasionally happen on the art market, it is most unlikely in the case of Andries van Eertvelt.

Firstly because no work byAndries van Eertvelt has ever fetched that amount. The closest was The Dutch fleet at anchor in North Port Battle of Lepanto which sold for 396,370 euros in Paris at Libert Castor in June 1989. But that was a much bigger painting: 119 x 223.5 cm.

Secondly because, since 1990, no work by Andries van Eertvelt has attracted such a high bid. As stated in Artprice's previous press release, The Battle of Lepanto (1571) fetched 140,000 euros in 2010 at Sotheby's Amsterdam, but that was also a much larger painting measuring 88.7 x 169 cm. In short, the artist's prices seem to have peaked around 1990, i.e. exactly when Claude Guéant acquired the two panel paintings.

The only painting by Andries van Eertvelt to sell at auction in 2008 was titled Die Rückkehr des Entdeckers Cornelis and it fetched 13,800 euros (July 4, 2008) at Munich Hampel Kunstauktionen The work measured 36 x 64 cm and was in many ways comparable to that supposedly sold by Claude Gueant for 500,000 euros ...

About Artprice:

Artprice is listed on the Eurolist by Euronext Paris, srd long only and Euroclear: 7478 - Bloomberg: PRC - Reuters: ARTF.

Atprice is the global leader in art price and art index databanks. It has over 30 million indices and auction results covering more than 5860,000 artists. Artprice Images(R) gives unlimited access to the largest Art Market resource in the world: a library of 108 million images or prints of artworks from the year 1700 to the present day, along with comments by Artprice's art historians.

Artprice permanently enriches its databanks with information from 4,500 auctioneers and it publishes a constant flow of art market trends for the world's principal news agencies and approximately 7,200 international press publications. For its 3,600,000 members, Artprice gives access to the world's leading Standardised Marketplace for buying and selling art.

Discover the Alchemy and the universe of Artprice http://web.artprice.com/video, which headquarters are the famous Museum of Contemporary Art, the Abode of Chaos http://goo.gl/zJssd https://vimeo.com/1246463720 News Artmarket: http://twitter.com/artpricedotcom https://www.facebook.com/artpricedotcom
https://plus.google.com/+Artpricedotcom/posts
http://artmarketinsight.wordpress.com/

The 2014 Art Market report contains the famous Artprice ranking of the world's 500 most sought-after artists, the top 100 auction results, market breakdowns by country and by city, by period and by medium, Artprice indices and 21 chapters that provide an uncompromising analysis of the Art Market. It is available free of charge in PDF format at http://imgpublic.artprice.com/pdf/rama2014_en.pdf

Contact : Josette Mey : e-mail : ir@artprice.com
 


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