(And Some Thoughts on the Current Art Market)
Kirchner, Ernst Ludwig
Moses, Anna Mary Robertson ("Grandma")
Our nation is divided, as are the United Kingdom and Western Europe. The election of Donald Trump, Brexit and the rise of right-wing populism across the European continent suggest that globalization has failed as a progressive ideology. The art world is resoundingly international in its orientation, yet globalization has not been kind to all of us. Increasingly our community has become divided between economic “haves” and “have-nots.” After a relatively easy recovery from the 2008 recession (which made art more attractive as an “alternative asset class”), the art market declined sharply in the past two years. While accurate figures are notoriously difficult to come by, it has been estimated that overall sales decreased by approximately 7% in 2015, and a further 11% in 2016. Auction sales, which are easier to calculate, dropped by between 18.8% and 26% in 2016 alone. The art market has always been subject to cyclical downturns, but this feels like a fundamental shift.
The race to the top, which began at least ten years ago, has accelerated. Even in the recessionary climate of 2016, dealers whose volume exceeded $50 million saw an increase in sales of 19%. So far in 2017, the big auction houses have staged a modest comeback by selling fewer items at higher prices. In the May Impressionist/Modern evening auction at Christie’s, a mere twelve lots (of 53) accounted for 75% of the sales total. At Sotheby’s contemporary sale a few nights later, the 110.5-million-dollar Basquiat contributed more than one third to the gross. According to this year’s Art Basel/UBS market report, half the proceeds generated at auction come from the 1% of artists whose work sells for over $1 million. It is said that there are about 140 people in the world with the means and desire to spend $50 million or more on a single work of art; 300 potentially in the market for works priced above $20 million; and about 1,000 willing to spend over $5 million. Like the rest of the world, the art world is dominated by the super-rich.
And, like the global middle class, the middle of the art market has eroded. Media attention may focus on multimillion-dollar transactions, but most artworks sell for under $50,000. In that price range, it is difficult for smaller galleries (those with fewer than ten employees) to generate enough income to meet overhead in high-rent cities like New York and London, to compete on the costly art fair circuit, and to keep their artists from being poached by better-financed competitors. “It was like someone turned the faucet off,” said Lisa Cooley, one of many dealers who felt compelled to close shop during the recent market downturn. Others include such venerable players as David McKee and Andrea Rosen. Magnus Edwards, observing that most of his sales were generated at art fairs, decided to shutter his London gallery, Ibid. Still, collectors and dealers alike complain about art fair glut. “We do art fairs where we don’t make any money,” José Freire, owner of Team Gallery in New York’s SoHo, told Artnews. “The art fairs sell themselves to us, not based on the idea that we will profit, but that we will go there and lose money—but we’ll come back with, you know, business cards. By what business model is that normal?”
Although masters like Klimt, Modigliani, Munch and Picasso can command prices in the nine figures, modernism now accounts for a smaller percentage of art sales by value (23%) than postwar and contemporary art (52%). Partly this drop is due to a natural process of attrition, as the best older works become permanently enshrined in museum collections. But the obsession with “trophy” objects has been devastating to what might be termed interstitial items: lesser pieces by major artists, and work by secondary members of the leading modernist movements. There is no logical relationship between the monetary value of a great Schiele watercolor and that of a typical drawing, even though the latter probably tells us more about the artist’s developmental process. E.L. Kirchner far out-prices his Brücke colleagues Erich Heckel, Max Pechstein, Otto Mueller and Karl Schmidt-Rottluff. The market’s lopsided preferences shred the fabric of art history.
The pervasive preoccupation with art as an “asset class” has undermined connoisseurship, the traditional mechanism for assessing aesthetic quality. Confusing financial value with artistic value, collectors chase after the same artists. Dealers likewise feel compelled to follow the money; few these days can afford to devote an entire career to developing expertise in a narrow area of specialization. Art fair booths do not encourage contemplation or the sort of in-depth presentations possible with a larger gallery space. In the press, breathless reports of auction records and trendy personality profiles have largely supplanted serious art criticism. For much of the twentieth century, the art world was compelled to “sell” modern art—not so much commercially as intellectually—to a skeptical public. The popularity of contemporary art in the twenty-first century, however, has diminished the need for educational proselytizing.
Meanwhile, despite its popular appeal and statistical gains, the contemporary art market has been damaged by aggressive speculation. For a few years before the bubble burst in 2015-16, collectors were gobbling up work by young, untested artists in the belief that they could turn a quick profit. Auction houses happily joined the flipping frenzy, triggering an accelerated boom-and-bust cycle. The results of Phillips’ September 2016 “New Now” sale document this trajectory: Math Bass (b. 1981), 2014 auction record $81,250, 2016 price $25,000; Hugh Scott-Douglas (b. 1988), 2014 purchase price $100,000, resold for $30,000 at Phillips; Grear Patterson (b. 1988), peak prices in the six figures, Phillips price $7,500; Christian Rosa (b. 1982), peak prices in the six figures, $22,500 at Phillips; Lucien Smith (b. 1989), 2014 auction record $372,120, 2016 price $16,250. In the wake of the Phillips debacle, the New York Times noted that, “The prices dealers are asking for works are [now] often higher than their resale value at auction.” Such, indeed, has historically been the norm for emerging artists.
The conviction that art will, or should, increase in value at a steady rate is relatively new. People dream of devising a mathematical formula capable of calculating the potential upside and risk of specific art investments. Artnet, whose online database contains over 10 million auction records, recently acquired Tutela Capital, a firm that specializes in quantitative art market analysis and predictive modeling. At around the same time, Sotheby’s acquired Mei Moses Art Indices, which tracks repeat auction sales. ARTSTAQ, a stock exchange for art, uses an algorithm to give a Standard-and-Poor’s-like rating to some 300,000 listed artists. “The art market data is translated into feelings and vice versa,” the company’s head of communications told Artnews.
There are a number of problems with trying to get the art market to function like the stock market. First of all, only auction prices are public, and no one has as yet figured out a way to obtain comprehensive information on the 62.5% of art transactions that take place privately. But even if it were possible to compile all the pertinent sales information, that data could at best only give us a snapshot of the past. It would not be predictive. Because tastes are fluid and most artworks are unique, it is exceedingly difficult to extrapolate from one sales result to the next. Whether public or private, sales figures require interpretation by knowledgeable individuals, and that makes the numbers impervious to mathematical modeling.
Among the current art world’s most profound divides is that between investors and collectors. Investment aside, people buy art for any number of reasons: because they feel an emotional connection to the work; because living with art enhances their daily existence; because collecting connects them with a stimulating group of like-minded individuals. Most acquire a piece here and there over the course of time, and stop when they run out of wall space. A relatively small percentage, however, develop the sustained creative engagement with objects that characterizes the dedicated collector. A collection in this classic sense is a self-contained world controlled by its maker, who determines its parameters and endows its contents with meaning. The objects in a collection, removed from their original contexts, are redefined in terms of their relationship to one another. The collector’s mastery within this realm, according to psychologists, serves as a buffer against the anxieties of daily existence and the fear of death. Art acquires a spiritual dimension by virtue of its perceived capacity to transcend mortality.
Inasmuch as collecting is an extremely personal activity, it is not surprising that collections differ widely, but the process itself is less variable. Often the pursuit of a desired object is as emotionally charged as its eventual acquisition. Ronald Lauder recalls falling in love with Gustav Klimt’s Portrait of Adele Bloch-Bauer I as an adolescent on his first visit to Vienna. Decades later, after protracted international legal wrangling, he finally got his “Woman in Gold.” Recognizing what would become a lifelong passion for Austrian modernism, the teenaged Lauder also went out and hired a German language tutor. Similarly, Dr. Richard Simms’ devotion to the work of Käthe Kollwitz took him ever deeper into initially foreign territory, prompting him to immerse himself in the pertinent literature and eventually to acquire complementary works by the artist’s contemporaries. Collecting is an intellectual journey, an endless, mutually reinforcing cycle of looking and learning. Visual stimulation sparks a desire to study the art and its context in greater depth, and knowledge enhances subsequent visual encounters.
In contrast to the copycat buyers so prevalent today, dedicated collectors tend to find lacunae in the marketplace: areas that are underappreciated and where they therefore can more readily make a mark. Merrill C. Berman amassed a world-class collection of modernist art and graphic design, ranging from Russian Constructivism and the Bauhaus to Vietnam-era political posters, at a time when much of this material was routinely thrown away. Lisa Unger Baskin haunted flea markets and antiquarian bookshops seeking publications produced by women, who were then as undervalued as the texts they authored. Leonard Lauder focused on analytical Cubism, a subject so difficult that almost no one else was interested. And few people cared much about Austrian modernism when Leonard’s brother Ronald began collecting it in the 1960s. By shedding light on overlooked but important works, collectors move the culture as a whole forward.
Unwittingly, however, passionate collectors also fuel the price escalations that, in turn, goad speculators. “You can’t put together a good collection unless you are focused, disciplined, tenacious and willing to pay more than you can possibly afford,” Leonard Lauder told the New York Times. Intent on nurturing and pruning their holdings, such collectors do sell from time to time: to upgrade, to finance new acquisitions, or because their focus has changed. And when they sell, they are more likely than speculators to realize a profit, because they have a deeper understanding of the art and the market. Nevertheless, monetary gain is not the dedicated collector’s primary motivation.
In fact, most of the aforementioned collections are destined for public institutions. Ronald Lauder’s Austrian and German art will go to New York’s Neue Galerie. Richard Simms’ Kollwitzes are at the Getty Research Institute. Lisa Baskin’s collection was recently acquired by the David M. Rubenstein Library at Duke University. Leonard Lauder’s Cubists have been promised to the Metropolitan Museum of Art. Merrill Berman’s holdings are constantly featured in museum shows. These people’s lives have been enriched emotionally by the process of collecting, and they, in turn, have enriched our lives by sharing their collections.
Those in the financial services industry bemoan the art market’s “asymmetry of information.” However, asymmetry of information is intrinsic to the art world. Not everyone is a trained art historian. Not everyone has the time or inclination to constantly scour galleries, auctions and art fairs, parsing the nuances of pricing. Not everyone has a connoisseur’s eye or the ability to discern the impact of condition on an artist’s original intent. The art world consists of an informal group of artists, collectors, dealers, scholars, curators, critics and writers who collectively, over a period of time, reach a consensus regarding the relative importance and quality of disparate artworks. This consensus, and not the market, determines long-term value.
The art world’s shift in emphasis from collecting to trading has created the misperception that art is all about money. Ironically, however, the resulting fixation on investment is counteracted by the disproportionate influence of billionaire buyers, who undercut any sort of credible market structure. Like the broader split in contemporary society, the art world divide pits the interests of a few individuals against those of the community as a whole. Beyond the populist rhetoric, an economy dominated by a wealthy minority is not good for anyone. Unfortunately, our politicians are not doing much to remedy the fundamental inequities that led us to this juncture.
Despite the dwindling of first-rate modernist works in the marketplace, this year’s “Recent Acquisitions” exhibition demonstrates that such rarities are still obtainable. Indeed, two of the masterworks in the current exhibition have not been offered for sale since the early years of the twentieth century. Max Beckmann’s monumental Portrait of Irma Simon comes to us directly from the sitter’s family. Simon, a close friend of the artist, introduced him to his second wife, Mathilde (Quappi) Kaulbach. Irma and her husband Heinrich Simon, editor and publisher of the Frankfurter Zeitung, hosted a popular lunchtime salon where the local intelligentsia gathered on Fridays. The lives of the Jewish Simons changed dramatically following Hitler’s rise in 1933. Heinrich was removed from his position at the newspaper, and the family had to live apart until they were able to immigrate to the U.S. in 1940. These travails were far in the future when Beckmann painted the 23-year-old Irma, yet a sense of foreboding pervades her youthful visage.
Another rarity in our summer show is Egon Schiele’s Standing Female in Shirt with Black Stockings and Red Scarf. This bold watercolor, which dates from the peak of the artist’s Expressionist phase in early 1911, was first exhibited at the Gustav Nebehay gallery in Vienna in 1919. Most of the works in that show came from the estate of the artist, who had died the previous year. It is believed that this watercolor was acquired by the great-grandfather of the present owners in 1919. The colors are exceptionally well preserved, because the sheet has seldom been exposed since.
Additional highlights among our “Recent Acquisitions” include Emil Nolde’s stunning watercolor portrait of his wife, Ada—as fresh in its coloration as when first painted. Gustav Klimt’s famous Poster for the First Exhibition of the Vienna Secession is almost never seen in the marketplace, and our impression is in exceptionally pristine condition. Images of women were the subject of our spring exhibition, “The Woman Question,” and of our installation at Art Basel in June. Reprising this theme, our summer show includes three life-sized female portraits in oil: by Otto Dix, Oskar Kokoschka and Marie-Louise Motesiczky. The presentation is rounded out with further works by Beckmann, Dix, Erich Heckel, E.L. Kirchner, Klimt, Georg Kolbe, Käthe Kollwitz, Otto Mueller, Nolde, Schiele and Karl Schmidt-Rottluff. American offerings include a unique wood sculpture by Leonard Baskin, Man with Pomegranate, and a selection of paintings by Grandma Moses.
LEONARD BASKIN (American, 1922-2000)
1. Man with Pomegranate
1968. Laminated walnut. Signed and dated in wood, back of base. 31" x 12" x 11 3/4” (78.7 x 30.5 x 29.9 cm). Jaffe p. 215.
MAX BECKMANN (German, 1884-1950)
2. Dinner Party
Circa 1919. Woodcut on thin cream laid Japan paper. Signed, lower right, and inscribed "Probedruck" (trial proof), lower left. 12" x 4" (30.2 x 10 cm). One of six documented trial proofs; probably hand-printed by the artist. Hofmaier 158/A.
3. The Tall Man
1921. Etching on cream wove paper, worked over in ink. Signed and dated, lower right, and inscribed "Luftschaukel (Handprobedruck)” (Air-Swing [hand-pulled proof]), lower left. 12" x 8 1/8" (30.5 x 20.6 cm). Plate 5 from the cycle Der Jahrmarkt (The Annual Fair). Unique proof of the first state, hand-printed and extensively worked over by the artist in anticipation of additions and alterations to the plate in the second state. Hofmaier 195/I.
4. Portrait of Irma Simon
1924. Oil on canvas. Signed and dated, upper right. 48" x 23 5/8" (122 x 60 cm). Göpel 235, page 84.
OTTO DIX (German, 1891-1969)
5. Seated Female Nude
1926. Pencil on cream wove paper. Signed, lower right. 25 7/8" x 19 1/2" (65.5 x 49.5 cm). Lorenz NSk 4.2.20.
6. Portrait of the Singer Elisabeth Stüntzner
1932. Oil and tempera over plaster ground on canvas, mounted on wood panel. Initialed and dated, lower right. 39" x 27 1/8" (99.1 x 68.9 cm). Löffler 1932/17.
ERICH HECKEL (German, 1883-1970)
7. Seated Female Model
1907. Woodcut on heavy greenish wove paper. Signed and dated "06," lower right. 8 1/4" x 5 7/8" (21 x 14.9 cm). Dube H. 138.
8. Portrait of a Girl
1912. Pencil on heavy cream laid paper. Signed and dated, lower right. 22 1/8” x 15” (55.3 x 38.3 cm).
9. Resting Woman (Siddi Heckel)
1913. Watercolor, gouache and charcoal on heavy white wove paper. Signed, lower right, nd inscribed "Frau" (Woman), lower left. Pencil drawing of a landscape, verso. 19 1/2" x 15 3/8" (49.5 x 39.1 cm).
10. Reading Woman
1920. Watercolor, gouache and pencil on thin cream laid paper. Signed, titled and dated, lower right. Pencil drawing of sailboats, verso. 18 1/8" x 14 3/4" (46 x 37.5 cm).
ERNST LUDWIG KIRCHNER (German, 1880-1938)
1919. Lithograph on smooth yellow Velin paper. Signed and inscribed “2 Zustand” (2nd state), lower right. Estate stamp and registration number, “L380II,” verso. 12 5/8" x 10 5/8" (32.1 x 27 cm). One of two known impressions; hand-printed by the artist. Gercken 981/II.
12. Two Men
Circa 1920. Watercolor, brush and ink and graphite on heavy tan laid paper. Estate stamp, verso. 18 7/8" x 12 3/8" (48 x 31.5 cm).
13. Couple (Lovers)
1921. Woodcut on heavy off-white wove paper. Estate stamp and registration number "H 444 II," verso. 15 3/4" x 23 5/8" (40 x 60 cm). One of six known impressions; hand-printed by the artist. To be included in Volume V of Günther Gercken’s catalogue raisonné; 1253/III. Dube H. 438/III.
14. Portrait of a Husband and Wife (Mr. and Mrs. Schiefler)
1923. Woodcut on heavy tan wove paper. Signed, lower right, and inscribed "Eigendruck" (hand-print), lower left. 26 1/4" x 15" (66.7 x 38.1 cm). One of five known impressions; hand-printed by the artist. To be included in Volume V of Günther Gercken’s catalogue raisonné; 1373/III. Dube H. 506/I.
GUSTAV KLIMT (Austrian, 1862-1918)
1898. Pencil and black crayon on soft, heavy tan wove paper. Estate stamp, lower right. 18" x 12 3/8" (45.7 x 31.4 cm). Study for the drawing of the same title, published in Ver Sacrum (Strobl 340). Strobl 337.
16. Poster for the First Exhibition of the Vienna Secession
1898. Color lithograph on thin cream wove paper. 24 7/8" x 17 7/8" (63 x 45.5 cm). Printed by the Lith. Anstalt v. Albert Berger and published by the Vereinigung bildender Künstler Österreichs, Vienna.
17. Lovers, Facing Right
1914. Pencil on cream wove paper. Estate stamp, lower right. 22" x 14 1/2" (55.9 x 36.8 cm). Strobl 2452.
18. Two Reclining Female Nudes
1917. Pencil on thin cream wove paper. Estate stamp, lower right. 14 3/4" x 22 1/2" (37.5 x 57.2 cm). Study for Freundinnen II (Girlfriends II) (Weidinger 236). Strobl 2818.
19. Portrait of a Girl with Braids
1917-18. Pencil, crayon, red and blue pencil on cream wove paper. Estate stamp, lower left. 22 3/8" x 14 3/4" (56.8 x 37.5 cm). Study for the painting The Bridge (Weidinger 252). Strobl 3052.
OSKAR KOKOSCHKA (Austrian, 1886-1980)
20. The Dreaming Youths
1908. Illustrated book with eight color lithoraphs and three line engravings. Numbered XII inside back cover. 9 5/8" x 11 3/4" (24.4 x 29.8 c,). One of 275 copies (from a total of 500 printed by the Wiener Werkstätte in 1908) published in 1917 by Kurt Wolff. Wingler/Weltz 22-29.
21. Pietà -- "It is Enough"
1914. Charcoal on yellowish paper. Drawing for plate 11 from the cycle O Ewigkeit-Du Donnerwort; "Bachkantate" (O Eternity, Thou Word of Thunder "Bach Cantata") (Weidinger/Strobl 656).
1953. Oil on canvas. Initialed OK, lower left. 35 7/8" x 28" (91.1 x 71.1 cm). Wingler 379.
GEORG KOLBE (German, 1877-1947)
23. Kneeling Woman
1928. Bronze with medium brown patina. Monogrammed and inscribed "III" on the right knee. Numbered 3, sole of left foot. 20 1/4" x 9 1/8" x 8 1/8” (51.4 x 23.2 x 20.6 cm). One of approximately 20 casts, of which 14 were made during the artist's lifetime. Berger 11.
KÄTHE KOLLWITZ (German, 1867-1945)
24. Self-Portrait at the Table
Circa 1900. Etching on cream wove paper. Signed, lower right, and signed by O. Felsing, lower left. 7 1/8" x 5 1/8" (18.1 x 13 cm). Early, rare impression, before the numbered edition published in 1918. Knesebeck 21/IIIc.
25. Storming the Gate
Circa 1900. Etching on ivory wove paper. Signed, lower right; signed by Felsing, and numbered 11/50, lower left. 9 3/8" x 11 5/8" (23.8 x 29.5 cm). Plate 5 from the cycle Ein Weberaufstand (A Weaver's Revolt). From the edition of 50 numbered impressions, published by Richter in 1918. Knesebeck 37/IIc.
26. The Plowmen
1907. Etching on heavy cream wove paper. Signed, lower right. 12 3/8" x 17 7/8" (31.4 x 45.4 cm). Plate 1 from the cycle Bauernkrieg (Peasant War). From the first edition published in 1908. Knesebeck 99/VIIIb.
1912. Etching on cream wove paper. Signed, lower right, and signed by O. Felsing, lower left. 5 1/2" x 3 7/8" (14 x 10 cm). Before the deluxe edition of 50 signed impressions on this paper. Knesebeck 126/VIIa.
28. Waiting (Fear)
1914. Photo-lithograph on heavy off-white simile Japan paper. Signed, lower right. 13" x 9 5/8" (33 x 24.5 cm). Published by von der Becke, circa 1931. Knesebeck 132/B.
1915. Lithograph on heavy textured cream paper. Signed, lower right. 10 3/4" x 9 3/8" (27.3 x 23.8 cm). From the edition published by von der Becke in 1931. Knesebeck 134/e.
30. Pensive Woman
1920. Lithograph on heavy cream Japan paper. Signed, lower right; Fritz Gurlitt chop, lower left. 11 3/8" x 10 3/8" (29 x 26.4 cm). From the edition of 130 impressions included in the Arno Holz portfolio, published by Fritz Gurlitt, Berlin, in 1923. Knesebeck 161/d.
31. Mothers, Give of Your Abundance!
1926. Lithograpg on cream watermarked laid paper. Signed, lower right. 13 1/2" x 12 5/8" (34.4 x 32.1 cm). One of four known impressions from this state. Knesebeck 227/Ic.
32. Visit to the Children's Hospital
1926. Lithograph on cream wove paper. Signed, lower right. 10 3/4" x 13 3/8" (27.3 x 34 cm). From the edition for the members of the Vereinigung Freunde graphischer Kunst Leipzig (Association of the Friends of Graphic Art, Leipzig). Knesebeck 228/Ic.
33. Self-Portrait in Profile
1927. Lithograph on cream wove paper. Signed and dated, lower right. 12 3/4" x 11 7/8" (32.1 x 29.9 cm). One of a few proofs before the edition. Knesebeck 235/a.
34. Two Chatting Women with Two Children
1930. Lithograph on heavy white wove paper. Signed, lower right. 11 7/8" x 10 1/4" (30.2 x 26 cm). From the edition of about 150 unnumbered impressions. Knesebeck 250/c.
ANNA MARY ROBERSTON ("GRANDMA") MOSES (American, 1860-1961)
35. Winter Scene with House
Circa 1940. Worsted embroidery. 8" x 10" (20.3 x 25.4 cm). Kallir 70W.
36. Over the River to Grandma's House on Thanksgiving
1942. Oil on pressed wood. Signed, lower left. 8" x 18 1/8" (20.3 x 46 cm). Kallir 155a.
37. The Frog Pond
1949. Oil on pressed wood. Signed, lower left. 7 1/4" x 12 1/8" (18.4 x 30.8 cm). Kallir 781.
38. The Old Carpenter Home
1951. Oil on pressed wood. Signed, lower left. 12 7/8" x 15 7/8" (32.7 x 40.3 cm). Kallir 994.
1956. Oil on pressed wood. Signed, lower right. 16" x 24" (40.6 x 61 cm). Kallir 1228.
40. Busy Time
1959. Oil on pressed wood. Signed and dated, lower right. 16" x 24" (40.6 x 61 cm). Kallir 1429.
41. The Ice is Good
1961. Oil on pressed wood. Signed, lower left. 16" x 24" (40.6 x 61 cm). Kallir 1499.
MARIE-LOUISE MOTESICZKY (Austrian, 1906-1996)
42. Henriette von Motesiczky
1959. Oil on canvas. Initialed and dated, lower right. 36" x 32" (91.4 x 81.3 cm). Schlenker 160.
OTTO MUELLER (German, 1874-1930)
43. Two Gypsy Children in Front of a Hut
1926-27. Lithograph in five colors on thin brownish wove paper. Otto Mueller estate stamp, verso. 27 5/8" x 19 7/8" (70.2 x 50.2 cm). From the cycle Zigeuner (Gypsies). From an edition 60 of unnumbered impressions. Karsch 162/IIIB.
44. Gyspy with Child in Front of Covered Wagon
1926-27. Lithograph in three colors on thin brownish wove paper. Signed, lower center. 26 3/4" x 19 7/8" (67.9 x 50.2 cm). From the cycle Zigeuner (Gypsies). From an edition of 60 unnumbered impressions. Karsch 165.
EMIL NOLDE (German, 1867-1956)
45. Church and Boat, Sonderburg
1907/1915. Color lithograph on heavy tan wove paper. Signed, lower right, and titled, lower center; inscribed "Aufl. Ne. 26" (Edition No. 26), lower left. 19 1/4" x 12 7/8" (48.9 x 32.7 cm). From the edition of 29 numbered impressions in three colors. Schiefler/Mosel L. 21/II.
46. Big Windmill
1907-1915. Lithograph in three colors on heavy cream wove paper. Signed, lower right, and inscribed "In dieser Fassung ein Druck" (in this version one impression) by the artist's wife, lower left. 19 1/2" x 13 1/4" (49.5 x 33.7 cm). Unique impression. Schiefler/Mosel L. 23/II.
47. Head of an Apostle
1909. Watercolor and pen and ink on thin watermarked cream wove paper. Signed, lower right. 10 1/2" x 8 1/4" (26.7 x 21 cm). Dated and authenticated by Prof. Dr. Manfred Reuther, May 7, 2017.
48. Young Girl III
1912. Woodcut on heavy cream wove paper. Signed, lower right, and titled, lower center. 11 5/8" x 8 7/8" (29.6 x 22.2 cm). One of approximately 19 impressions. Schiefler/Mosel H. 108.
49. Portrait of a Young Woman with Dark Hair
Circa 1935. Watercolor on Japan paper. Signed, lower right. 19" x 13 7/8" (48.3 x 35.2 cm). Authenticated by Prof. Martin Urban, November 29, 1989
50. Portrait of Ada, the Artist's Wife
Watercolor on Japan paper. Signed, lower right. 18 5/8" x 14" (47.3 x 35.6 cm).
EGON SCHIELE (Austrian, 1890-1918)
1910. Pencil on tan wove paper. Initialed "S" and dated, lower right. 22" x 14 1/2" (55.9 x 36.8 cm). Kallir D. 392.
52. Seated Female Nude, Back View
1911. Goauche and pencil on tan wove paper. Initialed and dated, lower right. 17 1/2" x 12 1/8" (44.5 x 30.7 cm). Kallir D. 810.
53. Standing Female in Shirt with Black Stockings and Red Scarf
1911. Gouache, watercolor and pencil on paper. Initialed "S" and dated, lower left. 21 1/2" x 14 3/4" (54.7 x 37.6 cm). Kallir D. 817.
54. Reclining Nude with Raised Legs
1914. Black crayon on cream wove paper. Signed and dated, lower right. 19" x 12 3/4" (48.3 x 32.4 cm). Kallir D. 1562.
55. Work Shed in Hilly Terrain
1915. Pencil on heavy off-white wove paper. Signed, dated and inscribed "Oktober" (October), lower right. 12 5/8" x 19 1/2" (32 x 49.5 cm). Kallir D. 1809.
56. Portrait of an Officer (Josef Duras)
1916. Gouache, watercolor and pencil on cream wove pper. Signed and dated, lower right; signed by the subject, lower left. 16 1/2" x 11 1/2" (41.9 x 29.2 cm). Kallir D. 1851.
57. Seated Female Nude, without Head
1918. Black crayon on smooth cream wove paper. Signed and dated, lower center. 18 1/4" x 11 5/8" (46.3 x 29.5 cm). Kallir D. 2357.
58. Female Nude, Back View
1918. Black crayon on tan wove paper. Signed and dated, lower right. Estate stamp, verso. 18 1/8" x 11 3/8" (46 x 28.9 cm). Kallir D. 2402.
59. Poster for the 49th Secession Exhibition
1918. Lithograph in black, yellow and reddish brown on thin yellowish poster paper. 26 3/4" x 21" (67.9 x 53.3 cm). Kallir G. 15/b.
KARL SCHMIDT-ROTTLUFF (German, 1884-1976)
60. Woman with Arms Crossed
1913. Woodcut on heavy watermarked laid paper. Signed, lower rgiht. 10 5/8" x 7 7/8" (27 x 20 cm).