What's Happening?
A selection of 12 artworks from Armand Hammer’s private collection, estimated to be worth between $25 million and $37 million, is currently on preview at Sotheby’s Los Angeles. The collection includes significant pieces such as Mary Cassatt’s “Summertime,”
Edgar Degas’ “Trois danseuses (Jupes jaunes),” and Pierre-Auguste Renoir’s “Antibes.” The preview runs from Wednesday through Friday, with the auction scheduled to commence in New York in November. Armand Hammer, known for founding the Hammer Museum in Westwood and Hammer Galleries in New York, was a prominent 20th-century oil tycoon with a deep connection to the art world. His last public appearance was at the opening of the Hammer Museum in 1990. Jacqueline Wachter, head of Sotheby’s L.A. office, highlighted Hammer’s belief in sharing art, which influenced his own museum and numerous gifts to institutions.
Why It's Important?
This auction is significant for the art market, particularly with Mary Cassatt’s “Summertime” poised to potentially set a new auction record for the artist, with expectations to exceed $10 million. Julian Dawes, Sotheby’s head of impressionist and modern art, noted the increasing recognition and revaluation of women artists, who have historically been undervalued compared to their male counterparts. The sale of this collection will benefit the Armand Hammer Foundation, which is shifting its focus from art stewardship to providing grants for arts education and institutions. This move is particularly crucial given current cutbacks in arts funding, aiming to instill a love for the arts and build appreciation for their role in communities, especially among students.
What's Next?
Following the preview in Los Angeles, the 12 artworks from Armand Hammer's private collection will proceed to auction in New York in November. The Armand Hammer Foundation plans to utilize the proceeds from these sales to fund grants for arts education and institutions. This strategic shift aims to support new programs that foster artistic appreciation and education, particularly for students, addressing the current challenges posed by reduced arts funding. The art world will be closely watching the auction results, especially for Mary Cassatt’s “Summertime,” which is anticipated to achieve a record-breaking sale price, potentially influencing the market valuation of other female impressionist artists.
Beyond the Headlines
The auction of Armand Hammer’s collection underscores a broader trend in the art market: the re-evaluation and increasing recognition of female artists. The potential record-breaking sale of Cassatt’s “Summertime” highlights a shift in narrative, moving beyond the traditional dominance of male artists and bringing previously under-told stories to the forefront. This development could encourage further investment and appreciation for works by women artists, potentially leading to a more equitable and diverse art market. Furthermore, the foundation's pivot to arts education grants reflects a growing awareness of the need to support foundational artistic development, ensuring that the legacy of art appreciation continues for future generations amidst evolving cultural and economic landscapes.
