Modigliani : New authentication projects may explode global collecting market
While fraud and forgery in the art world are no new phenomena , the works of Modigliani may be setting a new bar for a confluence of value enhancing factors including scarcity , and an inventory of outed fakes that have driven prices to record highs . The caveat on the frenetic market for authentic Modiglianis is the challenge of finding one in the first place . Because the artist ’ s work is infamous for numerous cases of forgery within the highest circles of the art world , coupled with poor documentation , there were previously believed to be only 337 authentic Modigliani ’ s in existence ( Esterow , 2017 ).
But this is about to change . Several parties have been quietly working on new catalogues and new validating technologies to shake up the global Modigliani collecting market , which may result in a king ’ s ransom of works being authenticated and brought to market .
The realization that so many extant fakes reside on the walls of collectors , accompanied by equally worthless certificates of provenance has led to the drive for new , validated catalogues of work . For those who can prove provenance the payoff is on par with any other scarce collectible . Paintings purchased prior to 1950 for less than $ 5,000 are now insured and estimated to be worth $ 20,000,000 or more . In just the past five years , Modigliani ’ s 1917 painting “ Nu Couche ,” sold at auction for 170.4 million dollars ( CNBC , 2018 ).
Countless stories of false authenticity hang like a black cloud over the Modigliani market , creating enough uncertainty and skepticism to make the sale of any work a challenge . The paucity of agreed-upon catalogues creates a double-edged conundrum : the seller can ’ t guarantee authenticity and the buyer can ’ t validate a purchase . Modigliani imposters are so pervasive that it ’ s become something of a joke in the industry . “ Modigliani was producing more dead than when he was alive ,” remarked Carlo Pepi , a well-known Italian art collector ( Cohen , 2014 ).
AUTHENTICATION IS THE BANE OF MODIGLIANI ’ S PEDIGREE The challenge of authenticating the artist ’ s works literally began within decades of his demise . Amedeo Clemente Modigliani ( 1885-1920 ) led a sketchy , Bohemian existence in Paris fueled by absinthe and hashish that propelled him deeply into strange , anti-social behavior . While his output was impressive , so was his propensity to give his works away in exchange for everything from rent to food to sex .
Even though he had a dealer , his own drunken , slipshod approach to inventorying his works and reliably maintaining a steady residence contributed to the current problems with authentication . The artist had only one solo exhibition , in Paris in 1917 , and that was closed by the police on the first day for displaying art deemed “ obscene .” Nu couche ( red nude ), one of the landmark works from the exhibition , realized $ 170,405,000 at a 2015 Christie ’ s auction , making it one of the most expensive paintings ever sold ( Christie ’ s , 2015 ).
Modigliani is known for portraits and nudes and was obsessed with painting the wife of his art dealer , Anna ( Hanka ) Zabrowska . One of the striking characteristics of the nudes is the comfort with which these models appear in their respective poses . It is believed that Modigliani , described by a friend as “ a young God ,” was a prolific womanizer and lover , often gifting his conquests with his artworks , thereby creating even more murky , undocumented trails and potentially more authentic works that have never been catalogued .
The starving artist was also known for trading many of his works for needs and desires . One landlord repaired old mattresses with pieces of canvas stripped from Modigliani ’ s artwork ( Stewart , 2005 ). Because he treated his paintings like currency , many sales of his paintings are not well documented or documented at all . Of course , paintings sold through one of his dealers carry a degree of credibility . There is theoretically a treasure trove of works
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