Page 73 - Studio International - June 1966

difficult, especially in the case of a painting which noting that prominent French auctioneers have Continental countries. Minor artists whose work
had already been exported, to produce evidence recently been turning their attention to New York. rarely appears in the sale-room, the value of which
to support almost any reasonable valuation, and Sotheby have already established themselves in is therefore difficult to assess, may enjoy enhanced
for a very long time to come assessments to tax on the States by their purchase of the majority prices, while those of the sale-room favourites may
`gains' of this kind will be disputable. The Inland share-holding in the PARKE-BERNET GALLERIES, and it tend to fall. Whatever happens, some degree of
Revenue has no valuers capable of handling this is likely that the world's most important sales distortion is inevitable.
kind of work, for which the experience of a life- will increasingly tend to be held in New York Despite these complexities, however, it is hardly
time is often not enough. Museum officials might rather than in Europe. Of course there is a capital likely that we shall see the end of the art-market as
be co-opted, as they sometimes are at present in gains tax in the States, but the incidence of income- a form of investment. On the contrary, it will be
matters of estate duty, but they would be the first tax there is much less harsh, and the Board of the only area in which the gains and losses will be
to admit that they are not skilled valuers in the Internal Revenue no longer think that a tax on so disputable that good advice and superior know-
strict sense of the term, even if they were prepared the appreciation of works of art is worth the ledge will enable anyone with money to spare to
to court unpopularity as agents of the tax-gatherer. trouble of collecting. avoid the worst effects of what will undoubtedly be
Dealers, most capable of making this kind of It can hardly be doubted that objects of this kind a continuing inflationary situation. But wise
assessment, would hardly be prepared to act will tend increasingly to change hands outside the buying will be essential, and the international
except for their customers. sale-rooms. It is also certain that higher prices will market will need to be carefully considered. This
The effect of all this will undoubtedly be to operate for minor works valued at less than £1,000, is already happening in other sections of the market
distort the art-market, and it may ultimately have where it will still be possible to take a modest tax- where the highest prices are given for those things
the effect of destroying London as the centre of free profit without suffering the bureaucratic com- which have the largest international appeal.
the world market. The French Government did plications otherwise attendant on such sales. The prices given below are for paintings and
irreparable damage to the Paris market by impos- Paintings of high value may tend to fall in price or graphic art at prices on which a tax-free profit is
ing a tax on art-sales at auction, and it is worth go underground as they have done in certain still possible.

Modern paintings and drawings sold at Sotheby's at André Dunoyer de Segonzac Pierre-Auguste Renoir
prices under £1,000, and not subject to capital gains Jeune fille entrant dam l'eau a Saint-Tropez c. 1935 £280 Les musiciens £550
tax if resold at or below this figure: 124 x 11 in. Pen and ink, signed. 194 x 15 in. Charcoal drawing on brown paper,
initialed.
Giovanni Boldini Max Pechstein
£150
Deux Danseuses £500 Blühende Bäume c. 1930 Egon Schiele
13 x 101 in. Pencil and watercolour. Signed. Exh. 19 x 24 in. Gouache, signed and dated. Legende Akt (Reclining nude) 1918
£820
Exposition Boldini, Paris, 1963. Ferrara, Casa Romei. 174 x 114 in. Charcoal and crayon, signed and dated.
Mostra di Giovanni Boldini 1963. Marino Marini
Etude de Chevaux Suzanne Valadon
£420
Constantin Guys 254 x 18 in. Pen and ink and gouache, signed and Nu debout 1921 £500
La Cavalerie £320 dated 1953. 144 x 104 in. Charcoal and pastel, signed and dated.
64 x 9 in. Pen, ink, and wash.
Max Ernst Auguste Rodin
Amedeo Modigliani c. 1925 £650 Femme nue avec son manteau £500
Nu vu de dos 1916-17 £500 94 x 74 in. Frottage, signed and inscribed. 124 x 94 in. Pencil and watercolour, signed and
134 x 94 in. Pencil, pen, and sepia ink. inscribed.
Bernard Buffet
£520
Pablo Picasso Portrait de Camilo Aldao Alfred Sisley
Portrait of Leo Stein 1905 £480 214 x 144 in. Oil on canvas. Signed and dated '49. Un Verger 1885 £600
Pen and ink. Signed. Reference: Zervos, Pablo 64 x 94 in. Pastel, signed with initials. A study for the
Picasso, Supplement aux Vol. I a III. Oskar Kokoschka picture formerly in the Wolf Collection.
Portrait of Maisky
£450
Le Pêcheur 1919 £800 114 x 94 in. Coloured crayons, signed, inscribed with Henri-Joseph Harpignies
18 x 114 in. Pencil drawing on buff paper, signed and a dedication to Mrs Mina Carney and dated '42. La Fuite £320
dated. Reference: Zervos, Pablo Picasso (Oeuvres de 84 x 134 in. Oil on canvas. Signed and dated '75.
1917 a 1918) No. 253 (reproduced). Jean Metzinger
Le Jour-Nature Morte £550 Henri Moret
Henri de Toulouse-Lautrec 16 x 13 in. Oil on canvas, signed. Les Aiguilles, Belle-Isle en Mer £600
Etude d'homme 1883 £250 314 x 254 in. Signed and dated 1904. From Durand-
84 x 54 in. Pencil. Salvador Dali Ruel.
Feuille d'Etudes 1951 £350
Eugene Delacroix 104 x 164 in. Pen and ink, signed, inscribed, and Jean-Louis Forain
Roses-Tour de Malekov 1840 £700 dated. Tête d'homme £50
124 x 18 in. Signed on the stretcher. Painted at 44 x 34 in. Pencil and watercolour, signed.
Champrosay. Exh. London. Wildenstein & Co. Johan Barthold Jongkind
Eugene Delacroix 1952. No. 23. Scene de Canal en Hollande 1855
£650
Gustave Klimt
94 x 124 in. Oil on canvas. Signed and dated. Aktstudie £180
Eugene Boudin 174 x 124 in. Pencil, inscribed by Hermine Klimt.
Etude de Vaches £450 James Ensor
84 x 13 in. On panel. Signed. Sur la Cite £240 Franz Marc
194 x 331 in. Oil on canvas. Signed with initials. Knabe und Pferd £45
Henri Matisse c. 1876 an early work. 7 x 34 in. Black crayon.
Portrait de Paul Leautaud 1946
£350
154 x 114 in. Charcoal signed, inscribed, and dated. Kees van Dongen Raoul Dufy
Delfshaven £200 Apollo £250
Edouard Vuillard 94 x 124 in. Signed on panel. 11 x 81 in. Gouache, signed and inscribed 'en
La mire du peintre souvenir de Max Jacob a Monsieur Maurice Hensel'.
£400
Pencil drawing, heightened with white and pastel Charles Albert Lebourg
stamped with initials. 114 x 84 in. Paysages des Alpes £300 Emil-Othon Friesz
16 x 27 in. Signed, oil on canvas. Femme nue allongée
£40
Paul Klee 114 x 154 in. Brown and red chalk, signed.
Letze Hoffnung 1929 £650 André Lhote
64 x 174 in. Pen, ink, signed and inscribed, and again Animaux sur la Ferme
£220
on the mount and dated. Reference: Will Grohmann, 144 x 174 in. Oil on canvas, signed. Exh. Venice
Paul Klee, 1954. p. 281 (reproduced). Biennale, 1932.