Lucio Fontana, “Concetto Spaziale, Attesa (1964–1965)” : Analysis of the Market Value and Evolution since 2000
The painting Concetto Spaziale, Attesa was made between 1964 and 1965 by the Italian artist Lucio Fontana (1899–1968). It is part of a series of abstract works called “Tagli”, that reflect Fontana’s main ideas, essentially based on the fact that art can be created through the optimisation of space, time and movement. Fontana is therefore considered to be the founder of the Spatialism (Spazialismo) movement, in which he applies his ideas into a new experimental and abstract art. The notion of Spatialism was firstly introduced in 1946 through a manifest document called Manifesto Bianco. The artist claims that “Matter, color, and sound in motion are the phenomena whose simultaneous development makes up the new art”. Through these experimentations with art and dimension, Fontana has managed to revolutionize the concept of a painting.
The contemporary art market has also been influenced by the arrival of this kind of art, strongly linked to the Arte Povera movement. At this point, it therefore seems interesting to think about how such artworks by Fontana are considered since their appearance in the market. By analysing the main features of this particular painting, sold during the Contemporary Art Evening Auction at Sotheby’s London on 28 June 2017, we will be able to retrace its importance in the art market. Moreover, we will take a closer look at the artist’s market since 2000 and compare it to other similar artists.
Lucio Fontana’s Concetto Spaziale, Attesa
Main Features
In order to understand the final value of Lucio Fontana’s artwork, it is mandatory to observe the emblematic features of the painting itself. The physical appearance of the work is one of the first factors considered by the potential buyer prior to the actual sale.
The painting was covered by a captivating red watercolour, and sliced in the centre with a deep cut. Fontana used a sharp blade to fully run through the canvas. The slice is backed up by a black fabric that gives the impression that the canvas does not end, that the cut reveals an infinite depth. At this point, Lucio Fontana’s ideals are fully exposed. In fact, his aim is to play with dimensions and spatiality by combining a two-dimension object (like a “traditional” painting) with an impression of void. He therefore transforms the painting into a three- dimensional object. The artist himself claims that he had in fact managed to “give the spectator an impression of spatial calm, of cosmic rigour, of serenity in infinity”. Different interpretations can be brought up while analysing this particular painting and the series from which it is extracted. In fact, the central slash can be attributed to a certain nostalgia towards the human body, since it looks like a wounded skin. It therefore indirectly evokes violence. Moreover, the cut can also be linked to the female genitalia, since other Fontana artworks can also be interpreted in this way. A more erotic aspect is therefore given to the painting.
Market Value of the Painting
The abstraction expressed by Fontana’s works is generally appreciated in the art market. In fact, for this particular painting, the aesthetically pleasing red colour increases the chances for the painting to sell. However, the fact that Fontana’s work expresses a few deep and intimate interpretations is a factor that either encourages or repulses the buyer to acquire the painting.
The attribution process for this painting is fully engaged through the amount of information provided by the painting itself. First of all, one can notice that the artwork is signed and titled by the artist. Moreover, a unique quote by Fontana is inscribed in the back (“Che cielo sereno!! Che serenità d’animo.”). All the works in this particular series expose a different quote: each painting is therefore unique and fully authenticated. Two supplementary factors play an important role in the authentication process. On one hand, we are aware of the existence of a Catalogue Raisonné created by Enrico Crispolti, exposing all the works by Lucio Fontana, and therefore including this particular painting. On the other hand, one of the symbols on the catalogue entry for the Contemporary Art Evening Sale implies an Artist’s Resell Right depending on the painting’s final price. This particular factor notifies the buyer about a contract made between the artist and the different sellers. The authenticity of the work is in this case even more verified.
The Contemporary art market takes a close look at the provenance of the artwork: the fresher the painting is, the better it will sell at auction. In this case, one can tell that the provenance is quite limited: the painting has not been in possession by many collectors nor foundations. In fact, it was first acquired directly from the artist by a private collector in the late 1960s. Then, in 2011, it was sold at Sotheby’s London for £640,000 (without the buyer’s premium). The acquirer decided to finally sell it at the June 2017 Contemporary Art Evening Auction. The estimation of the painting has doubled since 2011 (it used to be estimated between £400,000 and £600,000), and has also gained a considerate amount of value. While the provenance appears to be quite restrained, the exposition value of this painting can also be considered as such. In fact, no information is provided regarding for example, an important museum or gallery exhibition. The final value of this painting has therefore certainly been affected by this lack of exposure: in general, collectors appreciate the fact that artworks are exposed in famous places in order for them to gain popularity.
The painting’s catalogue entry becomes an important factor in the selling process, since it is the main document the buyer will consider before the auction. In the catalogue essay, the artwork is promoted by strong expressions and comparisons. In fact, the catalogue claims that “(…) Fontana irrevocably changed the course of art history”, and compares the artist to the famous astronaut Yuri Gagarin, that “broke through the atmosphere to reveal the void behind it (…)”. Fontana’s work is therefore elevated to a historical moment, which gives it more importance and value in the art market
Auction Results: Important Factors that have affected the Sale
After various successful sales for Fontana’s paintings, on which we will expand later on, it is interesting to see that the painting in question has reached a rather “low” value considering other similar paintings that perhaps carry the same size, colour or slice-numbers. Some of them were in fact sold for a much higher price. For example, in November 2015, an artwork from the same series called Concetto Spaziale, Attese (1965) was sold at Sotheby’s New York for $3,300,000 (without the buyer’s premium). One can therefore notice that, since 2015, Fontana’s market has been submitted to a light decrease, especially regarding the paintings of this particular series. There are a few reasons why a painting like the one being analysed has not reached the highest estimation value.
Firstly, the fact that the canvas is part of a series in which the different artworks present very similar colours and slices, could be either a positive or a negative point. On one hand, the popularity of the painting is reinforced by the fact that Fontana has based a whole part of his career on this particular technique and aesthetics. It is therefore easily recognisable. On the other hand, though, the rarity of such a painting becomes very limited because more and more Fontana works are presented at auction. The potential buyers could argue that the uniqueness of each painting is affected and therefore, they perhaps are not willing to pay a higher value for them. Some of these paintings even occasionally remain unsold. Marion Maneker explains this phenomenon in her article:
“A chronological analysis of the popularity of the artist’s work at the public auction demonstrates a slight increase in Fontana’s unsold rate over the course of the last fifteen years — a trend which might be explained by the increase in the number of lots presented. The majority of pieces presented at auction focus on a short period of the artist’s production, having mostly been produced between the 1950s and the 1960s.”
Moreover, the size of the painting is an important factor to consider. Some of Fontana’s artworks that are part of the “Tagli” series are more voluminous, a characteristic that, on a proportional matter, increases the value of the canvas. For example, a painting called Concetto Spaziale, Attesa (1965), also known as Teresita (since it is dedicated to his wife), was sold for the hammer price of £6,740,500 at Christie’s London in February 2008. It carries an enormous size of 197 x 143.5 cm. and is therefore the biggest single-slash painting from the “Tagli” series.
Another important factor to take in consideration is the exhibition value of the canvas. In fact, some of the works that are similar to the one being analysed have been exposed by famous collectors such as Larry Gagosian, for example. The value of these artworks is therefore considerably increased. Regarding the Concetto Spaziale, Attesa, in analysis, we have no record on any exhibition nor possession by famous art collectors.
Finally, on a more aesthetic level, the value of these paintings increases depending on the number of slices carried. Some of Fontana’s paintings that were very well sold, such as the bigger ones for example, had multiple slices going up to twenty-four in some cases. The paintings that carry more slices are named “Attese” (the plural form of “Attesa”). However, the painting in analysis is limited to a single slash which, in comparison, evokes a more limited artist’s manoeuvre.
The Artist’s Market since 2000
Evolution of Fontana’s Market, High Points
Lucio Fontana’s artworks have been submitted to a gradual success in the market since the very first “Tagli” and “Buchi”. From the year 2000 to 2005, Fontana’s market has always been quite regular in general. Fluctuating between $9,661,906 and $25,460,231, Fontana’s market revenue during these years is considered to be on its lowest value. However, in 2006, Fontana’s artworks were starting to sell increasingly well, until a first high point in 2008 with the sale of the previously mentioned Concetto Spaziale, Attesa or Teresita (1965). The total revenue in 2008 goes up to $95,880,125. After a period of stabilisation, 2015 is the year in which Fontana reaches his best score in an auction with one of his works, Concetto Spaziale, La Fine di Dio: it was sold at Christie’s New York for $29,173,000 (with buyer’s premium). This particular work, a yellow egg-shaped canvas, is rather extravagant in its size (178.4 x 123.2 cm), and has been presented in various exhibitions and cities around the world, such as Zurich, Paris or Amsterdam. This sale has elevated Fontana’s reputation in the market considerably.
Comparison to Other Contemporary Artists
As Fontana’s market seems to be quite successful depending on the year, two other contemporary artists are worth being noticed nowadays. Alberto Burri and Alighiero Boetti were both associated to Fontana since they executed their work in the same time period.
These artists are also considered to be very closely linked to Fontana’s work because they are part of the Arte Povera movement in Italy. Overall, the three artists seem to share a passion for materials, shapes and technique. Amah-Rose Abrams claims that “The work of Lucio Fontana has been the subject of a kind of renaissance over the last few years. (…) Arte Povera and other turn-of-the-century movements in Italian art have always been considered important in the history of art, but in recent years, its artists — along with Fontana — have seen a remarkable market surge”. In the art market, Burri and Boetti therefore seem to gain an increasing reputation since the year 2000. Like Fontana, these artists obtained a high percentage of value between 2014 and 2016. The chances are that these artists will achieve great value in the future. In fact, auction houses like Sotheby’s and Christie’s have been organising sales focusing exclusively on Italian art: the fact that this kind of art is worthy enough to get a proper attention in auction is an important factor to consider. Italian art is becoming more and more popular, since it has never been known to its fullest during the years preceding 2000. One must know that Italy has had (and sometimes still has, nowadays) issues promoting art in its own country. Alessia Zorloni explains this matter in her article:
« Cultural policies in the art sector have long centred on managing the country’s rich heritage rather than on supporting the production of contemporary culture. (…) When Italian artists achieved international recognition, Italian museums did little to promote them or to help them become established. No Italian museum gave members of Arte Povera a solo exhibition in the early stages of their careers. »
In the recent years, Italy has managed to expand its Contemporary art world by starting to promote it through private foundations such as the Sandretto Re Rebaudengo foundation. Nonetheless, the market of Italian artists is still being held up by one important issue: the importation taxes in Italy. These are in fact very high in general, which makes it sometimes difficult for an artwork to be sold elsewhere than in its home country. For the Concetto Spaziale, Attesa being analysed in this paper, the import taxes are also a factor that perhaps has influenced the final bid. The catalogue entry exposes the double-dagger symbol which indicates that the painting is temporarily being imported: it notifies the buyer about the taxes he has to consider, these being perhaps higher than what he expects.
Concetto Spaziale, Attesa is a great example of a painting that might have been undervalued by the circumstances around it. Despite the fact that the aesthetic values of such a painting may be pleasing at first sight, it still is part of a series in which the paintings are quite similar in general. The buyer might lose some excitement in front of such a painting, because of a certain tendency to think that this artwork is just “one out of many”. However, certain details such as the quote in the back, the medium size or even the fact that the provenance is quite fresh, influenced the final bid that at least reached the one-million-bar. Is it therefore reasonable to invest in a Fontana painting considering the artist’s status in the market nowadays? My personal answer would be quite optimistic. Compared to other contemporary artists, Fontana and his peers have just begun to rise in the market, and will in the future be promoted by further Italian or post-war Contemporary sales. In my opinion, Fontana’s works are becoming a trademark for the artist — just as the “Marilyn Monroe Paintings” became an emblem for Andy Warhol.
Bibliography
- - Adam, Georgina, Big Bucks: The Explosion of the Art Market in the 21st Century (London: Lund Humphries, 2014).
- - Ballo, Guido, Lucio Fontana (New York: Praeger Press, 1971).
- - Crispolti, Enrico, Lucio Fontana (Saint Paul de Vence: Galerie Pascal Retelet, 2000)
- - Gottschaller, Pia, Lucio Fontana: The Artist’s Materials (Los Angeles: Getty Publications, 2012).
- - Whitfield, Sarah, Lucio Fontana (Berkeley: University of California Press, 1999).
Articles, Statistics:
- - Abrams, Amah-Rose, “The Artful Destruction of Lucio Fontana”, Artnet News (May 2016).
- - Barbieri, Claudia, “Postwar Italian Artists Find Their Niche”, The New York Times (March 2011).
- - Chiantore, Oscar; Ploeger, Rebecca; Poli, Tommaso; Ferriani, Barbara, “Materials and Techniques in the Pictural Oeuvre of Lucio Fontana”, in Studies in Conservation, Vol. 57, №2 (2012): 92–105 (Via www.tandfonline.com).
- - Gerlis, Melanie, “The Secret Behind Lucio Fontana’s Works”, Financial Times (June 2017).
- - Gleadell, Colin, “Art Market Expert Colin Gleadell on Why London’s Appetite for Italian Art Is Red Hot”, Artnet News (October 2015).
- - Schuster, Angela M.H., “Lucio Fontana: A Primer”, Christie’s.
- - Maneker, Marion, “Lucio Fontana by the Numbers”, Art Market Monitor (February 2014).
- - Moriarty, Ana, « These Are The Highest Prices of Lucio Fontana Paintings Achieved in Auction”, Widewalls.
- - White, Anthony G., “Art Beyond the Globe: Lucio Fontana’s Spatial Identity”, in Electronic Melbourne Art Journal (January 2008): 1–13 (Via https://www.academia.edu/ )
- - Zorloni, Alessia, “Structure of the Contemporary Art Market and the Profile of Italian Artists”, in International Journal of Arts Management, Vol. 8, №1 (fall 2005): 61–71 (Via www.jstor.org).
Catalogues, Catalogue Entries:
- - “Contemporary Art Evening Auction : ‘Lucio Fontana, Concetto Spaziale, Attesa’”, Sotheby’s.
- - Blessing, Jennifer, “Lucio Fontana. Concetto Spaziale, Attese”, Guggenheim Museum (New York).
- - Crispolti, Enrico,Lucio Fontana, Catalogo Ragionato di Sculture, Dipinti, Ambientazioni, Vol. II (Milan: Skira, 2006).
- - Howart, Sophie, “Lucio Fontana: Spatial Concept ‘Waiting’, 1960”, Tate (London: May 2000).
- - The Italian Sale (London: Sotheby’s, October 2016).
- - The Italian Sale (London: Christie’s, October 2012).
Databases:
- - “Lucio Fontana” in the Artnet Database (Finearts and Design).
- - “Lucio Fontana (1899–1968)” in the Artprice Database.
