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Modigliani’s Female Nudes and Their Record-Breaking Prices
By Giancarlo Graziani and Salvatore Prato | Ce.St.Art. – Center for Studies of Art Economy
In the work of Amedeo Modigliani, the years 1916 and 1917 were of great importance due to the encounters that marked his life and his art. In 1916, he met Léopold Zborowski, a Polish poet and writer from the Parisian colony, who became an art dealer out of necessity and passion. Zborowski faced sacrifices, achieved success, and then lost it due to the Great Depression; he died in poverty in 1932, bound together by ultimate destiny with his protégé.
In 1917, during the spring— the most appropriate season— he met his life partner Jeanne Hébuterne, a talented painter and pupil of the Académie Colarossi, founded in Paris by the Italian model and sculptor Filippo Colarossi. At that time, Modigliani was 34 years old and already a mature painter but needed to improve his practice of the nude. He began to attend the courses at the Académie Colarossi, which were open to women, unlike those of the public academies.
His improvement in the practice of the nude was driven and financed by Zborowski, who, as a shrewd dealer, saw in this type of painting a good commercial as well as artistic proposition. The Livornese artist had already dealt with the female nude in his early years, around 1908, with some studies that certainly have nothing in common with those that followed. The “Caryatids” from the years 1911-1912, which exist as studies for his sculptural activity, should be considered separately. It should not be forgotten that Modigliani proudly defined himself as a sculptor and abandoned this art due to costs and health conditions, which did not allow him to make the required efforts.
Only in 1916 did he return to the “Nudes,” after having relied on “Zbo,” the nickname with which Modigliani called Zborowski. He created a first series of nudes that, while not as beautiful as those that would follow, were marked by a strong sensuality that Modigliani, a lover of female beauty, was able to transpose onto canvas.
1917 is the year of the “Nudes,” with about a third of his known production from those twelve months dedicated to this subject, achieving extraordinary results compared to those a few months earlier, before attending the free school of Colarossi and falling in love with Jeanne.
It is difficult to explain this clear improvement except by the collaborative practice of painting that Amedeo and Jeanne engaged in, blending their talents in a state of grace that made these works among “the most famous, and paid, nudes in the history of art.” The gap with the previous ones is too wide to be bridged in such a short time merely by correcting an already established pictorial style.
However, this does not detract from the correctness and importance of the works created in such a symbiosis of spirit, to be considered as one: Modigliani— as Jeanne also used to sign herself— although she remained Hébuterne to the world. The importance that Zborowski gave to this production is clearly seen from the invitation flyer created for the only personal exhibition held while the artist was alive: the famous one at the Galerie Berthe Weill from December 3 to 30, 1917. The flyer prominently featured the drawing of a “Standing Nude,” an eye-catching preview of the four nudes (numbers 17, 18, 30, and 31) included and displayed in the shop window, which the Parisian authorities required to be moved to the internal spaces, removing them from external view.
There is no certainty about which specific “Nudes” were featured, although identifications have been attempted. The idea worked, and the “Modigliani Nudes” received significant notoriety and moderate appreciation in the artistic community, along with good commercial success. This success was further strengthened after the deaths of the artist and his life partner. The majority of the known “Modigliani Nudes” trace their provenance back to the Polish dealer, Zborowski.
However, the idyllic phase did not last long. By 1918, the few remaining “Nudes” took on the appearance of portraits without clothes, losing the characteristic sensuality of the earlier works. Upon returning from a stay on the French Riviera, Modigliani painted three tired nudes in which the brilliance and passion of the earlier pieces had disappeared. His life partner, Jeanne, was no longer there to paint with him but only to wait for an end that ultimately gave him immortal fame.
The most successful period for the “Nude” was short, spanning only a few months between April and December 1917. However, it produced masterpieces that are highly sought after in the art market. These works have fetched astounding prices, with notable sales including the “Red Nude” (Nu couché) sold by Christie’s in 2015 for 170 million USD, the “Nude reclining, on the left side” (Nu couché sur le côté gauche) sold by Sotheby’s in 2018 for 157 million USD, and the “Nude sitting on a divan” (Nu assis sur un divan – La Belle Romaine) sold by Sotheby’s in 2010 for 68 million USD, among the highest and most recent.
But given the multiple sales of these last two paintings, which returned to the auction block after a few years, what should we expect when it happens again or when a previously unseen Nude appears in an auction room?
For example, the “Small Red Nude,” recently rediscovered in a private collection, has been identified through studies as the prototype of the “Modigliani Nudes” as well as the primordial idea of the famous “Red Nude” (the latter was enlarged with some uncertainty to make its larger dimensions more commercially attractive). This “Small Red Nude” exceptionally includes the signature “dedo,” which is published in this article for the first time.
Modigliani’s artistic work has significantly increased in value since the 1960s, reaching very high hammer prices in the second decade of the 21st century, and achieving the absolute top of the international market. Until that time, Modigliani was not considered on par with pioneers of Modern Art such as Matisse, Picasso, Braque, and Léger. Modigliani’s paintings did not reach the threshold of 50,000 USD, while those of the four major exponents recorded peaks even three times higher.
The particular recognizability of his style has since soared the demand for his paintings, as all the major collectors and most museums sought to have a significant record of Amedeo Modigliani, the paradigmatic example of the Modern Artist. His portraits have been increasingly appreciated, especially those featuring his life partner Jeanne. Their romantic and dramatic relationship has certainly contributed to the allure of Modigliani’s work, where the two talents come together in total symbiosis.
There has always been particular demand for “Modigliani’s Female Nudes.” Cunningly stimulated by Zborowski, this demand has created strong anticipation for their entry onto the exchange market, also due to their rarity: to date, there are only about ten of these paintings in private collections, which therefore boosts the very strong demand.
Under particular conditions, such as during the Second Great War, the “Reclining Nude with Arms Behind the Head” (Ceroni Catalogue, no. 148), now in Zurich, changed hands in Paris in 1940 for 34,000 French francs, less than 1,000 USD—a fair price for a portrait at that time.
The rise then became dizzying from 1984 when the “Reclining Nude with Hands to Face – La Reveuse (The Dreamer)” (Ceroni Catalogue no. 197), now in New York, changed ownership for 4,620,000 USD. This was an important figure at the time, but one that would pale in comparison to future sales.
Seven years later, the “Seated Nude with Coral Necklace” (Ceroni Catalogue no. 187), now in New York, was estimated between 7 and 10 million USD and reached the price of 12,432,000 USD, triple the previous amount. In 1997, the “Reclining Nude on a Divan, Arms in the Back of Her Head” (Ceroni Catalogue no. 144), also in New York, was auctioned with an estimate slightly higher than the previous price—10 to 12 million USD—but remained unsold. This was likely due to the lesser success of the painting compared to the very famous ones of 1917, which were of significantly superior workmanship due to the presence of Jeanne, and would later achieve exceptional performances.
In 1999, it was the turn of the “Nude Sitting on a Divan – La Belle Romaine” (Ceroni Catalogue no. 192), now in New York. Supported by its probable presence at the famous exhibition of the Weill Gallery, it stopped the auctioneer’s hammer at 15,250,000 USD, foreshadowing the sensational exploits of a few years later.
Seven years later, the “Seated Nude with Coral Necklace” (Ceroni Catalogue no. 187), now in New York, was estimated between 7 and 10 million US dollars and reached the price of 12,432,000 US dollars, triple the previous one.
In 1997, exceptionally, the “Reclining Nude on a Divan, Arms in the Back of Her Head” (Ceroni Catalogue no. 144), today in New York, was auctioned with an estimate slightly higher than the previous price – 10/12 million US dollars – but remained unsold. The reason certainly lies in the lesser success of the painting compared to the very famous ones of 1917, which were of significantly superior workmanship due to the presence of Jeanne, and would later achieve exceptional performances.
In 1999, it was the turn of the “Nude Sitting on a Divan – La Belle Romaine” (Ceroni Catalogue no. 192), also now in New York. Supported by its probable presence at the famous exhibition of the Weill Gallery, it stopped the auctioneer’s hammer at 15,250,000 US dollars, reserving the sensational exploit of a few years later.
In 2006 there was a reconsideration given some versions of the work “Nude standing – Venus” (Ceroni Catalogue nr. 189), now in New York, which however – from an indication of 6/9 million US dollars – reaches 15,920,000 US dollars, confirming the price of the late twentieth century.
But it is between 2010 and 2018 that prices become unimaginable under the pressure of demand. In 2010, the “Nude Sitting on a Divan – La Belle Romaine”, after just eleven years, was offered at auction again, achieving 68,962,500 US dollars with a price increase of over 53 million US dollars, more than four times.
This result certainly contributed to the decision to bring the “Red Nude” (Ceroni Catalogue no. 198) onto the market in 2015, now in China, which set the highest price achieved to date at 170,405,000 US dollars.
However, it’s also worth mentioning the return to the market after fifteen years, in 2018, of the “Nude Reclining, on the Left Side”, which, undoubtedly driven by the success of the preceding painting, achieved a positive performance of 484.2%, reaching 157,159,000 US dollars, confirming the level of these works with an increase of 131 million US dollars.
© Giancarlo Graziani, Visiting Professor of Art Economy, Court Expert Witness, and Appraiser in Artistic Heritage. Founder member and Supervisor of Ce.St.Art. – Center for Studies of Art Economy.
© Salvatore Prato, Member of Ce.St.Art. – Center for Studies of Art Economy
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