News Recap: March 1, 2019

A weekly update of art world news.

Judith and Holofernes  by Caravaggio

Judith and Holofernes by Caravaggio

Lost Caravaggio Painting Discovered in Attic Valued at $171 Million
In 2014, French auctioneer Marc Labarbe received a call from a friend about a large, dust-covered and water-stained painting in their Toulouse attic that turned out to be Caravaggio’s “Judith and Holofernes” from 1607. Paris-based art appraiser Eric Turquin believes the painting was created after Caravaggio, accused of murder, fled Rome. Four documents support its provenance including two letters from 1607 to the Duke of Mantua describing the painting; a will of art dealer and painter Louis Finson from 1617; and an inventory of the estate of Finson’s associate, Abraham Vinck, from 1619. The painting’s fate is then unknown until its attic discovery. Labarbe hopes the painting will be sold to a museum for the public to enjoy. Marveling at the discovery he says, “There are only 65 of his paintings in the world, and I found the 66th painting in an attic. It’s incredible, but it’s true.” On June 27, the piece will be up for auction in Toulouse, where it is expected to sell for up to $171 Million.
Read the full story (CNN)

VOLTA New York 2019 Postponed Until Next Year
Just one week away from the opening day of the VOLTA New York on Pier 92, fair organizers received notice of significant structural issues throughout most of Pier 92. After much consideration and exploration, the VOLTA and affiliated Armory Art Fair teams decided to postpone this year’s fair until next year. VOLTA will be issuing full reimbursements for exhibitors and the Armory Show will work with VOLTA to accommodate VIP, ticket holders, and tour groups. However, amidst the chaos of uncertainty, Plan B was developed. Collector Peter Hort is facilitating a two-location pop-up fair in Chelsea (one being David Zwirner’s gallery on 19th Street and the other on 21st Street lent anonymously). This “improvisational and fast,” as Hort says, scheme will allow for about 30 galleries to exhibit work. VOLTA supports this effort commending the gathering of the community to turn a letdown into a positive experience.
Read the full story (ArtNet News)

Mary Boone to Close Gallery in Light of Prison Sentence
New York art dealer Mary Boone has been sentenced to 30 months in prison (as covered in the February 15, 2019 News Recap). Ordered to report to prison on May 15th, Boone has decided to close her two galleries located in Manhattan. The last exhibitions will open in early March and they will close on April 27th. Boone is trying not to let the impending prison date stifle her inner optimism states that she is trying to “see this as a learning experience.” ARTnews author Andrew Russeth believes that this prison sentence will not be the end of Mary Boone and her dealings in the art world.
Read the full story (ARTnews)