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The image is a newspaper clipping from the Guardian Weekly dated July 4, 1970. The article is titled "Oils in troubled water" and is written by Donald Wintersgill. It discusses the sale of a collection of 36 Old Master paintings that belonged to Konrad Adenauer, the former Chancellor of Germany. The auction took place at Christie's, but only four paintings reached their reserve prices, leaving the rest unsold. The collection was expected to fetch around £1 million, but only £15,900 was realized from the four sold paintings.

The article mentions that the market for Adenauer's paintings was under pressure, with some German newspapers criticizing the collection. The authenticity of some paintings was questioned, but the auctioneers and the owner, represented by Herr Heinz Kisters, denied these claims, stating they had documentary evidence. The paintings were mostly German primitives from the fourteenth and fifteenth centuries, a niche market primarily in Germany.

The article also touches on the broader art market, noting that while some works sold well, others did not reach their reserves. It concludes by mentioning that the art market may be jittery, but speaking of a slump would be inaccurate. The sale included works by impressionist and modern artists, with a Seurat painting fetching 410,000 guineas.

The image is a page from the Guardian Weekly dated July 4, 1970, with the headline "Oils in troubled water" written by Donald Wintersgill.

The article discusses a collection of 36 Old Master paintings, which were formerly owned by Konrad Adenauer. The paintings were sold at Christie's, but only four reached their expected reserves, with a total of £15,900 guineas raised for the unsold pieces, compared to a forecast of £1 million.

Several issues were highlighted:

1. Market Pressures: The market faced some unusual pressures, with German newspapers criticizing the collection, asserting that only a few works were authentically in Adenauer’s possession. This was disputed by auctioneers and the owner, Mr. Heinz Kisters, who provided documentary evidence supporting the authenticity of the paintings.

2. Authenticity Doubts: There were doubts about the authenticity of some paintings, which was also contested by Christie’s experts and independent art figures.

3. Ownership and Collection: Konrad Adenauer started collecting art in earnest in 1948, with a strong inclination towards religious paintings, and the works were specialized, mostly German primitives of the 14th and 15th centuries.

4. Specific Sale Observations:

   • The sale of some notable works, such as a Meindert Hobbema landscape, failed to reach its expected reserve.
   • Some paintings failed to sell due to buyer disinterest in the contemporary market’s perception of these works being “fresh” or not fresh enough.

5. Market Conditions: The article notes that the market for art is somewhat jittery due to economic difficulties in the United States, leading to a slump in the sale of certain works.

6. Myths and Misconceptions: The article also mentions that some believe art is a sure investment, but recent events, such as the failure of certain sales, highlight market inconsistencies.

The article concludes by mentioning that most middle-range works fetched high prices, though some failed to reach their expected reserves.

Guardian Weekly July 4 1970

Oils in troubled water
by Donald Wintersgill

A collection of 36 Old Master pictures which formerly belonged to Konrad Adenauer fared badly when they came up for sale at Christie's. Only four reached their reserves; the others remain unsold. About £1 million had been forecast before the sale, but only 15,900 guineas was raised for those that were sold. Other paintings by Old Masters, which came up at Christie's immediately after the Adenauer works, did well and made a total of £533,652.

The market for the Adenauer pictures was under some odd pressures. Some German newspapers had been strongly critical of the collection, saying that only certain of the works had been in Adenauer's possession. This is strongly denied by the auctioneers and the owner, Mr. Heinz Kisters, who say they have documentary evidence for their assertions. They say that 13 of the paintings were in Adenauer's possession at the time of his death and that he had owned them all.

Doubts were also cast on the authenticity of some of the paintings—a charge which is also strongly denied by Christie's experts, backed up by independent figures in the art world. Herr Kisters has brought law suits against at least one German publication.

Moreover, the works are of rather a specialized taste: mostly German primitives of the fourteenth and fifteenth centuries. They appeal less to private collectors than to museums. The natural market for them would have been in Germany, for patriotism is a factor in the art world.

Adenauer had studied the history of art in his youth and started his collection in earnest in 1948. He was deeply religious and was drawn to the religious paintings of his own country. At least one of those in the saleroom last week had been given to him, but he was not a wealthy man and it is not yet clear how he came by them all. Herr Kisters was his adviser in his acquisitions, but Herr Kisters would not comment on how Dr. Adenauer could afford the collection.

One of the myths current is that art is a sure investment. Events of last week have helped to put the record straight. Sotheby's had a difficult sale on Wednesday when several notable works failed to reach their reserves. In each case there were sound reasons. For example, a landscape by Meindert Hobbema (1638-1709) was “bought in” at £120,000, which means that it failed to reach its reserve. It had passed through Sotheby's four years before, when it made £125,000. The failure to sell last week is at least partly due to the fact that the buyers for works they have seen comparatively recently and are no longer, in the jargon of the trade, “fresh.”

The market may be a little jittery at the moment, especially in view of economic difficulties in the United States. But to speak of a slump or recession would be inaccurate. This week, for instance, 50 Impressionist and modern works put up for sale at Christie's made £1,611,935 in less than an hour. And jittery dealers and collectors broke into applause at the end of the sale. The works included Seurat's “Les Poseuses” bought by an American dealer for 410,000 guineas.

A few paintings failed to reach their reserves, but most fetched high prices—even middle-range works, which are the likeliest to feel any recession in the market.

The image is a newspaper clipping from the Guardian Weekly, dated July 4, 1970. The article is titled "Oils in troubled water" and is written by Donald Wintersill. It discusses the sale of a collection of 36 Old Master paintings that once belonged to Konrad Adenauer, the former Chancellor of West Germany.

Key points in the article include:

1. Background on the Collection:

   • Adenauer's collection came up for sale at Christie's auction house, but only four of the paintings were sold.
   • The remaining 32 works were unsold, raising approximately £1 million before the sale, but only £15,900 was realized from the four that were sold.
   • The collection included works that were added by Adenauer's heirs after his death in 1967.

2. Market Reaction and Criticism:

   • The German press and some auctioneers criticized the collection, suggesting that only a small portion of the works were genuinely from Adenauer's possession.
   • There were doubts about the authenticity of some paintings, and some experts questioned whether they were of museum quality.
   • The works were noted to be of a specialized taste, appealing mostly to German collectors due to national pride.

3. Herr Kisters' Involvement:

   • Herr Heinz Kisters, an advisor to Adenauer's heirs, faced criticism for the sale, but he defended his role and the collection's authenticity.
   • He claimed that many of the paintings were in Adenauer’s possession during his lifetime.

4. Outcome of the Sale:

   • The article mentions various reasons why notable works failed to reach their reserves (the minimum price acceptable to the seller).
   • For instance, a landscape by Meindert Hobbema was bought in at £120,000 and failed to meet its reserve.
   • The overall failure of the sale is attributed to the buyers' reluctance to pay high prices for works they had seen frequently.

5. Market Conditions:

   • The art market is described as a secure investment, but the sale results indicate a potential downturn.
   • The economic difficulties in the United States might lead to a recession, affecting the art market.
   • Despite some high-value pieces being available, like a work by Christies fetching £1,611,935, the overall sentiment was cautious.

6. General Observations:

   • The article concludes that even mid-range works are not immune to the effects of a potential market recession.
   • It notes that while some paintings did not meet their reserve prices, the most expensive pieces still found buyers, indicating a selective but present demand.

The article provides a detailed look at the challenges and dynamics of selling a high-profile art collection during a period of market uncertainty.

The image is a page from the Guardian Weekly, dated July 4, 1970, featuring an article titled "Oils in troubled water" by Donald Wintersgill. The article discusses an auction of 36 Old Master paintings that once belonged to Konrad Adenauer, a former German Chancellor.

Key points from the article include:

1. Auction Outcome: Only four of the 36 paintings sold at Christie's auction, raising significantly less than the forecasted £1 million, with only 15,900 guineas being raised for the sold items. Other paintings by Old Masters also did not fare well, with a total of £533,652 raised.

2. Market Conditions: The market for Adenauer's pictures was under pressure. German newspapers criticized the collection, suggesting only a few works were in Adenauer's possession during his time in office. The auctioneers denied these claims, asserting they had documentary evidence that 13 of the paintings were indeed in Adenauer’s possession at the time of his death.

3. Authenticity Doubts: There were doubts about the authenticity of some paintings, with Christie's experts and independent art figures backing their authenticity. The owner, Mr. Heinz Kisters, had brought lawsuits against publications that questioned the authenticity.

4. Artistic Value: The paintings were mostly German primitives from the 15th and 16th centuries, which appeal less to private collectors than to museums. The natural market for these works would have been in Germany, but patriotism is a factor in the art world.

5. Adenauer's Collection: Adenauer started collecting art in earnest in 1948, drawn to religious paintings. His collection was largely unsold, with many pieces not fetching their reserves, including a landscape by Meindert Hobbema that failed to reach its reserve of £120,000.

6. Market Jitters: The market was described as jittery, with economic difficulties in the United States contributing to the uncertainty. Despite this, certain works like Seurat's "Les Poseuses" fetched high prices, indicating that some buyers are still willing to pay premium prices.

7. Mixed Results: While some paintings fetched high prices, others did not reach their reserves, indicating a mixed reception and a challenging market for the auctioneers.

The article concludes by noting that while the market may be uncertain, there are still collectors willing to pay high prices for notable works.

The image is a newspaper clipping from the Guardian Weekly, dated July 4, 1970. The article, titled "Oils in troubled water" by Donald Wintersgill, discusses the sale of a collection of 36 Old Master paintings that once belonged to Konrad Adenauer.

Key points from the article include:

1. Adenauer’s Collection: The collection was sold at Christie's, with only four pieces meeting their reserve prices. The total forecast for the sale was around £1 million, but only £15,900 was raised.

2. Market Conditions: The market for the Adenauer pictures was under pressure, partly due to doubts about the authenticity of some paintings and the general sentiment of the time.

3. Criticism and Doubts:

   • Some German newspapers criticized the collection, suggesting that only a few paintings were genuinely in Adenauer's possession.
   • There were legal disputes involving Herr Kisters, who was the adviser for the collection and faced lawsuits over the authenticity of some works.
   • The authenticity of several paintings was questioned, and Christie's experts, along with independent art figures, denied these claims.

4. Market Trends: The article notes that art is not a sure investment and that economic difficulties in the United States were affecting the market.

5. Sales Performance: The sale was not successful, with many pieces not reaching their reserve prices. For instance, a landscape by Meindert Hobbema was expected to sell for £120,000 but was bought in at £125,000.

6. Adenauer’s Background: Konrad Adenauer was a religious man who collected art, starting his collection in earnest in 1948, with a particular interest in religious paintings.

7. Overall Market Sentiment: The article suggests that the market was experiencing jitters, with dealers and collectors showing reluctance, especially given economic uncertainties.

The article concludes with a note on the overall dismal performance of the auction, indicating a challenging environment for art sales at the time.

The image depicts a newspaper or magazine article titled "Oils in troubled water" by Donald Wintersgrill, published in the Guardian Weekly on July 4, 1970. The article discusses the auction of 36 Old Master paintings that formerly belonged to Konrad Adenauer and were sold at Christie's. The article details how most paintings failed to reach their reserves, the market challenges for the Adenauer pictures, and some controversies around the authenticity of certain paintings.

There is a black and white photograph on the left side of the article showing two individuals holding a triptych panel painting. The caption under the photo reads: "Triptych panel—unsold at the auction."

The text covers topics such as the skepticism from German newspapers about the authenticity of some paintings, Christie's experts defending their authenticity, the specialized taste of these works being mostly German primitives of the 14th and 15th centuries, and the financial outcomes and market conditions affecting the auction and art sales in general.

The image shows a newspaper article with the headline "Oils in troubled water" by Donald Wintersgill, dated from the Guardian Weekly July 4, 1970. The article discusses a collection of 36 Old Master pictures that were sold at auction, which previously belonged to Konrad Adenauer. There's a mention of the sale not reaching expected values and that some works remained unsold. The article raises issues about the authenticity of some of the paintings and notes the controversy involving Adenauer's possession and the provenance of the pieces.

The article also reports on the art market's condition at the time, citing economic difficulties in view of the recession, but noting that impressionist and modern works outperform older pieces at auction. There's a particular reference to a Triptych panel that remained unsold.

The text includes details about art collectors, legal disputes over ownership, and the taste of the art market, pointing out that private collectors often focus on more modern works compared to museums. The article suggests that patriotism in Germany might influence the art world. It also briefly touches upon Adenauer's background, mentioning his interest in religious paintings due to his deep religious beliefs.

At the bottom right, a snippet of another article or opinion piece is visible, which seems to discuss the art market's resilience, particularly for high-priced, blue-chip artists whose works are less likely to be affected by economic downturns.

The image is a scanned page from the Guardian Weekly dated July 4, 1970. The headline at the top reads "Oils in troubled water" and is attributed to Donald Wintersgill. The article discusses the sale of a collection of 36 Old Master paintings that once belonged to Konrad Adenauer, the former Chancellor of West Germany.

Key Elements of the Image:

1. Headline and Byline:

   • The bold headline, "Oils in troubled water," suggests a challenging or controversial situation involving the sale of artworks.
   • The byline identifies the author as Donald Wintersgill.

2. Photograph:

   • Below the headline, there is a black-and-white photograph of three individuals.
   • The individuals appear to be engaged in a conversation or interaction.
   • The caption at the bottom of the photograph reads: "Triptych panel—unsold at the auction." This indicates that the photograph is related to an artwork (a triptych panel) that did not sell during the auction.

3. Article Content:

   • The article discusses the sale of Adenauer’s collection of Old Master paintings, which faced significant criticism and controversy.
   • It mentions that only four of the paintings reached their reserves, raising concerns about the authenticity and value of the collection.
   • The article highlights that some German newspapers criticized certain works in the collection, claiming they were not genuinely Adenauer’s possessions. The auctioneers, Herr Kisters, defended their assertions, citing documentary evidence.
   • The market for Adenauer’s paintings was described as difficult, with some notable works failing to sell at auction despite reaching their reserves. For example, a landscape by Meindert Hobbema, valued at £120,000, failed to sell when it reached its reserve price of £125,000.
   • The article also notes that the market for Impressionist and modern works performed poorly, with some failing to reach their reserves.

4. Visual Layout:

   • The article is formatted in a typical newspaper style, with a clear headline, byline, and accompanying photograph.
   • The text is dense and provides detailed commentary on the auction and the controversies surrounding it.

Summary:

The image is a newspaper article from the Guardian Weekly discussing the controversial sale of Konrad Adenauer’s collection of Old Master paintings. The accompanying photograph shows a triptych panel that remained unsold at the auction, reflecting the challenges and debates surrounding the authenticity and market value of the artworks. The article delves into the difficulties faced by the auctioneers and the broader market conditions affecting the sale.

This is a page from a newspaper titled "Oils in troubled water" by Donald Wintergill. The article discusses the sale of a collection of 36 Old Master paintings belonging to Konrad Adenauer, a former German leader. The collection was sold for £15,900, which was less than the £1 million that had been forecasted before the sale. The article also discusses the challenges faced by the art market, including economic difficulties and the specialized taste of collectors.