DESPITE the ongoing recession, fine art with high price tags is going under the hammer this Wednesday when the well known Cypria Auctions hope to tempt art lovers with a selection of 19th and 20th century Greek and Cypriot art.
The auction will include works on paper by Greek and European artists as well as rare historic maps of Cyprus. The previous action that took place in April saw The Bride to Be by Nikiforos Lytras sell for a whopping €161,000.
The painting expected to bring in the highest sum this year is one by the 19th century Greek painter Nikolaos Gyzis estimated to sell between €150 000 to €180 000. Named Allegory of Greek History, the oil painting demonstrates a key stage of the artist’s mature period complete with the use of pure gold and copper leaf.
In line with trends that have been noted abroad over the past couple of years, people who have enough money in savings seem inclined to invest in art when times are tough. Something which has always held up well over time, hard assets typically fight inflation and provide a secure buy. “The big bidders who have the sort of money to buy really expensive art still feel very comfortable investing in art,” says the Nicosia representative of the auction, Anna Leventi. “This auction is about classic pieces by respected artists that are well worth spending money on. We haven’t so far seen sales affected by the recession in the past few auctions.”
Cypria Auctions successfully launched the island’s first major sale of 19th and 20th century art in December 2006. Seven auctions have been held since then, each in turn proving to be a great success.
The most significant works up for grabs on Wednesday night have already been eyed up at a special preview at the Athens Hilton last week, with the pieces now also on display for the general public at the Hilton in Nicosia until the auction begins. “We’ve already had plenty of interest from Cypriot and Greek buyers as well as British buyers who have seen the works online,” confirms Leventi.
“People have really picked up on the idea of going along to an auction, something that was quite an alien concept for Cypriots a decade ago,” she adds.
Wednesday night’s action will tale place in two parts. First to go under the hammer will be 148 works on paper and 30 historic maps of Cyprus, with one of the oldest in collection entitled ‘Acamandis Insula Hoggidi Cipro’ by the Italian Vincenzo Maria Coronelli who drew up the map in Venice back in 1571. The old maps are from the private Iakovos Georgiades family collection.
The second part of the auction will consist of 19th and 20th century Greek and Cypriot art works from private collections including those of John Boxshall and Margarita Ketsea. Notable works include House Surrounded by Almond Trees by Constantinos Maleas and Hadjikyriakos Ghika’s Mythical Landscape, an elegant gouache inspired by the artist’s travels to India and Japan during the 1950s.
