This document provides an analysis of Amedeo Modigliani's 1917 portrait of Jeanne Hébuterne. It summarizes the context of Modigliani and Hébuterne's romantic relationship. It then analyzes the catalog description and provenance of the painting to establish an estimated value between $40-60 million. The painting was ultimately sold at auction for £34.25 million, within the estimated range. Market data on comparable Modigliani works and the increasing prices they have fetched in recent years supports the high estimated and realized values.

1.
PORTRAIT
OF
JEANNE
HÉBUTHERN
(AU
FOULARD)
Amedeo
Modigliani
IMPRESSIONIST
&
MODERN
ART
The
Evening
sale
of
21st
June
–
Sotheby’s
New
York
Jeanne
Helluy
Art
&
its
Markets

2. #00000136584
2
Introduction
Modigliani was born in Livorno in 1884. When I was 14 years old, he
started to paint and displayed an immense talent. In 1906, he moved to
Paris and joined the “avant-gardist movement”. Instead of the other
artist influence, he began to develop his own style. The present painting
was one the most important on the evening sale of 21 June. His portrait
“reveals a tender moment between a pioneering modernist
and his loyal muse.”1
A. Market
Analysis
1. Catalog
analysis
The catalog highlights the “cultural mythology” about Amedeo and Jeanne’s romantic story.
Jeanne was his inseparable muse and companion since they met in 1917. They were studying at
the Académie Colarossi where Jeanne was drawing. Their relation was difficult since they had
fallen in love. Jeanne was French Catholic and Amedeo was Italian Jewish. Jeanne’s parents were
really old fashion and racist against his religion. Moreover, as an unknown artist, Modigliani was
really poor and starts to drink too much. He was also very sick at that time because he had
tuberculosis since he was 14 years old. He died in 1920 when Jeanne was 9 months pregnant of
their second child. Then, she came back to her family’s house and committed suicide a few days
after, jumping out of a window. The portrait is fewer more important as it had been painted a few
months before their premature death. Thus, the catalog uses the story as a powerful marketing
tool. However, it is necessary to understand the context in order to value the portrait.
The
main
goal
of
the
catalog
entry
is
to
enhance
the
aesthetic
value
of
the
piece.
It
uses
a
lot
of
amplification
adjectives
to
rise
the
financial
value
of
the
work.
For
instance,
Sotheby’s
cataloguers
use
the
terms
“wonderful”
and
“poignant”
to
describe
the
portrait.
It
allows
the
client
to
have
a
good
feeling
about
the
artwork.
Also,
the
description
of
the
aesthetic
is
highlighted
by
the
expression
“rich
palette
and
sublimely
graceful
line”
which
help
the
customers
to
measure
the
work’s
quality”.
Sotheby’s
reporters
seem
to
be
very
subjective
according
to
their
feeling
in
the
artwork.
They
use
the
catalog
as
a
marketing
tool
to
enhance
the
aesthetic
value
of
the
portrait.
First, the painting had been owned by M. Constant Lepoutre was an Art dealer well-known for his
time. He was also painted by the artist.
1
Sotheby’s
catalog

3. #00000136584
3
Second, it was acquired by the Gallerie de France, one of the most important galleries in Paris. It
was created in 1942 by Paul Martin and Jacques Lambert.
Third, Pierre Lévy, a French businessman who was the founder of Devanlay, buy the painting in
1956. His son Jean had acquired the painting at his death. Finally, it was sold at Christie’s in 1986
for the price of $2,7 million. According to his good provenance, the price should be higher than
forecast.
Moreover, the painting will be renting to the Tate Modern between November 2017 and April 2018
for a Major Modigliani retrospective. For collectors and investors, goals to buy portrait is really
different. Some collectors would enjoy borrowing their artwork to a museum but some other will
prefer to keep the portrait for their own pleasure.
Most investors will manage actively their artwork. Usually, they will lend them as it increases the
value from public. One of the consequence was the emergence of exchange-lending platform for
Art like Vastart.
The painting has been exhibited around the world, especially in Europe where it remains very well-
known. For example, it had been shown in Tokyo twice. This proves the global awareness of the
painting. Moreover, the painting represents a rare opportunity for the auction market as the public
hasn’t seen it since 1994. It could represent an honor for the collector to own it and to show it at
the exhibition.
2. Valuation
of
the
Object
According to the data and context, I have expected the portrait to fetch between $40,000,000 -
$60,000,000. The press and expert was mostly expecting it to fetch 40 million dollars based on
the other painting by the artist. Also, the price was considering the modernist style and the
fascinated romantic story behind the portrait.
Finally, it was sold for €44,144,825 (£34,250,000) including the buyer’s premium and
€49,634,250 (£38,509,000) with taxes.
As a example, similar work is Jeanne Hébutherne (Au chapeau) which has been sold for £26,9M
at Christies London in February 2013.
The
price
of
the
similar
Modigliani
painting
sold
in
2013
was
£26.9M.
According
to
the
market,
the
value
of
the
painting
should
be
around
£41,220,753
(26.9M*1,53237).

4. #00000136584
4
In
November
2015,
one
of
the
most
important
art
collectors
in
America,
Alfred
Taubman,
has
held
the
first
of
his
four
sales
dedicated
to
his
own
collection.
The
star
lot
of
the
contemporary
masterpieces
was
the
portrait
of
Pauline
Jourdain
painted
by
Amedeo
Modigliani.
The
bidding
started
at
$17
million
to
fetch
$42.8
million
including
fees.
Thus,
the
target
price
for
the
portrait
of
Jeanne
Hébutherne
should
be
around
$40
million.
“The
room
was
packed
for
this
historic
sale
and
the
atmosphere
was
electric…at
least,
at
the
start
of
the
bidding,
which
often
lost
its
momentum
somewhat
prematurely,
leading
to
a
certain
amount
of
anxiety.
In
short,
although
the
sale
did
not
live
up
to
expectations,
the
end
result
was
honourable...”
According
to
the
market
data,
Modigliani’s
works
seem
to
have
an
important
potential
value.
Modigliani’s
works
fetch
a
very
high
price
at
the
sale
since
2000.
In
January
2016,
the
investment
of
100
$
in
a
Amedeo
Modigliani
work
since
2000,
will
have
an
average
value
of
218
$.
It
means
that
the
price
has
double
within
sixteen
years.
Figure
1
turnover
of
chronological
progression

5. #00000136584
5
The
evolution
of
turnover
on
Amedeo
Modigliani’s
painting
is
also
a
good
indicator.
Since
2013,
the
market
has
skyrocketed
to
fetch
a
sales
revenue
of
$223,600,175.
This
high
revenue
is
due
to
the
sale
record
of
“Nu
couché”
for
$170
million
in
New
York
in
November
2015.
It
was
purchased
by
Chinese
billionaire
Liu
Yiqian
in
order
to
be
exhibited
in
the
Long
Museum
in
Shanghai.
Indeed,
105
lots
have
been
sold
in
the
United
Kingdom
since
2000.
Moreover,
the
number
of
lots
sold
is
higher
in
France
with
166
lots
sold.
This
result
shows
that
the
demand
of
Modigliani’s
work
seems
to
increase
as
the
auction
price
are
higher
and
higher.
However,
the
market
growth
is
dramatically
decreasing,
following
the
guaranty
reduction
of
the
auction
house
since
November
2015.
Despite
the
rise
of
the
artworks
price,
the
profit
has
plummeted
for
auction
houses
like
Sotheby’s.
The
reason
is
the
pay
discount
(10-­‐15%)
of
buyer
fees
they
paid
in
order
to
sell
their
work.
The
auction
house
ended
up
in
competition
with
one
another
and
benefits
less
from
the
sales.
According
to
their
huge
marketing
fees,
they
had
to
find
a
solution
to
generate
more
profit
and
decided
to
cut
the
guaranty’s
amount
on
sale.
Therefore,
the
Market
has
reacted
quite
quickly
and
sales
have
plummeted.
However,
I
truly
thought
that
it
will
come
out,
I
would
say
that
the
Modigliani
portrait
is
a
good
investment.

6. #00000136584
6
B. Allow
a
more
wide-­‐ranging
discussion
of
the
Art
market.
1. The
General
Market
of
Impressionist
&
Modern
Art
The
Impressionist
movement
was
the
first
in
Modern
Art.
In
1872,
Claude
Monet
initiate
a
painting
style
independent
from
academic
artistic
convention.
Pure,
light
and
intense
colours
were
merged
with
no
linear
perception
and
confusing
form
to
give
the
appearance
of
unfinished
work.
He
was
painting
‘impressions’
of
the
reality
to
enhance
the
importance
of
capturing
ephemeral
moments
of
modern
life.
Indeed,
he
was
considering
that
brain
conception
and
eye
perception
were
different.
Post
Impressionist
The
market
of
Impressionist
&
Modern
Art
has
seen
a
tremendous
changed
since
2000.
On
24
June
2015,
Sotheby’s
was
recording
its
second-­‐best
performance
on
sales
with
a
hammered
a
total
of
US$282
million.
On
the
eve,
Christie
was
selling
US$112.9
million
at
its
prestigious
night’s
sale.
Those
impressive
sales
were
followed
by
other
excellent
London
results
on
artists’
artworks
as
Gustav
Klimt
($38.1
million),
Edgar
Degas
($24.96
million),
Édouard
Manet
($26.7
million)
etc.
This
evolution
is
due
to
some
new
factors
that
affect
the
price.
Figure
2
Records
of
progression
for
Modigliani’s
artwork.
2. Painting
influence
and
comparisons
a) Influences
Modigliani
works
was
influenced
both
by
old
masters
and
artists
of
its
time.
avant-­‐gardist
works:
• Modigliani
was
born
and
grew
up
in
an
Italian
village,
Livorno.
Since
his
childhood,
he
was
passionate
by
the
Italian
painters
like
Botticelli,
El
Greco
and
Parmigianino…
The
Mannerism
style
of
seventeenth-­‐sixtieth
Italian
artists
is
represented
by
the
light
colour
and
the
elegance
of
Jeanne.
• Cubism
with
geometric
simplification
and
break-­‐up
forms,
sculptors
Ossip
Zadkine
and
Jacques
Lipchitz,
both
of
whom
were
strongly
influenced
by
Cubism.

7. #00000136584
7
• In
the
early
1900,
the
African
sculpture
emerged
with
the
colonization
of
African
countries
and
the
discover
of
“art
nègre”.
Modigliani
was
one
of
the
pioneers
of
‘primitivist’
style
with
Picasso,
Matisse
and
Brancusi.
Modigliani’s
portrait
was
strongly
influenced
by
African
masks
like
the
white
mask
of
Congo.
At
the
beginning
of
early
modernism
in
Europe,
they
represented
simplify
and
abstract
human
figure
as
a
reference
to
African
sculptures.
ArtFacts
2015
Figure
3
Femme
assise
–
Picasso
&
Grand
Nu
Couché
-­‐
Matisse
b) Comparison
with
Picasso
Last
year,
the
sale
price
of
Modigliani
and
Picasso’s
work
was
around
$170
million
each.
Thus,
4
times
the
current
price
of
the
same
artist’s
works.
The
masterpieces
sold
was
the
“Nu
couché”
by
Modigliani
and
“Les
femmes
d’Alger”
by
Picasso.
The
Modigliani
was
acquired
by
the
Chinese
businessman
Liu Yiqian to be exhibited in
Shanghai’s Long museum.
Most exhibitions in
Country №
USA 94
Italy 43
Germany 21
United Kingdom 21
Spain 16
Most exhibitions shown
with
Artist Rank №
Pablo Picasso 2 161
Henri Matisse 47 107
Marc Chagall 181 70
Georges Braque 365 70
Joan Miró 59 67
According
to
the
data
from
ArtFact,
Modigliani
has
been
most
exhibited
with
artists
of
his
time
like
Pablo
Picasso
and
Henri
Matisse.
For
instance,
his
artworks
were
presented
161
times
with
Modigliani’s.
This
is
the
result
of
their
close
influence
with
allowing
their
works
to
match
together
in
a
perfect
harmony.
In
the
early
20th
century,
Modigliani
and
Picasso
were
come
from
“avant-­‐gardist”
painter’s
movement
in
Montparnasse.
They
were
also
both
influenced
by
African
masks
and
cubism.
Henri
Matisse
was
also
an
important
protagonist
of
Modern
Art.
He
was
a
specialist
of
“Fauvism”
movement.
Most
of
his
painting
like
“Grand
Nu
couché”
can
be
associated
with
Modigliani’s
style
with
the
nudity
and
the
influence
of
African
sculpture.

8. #00000136584
8
On
the
evening
sale
of
21st
June,
Sotheby’s
has
presented
the
Pablo
Picasso
Cubist
masterpiece
“Femme
assise”(1909)
which
paint
Fernande
Olivier,
the
first
wife
and
muse
of
the
artist.
It
was
known
as
one
of
the
first
“Cubism”
work
by
the
artist.
The
model
is
mostly
represented
with
geometric
form
as
the
consequence
of
the
reinterpretation
of
form.
It
has
been
sold
for
$63.5
million
as
the
seventh
best-­‐ever
auction
result
for
the
artist.
The
provenance
was
really
good
since
it
was
owned
by
Richard
K.Weil.
He
was
a
private
collector
who
owned
the
painting
for
40
years.
Its
value
was
also
increased
by
the
market
opportunity
to
rediscover
the
painting.
At
the
same
evening,
Modigliani’s
portrait
of
Jeanne
Hébuthern
was
also
sold.
Finally,
the
market
has
decreased
by
10%
in
comparison
of
the
last
ten
year.
Sotheby’s
sale
has
dropped
by
50%
since
last
year.
The
two
masterpieces
fetch
more
than
40
million
dollars
each
even
if
the
market
is
definitely
slowing
since
November
2015.
For
that
reason,
we
can
consider
that
the
market
of
Impressionist
&
Modern
Art
is
still
powerful.
Figure
4
Modigliani
Lots
sold
since
2000
According
to
the
figure
3,
the
majority
of
lots
have
been
sold
for
a
price
between
10
-­‐
50
million
dollars
since
2000.
3. Evolution
of
Impressionist
&
Modern
Art
:
5
Reasons
behind
the
growing
value
of
Art.
First,
the
artwork
is
valuated
by
its
non-­‐physical
attributes.
For
instance,
the
story
behind
the
painting
artists
historical,
picture
illustration,
provenance,
etc.
For
instance,
the
value
of
“nu
couché”
by
Modigliani
was
undervalued
according
to
his
impressive
provenance.
It
was
own
by
the
famous
collector
Mattioli
since
1949.
Second
the
value
depends
of
the
quality
and
the
uniqueness.
Nowadays,
quality
work
is
more
and
more
difficult
to
find
in
order
to
the
increasing
demand.
Thus,
Auction
houses
rather
like
to
offer
works
with
the
highest
quality
in
order
to
ensure
prestigious
demand
around
the
world.
They
use
their
ability
to
convince
the
customer
as
an
important
marketing
investment
for
the
catalog,
gallery
decoration,
etc.
Thus
they
adopt
a
new
strategy:
small
sales
with
high
quality.
For
instance,
the
sale
of
the
21
June
was
only
sold
17
lots
whereas
the
means
of
units
sold
is
around
40.
They
use
economic
logic
as
they
decrease
supply
while
increasing
demand.
Thus,
the
price
is
rising
since
the
buyers
respond
to
the
rarity
and
quality.

9. #00000136584
9
Third,
the
value
changed
with
emotion
from
painting
according
to
a
subjective
point
of
view.
The
price
may
also
increase
according
to
the
customer’s
emotions
and
sensibilities
from
the
artworks.
For
instance,
Jeanne’s
portrait
is
particular
for
the
reason
that
it’s
one
of
the
first
Modigliani
where
eyes
are
characteristics.
Indeed,
the
painter
used
to
paint
eyes
as
almond
shame.
To
his
point
of
view,
he
had
to
know
the
soul
of
the
model
to
paint
her
eyes.
Since
Jeanne
and
him
was
inseparable
for
3
years,
he
can
afford
to
represent
her
eyes
as
the
reflexion
of
her
personality.
Indeed,
the
portrait
translate
the
emotion
and
the
personality
of
Jeanne.
We
can
imagine
that
she
was
gauche,
elegant
with
a
melancholic
moue.
However,
this
feeling
remains
subjective
and
the
client
may
not
be
able
to
feel
the
strong
emotion
from
the
painting.
Fourth,
the
globalization
and
growing
wealth
have
transformed
the
Art
market
for
impressionist
and
modern
Art.
On
the
one
hand,
major
Chinese
collectors
are
more
and
more
willing
to
diversify
their
collections.
They
want
to
get
a
wide-­‐ranging
of
different
artworks
in
their
portfolio.
They
usually
acquire
major
signature
of
period
like
old-­‐masters,
contemporary,
modern
&
impressionists.
In
another
hand,
museums
are
becoming
more
attractive
for
people
as
the
living
conditions
increase.
Since
2000,
the
number
of
museums
has
skyrocketed
with
a
means
of
700
museums
created
every
year.
They
have
created
more
museums
in
fifteen
years
than
in
the
two
previous
century.
This
is
the
result
of
the
socio-­‐economical
facts;
the
museum
is
the
“new
cathedral”.
Nowadays,
museums
have
become
real
business
which
try
to
bring
as
many
people
as
possible.
They
purchased
artworks
with
a
“cultural
renommée”
(international
appeal)
like
Modigliani,
Picasso,
Gauguin
as
a
guarantee
to
attract
visitors.
Thus,
the
price
of
iconic
artwork
as
skyrocket
and
their
acquisition
are
the
result
of
a
“carefully
economic
strategy”2
.
Fifth,
the
emerge
of
technology
is
having
a
huge
impact
of
the
Art
Market.
In
the
last
15
years,
new
technologies
have
increased
at
an
impressive
speed.
Nowadays,
95%
of
the
auction
house
allow
their
customer
to
bid
via
the
internet
versus
only
3%
in
2003.3
For
instance,
Beijing
Poly
International
Auction
Company
have
created
online
,
with
the
help
of
“Yidian
China”.
Only
auction,
e-­‐commerce
for
Art
sales,
data
base
platform
has
been
created
in
order
to
raise
people
interest
in
the
Art
Market.
Moreover,
they
allow
more
transparency
in
the
Art
Market
and
thus,
increase
the
confidence
of
the
market.
2
Art
price
report
2015
3
Art
price
report
2015

10. #00000136584
10
Bibliography
http://www.artmarketmonitor.com/2016/02/23/guarantees-follow-market-not-other-way-around/
https://www.theguardian.com/artanddesign/2015/jan/30/how-auction-houses-christies-and-
sotheby-lose-money
http://www.nytimes.com/2015/11/10/arts/with-170-4-million-sale-at-auction-modigliani-work-
joins-rarefied-nine-figure-club.html?_r=0
http://www.sothebys.com/de/auctions/ecatalogue/2016/impressionist-modern-art-evening-sale-
l16006/lot.12.html
http://www.sothebys.com/en/auctions/ecatalogue/2016/impressionist-modern-art-evening-sale-
l16006/lot.8.html
https://www.artfacts.net/en/artist/amedeo-­‐modigliani-­‐12113/profile.html
https://news.artnet.com/market/amedeo-­‐modigliani-­‐jeanne-­‐hebuterne-­‐sothebys-­‐511958
http://www.metmuseum.org/toah/hd/aima/hd_aima.htm
http://ezproxy.sothebysinstitute.com:2119/artmarketinsight/1163/Mixed+results+for+the+first+part+of+
the+Taubman+sales+