The work by artist Gerhard Richter titled ‘Abstraktes Bild (774-4)’ is a seminal example of the artist’s layered abstract practice that Richter began exploring in the late 1980’s. The work was first exhibited in Rome the same year of its execution, the painting was shown alongside an exclusive selection of Richter’s finest work from that particular year, an oeuvre that stands as the most beautiful and dramatic body of abstract paintings ever created by the artist.
Now Christie’s has announced the upcoming sale of the important work by the artist, which has been consigned by the Linda Pace Foundation, San Antonio, Texas. The announcement of the sale coincides with Richter’s London exhibition at the inauguration of the new Marian Goodman Gallery in London. The work was painted in 1992, at the height of Gerhard Richter’s abstract practice.
The price of the piece is estimated £8- £11 million, and all the proceeds from the sale of this work will be directed to establish a board-designated fund to build an architecturally significant exhibition space to showcase the Linda Pace Foundation’s permanent collection to the public.
Abstraktes Bild has not left the residence of the foundation since 1993. The Linda Pace Foundation was founded in 2003 with the mission to foster the creation, presentation, and understanding of innovative expression through contemporary art; and has awarded nearly £6 million in Foundation grants to artists and contemporary arts organizations around the world. Funds from the sale will be used to realise its centrepiece of an exhibition space for the Foundation’s collection of over six hundred paintings, sculptures, installation and video works by international contemporary artists.
“The Linda Pace Foundation is proud to partner with Christie’s for the sale of Abstraktes Bild (774-4) an impressive and art-historically relevant example of Gerhard Richter’s abstract paintings, which has been on view in Linda Pace’s private residence since its acquisition in 1993. The Foundation’s acquisitions are guided by Pace’s own collecting style, which favored works that reflected her own feminist perspective, her engagement in social issues, and consideration of spirituality and beauty. Linda’s generous aspirations to make her collection available to the public through an arts campus may be realized by her investment in Richter’s important work, Abstraktes Bild (774-4).” Declared Foundation Trustee, Kathryn Kanjo.