Sir Frederick Banting makes history again, almost 100 years later

• Heffel, art market frontrunner offered 135 masterpieces at a live auction in Toronto on November 21 which surpassed $22.7 million
• Historic painting depicting Frederick Banting's insulin laboratory sold for $313,250, ten times its presale estimate
• E.J. Hughes and Jean Paul Riopelle led the auction, with largescale canvases surpassing $2 million each

TORONTO, Nov. 21, 2018 /CNW/ - Heffel Fine Art Auction House, Canada's leader in the international art market, is thrilled to share the results of its fall live auction today in Toronto, featuring 135 outstanding examples by artists from around the world. Masterpieces by Jean Paul Riopelle, Frederick Banting, Lawren Harris and E.J. Hughes stood out in the sale, and propelled the auction total to $22.7 million. (All prices are in Canadian dollars and include a buyer's premium.)

Historic painting depicting Frederick Banting’s insulin laboratory sold for $313,250, ten times its presale estimate (CNW Group/Heffel Fine Art Auction House)

Jouet, a 1953 masterpiece canvas by Jean Paul Riopelle surpassed its presale estimate and sold for $2,881,250 (CNW Group/Heffel Fine Art Auction House)

History was made in tonight's sale with Frederick Banting's The Lab. Small, but undoubtedly monumental, the painting depicts the very laboratory where Banting and Charles Best made their lifesaving and Nobel Prize-winning discovery of insulin. The work saw major interest from across the world, and strongly resonated with many institutions and individuals. More than 20 competing bidders on the phones and in the auction room, a record for Heffel, drove the selling price to $313,250, ten times its presale estimate and a new record for the artist.

Works by E.J. Hughes and Jean Paul Riopelle returned to the auction block after they were previously sold by Heffel more than a decade ago. Both outperformed their expected values and previous selling prices, surpassing $2 million each. Hughes's masterpiece canvas Fishboats, Rivers Inlet broke the artist record and was particularly poignant as the auction room reflected on Hughes's previous joyous response at the 2004 sale of the same canvas.

"There was something truly special about the works in this auction. The relationships we have built with collectors near and far enabled us to thoughtfully curate this sale with so many treasured masterpieces," said David Heffel, President of Heffel Fine Art Auction House. "At the end of the day, we feel proud that as one collection sells, it contributes to the growth of another."

Notable results from the Fall 2018 Live Auction

• Fishboats, Rivers Inlet, a masterpiece canvas by E.J. Hughes shattered the artist record and sold for $2,041,250 (est. $900,000 – 1,200,000). The canvas was first sold by Heffel in 2004 for $920,000 and the artist himself joined the sale room to share in the moment.
• One of the most historically significant works Heffel has had the pleasure to offer sold for ten times its presale estimate. Frederick Banting's The Lab, depicting the laboratory where he and Best made their discovery of insulin, sold for $313,250 (est. $20,000 – 30,000). The Buyer's Premium for this work will be donated by Heffel to the Banting & Best Diabetes Centre at the University of Toronto.
• Four outstanding works by Jean Paul Riopelle led the Post-War & Contemporary Art sale and totalled $4,138,750. The 1953 drip canvas, Jouet achieved a remarkable $2,881,250 (est. $1,200,000 – 1,600,000), followed by Lances for $871,250 (est. $200,000 – 250,000) and Mi-chemin for $361,250 (est. $250,000 – 350,000).
• Mountain Sketch XC, a glowing work by Lawren Harris broke the million dollar mark and sold for $1,381,250 (est. $700,000 – 900,000). A second Rocky Mountain oil on board, Mount Unwin and Charlton – Maligne Lake, Jasper, sold for an noteworthy $421,250 (est. $200,000 – 300,000).
• Three highly collectible canvases by Colombian artist Fernando Botero sold for a total of $2,163,750. Femme debout and Toro each brought in $811,250 (est. $500,000 – 700,000 and $450,000 – 650,000, respectively) and Seated Man went for $541,250 (est. $400,000 – 600,000).
• Two exceptional examples by Quebec-born Jean Paul Lemieux fetched notable results. Les citadens sold for $1,081,250 (est. $900,000 – 1,200,000) and Jeune fille en uniforme, consigned from the Alma Mater Society of the University of British Columbia, sold for $361,250 (est. $300,000 – 500,000).
• Significant interest in two canvases by Emily Carr drove their prices beyond presale estimates. Spring Wave went for a final price of $511,250 (est. $300,000 – 500,000) and By the Canal, Crécy-en-Brie went for $181,250 (est. $80,000 – 120,000).
• Paintings by the internationally renowned Alex Colville are rare to the market and highly sought-after. Two Boys Playing, a work depicting the artist's sons, sold for $721,250 (est. $600,000 – 800,000) and Chaplain, another fantastic example, achieved $541,250 (est. $500,000 – 700,000).
• Important works by all original members of the Group of Seven were offered in the fall auction, highlighted by Arthur Lismer's extraordinary Tugs and Troop Carrier, Halifax Harbour, Nova Scotia which sold for $781,250 (est. $700,000 – 900,000) and A.Y. Jackson's stunning November, Georgian Bay, which sold for $631,250 (est. $400,000 – 600,000).
• Sybil Andrews's Boats at Dock was picked up at a British Columbia thrift store for quite a bargain. It was purchased for $69.95, less a 30% seniors' discount and sold tonight for $52,250 (est. $20,000 – 50,000).
• Four artist records were broken in the fall auction including the sale of Preserving Summer – Black Currant Jam by Mary Pratt for $133,250 (est. $30,000 – $40,000) and House in August by Christopher Pratt for $253,250 (est. $80,000 – $120,000).

Heffel is currently accepting consignments for the spring 2019 auction season, inclusive of international works of art. The deadline for fall consignments is February 2018.

For more information on the works included in Heffel's fall live auction, visit www.heffel.com.

About Heffel Fine Art Auction House
Heffel has sold more Canadian art than any other auctioneer worldwide, with sales totaling more than half a billion dollars since 1978. With offices in Toronto, Vancouver, Montreal, Ottawa and Calgary, Heffel has the most experienced team of fine art specialists in Canada and provides superior client service to both sellers and buyers internationally.

SOURCE Heffel Fine Art Auction House

to schedule an interview, or for images and b-roll, please contact: Rebecca Rykiss, Heffel Fine Art Auction House, [email protected], 416-961-6505 ext. 323 / 647-338-6707

Related Links

www.heffel.com