An ArtVenture Report
Guido
Molinari
2018
Quadriblanc
1956, Oil/Canvas
00
The Breakdown
0.1 Key Analytics, Recommendations, and Indexes
Key Numbers
Total Sale
$3,075,530
Sell-through Rate
90%
Top Realized Price
$354,500
Price to Low Estimate Ratio
1.31
1 Year Sales Volume
5 pieces
Avg. Price per cm²
3.36$/cm²
Recommendations
Location
Toronto and Vancouver
Auction House
Heffel Fine Art
Size
Paintings above 9000cm²
Years Produced
Paintings produced between 1962-1969
Series
The Black and White and the Quantifier Structure series
Molinari's Top 5 Sales
Name
Medium + Size
Price + Estimate
House
Location
Date
Untitled (1968)
Acrylic/Canvas
213.4 x 243.8 cm
$354 000
$100k - $150k
Heffel
Vancouver, BC
May 25, 2016
Mutation bi-sérielle (1967)
Acrylic/Canvas
203.2 x152.4cm
$306 800
$100k - $150k
Heffel
Toronto, ON
Nov 23, 2016
Mutation rythmique rouge-orange(1966)
Acrylic/Canvas
228.9 x 198.4 cm
$247 800
$100k - $150k
Heffel
Toronto, ON
May 26, 2015
Red Quantifier
(1986)
Acrylic/Canvas
213.3 x 243.5 cm
$200 600
$80k - $100k
Heffel
Vancouver, BC
May 25, 2016
Mutation Serielle with black band
Acrylic/Canvas
152.4 x 190.5 cm
$200 600
$70k - $90k
Waddington's
Toronto, ON
May 25, 2014
Repeated Sale of QUantificateur Bleu
Source: WikiArt
Quantificateur Bleu(Quantifier series)
1994, Acrylic on Canvas
Year
2017
Year
2009
Price
$145,250
Price
$22,230
Compound Annual Growth Rate: 26.44%
0.2 Infographics
35%
higher total auction sale than the total low-estimate of $2,278,898, exceeding it by $1,618,356.
26.44% 
Quatificateur Bleu, Molinari's piece, sold for $22,230 in 2009 and in 2017 it sold for $145,250. 
90%
sell-through rate. 90% of his artworks were sold on the art market auction sale.
Untitled
‍‍
1954, Oil/Canvas
01
Key Findings
1.1 Key Findings
bullish market performance 
Molinari’s bullish market performance over 20 years of Canadian auction sale

Molinari’s 1990-2018 total art market auction sales were at $3,075,530, 35% above the total low-estimate line of $2,278,898. Despite not selling any artwork on the auction market in 2012, his average sell-through rate is at 90%, with 113 pieces sold.
Positive market momentum
Positive market momentum: growing investor confidence in Molinari’s artwork from 2014-2018

Molinari’s 2014-2018 auction sales constitute 78% of his career total art market auction sale, where the yearly average hammer price of 12 sold artwork’s is $477,629. These sales appreciated 12 times, compared to the 1995-2013 auction sales’ annual average 3 sold artwork’s hammer price at $40,532.
Black and White Series
Black and White Series - Strengthening valued artwork and scarce artwork production
Molinari’s least produced series have totalled to sales of $931,625, 41% above the low-estimate value of $658,000. This series holds the highest average price/cm² at $1.32.
Quantifier Series
Quantifier Series - Increasing sales liquidity with great auction market performance and evidence of long-term investment return opportunity.

Molinari’s best-selling series’ sale totalled to $1.05M, which is 25% above the high-estimate value of $835,000. This accounts for one-third of his total career art market auction sales. Moreover, his repeated-sold artwork “Quantificateur Bleu” generated a CAGR of 26.44% over 8 years.
Execution Strategy
Execution strategy

It is advised to purchase Molinari’s “Black and White” and “Quantificateur” series, with limited supply and impressive sales, especially medium (6000cm²) to large-sized (9000cm²) artwork in Canada (Toronto and Vancouver), through Heffels.
Orange-Blue Space
1964, Oil/Canvas
02
Artist Introduction
2.1 Guido Molinari
Molinari's Biography
Guido Molinari
Source: WikiArt
Guido Molinari OC, LL.D., RCA, was born in Montreal, Quebec, Canada on October 12, 1933. With a dazzling career spanning over fifty years, Molinari continues to rightfully hold his rank as one of Canada’s most esteemed modern, non-figurative artists and is widely acknowledged as an essential pioneer of abstract art in Canada.

Beginning painting at thirteen years old, Molinari came of age surrounded by legends of Canadian modern art including, Paul-Émile Borduas, Louis Belzile, Jean-Paul Jérôme, Jean-Paul Riopelle, Claude Tousignant, and Fernand Toupin. The artist obtained some formal training, first at L’École des Beaux-Arts de Montréal (1948-51), then briefly at the School of Design at the Montreal Museum of Fine Arts (1950-51). However, it was through the philosophical writings of Camus, Korzybski, Nietzsche, Piaget and Satre; and his trip to New York in 1955 to study abstraction and first encountered works by Piet Mondrian, Barnett Newman and Jackson Pollock that Molinari gained his artistic formation.
Famously recorded in 1954 as announcing himself “a theoretician of Molinarism,” among his many credits is opening L’Actuelle (1955-57), the first art gallery in Canada dedicated to non-figurative painting that aided establishing abstraction as a movement to be recognized. The recipient of numerous awards and honours including: the Guggenheim Fellowship (1967); Officer of the Order of Canada (1971); Prix Paul-Émile Borduas (1980); representing Canada at the Venice Biennale (1968), Molinari was also a distinguished professor at Sir George Williams University (now, Concordia University).

The artist passed away in 2004.
Molinari's Life and Career
1933
Born in Montreal Qc.
1948-51
Attended classes at L’École des Beaux-Arts de Montréal 
1950-51
Attended classes at School of Design at the Montreal Museum of Fine Arts
1954
Held his first solo exhibition of his Automatist influenced paintings at the Montreal gallery, L’Échourie
1955
First trip to New York, to further his studies of abstract painting.
1956
Became a founding member of the Association of non-figurative artists of Montreal.
1957
The closing of L’Actuelle in June of that year. He produced very little work at that time, only recommencing painting in 1958.
1958
Married, poet, museologist, semiologist, professor and art critic, Fernande Saint-Martin.
1959
Launched with Jacques Archambault the arts magazine, “Situations”.
1961
Had, with artist Claude Tousignant, his significant exhibition at the Montreal Museum of Fine Arts.
1962
His painting, Rectangular Opposition (1961) won the jury prize at the Montreal Museum of Fine Arts Spring Exhibition.
1965
Was included in the legendary Op-Art exhibition, “The Responsive Eye” held at The Museum of Modern Art in New York.
1966
First museum acquisition of Molinari’s work. The Museum of Modern Art (NY) acquires Yellow Asymmetry (1959).
1968
With artist, Ulysse Comtois, represented Canada at the 34th Venice Biennale, and was awarded the David E. Bright Foundation prize.
1969
Made member of the Royal Academy of Art (Canada).
1970
Began teaching at Sir George Williams University (now, Concordia University).
1976
The National Gallery of Canada presents a major retrospective of the artist and publishes the most comprehensive record of Molinari’s writings,
1980
Was the youngest-ever recipient of the Paul-Émile Borduas Prize.
1997
Retired from teaching at Concordia University.
2004
Died in Montreal on February 21.
2005
Release of the documentary film, “The Colour of Memory: Conversations with Guido Molinari” co-directed by Nicola Zavaglia and Donald Winkler, filmed approximately the year before the artist’s death.
Untitled
1966, Oil/Canvas
03
The Art Market
In the last decade, the growth of the global art market has increased by 61.3% in terms of its value and by 25.8% in terms of its volume.
3.1 Art Market Overview
Global Growth
The growth in each sector leads to an increase in the growth rate of the global art market and dealers are optimistic about its potential.

In the last decade, the growth of the global art market has increased by 61.3% in terms of its values and by 25.8% in terms of its volume. The volume of sales (number of transactions) grew more moderately than values, at 8% year-on-year, indicating that increasing prices in some sectors also explain the advance in the value of the market. The number of transactions reached an estimated 39 million, the highest level since 2008.
THE GLOBAL ART MARKET 
YEAR
VALUE ($M)
VOLUME (M)
2007
$65 875
49.8
2008
$62 020
43.7
2009
$39 511
31.0
2010
$57 025
35.1
2011
$64 550
36.8
2012
$56 698
35.5
2013
$63 287
36.5
2014
$68 237
38.8
2015
$63 751
38.1
2016
$56 948
36.1
2017
$63 739
39.0
Growth 2016-2017
11.9%
8.0%
Growth 2007-2017
-3.2%
-21.7%
Growth 2009-2017
61.3%
25.8%
The growth of the global art market has increased by 61.3% in terms of its values and by 25.8% in terms of its volume in the last decade.

The volume of sales (number of transactions) grew more moderately than values, at 8% year-on-year, indicating that increasing prices in some sectors also explain the advance in the value of the market. The number of transactions reached an estimated 39 million, the highest level since 2008.
Source: Arteconomics
Recently, over the past years, the global art market has been growing. Indeed, global art auction turnover reached $6.9 billion in H1 2017, which is an increase of 5.3% compared with H1 2016. For example, semi-annual sales turnover of Fine Art auctions generated over $6 billion in auction turnover and this number continued to increase in 2017.
SEMI-ANNUAL SALES TURNOVER OF FINE ART AUCTIONS
Global art auction turnover reached $6.9 billion in H1 2017, which is an increase of 5.3% compared with H1 2016.
Source: ArtPrice
THE GLOBAL ART MARKET 2
Contemporary Art is the most exciting segment of the market for collectors. This reality is clearly illustrated by the overall price evolution for the different artistic periods.

The following sectors: Antiques and decorative art, contemporary, modern, and other fine art all increased in sales in 2017 compared to 2016.
Source: ArtPrice, ArtEconomics
As well, the antiques and decorative art sector, the contemporary art sector, the modern art sector, and other fine art sectors all increased in sales in 2017 compared to 2016. Among them, Contemporary Art is the most exciting segment of the market for collectors. This reality is clearly illustrated by the overall price evolution for the different artistic periods. The second most exciting segment would be Post-War Art.
THE GLOBAL ART MARKET 3
51% of dealers see an increase in sales in the art market in 2018 and 59% see a increase over the next five years.

Dealers are generally optimistic about sales over the next five years, with an even higher majority of 66% predicting an increase, and only 6% predicting a decline.
Source: ArtEconomics, ArtPrice
3.2 Canadian Art Market Overview
A Breakout Year
In 2018, the Canadian Art Market is looking to have a breakout year on the auction sale.

In 2017, the total Canadian art market auction sale was at $27,272,295 where it’s 29% above the 2018 May auction sale at $21,138,375. The 4 Canadian auction houses’ average sell-through rate is at 75% which fairly dropped by 2% compared to 2017, and the volume of sales in 2018 at 426 lots produced, grew moderately more than the previous year’s 509 lots. The spring auction sale shows a growing investor interest regarding the Canadian art market.

In Heffel’s, the total first-half sales in 2018 are at $14,624,761 where 84% of the  157 lots produced were sold. As for BYDealers, their first-half total sales are at $2,148,000 where 66% of the 74 lots produced were sold. Thus, these two auction houses’ spring auction sales have yet surpassed their last-year sale. Even though the volume sales is higher, the sell-through rates is lower in 2018.

In Waddington’s, the total first-half sales in 2018 are at $2,161,880 where 74% of the 160 lots produced were sold. As for Consignor’s, their first-half total sales are at $2,203,334 where 76% of the 118 lots produced were sold. Thus, these two auction houses’ spring auction sales have outperformed the 2017 sale, where their volume of sales and the average sell-through rate were higher than their last-year sale.
2017/18
Live Auction
result
Heffel
BYDealers
Waddington
Consignor
2018
2017
2017
2018
2018
2017
2018
2017
2017
Sales
$21,217,500
S/T Rate
90%
Total lots
126
lots sold
114
2018
Sales
$14,624,761
S/T Rate
84%
Total lots
157
lots sold
132
2017
Sales
$2,906,100
S/T Rate
71%
Total lots
65
lots sold
46
2018
Sales
$2,148,400
S/T Rate
66%
Total lots
74
lots sold
49
2017
Sales
$1,483,605
S/T Rate
72%
Total lots
112
lots sold
81
2018
Sales
$2,161,880
S/T Rate
74%
Total lots
160
lots sold
118
2017
Sales
$1,665,090
S/T Rate
75%
Total lots
123
lots sold
93
2018
Sales
$2,203,334
S/T Rate
76%
Total lots
118
lots sold
90
3.3 Molinari's Performance
early Sale
Molinari’s early career art market auction sale 

Guido Molinari debuted his Canadian art market auction sale in 1990. In the early stage of his auction record, his average volume supply was at 2 paintings per year with none left unsold. However, the artist’s auction sales were insignificant because his total annual auction sale never passed the $200000-line. In 2010, Molinari’s auction sales ($167,630) rose past both the low-estimate value of $139,000 and the $150,000-line. However, the following two years were the artist’s worst auction sales performance. In 2011, the sales performance ($108,849) sunk down to the $100,000-line, selling a mere third of his auctioned artwork. In 2012, none of his 4 auctioned artwork was sold, resulting in an unsatisfactory sales performance.
AUCTION SALES, 1995-2018
Molinari’s art market auction sale shows growing investor confidence in 2014

In 2014, his art market auction sales performance was promising. His yearly total sales were at $315,625 which was above the low estimate ($136,000) and the high estimate price ($176,500), where the sell-through rate was at 100% of the 4 lots produced.  

In 2015, his yearly total sales were at $390,644 which was above the low estimate ($232,111) and the high estimate price ($333,149), where his sell-through rate was at 85% of the 13 lots produced.
In 2016, Molinari reached his career pinnacle in sales, accomplishing one-third of his total career auction sales. His annual total sales were at $1,122,131 which is above the low estimate ($533,500) and the high estimate price ($758,500), with a sell-through rate at 96% of the 27 lots produced.  
In 2017, his yearly total sales were at $325,063 which fell below the low estimate ($374,000) and the high estimate price ($496,000), where its sell-through rate was at 92% of the 12 lots produced.

In 2018, his spring total sales were at $234,680, remaining below the low estimate ($263,200) and the high estimate price ($351,800), where its sell-through rate was at 83% of the 12 lots produced.

Molinari’s art market auction sale from 2014-2018 has shown some significant growth compared to the early stages of his career. During that period, the artist’s total sales were at $2,388,143, illustrating 78% of this career total sales, and the yearly average auction sale was at $477,629, 55% above the average yearly top-estimate line at $307,762. Also, his sell-through rate was 93% of the 62 lots produced, 50% of his total career volume of supplies in paintings.
Sell Through rate
Overall, from 1987-2018, his total sales are at $3,036,649 which is $320,836 above the total low estimate price at $2,278,898, and around $104,113 short from his total high estimate price, at $3,140,762. Despite having a reinvention period in sales between 2011-2013, 90% of the Molinari's 113 lots produced were sold. Therefore, with a dominant auction sale performance and sell-through rate throughout his career and the strong growing sale activity over the past fours years, investor interest in Molinari’s artwork on the secondary market significantly increased.
Mutation Serielle Verte-Rouge
1966, Oil/Canvas
04
Molinari's Series
4.1 Balck and White Series
Black and White Structures
Guido Molinari, Black and White series
Source: WikiArt
High scarcity with prestigious art-world recognition, present high investment potential to safeguard the value

Molinari’s “Black and White” series is his earliest produced artwork, in the 1950s. Despite of its limited production, this series’ art market auction sale totalled to $931,625, which is above both the low estimate price ($658,000) and the high estimate price ($910,000). Even though none of this series’ artwork was sold on the secondary market from 2011 to 2012, the sell-through rate is at 74%, representing 16 sold artwork. However, in the last 4 years,  100% of the “Black and White” series’ work was sold on the auction market, demonstrating a high investor demand. His annual average hammer price is around 1.31 times beyond the low estimate price.
1. Black & White Series

2. Hammer vs. Low Estimate Price
Molinari’s “Stripe” series is the most abundantly produced and donated to museums or institutions in forms of charity. His total auction sales are at $734,229 which is above the low estimate price ($731,737) but below the high estimate price ($994,563). Amongst the 11 auctioned work, this series’ sell-through rate is at 64%, where the average yearly hammer price is 1.19 times above the auction house’s price estimation.
4.2 Quantifier Series
Quantifier Series
Guido Molinari, Quantificateur Bleu
Source: WikiArt
Increasing sales liquidity with great auction market performance and evidence of long-term investment return opportunity

From 2001-2018, the art market auction sale for the “Quantificateur” series produced in the 1980s, have generated $1.05M in sales which accounts for a third of the artist’s career total auction house sales. Among the 12 lots sold, its sell-through rate is at 84%, all were sold beyond the low estimate price. The “Untitled” and the “Red Quantifier” were respectively sold at $354,000 and $200,600, ranked in Molinari’s top 10 highest sold artwork of his career. Compared to the other Molinari’s series, the Quantificateur” series is the artist’s best sold series with increasing supply of artwork on the auction house market.
Stripe Series
Hammer Price
In 2009, when the “Quantificateur Bleu” was first sold by Heffel, the hammer price was $22,230 which is beyond the high estimate price of $15,000. In 2017, the same work was sold by Heffel for $145,250 which is 1.61 times above the high estimate price at $90,000. For this artwork, its compound annual growth rate is at 26.44%, which reflects this work’s annual pricing growth. Thus, after 8 years, this work’s pricing performance has appreciated 6.60 times, which signifies a high potential long-term investment return on future repeated sale opportunity.
Quan Series
Hammer price
&
Vs Low esTIMATE PRICE
Black/White
1966
05
Investment Thesis
5.1 Price Volatilty and Evolution
price VOLATILITY
Molinari’s lower volatility (price/cm² and proportion of the hammer price above low-estimate line) indicates a positive investor attention to the artist’s work, despite  a reinvention period from 2011-2013.
In the beginning of his auction art market career from 1995-2000, Guido Molinari’s yearly average artwork’s hammer price was consistently sold around 5% below the auction houses’ low estimate price.
From 2002-2010, on average, the hammer price was at 59% above the low-estimate line, where it reached its highest peak in 2009 at around 187% beyond the low estimate price.
From 2011-2013, the auction houses’ estimation was mostly under the low-estimate line because of Molinari’s auction sale drop. In 2014-2018, the average hammer-low proportion was at 51% above the auction houses’ estimation. As Molinari’s work captured the attention of more investors, sales reached the second peak in 2014 at approximately 239% above the low estimate price.
Price Evolution
At the beginning of art auction sales, from 1995-2004, its average price/cm² was at 0.68$/cm². After his death in 2004, Molinari’s work reached two average price peaks in 2006 and in 2010 before his sale drop in 2011, that were respectively 3.88$/cm² and 5.32$/cm². Due to Molinari’s artwork reinvention period from 2011-2013, his annual average hammer price/cm² were below the average low estimate. From 2014-2018, Molinari’s artwork sale experienced significant growth, the average price/cm² was at 4.26$/cm².
5.2 Molinari Nakamura's Exhibition and Curatorial History
1950-1964
1950-1964: The emerging artist: Fruitful foundations

This period frames Molinari’s quest to find his position as an artist, his mode of expression, enriching his acumen and diffusing his work. The 1956 exhibition, Guido Molinari : Abstraction noir-blanc at L’Actuelle, marked the debut of his celebrated series  of black and white paintings (1955-59). Throughout the 60s Molinari gained increasing name recognition, particularly as a frequent representative of Canada in numerous biennials that greatly facilitated the international circulation of his work. By the time Molinari had his first Canadian museum show alongside Claude Tousignant at the Montreal Museum of Fine Arts in 1961, Molinari not only obtained his first museum acquisition by a Canadian arts institution (Rectangle blanc, 1959 by the MacKenzie Art Gallery in 1960), he began his Serial series (1959-70). Molinari had his first solo exhibition in New York at Camino Gallery (1962), which resulted in the Chrysler family’s acquisition of Oppositions (1961; Acrylic on canvas / 63 7/8 x 74 13/16 in. (162.2 x 190 cm). Later that year, he had a second solo exhibition in New York’s East Hampton Gallery, Molinari: Paintings. Also avidly participating in numerous group shows, Molinari won the Guggenheim Fellowship in 1964 for his presentation in that year’s Guggenheim International Award. The exhibition toured the United States, Germany, Argentina and Canada between 1964 and 1966.
1965-1980
1965-1980: Setting his mark and expanding horizons

The period 1965 to 1975 continued to be an active exhibition period with particular emphasis on gaining international recognition, while stylistically Molinari’s work included more geometric shapes and was near-monochromatic. First was Molinari’s favorable participation in MoMA’s legendary The Responsive Eye exhibition in 1965. The following year, the same museum would be the first international museum to acquire one of his paintings (Yellow Asymmetry, 1959 / Synthetic polymer paint on canvas / Credit: Gift of Mr. and Mrs. Monroe Geller / 60 x 48" (152.1 x 122 cm.). Noteworthy exhibitions, pre-and-post Molinari’s representing Canada at the Venice Biennial (1968) include: Rhythmic Mutation: Guido Molinari at East Hampton Gallery (NY; 1965), Guido Molinari at Edmonton Art Gallery (Edmonton, Alb.; 1966), Molinari at Carmen Lamanna Gallery (Toronto, ON.; 1969), Guido Molinari: Recent Paintings at Waddington Galleries (Montreal, QC.; 1971), Guido Molinari (1974-75) that was first presented in Paris, France (Nov. 1974-Jan. 1975), then in London, England and the United Kingdom (from February to March 1975), and Molinari’s first major retrospective exhibition presented first by the National Gallery of Canada (1976), then by the Montreal Museum of Fine Arts (1976), Art Gallery of Ontario (Toronto; 1977), and the Vancouver Art Gallery (1977).
1980-1990
1980-1990: Local and International Recognition

By the 80s, Molinari begun the third significant series of his career, the Quantificateur paintings. Established in the local and international modern art scenes, key solo exhibitions include: Guido Molinari: Quantificateur at the Museum of Contemporary Art (Montreal, Qc.; 1979), Molinari: Recent Works at Waddington & Gorce Inc. (1985), Guido Molinari: 1951-1961, The Black and White Paintings by the Vancouver Art Gallery (1989) that toured Art Gallery of Windsor (Windsor, ON.; 1989), the Art Gallery of Ontario (Toronto, ON.; 1990), Mendel Art Gallery in Saskatoon (Sask.; 1990-91), then at Montreal’s Galerie de l'UQAM at the University of Quebec in Montreal (1991), and Guido Molinari: Important Works from the Plasticien period at the Wynick/Tuck Gallery (Toronto, ON.; 1990). Key group exhibitions of this period include: 10 Canadian Artists in the 1970s by the Art Gallery of Ontario that toured Germany from 1980-81, Automatisme, Prisme d'yeux et Plasticisme: Selected Works at the Museum of Contemporary Art (Montreal, QC.; 1981), Twentieth Century Canadian Art that toured Japan in fall of 1981, 54/84: Hommage to Guido Molinari at Mercer Union (Toronto, On.; 1984), Canadian Art from 1960 to 1985 at Art Cologne 20 (Cologne, Germany; 1986), and Quebec Masters at Waddington & Gorce Inc. (Montreal, 1990).
2000-Present
2000-present: Celebration of an artist’s vision

Retiring from his distinguished teaching career of 27 years at Concordia University in 1997, in the seven years leading to Molinari’s death in 2004. Of note however, is the posthumous exhibition, Les Plasticiens and Beyond: Montreal 1955-1970 (2013) by the Musée national des beaux-arts du Québec and the Varley Art Gallery of Markham.
5.3 Molinari's Museum Collection
acquisitions
National and International Institutional Acquisitions

Voraciously sought by astute collectors, Molinari’s paintings are predominantly are found in private and corporate collections such as The Art Bank of Canada Council for the Arts Hydro Quebec (Montreal, QC),  and The Osler Contemporary Art Collection (Toronto, ON).
Also, Molinari’s work, notably his large-scale paintings, can be found among the collections Canada’s most prestigious museums and galleries including: The National Gallery of Canada (Ottawa, On.), The Montreal Museum of Fine Art (Montreal, QC), the Montreal Museum of Contemporary Art (Montreal, Qc.), the Art Gallery of Ontario (Toronto, ON.), The Winnipeg Art Gallery (Winnipeg, Manitoba), Carleton University Art Gallery (Alberta), Art Gallery of Hamilton (ON), the Art Gallery of Alberta, the Agnes Etherington Art Centre (Kingston, ON), Vancouver Art Gallery (Vancouver, BC.), The Robert McLaughlin Gallery (Toronto, ON), Leonard & Bina Ellen Art Gallery, Concordia University (Montreal, QC), Musée d'art de Joliette (Joliette, QC), Musée des Beaux-arts de Sherbrooke (Sherbrooke, QC).
Molinari's Academic PErspective
Nakamura from the perspective of art historical publications

From an academic perspective, Molinari has grown in interest, particularly from the vantage of recuperating the artist’s contributions. Despite his impact to solidifying the field of non-figurative art and extensive exhibiting of his work, for reasons unknown  Molinari had seldom been cited. A sample of key texts follows:

Art Gallery of Ontario. 10 Canadian Artists in the 1970s. Toronto, Ont.: Gallery, 1980.

Beaupré, Marie-Eve, Guido Molinari, and Galerie Simon-Blais. Molinari Et La Couleur. Montréal, QC: Éditions Simon Blais, 2008. Campbell, James D, Guido Molinari, and Centre for Contemporary Canadian Art (New York, N.Y.).

Molinari Studies. New York: 49th Parallel, 1987. Carruthers, M. "Guido Molinari Foundation: This Exhibition/archival Centre in Montreal by _naturehumaine Emerges from the Shell of an Old Bank Building and Honours the Late Artist Guido Molinari." Canadian Architect 59, no. 3 (2014): 30-33.

Ewen, Geoffrey, and Colin M Coates. Introduction Aux Études Canadiennes: Histoires, Identités, Cultures. Ottawa: Les Presses De L'Université D'Ottawa, 2012.

Galerie Nationale Du Canada, Pierre Théberge, National Gallery of Canada, Musée Des Beaux-arts De Montréal, Art Gallery of Ontario, and Vancouver Art Gallery. Guido Molinari. Ottawa: Galerie Nationale Du Canada Pour La Des Musées Nationaux Du Canada, 1976.
Molinari, Guido, David G Burnett, Québec (Province). Musée D'art Contemporain, York University (Toronto, Ont.). Fine Arts on Markham, and Ont.) York University (Toronto, York University (Toronto, Ont.). Fine Arts on Markham. Guido Molinari, Quantificateur : [exposition]. Montréal: Musée D'art Contemporain, 1979.
Untitled
1953, Oil/Canvas
06
Execution
6.1 Primary Market
Primary Market Purchase
New opportunity to acquire rare pieces from Galerie de Bellefeuille.

Molinari’s works are recently being offered through primary market from Galerie de Bellefeuille due to their collaboration with Foundation Guido Molinari. During November 8th-26th, 2018, the gallery is presenting a rare select body of work produced by Guido Molinari including all the major production series listed in section 4.
Selected Work
Black and White series, including Verticales noires symétriques
Verticales Noires Symétriques
1962, Duco on Canvas
40.5" x 50"
Quantifier series, including Quantificateur 11/79, Quantificateur 4/77, Sans titre
Quantificatuer 11/79
1979, Acrylic on Canvas
97 5/8" x 85 3/4"
Quantifiacteur 4/77
1977, Acrylic on Canvas
77 7/8" x 66"
Sans Titre
1991-97, Acrylic on Canvas
66" x 54 1/4"
Stripe series, including Système sériel vert-rouge, Bi-sériel gris-vert, Sériel vert-violet
Système sériel vert-rouge
1967, Acrylic on Canvas
90" x 72"
Bi-sériel gris-vert
1967-8, Acrylic on Canvas
80 5/8" x 131 7/8"
Sériel vert-violet
1968, Acrylic on Canvas
92 1/8" x 104 5/8"
Gallery Information
The exhibition is taking place on Galerie de Bellefeuille III, located on 1455 Sherbrooke Street West, Montreal, Quebec.

Opening hours: Tuesday – Saturday: 10 am to 6pm
Tel: 514-933-4406
E-mail: art@debellefeuille.com.
6.2 Auction Location
Where to buy?
Toronto and Vancouver market dominate Molinari's sales activity

From the beginning of his career to 2001, most of his artworks were auctioned and sold in Montreal. Afterwards, they were introduced to auction houses Vancouver and Toronto. With consideration to the international scale, 98% of the sales remained in Canada. Molinari’s average sales price is higher in Canada than it is overseas. As illustrated by the pie charts, 80% of sales and volume sold were located in Toronto and Vancouver.
6.3 Auction Houses
Heffel Fine Art
Auction house Heffel Fine Art possesses the highest total sales price and lots sold.

Among the different auction houses, Heffel Fine Art (in Toronto and Vancouver) sold 58% of Molinari’s artwork. Heffel Fine Art generated the most sales with an average selling price of $32,717, a higher range than the other auction houses.
Auction Location
Auction Location
LOTS
TOTAL SALES
AVG. PRICE SOLD (CAD)
Calgry
5
$4,415
$883
 Montreal
18
$99,321
$5,518
Toronto
57
$2,068,500
$36,289
Vancouver
34
$767,888
$22,585
6.4 Size and Scale
Size and Scale
Artworks with an area above 9000cm² possess the highest average selling price and the 6000cm² are the lowest supplied.

Molinari’s least supplied paintings have an average width of  77 cm and an average height of  86 cm, which makes up for a painting area that is above the 6000cm². On the other hand, in terms of demand, the bigger the paintings are, the higher the average price paid for them. Therefore, the scale of Molinari’s paintings is an important indicator of the average sales price. In fact, paintings with an area larger than 9000cm² are sold on average for almost $95,000. Based on the two graphs below, it is recommended to invest in scale ranges that are most scarce and that deliver the highest return historically.
Size and Scale
The width and height of all of  Molinari's paintings.
1. Lots Produced based on size

2. Avg. Price based on size
6.5 Production Year
Earlier Years
It is recommended to invest in artworks produced in earlier years.

Molinari started the production of his pieces in 1950 and the number of artworks produced decreased until the complete production stop in 2001. The artwork’s average hammer price is the highest during the 1955-1965 at $52,186, where on average 7 lots produced on the auction house market. Due to the concentration of both pieces produced and high average sales price in Molinari’s earlier production years, it is recommended to invest in artworks produced in earlier years.
Production Year
Untitled
1999, Oil/Canvas
07
Recomendations
7. Overview
Investor confidence
growth
Significant investor confidence growth after the reinvention period from 2011-2013, presenting a great market entry opportunity.

Overall, Guido Molinari had a remarkable career art auction sale performance, with total sales summing to $3,075,530 and a sell-through rate of 90%, indicating the artwork’s high demand. The 2014-2018 sales generated an overwhelming 78% of his career total sales, with an annual average of 12 sold artwork with the hammer price of $477,629. His scarcely supplied (25 lots produced) and best-selling series, the “Black and White” and the “Quantificateur”, have totalled to $1.96M, which constitutes two-thirds of his total sales. Moreover, his repeated-sold artwork “Quantificateur Bleu,” generated a CAGR of 26.44% over eight years, which signifies the high potential long-term investment opportunity. Therefore, it is recommended to invest in Molinari’s work with scales greater than 9000cm², in Toronto through Heffel Fine Art as they have held higher average sales price with constant supply over the past four years.