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Famous Pool Painting Becomes Most Expensive Painting Ever Sold

Famous Pool Painting Becomes Most Expensive Painting Ever Sold By A Living Artist – David Hockney

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Famous Pool Painting Becomes Most Expensive Painting Ever Sold By Living Artist - David Hockney

The current record for most expensive painting ever sold by a living artist belongs to David Hockney. His Portrait of an Artist (Pool with Two Figures) recently sold for $90,312,500 at an auction conducted by Christie’s. The record-breaking painting is the single most expensive piece of artwork ever sold; that is by an artist that’s still breathing.

Hockney described himself once as “cooler than Warhol, more enduring than Lucien Freud.” The British native made a name for himself in the 1960’s after relocating to Los Angeles. It was in L.A. that he created some of his best known work, paintings featuring realistic depictions of swimming pools and Hollywood architecture.

Hockney first visited California in January 1964, following a successful first solo exhibition at the John Kasmin gallery. The United States captivated him, particularly Los Angeles, owing to the impact of its modern buildings and Hollywood in general.

The swimming pool was a constant topic in Hockney’s paintings after he created California Art Collector in 1964, including Peter Getting Out of Nick’s Pool (1966, Walker Art Gallery, Liverpool), and most memorably A Bigger Splash (1967, Tate Gallery). Between 1968 and 1977, he created a number of double portraits, such as American Collectors (Fred and Marcia Weisman) (1968, Art Institute of Chicago), Mr. and Mrs. Clark, and Percy (1971, Tate Gallery).

The swimming pool and the double portrait, two of Hockney’s subjects from his paintings from the late 1960s and early 1970s, are combined in the piece ‘Portrait of an Artist (Pool with Two Figures)’. It shows a man swimming breaststroke underwater while wearing white trunks, while another is shown standing at the pool’s edge wearing full clothing and gazing down at the swimmer. The scene of the artwork is southern France, close to Saint-Tropez. With a view of hills covered in trees in the backdrop, the foreground is flattened and simplified in typical Hockney fashion.

A chance meeting of two photographs—one of a man swimming underwater, shot in California in 1966, and the other of a man standing and staring at the ground—that Hockney saw on his studio floor served as the inspiration for the composition. When compared, it seemed as though the person standing was staring at the swimmer.

Hockney said of the painting, “I must admit I loved working on that picture, […] working with such intensity; it was marvelous doing it, really thrilling”

The sale history of that particular painting is interesting in itself. In 1972, James Astor and his wife purchased the picture for $18,000, which would be worth $117,000 in 2021. It was sold again six months later for $50,000, which would be $324,000 in 2021. American billionaire David Geffen bought it in 1983, then in 1995, he sold it to British billionaire Joe Lewis for an undisclosed sum.

When asked by CBC Radio, why Hockney started painting swimming pools, he replied:

‘In England, a swimming pool would have been seen as a sign of luxury, because the climate in England is not very good for outdoor pools. But in Southern California, it’s not — they’re simply everywhere because you can enjoy them year-round.’

‘The first place I lived, I rented a small apartment with an outdoor swimming pool. I mean, I didn’t own the pool, but nevertheless it was there.’

Featured Photo Credit: Johannes Schmitt-Tegge/picture-alliance/dpa/AP Images

4.6/5 - (23 votes)

Alise Everton has been working in the pool industry for the past decade and is an experienced press correspondent and contributor for numerous trade publications and web portals including PoolMagazine.com and PoolContractor.com among others. Contact her for guest posting opportunities, press releases, and pool equipment related news.

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Landslide Damages Homes, Destroys Swimming Pool in California

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Landslide Destroys Home, Damages Swimming Pool in California

A landslide wreaked havoc in Sherman Oaks early Wednesday morning, causing millions in damage and virtually destroying one homeowner’s swimming pool. The catastrophe unfolded at around 3 a.m. following reports from residents in the 3700 block of North Ventura Canyon Avenue, who noticed downed power lines and a large tree fallen into a backyard, as detailed in a press release by the Los Angeles Fire Department.

Upon arrival, firefighters encountered a significant portion of the hillside had shifted downward, endangering at least three homes and inflicting heavy damage on another under construction. Video footage captured by OnScene.TV revealed a gaping crack splitting through the backyard of one residence, with a section of the home visibly tilting to one side.

While no injuries were reported, several individuals were evacuated from at least one home, with firefighters resorting to pumping water out of a swimming pool to alleviate additional strain on the hillside. Unfortunately, part of the pool and home ultimately collapsed down a 30-foot cliff destroying another residence that was still under construction.

Responding to the crisis, the Los Angeles Department of Building and Safety initially deemed one home unsafe, red-tagging the structure. However, their assessment later extended to two homes deemed unsafe and a third severely damaged, marked with a yellow tag. Ongoing drone surveys by firefighters aim to assess the extent of the damage and potential risks.

At present, the exact cause of the landslide remains undetermined, according to LAFD spokesperson Nicholas Prange. Requests for comment from the Los Angeles Department of Building and Safety went unanswered.

Authorities seized the opportunity to remind residents of the necessity for year-round emergency preparedness, emphasizing the looming threats posed by wildfires and heavy rainstorms capable of triggering landslides.

The unfortunate incident follows March’s heavy precipitation in Southern California, with Sherman Oaks experiencing 1.95 inches of rainfall over March 6th and 7th, as reported by the National Weather Service.

4.9/5 - (12 votes)

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BofA Downgrades Latham Group Citing Weak Pool Construction Market

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BofA Downgrades Latham Group Citing Weak Pool Construction Market

Latham Group (NASDAQ: SWIM), a prominent player in residential swimming pool construction, faced a setback as Bank of America downgraded its stock due to concerns over sluggish new pool construction and increased decrementals.

With the downgrade, SWIM’s stock plummeted by 23.78% during pre-market trading on Wednesday, settling at $2.50, marking an 11% dip below its 200-day simple moving average.

Bank of America revised its recommendation on Latham Group stock to Underperform, slashing the price target from $4.50 to $2.60.

In its 2024 guidance announcement, SWIM projected revenues between $490M and $520M, falling short of the consensus estimate of $533.09M. Similarly, adjusted EBITDA guidance ranged from $60M to $70M, representing an 8% to 35% decrease compared to previous expectations.

The downgrade stems from a sluggish start to 2024, subdued projections for new pool construction, operational challenges leading to deleverage, and constrained free cash flow.

Management anticipates a 15% year-over-year decline in new pool construction for 2024.

These developments contrast with the optimistic sentiment among some sell-side analysts, who maintain a Buy rating on SWIM with an average price target of $3.54.

Scott Rajeski, President and CEO, stated, “Latham navigated a very difficult market environment in 2023. We successfully implemented cost reduction programs and lean manufacturing initiatives that structurally reduced our cost basis, while maintaining our investments in future growth. These cost reduction programs improved margins as the year progressed and we expect they will enable us to considerably expand margins and overall profitability once volumes recover. At the same time, we increased productivity and efficiency for our dealers, developed new fiberglass pool models, and invested in digital tools that have enhanced the consumer’s pool buying experience. As a result of these actions, Latham is positioned for meaningful market share gains as overall industry conditions improve.”

5/5 - (7 votes)

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Fluidra Launches €20 Million Venture Capital Fund – Fluidra Ventures

The company will invest €20 million in tech-based startups that offer emerging solutions that can enhance the pool and wellness sector.

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Fluidra Ventures

Fluidra, a global leader in connected equipment and solutions for the pool and wellness sector, is launching Fluidra Ventures, a €20 million corporate venture capital fund (CVC) investment to lead innovation in the sector.

The CVC will invest in each startup with the potential to revolutionize the industry on a global scale through their solutions, with a special focus on the United States and Europe. The goal of this first three-year phase is to build a solid portfolio of startups through investing in innovative companies.

The CVC will target startup initiatives that enhance efficiency, connectivity, sustainability and safety in the swimming pool and wellness business, leveraging IoT, computer vision and robotic solutions. It is looking for startups that add value to the pool and wellness sector with innovative business models, fostering direct customer interaction through sales, subscriptions and other channels. The CVC has already invested in Coral Smart Pool, a technology company aiming to transform the pool experience through Artificial Intelligence (AI) with an initial focus on pool safety.  

Fluidra Ventures will also invest in companies that innovate in engineering and science to advance materials and products that deal with swimming pool manufacturing, efficiency and maintenance.

Four segments and eight strategic guidelines

The fund is focused on four different segments — Commercial, Residential, Wellness and Mass Market—and has an investment thesis that covers eight strategic guidelines, from connected pools, resource optimization, digital platforms, innovative materials, security systems, personalized experiences, robotics and innovative consumable products.

Fluidra Ventures is fueled by Fluidra Lab, Fluidra’s open innovation division, and any startups that want to submit their proposals can send their investment pitch decks to [email protected]. Offering more than just investments, Fluidra aims to leverage this initiative to become the top strategic collaborator for the most innovative startups with the tremendous benefits that being an industry leader brings, such as: resources, scale successful business models, expertise, experience, and sales options.

“This initiative joins several others that we have at Fluidra to promote innovation in our industry. This is why here at Fluidra Ventures we’re excited about the transformative potential that this venture will have for the pool and wellness industry, driving forward innovation, sustainability and technological advancement”, said Eloi Planes, Fluidra’s Executive Chairman.

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