ITURBE GALLERY IMPORTANT MARKET UPDATES/ ACTUALIZACIONES IMPORTANTES DEL MERCADO

"New York, March 9th - 11th, 2009 Chelsea gallery report*

Phillips De Pury Under the Influence $1,300,500197 lots

Tuesday March 10Sotheby's Contemporary $2,659,300248 lots

Wednesday March 11Christie's First Open Post-War And Contemporary

Art $2,428,800154 lots

Results excluding premium

Performance

Sales total was $6,388,600 ($7,956,063 including premium) a result 29.4% ($2,659,400) below low end estimate.

Of the 599 lots, 69 lots (11.5%) were sold above high estimate, 169 lots (28.2%) were sold below low estimate, 128 lots (21.4%) were sold within the estimated range, and 233 lots (38.9%) remained unsold (or were withdrawn before the auction).

Perspective

The following performance charts for the two preceding contemporary art auction in New York, in March 2008 and in November 2008, are provided as reference.

Contemporary Auctions, New York, March 2008

Contemporary Auctions, New York, November 2008

HIGHEST GROSSING ARTISTS

1Alexander Calder $400,00011 lots↑

2Tom Wesselmann $207,5004 lots↑

3Andy Warhol $175,50011 lots↓

4Kelley Walker $162,0002 lots↑

5George Rodrigue $161,0002 lots↑

6Sam Francis $142,0008 lots↓

7Yaacov Agam $130,0002 lots↑

8Damien Hirst $115,0002 lots↑

9Georges Mathieu $110,0001 lots↑

10Mark Handforth $95,0001 lots↑

11Leon Golub $94,0004 lots↑

12Romare Bearden $93,0002 lots↑

13Joseph Cornell $92,0002 lots↑

14Alex Katz $90,0005 lots↑

15Robert Longo $90,0001 lots↑

16Richard Anuszkiewicz $87,0004 lots↑

17Paterson Ewen $80,0001 lots↑

18Raymond Pettibon $79,5005 lots↑

19Alice Neel $75,0001 lots↑

20Jules Olitski $75,0001 lots↑

The arrow indicates if the artist's position within the list moved up or down since the auctions in March 2008. The following artist fell off the top-20 list: Keith Haring, Sean Scully, Arman, Victor Vasarely, Shahzia Sikander, Andreas Gursky, Robert Smithson, David Smith, Sol LeWitt, George Condo, Zao Wou-Ki, Albert Oehlen, Mike Kelley, Mike Bidlo, Louise Nevelson, Christo

* The above information is quoted from the public press release.