Archive for November, 2008

Newslinks for Sunday, November 30th, 2008

Sunday, November 30th, 2008


A beach towel by Ed Ruscha via the Art Production Fund

Just in time for Art Basel Miami Beach, new beach towels by Ed Ruscha, Karen Kilimnik, Raymond Pettibon and Julian Schnabel are ready, catch them at the Raleigh Hotel [Art Production Fund]
A Page Six roundup of some of the Art Basel Miami Beach parties, as usual, the Raleigh hotel is front and center [NYPost]


“Paysage, le mur rose” (Landscape, the Pink Wall) by Henri Matisse via Artsjournal

France gives back Henri Matisse painting, once seized by Nazi SS officer, proceeds from sale to go to British charity for medical rescue in Israel [Artsjournal] more here [AP]


Museum of Islamic Art, Doha, Qatar via The New York Times

Qatar opens the 41,000 square foot, IM Pei designed Museum of Islamic Art in Doha; Robert de Niro, Damien Hirst, Jeff Koons and London dealer Jay Jopling attend festivities [NewYork Times]


Portrait of a lady as Flora , by Italian master Giambattista Tiepolo

A lost painting by Giambattista Tiepolo, discovered in a chateau attic, may sell for £1m at Christie’s sale in London next week [FinancialTimes]
City of San Francisco not accepting $1 billion gift to build space to show Gap Inc. founder Don Fisher’s 1,000 work strong collection due to aesthetics of architecture
[Bloomberg]
A review of Calvin Tomkins’s ‘Lives of the Artists’ which profiles headliners such as Hirst, Cindy Sherman, Schnabel, Serra, Koons, Currin and others
[NYObserver)


Portrait Ria Munk III – by Gustav Klimt via Linz Presse

Lentos Museum in Austria may have to give a $10 million Gustav Klimt painting to heirs of Holocaust victim [Bloomberg]


The artist Steve McQueen via GuardianUK

Turner prize winning video artist Steve McQueen interviewed, and more, on his new film, ‘Hunger’ [GuardianUK]

Disappointing Russian art sales results in London from multiple auctions consistent with recent November New York Contemporary, Modern and Impressionist sales results; the art market continues to soften

Sunday, November 30th, 2008


The rag market in Moscow, by Vladimir Makovsky. Sold for £1.33 million. Picture via the Guardian.

Russian art collectors, who have been keen participants in the art market for the better part of this decade, have largely kept their distance from this year’s series of Russian art auctions in London.  For the past nine years, the Russian art auctions typically attracted highly competitive bidding from Russian oligarchs and their representatives.  Activity is now dwindling markedly, correlating roughly but unmistakably with the net worth of Russia’s billionaires, who have lost tens of billions due to massive equity and commodity market declines of roughly 2/3 off their highs.

MacDougall Arts’ auction, a Russian art specialist, sold just under 40% of the works on offer, raising £7 million less than its presale low estimate of £12 million.  Sotheby’s, the market leader for Russian art, fared somewhat better, selling £25 million worth of art (albiet against an estimate of £30m to £43m) and setting nine artist records, which was the third highest total for a series of Russian Art sales at Sotheby’s.  Christie’s sold £3 million worth of art, while Bonham’s sold a third of its offerings, collecting £1.7 million.  Many of the pieces on sale were from the collection of Monika, Princess of Hanover, Countess zu Solms-Laubach, a German aristocrat and distant relative of the British royal family.  Her collection fetched £1.95 million, almost twice its estimate of £1.1 million, providing some solace to Sotheby’s, who sold most of her works.  Egyptian Girl, by Vasili Polenov (shown below), also provided a bright spot when it sold for £1.05 million pounds, more than triple its top estimate and setting an artist record. The Joker by Mikhail Klodt (shown below), was sold for £313,000, well over its top estimate of £180,000, while The Clearing by Ivan Shishkin (shown below) topped its £200,000 estimate when it sold for £289,000.

Sotheby’s Russian sales signal duller art market [Financial Times]
Sotheby’s 2008 November Series of Russian Art Sales Total $37.9 Million [Art Daily]
Russians Shun 60% of London Art Sale, Wait for Prices to Drop [Bloomberg]
Princess Collection Shines at London Russia-Art Sale [Bloomberg]
Bargain Buy: Christiet’s Sells Russian Painting for 10 Pounds [Bloomberg]
Russian Art Week at Christie’s in London [Art Daily]

more pictures after the jump…

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Takashi Murakami to open animation studio in Los Angeles under Kakai Kiki

Saturday, November 29th, 2008

Still from Kaikai Kiki Animation Episode 1, Planting the Seeds 2007 via LA Times.

Japanese artist Takashi Murakami is set to open an animation studio in Los Angeles next summer, 2009.  The studio, which should accommodate roughly 30 employees, will take up approximately 9,000 square foot (6,220 square feet on the first floor and 2,760 square feet on the second level) in a building on North Highland Avenue and will be operated by Kaikai Kiki, Murakami’s production and management company.

Murakami said in a statement: “This studio represents a great step in the evolution of Kaikai Kiki and gives me a closer proximity to the community of artists with whom I hope to collaborate as I continue my explorations of animated and live-action film.”

The new studio’s first major project will be an animated feature-length film based on the series of  shorts, “Planting the Seeds,” that premiered last winter at Murakami’s MoCA exhibition.  Kaikai Kiki has already produced the music video for Kanye West’s Good Morning (as covered by Art Observed here.)

Murakami, who, like Andy Warhol, is known for blurring the boundaries between high and low art, created the superflat monogram for Louis Vuitton and his animated characters are also featured in Louis Vuitton advertisements.

Murakami animation studio coming to LA [LA Times]

Videos and images after the jump… (more…)

Go See: Rachel Whiteread at The Boston Museum of Fine Arts, through January 25th, 2009

Friday, November 28th, 2008

Place (Village) 2006-08, via New York Times

British artist Rachel Whiteread’s installation Place (Village) (2006-08) is currently on view for the first time in The United States at The Museum of Fine Arts in Boston.  This recent work is the centerpiece of an exhibition simply titled Rachel Whiteread which also features a selection of the artist’s earlier pieces including casts of doors, the insides of boxes, and wood flooring, as well as drawings and collages.


Museum of Fine Arts Press Release for Rachel Whiteread

A Talk with Rachel Whiteread
[Time]
Rachel Whiteread at MFA [Big Red & Shiny]
Rachel Whiteread – Hidden Corners of the Neighborhood [NYT]
Whiteread at MFA – It Takes a Village [HubArts]
Rachel Whiteread’s Dramatic Installation [ArtDaily]
Missed Oppurtunity at The MFA [Boston Globe]

More information and pictures after the jump… (more…)

Newslinks for Thanksgiving Day, Thursday, November 27th, 2008

Thursday, November 27th, 2008

Stamford After Brunch, John Currin, 2000

After John Currin’s recent success, against the market, at the November auctions (as covered by AO here), an analysis of his work complete with slideshow [Slate via Artmarketmonitor]
NightTalk has an interview with gallerist Mary Boone [Clipsyndicate]
Some NYC galleries are expanding in a downturn [ArtInfo]

Murakami's Kaikai Kiki "High and Lo" sneakers

Murakami’s Kakai Kiki creates a signature sneaker [TheMoment]
Undeniably influential through his iconic images during the Obama campaign, street art legend Shepard Fairey named a GQ man of the year [Supertouch]
Damien Hirst soon to open his bed and breakfast in Devon, UK [FirstPost]
Tracey Emin states that despite the seeming art-recession, she is “pretty credit-crunch proof”
[TelegraphUK]
With prices lower at auction, MoMA acquires
[NYTimes]

Go See: Terence Koh ‘Flowers for Baudelaire,’ curated by Vito Schnabel, at 407 East 75th Street, New York, through January 2009

Wednesday, November 26th, 2008


Vito Schanbel, who curated the show along with Anna Wintour at the opening, via Park Ave Peerage.  Schanbel above is seen in shoes with no socks as the artist Terence Koh requested all guests take their shoes off upon entering the show.

Terence Koh’s most recent exhibition, “Flowers for Baudelaire,” is on display now and consists of 51 paintings of varying sizes created using titanium paint, corn syrup, and powdered sugar. At the show the artist used a fog machine to create added effect. The show was curated by Vito Schnabel, a close friend of Koh’s and the son of the artist Julian Schnabel. The exhbit and was held at the home of Oliver Sarkozy, the half-brother of France’s President Nicolas Sarkozy. The artist maintained that the works were edible at the opening, even licking a painting in example though few of the guests such as Anna Wintour, Cynthia Rowley and Salman Rushdie ventured to taste the works. Others in attendance for the opening and after party were artists Dash Snow and Agatha Snow, Museum of Modern Art curator Klaus Biesenbach, gallerist Jeffrey Deitch, music mogul Lyor Cohen and photographer Todd Eberle. The Upper East side space, formerly the studio of late photographer Richard Avedon, was painted entirely white -floors, walls, and ceiling- as part of the display.

The Paintings at Terence Koh’s New Show Are Possibly Edible [NY Magazine]
Koh Goes White: Hot Art [Bloomberg]
Now Licking | Terence Koh [The Moment]
Terence Koh Revealed [Hint Mag]
Uptown Baby [Vmagazine]
Palazzo Koh [Park Avenue Peerage]

(more…)

Work by Anish Kapoor, Tracey Emin, Olafur Eliasson, among others sold at RCA Secret Annual Postcard Sale

Wednesday, November 26th, 2008


Amy Winehouse by unknown artist, on RCA Secret postcard, via BBC

2,700 postcards composed by a combination of famous and emerging artists were sold at the Royal College of the Arts’ Secret postcard event this past Saturday, November 22nd, in London.  Every year, students from the college contribute original pieces of art on postcards, along with many of the worlds top artists and assorted other notables, to raise funds for the school. The RCA has managed to raise close to £1 million from the sale of the postcards since 1994, when a student came up with the idea.

Cards sell for £40 each, and are unmarked and unsigned; the viewer or buyer does not know who created it, leading to the possibility of acquiring works by the likes of Damien Hirst, Peter Doig, or Manolo Blahnik very inexpensively.  Postcards have been resold for princely sums at major auction houses. A card by Hirst was sold for £15,600 in 2004, while a Doig original sold for £42,000 in 2000.  “Keeping the works anonymous is a very clever idea because potential buyers have to use their own powers of discrimination,” noted artist and regular contributor Grayson Perry said. “They must look at art works closely rather than read labels, a habit they might find rewarding at any exhibition.”

While readers have missed out on this year’s sale, which was held on November 13th, they can always look forward to 2009.

Exhibition page: RCA Secret
Secret art postcards go on sale [BBC]
Lucky dip in secret postcard sale [GuardianUK]
In London, Purchase a Postcard Worth 42,000 British Pounds [IHT]

(more…)

Art Dealer Emmanuel Perrotin to Start a Fund to Help Finance Artists’ More Expensive Pieces

Monday, November 24th, 2008


Emmanuel Perrotin, Gallerist and Founder, Artists’ Dreams, via ParisArt

Emmanuel Perrotin, owner of the Paris and Miami based Galerie Emmanuel Perrotin, has announced the formation of Artists’ Dreams, a vehicle which will allow investors to finance expensive pieces by leading artists. Perrotin has syndicated investments in several artistic pieces, reaching out to his wide network in the collecting community to fund works such as Piotr Uklanski’s Untitled (Floor Dance) piece, which was exhibited at the Guggenheim in 2007.

As competition intensifies among artists, this new venture tries to fill a gap by allowing emerging artists to compete more effectively with brand name artists such as Damien Hirst and Jeff Koons, who often use very expensive materials and processes in their productions. Works financed through Artists’ Dreams will be sold exclusively through Perrotin’s two galleries, and investors will see returns on their investments out of the dealer’s cut once the work is sold. Perrotin has raised €2 million, and is also planning similar vehicles in conjunction with museums and other dealers, under similar terms. Perrotin has been building on his success recently, having regained the right to represent Damien Hirst as his client, and presenting two shows curated by Pharrell Williams (of N.E.R.D and The Neptunes) at his Miami and Paris galleries, as covered by ArtObserved (see below).

Galerie Emmanuel Perrotin
Dealer sets up company to fund artists’ production [The Art Newspaper]
Damien Hirst to reinstate representation with Parisian gallerist Emmanuel Perrotin [ArtObserved]
Go See: Pharrell Williams, ‘Perspective,’ Galerie Emmanuel Perrotin, Paris thourgh January 10th, 2009 [ArtObserved]

Über-collector Eli Broad to build new Contemporary Arts Museum bearing his name in Beverly Hills

Monday, November 24th, 2008


–>
Eli Broad, Billionaire Philanthropist and Art Collector, via LA Times

In an apparent reversal from his statements earlier this year, billionaire philanthropist and patron of the arts Eli Broad is now opening a 25,000 square foot museum in the new headquarters for his eponymous foundation, the Broad Art Foundation.  This news comes just nine months after the Los Angeles County Museum of Art opened the 60,000 square foot Broad Contemporary Art Museum, built through $56 million dollars provided by Mr. Broad, proprietor of a 2,000 piece collection of post-war art.  Jean Michel Basquiat, Jasper Johns, Andy Warhol, and Damien Hirst figure among the many seminal artists whose works are owned by the foundation.  Eli Broad had been outspokenly calling the art market bubble for some time now and recent auction performance in the past month or two has proved him to be somewhat prescient.   Broad has felt that the market is returning to normal levels perhaps as he has recently been reinvigorating purchasing activity.  Mr. Broad’s most recent acquisitions include: Bantam by Robert Rauschenberg ($2.6 million), Wishing Well by Jeff Koons ($2.2 million), and Desire by Ed Ruscha ($2.4 million), all acquired at Sotheby’s Contemporary Art Evening Sale on November 11th (as covered by AO here).

The new facility would include the proposed museum, administrative headquarters for his organization, and storage for the pieces of his collection that aren’t on loan to museums. “We want a new headquarters, a space to have works that are not on loan to others at any given moment available for study by curators and scholars,” the foundation’s spokeswoman said in an article published in Bloomberg.  Broad has expressed that he would like the new headquarters to open within 3 years.

Gensler has been designated as the architect and consultant on the project, with a site in Beverly Hills and two other undisclosed locations under review. The Beverly Hills location would be at the corner of Wilshire and Santa Monica Boulevards, a few miles away from the LACMA museum that bears his name. Some observers question whether the new museum would introduce too much competition to existing contemporary arts venues, especially the Broad Museum at LACMA and the Museum of Contemporary Art (MoCA), where Broad was a founding trustee. MoCA especially is in a very fragile position: the museum is in a severe fiscal crisis after suffering huge losses to its endowment in the recent market downturn.  Broad has announced a plan to provide $30 million to MoCA over several years to help keep the museum from closing.

The Broad Art Foundation
–>
Los Angeles County Museum of Art
–>
Eli Broad Plans Another Art Space
[New York Times]
–>
Broad Decides to Build His Own Museum [New York Times]
–>
Billionaire Broad Proposes Beverly Hills Art Museum [Bloomberg]
–>
Eli Broad’s Museum to Keep Art Out of `Basement’ [Bloomberg]
–>
Eli Broad’s art collection needs a home, so he’ll build it [LA Times]
–>
MOCA faces serious financial problems [LA Times]
–>
Saving MOCA: Eli Broad offers $30 million to MOCA in Op-Ed [LA Times]
–>
Eli Broad to Build Museum in Los Angeles
[ArtForum]

(more…)

Newslinks for Monday, November 24, 2008

Monday, November 24th, 2008

Kaws does cover art for Kanye West via theartcolectors

Kanye West uses Kaws for his cover art (Takashi Murakami has also had the privilege) [theartcollectors]
Art collector Aby Rosen’s Core Club, featuring works by such artists as Jean-Michel Basquiat and De Kooning, owes its founding members funds [NYPost]
A closer look into the ramifications of the art “crash” [WallStreetJournal]

Frank Gehry's Art Museum of Ontario via the NYTImes

The Art Museum of Ontario goes for the “Bilbao effect” with a new $276 million Frank Gehry-designed facility (it’s his hometown) [NYtimes] more here [Bloomberg]
With exhibtions recently at the Grand Palais in Paris and now at Gagosian Gallery in London, Ricard Serra interviewed [ArtNewspaper]
Are art and fashion cross promotions becoming gauche?
[ArtInfo]
and in related news, the assumption is that this year’s Art Basel Miami will be more austere [CNN Money] more on this here [NYMag]

GO SEE: UBS OPENINGS: NEO-EXPRESSIONIST PAINTINGS FROM THE 1980s AT THE TATE MODERN, LONDON, THROUGH APRIL 13, 2009

Monday, November 24th, 2008


“Tobacco vs Red Chief” (1981-2) by Jean-Michel Basquiat via UBS Art Collectio

A new collection at the Tate Modern in London titled “UBS Openings: Paintings from the 1980s”, which opened last week, centers on Neo-Expressionist paintings, a departure from the minimalist and conceptual artwork that preceded this period. Artists such as Jean-Michel Basquiat, David Salle, Alex Katz, Julian Schnabel, and Christopher Le Brun sought to return to historical narratives executed in a vibrant, energetic fashion contributing to powerful results in large-scale, figurative paintings.

The collection draws on works from the reserves of the Tate Collection as well as the UBS Art Collection and includes works such as Basquiat’s “Tobacco vs Red Chief” (1981-2), David Salle’s “My Subjectivity” (1981), Julian Schnabel’s “Humanity Asleep” (1982) painted over a surface of broken plates, Christopher Le Brun’s “Dream, Think, Speak (1981-2) and Clemente’s Self Portrait (1984).  The exhibition has been curated by Matthew Gale, Head of Displays of the Tate Modern.

UBS Openings: Paintings from the 1980s – Tate Modern
Through April 13, 2009

Paintings from the 1980s [Financial Times]
UBS Openings: Paintings from the 1980’s
[Tate Modern Website]
UBS Openings: Paintings from the 1980s at Tate Modern
[Art Daily]

(more…)

Newslinks for Sunday, November 23rd, 2008

Sunday, November 23rd, 2008

Javier Peres via the NYObserver

New York and Berlin gallerist Javier Peres, much a part of the success of Dan Colen, Assume Vivid Astro Focus, and Terrence Koh, opines on the “new, new school’ and the ways of the market [NYObserver]
The “serene mastery” of Italian painter Giorgio Morandi
[WallStreetJournal] now at showing at the Met [ArtObserved]
In art market layoffs: Damien Hirst cuts up to 17 of the 22 in his studio [GuardianUK] and Pace Wildenstein cuts as well [Blackbook]

Antony Gormley's Angel of the North on Antiques Roadshow via BBC

The highest priced “antique” on UK’s Antiques Roadshow is a £1m model of Antony Gormley’s Angel of the North [GuardianUK] more here [BBC]
The Museum of Modern Art is armed with a Twitter account
[ArtFagCity]
On the heels of his recent no-sale at Phillips,
[Art Observed] Damien Hirst is sanguine on the art market: “What goes up must come down” [ArtInfo]
Over 1/2 of the best selling artists of last year were Asian
[Independent]
Global art dealer Jan Krugier dies at the age of 80
[ArtForum]

Go See: Cindy Sherman at Metro Pictures, New York, Through December 23, 2008

Saturday, November 22nd, 2008


Cindy Sherman Untitled 2008 photograph via Metro Pictures.

Currently on display at Metro Pictures is Cindy Sherman’s first exhibition since 2004.  Like practically all of Sherman’s work, the photos have the artist acting as her own model.  The pieces are not traditional self-portraits however, as Sherman dons makeup, hairstyles, and wardrobe all conceived and executed by the artist herself.  The exhibition which, is untitled, has Sherman dressing as affluent women in elaborate gowns and jewelry, set against backgrounds of lavish homes and gardens.  To create the work the artist first photographed herself against a green screen and then then digitally merges the image with background photos shot separately.

Photographer Cindy Sherman Sports Latest Disguise [NY Magazine]
Cindy Sherman: Transformer, playing dress-up is actually a profession
[Village Voice]
Cindy Sherman Channels the End of an Era [The Huffington Post]
Cindy Sherman: Press Release [Metro Pictures]
(more…)

Don’t Miss: Sam Taylor-Wood, “Yes I No,” through November 29 at White Cube Gallery, Mason’s Yard, London

Saturday, November 22nd, 2008


Still from ‘Sigh,’ an installation by Sam Taylor-Wood, on display at “Yes I No,” via White Cube Gallery

“Yes I No,” a show by Sam Taylor-Wood, is currently on display at White Cube Gallery, in Mason’s Yard, London. The show contains three sets of photographs, and a large-scale film installation. ‘Sigh,’ the installation, features the BBC Concert Orchestra playing a classical piece, without their instruments. The orchestra members, who are filmed in plain clothes and in multiple takes and at various angles, are miming the performance, highlighting the relationship between the viewer’s aural perception of the music and the visuals of the musicians’ and conductor’s performing the music.

Taylor-Wood, who rose to prominence in the 1990s along with Damien Hirst, Tracy Emin, and other members of the Young British Artists movement, is known for pieces exploring themes of absence and mortality.

YES I NO by Sam Taylor-Wood – through November 29th, 2008
White Cube
Mason’s Yard, London

Taylor-Wood’s Mimed Music, Serra’s Metal Maze: London Galleries [Bloomberg]
Visual art review: Sam Taylor-Wood, No 1 the Piazza, Covent Garden/White Cube, London [Guardian]
Q&A – Sam Taylor-Wood, artist [GuardianUK]
Sam Taylor-Wood, YBA artist turned filmaker (and wife of White Cube Gallery owner Jay Jopling), to direct John Lennon film
[AO Newslinks]
Exhibition Page: Yes I No

Press Release: Yes I No
Artist Page: Sam Taylor-Wood

(more…)

AO ON SITE: RxArt- The Party 2008, Thursday, November 18th, Milk Gallery, New York City

Thursday, November 20th, 2008


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Photos by ArtObserved

Last night RxArt hosted its annual “Party 2008″ (formerly the RxArt Ball) in honor of Jeff Koons at Milk Gallery in Chelsea, New York. RxArt promotes optimal healing through exposure to original fine art in patient, procedure, and examination rooms of healthcare facilities. By curating artistic installations in hospital settings, they provide a surrounding which helps to relieve stress and anxiety in patients, families, and staff. A festive silent auction, hosted by Larry Gagosian, Antonio Homen, and Lazaro Hernandez & Jack McCollough of Proenza Schouler, the event was well attended by art enthusiasts, fashion darlings and RxArt supporters all in good spirits. Works were set up along the walls from well-known artists such as Will Cotton, Inka Essenhigh, Hilary Harkness, Terence Koh, Nate Lowman, Delia Brown, Terry Richardson, Rob Pruitt, Ed Ruscha, Kehinde Wiley and Tom Sachs.

Guests at the launch of Timo’s neckwear collection, which took place prior to the auction, in the Phillips de Pury space upstairs, were also in attendance. Seen in the crowd at the RxArt benefit were designers Cynthia Rowley, Kai Kuhn and Sue Stemp, Opening Ceremony founders Humberto Leon and Carol Lim, social fixtures Genevieve Jones, Derek Blasberg, Emma Snowdon-Jones, and Victoria and Vanessa Traina, gallerists Gavin Brown, Barbara Wilhelm Dwek, Amy Greenspon and Melissa Bent and artists Rita Ackermann, Dan Colen and Terry Richardson (with girlfriend Jen Brill).

Each corner of the gallery was closed as the auction, both online and live, closed in sections, as the lights literally went out and the art was swiftly removed by art handlers over the course of the evening. The timed element lent a thrill to the cocktail party and auction.

RxArt Official Website
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RXArt Parties at Milk Gallery
[WWD]
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Lazaro Hernandez Gets Outbid
[VanityFair]
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When Terry met Barry [men.Style.com]
–>
Prescription Strength [Style.com]

more photos after the jump…

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AO Auction Roundup 5 of 5 – November Auction Summary: the reality of an indisputable buyer’s market

Wednesday, November 19th, 2008


“Study for self portrait” (1964) by Francis Bacon was valued at $40 million but was a no sale at Christie’s last Wednesday, via Artnet

The New York Times called it: “easily the worst two weeks of high-end Impressionist, modern and contemporary art auctions in more than a decade” and though gravity of this statement belies some successful sales in the November auctions, in the end there seems to be little question that the art auction landscape has shifted to become a buyer’s market.

The November auctions from Sotheby’s, Christie’s and Phillips lasted roughly two weeks with approximately a 2/3 sell rate and 143 of the 399 offerings failing to sell. The sales would total under $1 billion, well below their combined minimum estimate for the sales of $1.7 billion. Sotheby’s and Christie’s brought in roughly $728.9 million for the Impressionist, modern and contemporary art primary sales which is down $1.6 billion from November, 2007 and $1.3 billion from November, 2006.

The summary points seem to be, in part, that there were some indisputable failures of the unsold works such as Roy Lichtenstein’s Half Face With Collar, seen below, from Sotheby’s Tuesday evening auction (estimated at $15 million to $20 million) and the Bacon self-portrait, seen above, at Christie’s on Wednesday (estimated at $40 million). The Bacon failing to sell was for many a symbol of the current market situation in that it stood in sharp contrast to the Sotheby’s May sale of the Francis Bacon triptych for $86.2 million to Russian Billionaire Roman Abramovich (when it thus became the most expensive contemporary artwork sold at auction).

However, there were still some records and strong showings with works such as the Malevich, seen below, at $60 million (at estimate), which was a record for a Russian painting, and Munch’s Love and Pain aka “Vampire,” seen below, for $38.1 million above its $30 million estimate (both on Monday the 3rd at Sotheby’s) and a Juan Gris, seen below, at an artist record of $20.8 million, also above its estimate of $12 million to $18 million, at Christie’s auction on Thursday the 6th. Nonetheless, most works sold in the low range, or below estimate, or not at all with works by artists that show up infrequently performing generally better and works that show up more often at auctions, such as the Warhols and Hirsts, faring poorly.

Also of note in summarizing the November auctions was the Monday the 3rd Sotheby’s success of the big name financiers Henry Kravis of KKR who sold Edgar Degas’s “Dancer in Repose” for $33 million and former Lehman Brothers CEO Dick Fuld selling 16 Modern and Impressionist drawings for $13.5 million against estimates of $15 million to $20 million, but clearing a reported $20 million guarantee nonetheless from the house.

All this leads to the final recurring news point of the auctions: the painful result of over-market guarantees by the major houses. The applicable guarantees were set in pre-bust summer headier times, but when in place during the November sales they would cost the auction companies losses in the many tens of millions. In two weeks of sales the auction houses guaranteed 80 artworks worth $405.8 million but sold only 60, for a combined total of $342.3 million and an estimated loss of $63.6 million (according to the Wall Street Journal’s calculations). Sotheby’s publicly reported that guarantees were responsible for a $28.2 million loss at its contemporary art auctions last week which adds up to total losses from Sotheby’s from guarantees of roughly $52 million this fall. Bill Ruprecht of Sotheby’s said of the guarantee drubbing: “We’re preparing for a different market. We are out of the guarantee business at least for a while.”

Sotheby’s Says It Lost $10.6 Million More From Art Guarantees [Bloomberg]
In Faltering Economy, Auction Houses Crash Back to Earth [NYTimes]
Making Sales Look Stronger [Wall Street Journal]
Call This One ‘Crisis With a Pipe’ [Wall Street Journal]
Art boom over as auctions fail to bring home Bacon [TimesUK]
Art makes loss but Fuld is still an old master
[TimesUK]
Art sales: The week that brought the boom to an end
[GuardianUK]
Unsuccessful Auctions OK With Shafrazi [NY Mag]

Previously by ArtObserved:
AO November Auction Roundup 4 of 5: Phillips de Pury’s Contemporary Art Sale, New York, Thursday, November 13th, Results “brutal” but Phillip’s clear due to lack of Guarantees

AO November Auction Roundup 3 of 5: Christie’s Post-War and Contemporary Art, New York, Wednesday, November 12th: Basquiat’s “Boxer” sells while the Bacon does not, “The market is adjusting down”

AO November Auction Roundup 2 of 5 (AO On-Site): Sotheby’s Contemporary Art Evening Sale, New York, Tuesday, November 11th: Sotheby’s crushed by guarantees, Eli Broad: “It’s a half-price sale”

AO November Auction Roundup 1 of 5: Christie’s Impressionist and Modern Art, New York, Thursday November 6th: “Obviously, prices have changed”

AO Auction Results: Christie’s “The Modern Age,” the Alice Lawrence and Hillman family collections sell for less than 50% of estimate as Rothko and Manet headliners are pulled

AO Auction Results: Sotheby’s New York Impressionist and Modern Art, despite select notable sales, overall results were poor

more images after the jump…

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DON’T MISS: RxArt The Party 2008 Tonight at 7PM-11PM, Milk Gallery, New York

Tuesday, November 18th, 2008


Diane Brown, President of RxArt and artist Terry Richardson at last year’s RxArt Ball via Style.com

RxArt is hosting “The Party 2008″ (formerly the RxArt Ball) in honor of Jeff Koons tonight from 7pm to 10pm at the A Milk Gallery Project located at 450 West 15th Street in New York City. The event is part cocktail party, part silent auction and is expected to be a festive evening attracting artists, designers, and socialites alike. The gracious co-chairs for this year are Larry Gagosian of Gagosian Gallery, Antonio Homen of Sonnabend Gallery, and Lazaro Hernandez & Jack McCollough of Proenza Schouler. All guests will receive a copy of the the limited edition puzzle by Dan Colen. Tickets are available online here.

RxArt Official Website

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AO November Auction Roundup 4 of 5: Phillips de Pury’s Contemporary Art Sale, New York, Thursday, November 13th, Results “brutal” but Phillip’s clear due to lack of Guarantees

Monday, November 17th, 2008


“Untitled (77/23 — Bernstein)” (1977) by Donald Judd sold for $3,218,500 against an estimate of $4.0 million, via ArtInfo

PHILLIPS DE PURY’S CONTEMPORARY ART SALE, New York, Thursday, November 13th

Total Lots Offered: 51, originally 56
Total Lots Sold: 30
Total Sales Value: $9.6 Million
Total Sales Pre-Auction Estimate: $23-$32 Million

Before Phillips de Pury’s Contemporary Art sale began in New York on Thursday evening November 13th, five works were withdrawn, including John Currin’s Standing Nude from 1993 (est. $500–700,000), pictured below, Richard Prince’s Untitled (Tire Planter) from 1999 (est. $120–180,000), and an Anselm Kiefer work. Total sales were $9,608,700, which was less than half of the low estimate of $23 million. By way of comparison, a comparable Phillips sale a year ago fetched $42.3 million. In the end, 41% of the lots (21 lots) were unsold (51% unsold by value) and those that did sell did so at below estimates. Anything estimated to sell at more than $1 million was either withdrawn or went unsold. In attendance were collectors such as Adam Lindemann, Stavros Merjos, Stefan Edlis of Chicago, Maria Baibakova, Mera and Don Rubell, Zurich dealer Doris Ammann, and executives from the Russian luxury goods giant Mercury Group which, as covered by Art Observed here, recently purchased the Phillips de Pury auction house.

Despite the dismal outcome of the totals, Phillips de Pury’s in the end appeared prescient versus its competitors Sotheby’s and Christie’s who both got crushed by over guaranteeing works in a down market, by contrast, Phillips guaranteed none of the 51 works offered, save for a single neon text 2005 sculpture by Kendell Geers, which had a low estimate of $60,000 and sold for $56,250. In a comparable sale last November, Phillips guaranteed about half the lots.

$9.6 Million at Phillips De Pury [ArtNet]
Phillips Sale Totals Less Than Half the Low Estimate [New YorkTimes]
Phillips Goes with the Downward Flow [ArtInfo]
Hirst Painting Flops at ‘Brutal’ New York Art Auction [Bloomberg]

more story and pictures after the jump…

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AO November Auction Roundup 3 of 5: Christie’s Post-War and Contemporary Art, New York, Wednesday, November 12th: Basquiat’s “Boxer” sells while the Bacon does not, “The market is adjusting down”

Sunday, November 16th, 2008


“Untitled, boxer” (1982) by Jean-Michel Basquiat, sold by Metallica band member Lars Ulrich for $13.5 million via Artnet

CHRISTIE’S POST-WAR AND CONTEMPORARY ART, New York, Wednesday, November 12th

Total Lots Offered: 75
Total Lots Sold: 51
Total Sales Value: $113.62 million
Total Sales Pre-Auction Estimate: $227 million

Christie’s New York sale of contemporary art, held on the evening of Nov. 12, 2008, was dominated by American buyers and totaled $98,480,000 ($113,627,500 with premium) or about half of the low value of its estimate of $227,150,000 to $321,350,000. 51 of 75 lots sold, or 68%, with nearly a third failing to sell. Two lots sold for over $10 million, and 32 lots sold for over 1 million dollars. Buyers were 60% American, 18% European and Russian, 0% Asian and 24% “other.” Notable attendees were tennis legend John McEnroe and billionaire Eli Broad.

Like Sotheby’s evening sale a day before, Christie’s was also damaged by its guarantees of 39 lots when 12 were brought in with a combined low estimate of $48 million, (typically a price near where an auction house will guarantee). The total guaranteed low estimate was $90 million. Overall, 24 of the 75 lots failed to find buyers which indicates a buy-in rate of 32% by lot and 55% by value. The total for this sale does not compare well to Christie’s fall contemporary sale in 2007 which totaled $325 million. Christie’s reportedly reduced their reserves and as such 52% of the lots sold below the low estimate.

Several new auction records were set, including those by Paul McCarthy and Robert Irwin, however, prices were generally below pre-sale low estimates. Some positives came from the sale including a $15 million Richter and a $13.5 million Basquiat as well as new auction records for Joseph Cornell and Yayoi Kusama. The headliner lot Francis Bacon’s Study for Self-Portrait was unsold against a low estimate $40 million or more, but no bid approached even $30 million. Many other major lots went unsold, including five sequential lots including three Warhols and a Richter valued at up to $10.0 million to $15 million.

Credit crunch hits the art market [Guardian]
Mixed Results for Contemporary Art Sale at Christie’s [NY Times]
Christie’s New York Auction Sells 68% of Contemporary Artworks [Bloomberg]
Lehman’s Fuld and Wife Sell Drawings Below Estimate [Bloomberg]
Francis Bacon portrait pulled from sale after failing to attract bids
[Telegraph UK]
Art market in shock as Christie’s calls halt to Francis Bacon sale
[TimesUK]
Art Market Watch – $113.6 million at Christie’s Contemporary
[ArtNet]
Crappy Art Market Fails to Take Revenge on Richard Fuld [NYMag]
No Bailout at Christie’s [Artinfo]
The art of avoiding the credit crunch
[GuardianUK]
Credit crunch hits the art market [GuardianUK]

more with pictures after the jump…

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AO November Auction Roundup 2 of 5 (AO On-Site): Sotheby’s Contemporary Art Evening Sale, New York, Tuesday, November 11th: Sotheby’s crushed by guarantees, Eli Broad: “It’s a half-price sale”

Sunday, November 16th, 2008

John Currin's Nice 'n easy, 1999, an Oil On Canvas, Sold for $5,458,500, (Estimate:$3,500,000-$4,500,000)

Sotheby’s Contemporary Art Evening Sale, New York, Tuesday, November 11th
Total Lots Offered: 63
Total Lots Sold: 43 (68.2%)
Total Sales Value: $125.1 million
Total Sales Pre-Auction Estimate: $202.4 million

On the heels of its Impressionist and Modern Art sale that brought in $223 million, well below its low estimate of $339 million, with only 45 of 70 lots sold as previously covered by Art Observed here, Sotheby’s Contemporary Art Evening Sale in New York, held on Tuesday, November 11th, brought in $125 million against a $202 million estimate. The sale was 68.2% sold by lot, with 43 of 63 works finding buyers, marking the lowest selling rate for a multiple-owner evening sale of contemporary art held at Sotheby’s since November 1994. A third of the lots failed to sell, and most of the works that did sell went for less than their presale low estimate. The top lot of the sale was Yves Klein’s Archisponge (RE 11), seen below, which brought $21,362,500. Artist records were set tonight for Philip Guston Beggar’s Joys, which achieved $10,162,500; John Currin, Nice ‘N Easy (see above), which realized $5,458,500 (see above) and Richard Serra, 12-4-8, which fetched $1,650,000.

A Dreary Night for Contemporary Art at Sotheby’s [NYTimes]
Sotheby’s Contemporary Art Sale defies worst fears
[Reuters]
Sotheby’s New York Evening Sale of Contemporary Art Brings $125,131,500
[ArtDaily]
$125 million at Sotheby’s Contemporary [ArtNet]
The art market: Contemporary art gets hammered [FinancialTimes]
Bare Market [ArtForum]
Eli Broad Goes Shopping as Sotheby’s Art Auction Falls Short [Bloomberg]
Currin Nudes Set $5.46 Million Record at Spotty Sotheby’s Sale [Bloomberg]

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AO November Auction Roundup 1 of 5: Christie’s Impressionist and Modern Art, New York, Thursday November 6th: “Obviously, prices have changed”

Sunday, November 16th, 2008


“Livre, pipe et verres” (1915) by Juan Gris, Christie’s, via Artnet

CHRISTIE’S IMPRESSIONIST AND MODERN ART, New York, Thursday November 6th

Total Lots Offered: 82
Total Lots Sold: 46
Total Sales Value: $146.7 million
Total Sales Pre-Auction Estimate: $240.7 million

This is the first of five articles that will summarize in parts the auction results following AO’s last covered Wednesday November 5th Christies Auction covered by AO here. Following a day where the Dow Jones industrial average dropped over 400 points, overall, Christie’s Impressionist and Modern art auction, the second evening sale of the week, was perhaps successful versus others in the week. Though overall sales were poor, the six guaranteed works sold. In total, 44% of the lots failed to sell, or rather, of the 82 pieces offered 36 works were brought in (37% by value). Auctioneer Christopher Burge quoted to Bloomberg after the sale: “Obviously, prices have changed, we’d be foolish not to recognize that.”

The auction totaled $146.715 million against a pre-sale estimate of $240.7 million to $337.2 million. Marquee works from Juan Gris, Pablo Picasso, and Wassily Kandinsky brought high prices but works by Claude Monet and Henri Matisse met little to no interest. New world auction records were set for Cubist master Juan Gris, Henri Laurens, American artist Alice Neel and for Seurat and Magritte for works on paper. 27 of the 46 works that did sell earned in excess of $1 million. 61% of buyers were Americans, 26% Europeans and 11% (other) with 2% going to Middle Eastern buyers.

Gris Sets Record in Slow Christie’s Auction [New York Times]
World Record For Juan Gris at Christie’s New York – “20.8 Million For Livre, pipe et verre”
[Art Daily]
Christie’s Impressionist Sale Falls Short; 44% Fails to Sell
[Bloomberg]
Some Gloom, Some Records at Up-And-Down Night at Christie’s [ArtInfo

more detail and pictures after the jump…

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Go See: KAWS at Gering Lopez Gallery, New York, through December 23rd

Thursday, November 13th, 2008


‘Chum,’ (2008) by KAWS, via Gering Lopez Gallery

The work of Brooklyn-based artist KAWS, who began his career as a graffiti artist and is now known for channeling modern pop and street culture into his art, is on display at Gering Lopez Gallery, on Manhattan’s East 57th Street. The exhibit features KAWS’ latest sculptures and paintings, including a collection of 33 candy-colored bronze sculptures of the artist’s head. ‘Chum,’ a sculpture, is a characteristically KAWS interpretation of the Michelin Man carved in red fiberglass–the sculpture is also rendered in five other unique colors. Other works on display include large acrylic paintings with bold colors and cartoon-esque forms, including several likenesses of SpongeBob Squarepants, a favorite subject of KAWS and a theme the artist explored earlier this year in an exhibition at Galerie Emmanuel Perrotin, as covered by Art Observed here.

KAWS
Through December 23rd, 2008
Hours: Tues-Sat, 10am-6pm
Gering Lopez Gallery
730 East 57th Street, New York, NY

Exhibition page: KAWS at Gering Lopez Gallery
Press Release: KAWS at Gering Lopez Gallery
Artist Bio: KAWS
Official Site: KAWS
Fine Art Two-fer [New York Post]
KAWS at Gering Lopez [The World's Best Ever]

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AO on Site: Richard Prince’s Canal Zone, Gagosian Gallery, Saturday, November 8th, Chelsea, New York

Thursday, November 13th, 2008
Djuna Barnes, Natalie Barney, Renee Vivian and Roman Brooks take over the Guahnahani” with permission from Gagosian Gallery

Canal Zone, a new series of collages by artist Richard Prince, opened November 8, 2008 at the Gagosian Gallery. Prince inspired by his birthplace, The Panama Canal, draws a narrative that carries contentious topics of race, colonialism, and separatism. In the artwork, Djuna Barnes, Natalie Barney, Renee Vivian and Roman Brooks take over the Guahnahani, nude women stretch and bend into erotic poses. Many of the names of the paintings feature hotels in the island of St. Barth which the artist relates to the work in the following quote:

“The story was basically about a guy who lands in St Barth, gets off the plane, is immediately told that there’s been a nuclear holocaust in the rest of the world, and he looks at his family and says ‘We can’t go back.'”

Their figures cut from magazines, then pasted against a jungle backdrop are missing eyes, mouths, and noses that dehumanize and objectify the sensuous subjects. Using stereotypical images consisting of nude women, Rastafarian men, guitars, cars, and jungle landscapes Prince’s new works lay heavy within a perpetual bed of interpretation. Pending on size, these large-scale collage pieces range from $1 to $3 million dollars and will exhibit through December 20, 2008.

Sam Orlofsky and Tom Sachs at Richard Prince - Photo by ArtObserved

A Prince among men [GQ USA]
Richard Prince – Canal Zone
[Gagosian Gallery]
Richard Prince “Canal Zone” Exhibition Recap [Hypebeast]
Richard Prince: Canal Zone [Flavorpill]

more pictures from the show after the jump…

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Go See: Andreas Gursky at Matthew Marks Gallery, New York, through December 24th, 2008

Wednesday, November 12th, 2008


‘Hamm Bergswerk OST’ (2008) by Andreas Gursky, via Matthew Marks Gallery

Andreas Gursky’s sixth exhibition at Matthew Marks Gallery is currently on display. The exhibit features five photographs, all taken within the last two years including two pictures of Cocoon, a massive nightclub in Frankfurt designed by Gursky’s friend Sven Vath, a well known electronic musician and DJ. The club’s name inspires its architecture, as it mimics a hive or the imagined insides of a cocoon, and the photographs depict swarms of people dancing, extending the metaphor. The Cocoon pieces follow Gursky’s interest in electronic music, and previous photographs of large raves and electronic music concerts. ‘Hamm Bergswerk OST’ was shot in a coal mine close to Dusseldorf, Gursky’s home town, depicting the ceiling of one of the mine’s locker rooms, where the miners store their clothes in an unconventional way. While the exhibition is small, the scale of the photographs is very large, typically towering over the viewer, with broad panoramas full of absorbing detail that immerses the spectator.

ANDREAS GURSKY
through December 23rd, 2008
Matthew Marks Gallery
523 W 24th Street
New York, NY

Exhibition page: Andreas Gursky
Press Release: Andreas Gursky at Mathew Marks Gallery
Artist Page: Andreas Gursky
No glow sticks required [GQ]

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