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Michelangelo Sketch Sells for $24 Million in Paris

May 19th, 2022

A recently unearthed Michelangelo sketch, considered to be the artist’s first nude, has sold  at Christie’s Paris for a record 23 million euros ($24 million). “Michelangelo has decided to make the figure into something that corresponded more to his aesthetic by making him much more robust and monumental, while at the same time keeping the fragility of the figure, who is exposed and shivering” as he awaits baptism,” says Christie’s Old Masters expert Stijn Alsteens.
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Basquiat Work Sells for $85 Million at Phillips $224.9 Million Night

May 19th, 2022

The Jean-Michel Basquiat work from the collection of Japanese billionaire Yusaku Maezawa had a strong return to auction last night at Phillips, where it achieved $85 Million, part of a total sale of  $224.9 million, the highest in the company’s history. 
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Independent Art Fair to Launch New Fair Around 20th Century Work

May 17th, 2022

The Independent Art Fair will launch a new fair in September this year that will focus on 20th Century Works. “Over the years, there has been a shift, with next-generation dealers showing a more diverse group of artists and territories, geographically, socially, politically,” says Independent director Elizabeth Dee. “They are looking forward and looking back, saying, ‘We need to have a canon that looks like our program.’”
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REFERENCE LIBRARY

Eli Broad

Collector’s Birthdate:
b. 1933

Broad is a billionaire best known for his art collection as well as his philanthropy. The majority of his fortune was made from his real estate company, Kaufman and Broad (KB) as well financial giant, SunAmerica, of which he was CEO until 2000.

Since 1984, the Broad Art Foundation has operated as a lending source to more than 400 museums and galleries. He serves on the boards of Los Angeles’ Museum of Contemporary Art and the Los Angeles County Museum of Art as well as New York’s Museum of Modern Art.

Paying close attention to young artists over the years, his personal collection contains an assortment of trophy pieces, including “Balloon Dog” by Jeff Koons and Damien Hirst’s “Away from the Flock (II)”. As a collector, he has adopted a policy of lending works from his collection, not selling them.

A resident of Los Angeles, he has been linked with efforts to revitalize the city’s downtown. In 1991, he endowed Eli Broad College of Business at Michigan State University, his alma mater. In 2003, he donated $100 million to the Broad Institute of MIT and Harvard. In 2003, he and his wife Edythe donated another $100 million to Harvard.

More recent contributions include $26 million to Michigan State University to create the Eli and Edythe Broad Art Museum.

On his foundation owning art versus selling:

“If they sell it to one museum, it will be in storage ninety-five percent of the time, because most museums, as you know, can display maybe five percent of their collections. So there’s an advantage in having our foundation own the work, because we will lend it for shows within reason, or when the artists wants it placed. In effect, the artist still has the right to place it, but gets the money paid for it.”

Lindemann, Adam. Collecting Contemporary: Los Angeles, Taschen GmbH 2006.

Links:

Eli Broad’s art: A philanthropist opts not to give it all away