Protesting the contentious new proposal by the German government to limit international sales of valuable and historical works from German collections, Georg Baselitz has announced he is withdrawing his works from German museums in protest. The move comes on the heels harsh criticism from a number of high-profile German artists, including Gerhard Richter. (more…)
Marina Picasso is interviewed in The Guardian this week, as she prepares to sell off an extensive collection of her grandfather’s ceramics and paintings, a gesture she feels will help to heal a painful childhood. “Being Picasso’s granddaughter was very hard. I don’t snub the inheritance, not at all, I just want a lighter way to live and to be able to devote myself to my humanitarian work,” she says. “There is absolutely no hatred, no bitterness, no vengeance on my part.” (more…)
Online arts auction platform Auctionata has laid off more than half of its employees yesterday, Art Info reports, part of a strategy by the company to focus on cost-efficiency. Since launching less than three years ago, the company has raised nearly $100 million in capital, including recent funding of almost $50 million. (more…)
The New York Times takes a look at the growing number of services catering to financial investment and speculation in the art market, particularly the tech-focused art storage company Uovo, or the market insights platform ArtRank, both of which seem to prioritize contemporary art as a source of financial wealth over a source of intellectual edification. These new companies demonstrate “something about the way art is functioning, which is less about the artwork saying something or doing something and more about the artwork representing a value,” says one artist, speaking anonymously. (more…)
The nation of Luxembourg has opened a new freeport within its borders, where valuables like fine art can be traded and stored without paying any taxes or customs. “There are a lot more transactions in the art market and it has become far more global, with increasing numbers of collectors in Russia, the Middle East and China,” says Arts Economics researcher Clare McAndrew. (more…)
An article in the New York Times explores a corner of the art world that deals in art that is more recognizable than cutting-edge, more pseudo than Surreal. Along with big-ticket names such as Jean-Michel Basquiat and Andy Warhol, galleries like Castle Fine Art and Martin Lawrence sell original artworks by reformed forgers such as John Myatt that mimic popular and recognizable movements like Impressionism or Abstraction but without the intimidating price-tag. According to the article, these moderately-priced and pleasant-looking pieces are especially attractive to first-time buyers used to buying luxury goods, for whom galleries even go out of their way to create a welcoming environment by staying open later and employing staff that have been known to smile. (more…)
A recent article in the Wall Street Journal points to the immense influence currently held by hedge fund managers in the global art market. With managers like Daniel Loeb shaking up the corporate structure at Sotheby’s, and a growing number of hedge-fund billionaires entering the auction market, the high-price works of the art world have become something of bargaining chips in a major equity game. “The rest of us are just sitting on the sidelines,” says Len Riggio, founder of Barnes & Noble. “I go to auctions now and feel like a witness—I watch, shake my head, and go home.” (more…)
As auction houses clamor to enter the Chinese art market, a number of independent auction houses have already sprung up in Hong Kong. Focusing on narrow, more focused thematic sales, companies like Spink Phila China, China Guardian and Bonhams have sought to capture a larger size of the already thriving market for art and antiques. “Once I was in London visiting Sotheby’s, and I was told they are jealous of China Guardian since some of their international markets are narrowing while our market is expanding,” said Kou Qin, director and vice president of China Guardian. “China’s economy is booming while other countries have been depressed over many years.” (more…)
The impressive wealth of Qatar, the small Persian Gulf nation, is fundamentally affecting the current art market, the New York Times reports. Collectors from the oil-rich state have spent astronomical sums on works in the past years, including $70 million for a Mark Rothko canvas, and $20 million for a Damien Hirst pill case. At the center of this buying glut is Sheika al Mayassa bint Hamad bin Khalifa al-Thani, the head of the Qatar Museums Authority and sister to the nation’s emir. “They’re the most important buyers of art in the market today,” said Patricia G. Hambrecht of Phillips. “The amount of money being spent is mind-boggling.” (more…)
Jean-Michel Basquiat, Dustheads (1982), via Christie’s
This week, Sotheby’s and Christie’s released their sales reports for the first half of 2013, with both sides announcing record sales figures. Christie’s has achieved a global sales total of £2.4 billion, including buyers’ premiums, a 9% increase on last year’s figure. The total includes the private sales of £465.2 million, an increasingly popular segment of the sales market, which saw a 13% growth from last year. The report also marks the third year in a row that the auction house has set new records for the period in both company and art market history.
London’s Mayfair district, traditionally known for its boutique shops and high-end British art galleries, is seeing a number of American dealers moving in, The New York Times reports. Gagosian, Pace, David Zwirner and more have opened spaces in the area, seeking to provide an even greater global offering for potential artists and customers in a vibrant market. “We’re all chasing the same artists,” says Marc Glimcher, president of Pace. “But the intensity of interest in art in London is long-lasting. You can get 10 reviews in 10 different newspapers. And besides the new collectors and galleries, there is a very vibrant museum community.” (more…)
The ongoing growth of the Asian art market has brought a new focus on local identities and markets within the region, The Guardian reports, leading to a new market segment increasingly interested in predominantly Asian artists and works. “What’s happening in London or New York remains important of course, but so is what’s happening in Mumbai, Jogjakarta or Tokyo,” says Philip Tinari, director of the Ullens Centre for Contemporary Art in Beijing. (more…)
ARTNews’ annual list of the world’s top art collectors has been released, detailing the most prolific and high-spending patrons from around the world. Among the top 10 are a number of recognizable names, including Eli Broad, Steven A. Cohen, and François Pinault. Also of note is a brief article stating the number of collectors willing to spend high dollar amounts for desired works. “I’d say the figure for those going over $20 million is about 150. There are about 100 who would go over $50 million.” Says Sotheby’s Executive Vice President Charles Moffett. (more…)
Monet Sells at Sotheby’s, via Sotheby’s
With the closing of this week’s Impressionist and Modern Evening Sales at Christie’s and Sotheby’s, evidence of a strong art market is not hard to find. Sotheby’s held a slight edge over its recently successful rival, managing an auction total of $165.9 million, with only 13 of the 71 pieces going unsold. Two pieces passed the ten million dollar mark, and 29 were sold for more than one-million dollars. The auction also set auction records for Camille Claudel and FrantiÅ¡k Kupka. In contrast, Christie’s achieved a result of $100.4 million over the course of its 44 lot sale. The result lies in between the total pre-sale estimate for the auction house of $82.8 to $118.8 million. Only seven works remained unsold, and two lots were sold for over ten million dollars.
Wassily Kandinsky, Studie zu Improvisation 3 (1909), via Christie’s (more…)
Taking a cue from its country’s robust banking operations, the Swiss art market is luring more foreign buyers to the country for the purchase of Swiss works. “A lot of collectors see that Swiss art has a very high standard in comparison with international movements, and our most important artists, like Hodler, Cuno Amiet and the Giacometti family, were not only Swiss but European avant-gardists.” Urs Lanter, head of Sotheby’s Switzerland unit says. (more…)
The Wall Street Journal reports on the popularity of mirrored works on sale at the recently-concluded 2013 edition of Art Basel in Switzerland. Reflective works by Anish Kapoor, Doug Aitken, Virginia Overton and others sold well this year, continuing the recent trends toward glass and mirrored works that seem to be appearing across the contemporary landscape. When pressed for comment, dealer Eva Scherr noted: “narcissism often plays a role.” (more…)
Yoshitomo Nara, Pace Gallery at Art Basel 2013, Courtesy Pace Gallery
Last evening, the conclusion of Art Basel marked the finish line of a 6-week art world marathon, including Frieze New York, the first edition of Art Basel Hong Kong, and finally the Switzerland-based Art Basel, alongside the opening of the Venice Biennale, and record auction sales in New York. While the time period was most certainly overflowing with events and attractions, the so-called “fair-fatigue” did not kick in at Basel, with record numbers of visitors at Art Basel (86,000 in total), and strong sales across the board. Interestingly, as the number of viewers has grown, the gallery booths have evolved, showing a more focused curatorial approach, often planned months in advance.
Donald Judd, David Zwirner at Art Basel 2013, Courtesy David Zwirner, New York/London (more…)
As Sotheby’s and Christie’s prepare for the upcoming sales in London this week, the Financial Times has published a profile on the two houses, tracing their competitive rivalry for market dominance, and their divergent tactics regarding private sales, online auctions, and increasing buyers premiums. Says Sotheby’s President Bill Ruprecht: “We are betting our future on the fact that wealth will continue to be created and there will continue to be an economic elite, and that works of art will be relevant to them all over the world.” (more…)
With growing confidence among Chinese contemporary art buyers, Sotheby’s will heavily feature work from the Asian state in its June 26th and 27th contemporary sales in London. Works by Zhang Xiaogang, Shi Xinning, Yue Minjun, and Zhang Huan will feature prominently in the sales, with a series of works expected to sell anywhere between £120,000 and £450,000. (more…)
Damien Hirst’s spot paintings are once again the subject of analysis and discussion, this time in the New York Times, which looks forward to the publication of his catalogue raisonné for the series this fall. Released by Other Criteria, the book will catalog the full series of spot paintings, 1,365 in all, and is speculated by some as a way to lend authenticity to the work of an artist whose auction prices have fallen in recent years. “He needs to regain the trust of the marketplace,” said Jeff B. Rabin, an advisor and co-founder at Artvest Partners. “It seems the catalog is one measure he could perhaps take to start to rectify some of the ill feeling out in the marketplace.” (more…)
Outside View, Art Basel 2013, Photograph Courtesy of Art Basel
The city of Basel, situated at the border between Switzerland, France and Germany, will be transformed into a contemporary arts hub this week for the 44th annual Art Basel. Anticipating record attendence, the fair will look to top its record of over 65,000 visitors at the marathon art event this year. With over 300 top galleries from all over the world flocking to the city to display over 4,000 artists’ work, the fair is commonly referred to as the “Olympics of the art world.” and features a similarly brimming schedule of events and claustrophobic crowds of eager spectators. Each day boasts its own full agenda, including film screenings, artist talks, and performances, and joined by the vast number of peripheral art exhibitions and events hosted by cultural institutions of Basel throughout the entire region, held in obscure and romantic venues amidst the Swiss lakes and mountains.
The Financial Times has published a series of articles on collecting, gallery operations and the contemporary art world, running in its June 7th issue, as well as online. Taking a look at the global market for contemporary art, the special section of the paper includes interviews with Bill Viola and Maurizio Cattelan, a history of the upcoming Art Basel fair, a recap of the newly reopened Berggruen Museum in Berlin, a spotlight on the rising popularity of sculpture in the British market, and a feature on the high-profile Russian art dealer Stella Kesaeva. (more…)
With the announcement of Sotheby’s and Christie’s summer Impressionist and Modernist sales this month, analysts are noting that both auction houses have featured top lots from the collection of the Nahmad family, showing the family’s trademark approach of purchasing art in great quantity and reselling when the time is right. “It was once said that the Nahmads propped up this market with their buying when times were tough; now they appear to be propping it up with their selling.” Writes The Telegraph’s Colin Gleadell. (more…)
The late Chinese artist Zhang Daiqian saw impressive auction results this week during both Christie’s and Sotheby’s auctions of contemporary Asian art in Hong Kong. Daiqian’s Lotus work, consisting of four painted scrolls more than five feet high, sold for five times its estimate at $10.4 million during Christie’s auction yesterday. In addition, an auction dedicated solely to works by Daiqian reached $42 Million in sales at Sotheby’s on Monday. Zhang currently stands as one of the top-selling artists at auction worldwide. (more…)
