A recent Bloomberg article features an examination of the direct correlation between value appreciation and the price of pieces at auction. By studying the auction sales of the top ten artists over the past ten and twenty years, the article suggests that, in the ever-shifting art market, the safest way to ensure a profit is to buy big names like Cy Twombly, Gerhard Richter, and Damien Hirst at big prices.

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Current New York City Mayor Michael Bloomberg has been named the next chairman of the Serpentine Gallery in London, assuming the post once his mayoral term ends this year.  Bloomberg previously served on the board for the London gallery, which is open to the public, and will assume the post at the start of 2014. (more…)

In auction news, Bloomberg reports on Christie’s 13% sales boost for this past half-year, aided by the sizable profit from various Rothko and Renoir sales. Chief executive officer, Steven P. Murphy says, “clients are driving this, the trend will continue.”

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Takashi Murakami, currently showing at Gagosian UK: “Does he think he’s too expensive? ‘I think so, yes, honestly, yes'” – via Bloomberg [AO Newslink]

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