A new report released by fine art insurance company Hiscox finds that an increasing number of collectors, at least 75% of those surveyed, are viewing online art sales as an investment opportunity. “I wonder whether this change in attitude is genuine,” says Robert Read, the head of fine art at Hiscox, “or whether it is a dot.com moment where people feel they are missing out if they don’t.”
Random Darknet Shopper, a robot-based art project designed to randomly shop on Deep Web and black market websites, has been returned to the !Mediengruppe Bitnik collective after being confiscated in Janurary for purchasing MDMA during the piece’s performance. Any potential prosecution over the work has also been withdrawn. “The public prosecutor states that the possession of Ecstasy was indeed a reasonable means for the purpose of sparking public debate about questions related to the exhibition,” prosecuting attorneys state. “The public prosecution also asserts that the overweighing interest in the questions raised by the art work Random Darknet Shopper justify the exhibition of the drugs as artifacts, even if the exhibition does hold a small risk of endangerment of third parties through the drugs exhibited” (more…)
Pace Gallery has announced an ambitious architectural expansion for its 540 West 25th Street location in New York, turning the building into an 8 floor gallery and office complex with 60,000 square feet of space. “The last ten years have seen incredible changes in the art world as creative communities from different parts of the world have started to connect. Now it’s time for the art galleries to change too. This new building gives us the chance to reimagine what we are all about and that’s exactly what we plan to do,” says President Marc Glimcher. (more…)
Prominent German dealer Helge Achenbach has been sentenced to 6 years behind bars for his role in 20 counts of art fraud, allegedly overcharging clients on a number of sales. The dealer also currently owes over €20 million to the Albrecht family in damages, but is unlikely to pay after his companies insolvency. (more…)
Andy Freeberg, Two Palms (2011) (Mel Mochner, Eizabeth Peyton, Armory Show), all images courtesy Andrea Meislin Gallery
On view at Andrea Meislin Gallery is Andy Freeberg’s second solo exhibition at the gallery, a series of photographic works that mark the continuation of his investigation into the intersections between art, commerce and personality. Entitled Art Fare, Freeberg’s newest show targets the moments of banality inherent in the blue-chip world of major international art fairs.
Part of the fanfare surrounding Jeff Koons’s retrospective at the Whitney, H&M will turn its 5th Avenue shop into a miniature Jeff Koons exhibition, featuring a special purse branded with the artist’s signature Balloon Dog. “The partnership with H&M was really exciting for me,” Koons says, “and the chance to showcase one of my most popular works to a new generation of people was inspiring.” (more…)
Online art sales surpassed the $1 billion mark for the first time in history last year, The Art Newspaper reports. The market is also expected to double in less than ten years, according to special insurance group Hiscox. The news was accompanied by a survey that noted some drawbacks to buying online, including an inability to see the work in person, but also noted a high number of customers to be aged under 30. (more…)
The newly launched Amazon Art marketplace system has opened, and close behind are a series of bizarre and sarcastic comments from users eager to weigh in on the offering of high-priced works for sale online, including a $1.45 million Monet. Says one commenter: “I think I’m going to touch this up a bit with some water colors I have laying around. Make the colors pop more.” (more…)
Illinois-based Blick Art Materials has bought out the New York art supply company Utrecht, adding 45 stores to its already established 39. Terms were not disclosed on the handling of Utrecht’s line of supplies, paints, and other materials. “The acquisition of Utrecht gives us a tremendous, well-established brand and greater geographic reach for our brick and mortar channel,” said Blick CEO Robert Buchsbaum. (more…)
Artspace has announced that is in the process of acquiring VIP Art, another online art sales site run by gallerists James and Jane Cohan. The move broadens Artspace’s number of collectors to well over two hundred thousand, and its list of gallery collaborators to over 200. “As we augment our gallery presence, we augment our insight into how best to serve galleries and collectors.” Says Artspace founder Christopher Vroom.
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