An anti-drug trade law blocking anonymous cash purchases and requiring more federal oversight on high-worth transactions in Mexico has had a stifling effect on the country’s art galleries, preventing the anonymous purchases that are often the norm at the high end of the market.   “This has obviously affected the sales. Because there are people who are afraid, and they say, ‘I’m going to wait,’ or, ‘I don’t want to buy,’ ” says auction house director, Luis C. Lopez Morton. “They feel uncomfortable. They feel that the government is watching them.” (more…)

China Poly Group Corporation, the state-run mega-conglomerate has announced that its cultural division will seek an Initial Public Offering this year, anticipated to raise up to $330 million for the company.  China Poly is a major player in the Chinese auction market, pitted against Sotheby’s and Christie’s, but seems to have set its sights internationally.   “We are very big in the art auction market in mainland China but still have a long way to go to become the biggest auction house worldwide,” said China Poly chief executive, Jiang Yingchun. (more…)

With the Spanish economy in the throes of stagnancy, the annual ARCOMadrid Art Fair is looking abroad to ensure a productive year.  The fair has compensated 150 VIP guests to attend from the United States, Asia, and elsewhere in order to ensure a strong turnout this February.  “We’re very aware of the difficult moment the Spanish economy is in, so we’re trying to compensate with foreign buyers,” said ARCO director Carlos Urroz. (more…)

With prices for copper more than quadrupling in the last decade, sculptors are thinking twice before using bronze in their works, instead looking to cheaper materials and more economically sound production techniques in an effort to cut costs.  Foundries are also feeling an impact on their bottom line as their customers explore other options in the U.S. and abroad.

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