AO Art Observed™

Jeff Koon’s “Rabbit” 1/3 (1986) via Artinfo.com

Famed art dealer Ileana Sonnabend’s art collection was sold in two private transactions by her children this past week. Valued at nearly $1 billion, Sonnabend’s collection included works by artists such as Rauschenberg, Warhol, Koons, Johns, Lichtenstein and Twombly.

A Colossal Private Sale by the Heirs of a Dealer[The New York Times]
Sonnabend’s Children Part with $600 Million Worth of Art to Pay Off Estate Taxes[Art Forum]
Sonnabend’s Children Sell Most of $900 Million Collection[Bloomberg News]
Sonnabend Works Sold in Private Auction [Art Info]

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Ilona Staller and artist Jeff Koons via Reuters

The Italian porn star Ilona Staller recently sued her ex-husband Jeff Koons in a claim claims $2.3 million (£1.15 million) due on child support. Ilona Staller aka “La Cicciolina” (which means “the little fleshy one” according to Wikipedia) claimed in New York State Court that her ex-husband has to date only paid $310,600 in child support for their son, Ludwig, since they divorced in 1998. Jeff Koons is known as one of the highest-paid living artists.

Artist Jeff Koons beeing sued [New York Magazine]
Koons sued by Porn Star Ex-Wife [Bloomberg]
Battle between Koons and his ex-wife the italian porn-star [New York Sun]

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Alec Wildenstein via Telegraph

Obituary for Alec Wildenstein, of major art world dynasty[Independent UK]
Update: D’Offay wants ‘iconic’ gallery to house £125 million gift [The Scotsman via ArtForum]
In Brooklyn, DUMBO’s most controlling real estate family keeps 1,000 artists and arts organization in the neighborhood [The New York Times]
De Kooning sells for $5 million at the European Fine Art Fair [Bloomberg]
Bill Ruprecht continues to navigate Sotheby’s through uncertain times [Economist]
Future of Metropolitan and Guggenheim is controlled by same exec search firm [NYSun]
‘Gallery condos’ as artist and dealer space for sale in Chelsea [ChelseaNow]
Jeff Koons studio visit is auctioned off, for charity [c-monster], [charitybuzz]

Los Angeles County Museum Via Bloomberg

Review: Eli Broad gives $50mm, loans his foundation’s and personal collections to LACMA [Bloomberg]
Jeff Koons chats with Katy Siegel at 92nd Street Y Exhibition [Art Fag City]
Julian Schnabel claims he will “bring peace to Israel” in June [New York Mag]
Ad agency accuses Tracey Emin of plagiarizing Antony Gromley’s E.ON 2007 campaign [Art Fag City]
New Award for Top Swiss Contemporary Art, courtesy of Julius Bär Foundation [Swiss Info]
ARCO8, 27th Madrid International Contemporary Art Fair, opens today [Art Daily]

Kehinde Wiley’s St. Sebastian II (Columbus), 2006 via Columbus Museum of Art
Michael Jackson via MJsite

Michael Jackson planning collaboration with Kehinde Wiley?[PR Inside]
UK’s planned taxes on incoming art from non-domiciled residents could discourage wealthy donors and supporters [Financial Times]
London’s February auctions prove that despite shaky financial climate, demand is still high for Impressionist, Modern and Contemporary works [NYTimes]
Recap of Jeff Koons talk at the 92nd St. Y [Art Fag City]
Salander O’Reilly Gallery in NY goes bankrupt: Ownership of works held at gallery still yet to be determined [Bloomberg]
Ed Ruscha talks about new show “Ed Ruscha: Paintings” on view at Gagosian London [Gaurdian]
Banksy’s Kate Moss/ Marilyn Monroe portrait fetches $191,000 at Bonhams [Bloomberg]

Koons interview courtesy of Art Forum

Jeff Koons, “T” and Sympathy [Artforum]
Sotheby’s February Art Sale Valued at Over GBP100 Million [Art Daily]
Zwirner’s Video Re-enacts Historic Chess Battles [NY Times]
Bleckner will Donate his Ashes for Paint [NY Daily News]
NYSun Coverage of Robert Rauschenberg at Pace Wildenstein [NY Sun]

Roof Garden at the Met courtesy CityReview

On display from April 29th to October 26th 2008, a series of Jeff Koons sculptures will be on display at the The Iris and B. Gerald Cantor Roof Garden, on top of the Metropolitan Museum of Art. Additionally, Koons will install a new piece, to be inspired by the Garden and surrounding views. Bloomberg is sponsoring the exhibition.
Design Network
Huliq
ArtXWorld
MetMuseum.org

“The Faun” Formerly attributed to Gauguin, via MAN

Art Basel Party Coverage [Style]
Miami Dispatch: The Weekend at Art Basel [Vogue]
Jeff Koons to Exhibit at Palace of Versailles Next September [Bloomberg]
Gauguin Sculpture at Art Institute of Chicago a Fake [MAN]
LACMA Receives Huge Gift of Modern Works [LA Times via MAN]

Bill Powers curated a small show called Drawings in Books sparked off by a book signing for painter Brad Kahlhamer at Jack Spade, the sweetest little general store on the lower east side at the Bowery Hotel. Bill Powers and his wife, Cynthia Rowley, have long been involved in the contemporary art scene and a hefty book collection to prove it. Not only do they own some hard to get limited edition books featuring work by artists such as Jeff Koons and Yoshimoto Nara, but each book shown here has a doodle or sketch inside of it. These scribbles are an interesting artifact, a condensed squiggle that embodies celebrity, artwork and a personal message. (more…)

With the art market reaching new highs, the plague of middlemen taking portions of multi-million dollar sale prices rises, ultimately decreasing the seller’s proceeds (Christie’s typically takes 20% of the first $500,000 and 12% of the rest of the work’s sale price). As a result, a new hedge fund known as the Art Trading Fund was born with hopes of exploiting the art market’s current inefficiencies. Founded by Justin Williams, an investor well-versed in the sale of highly-priced fine art, and partner Chris Carlson, former trader and Deutsche Bank and UBS, the fund hopes to have raised more than $50 million by the end of the summer. (more…)

The king of kitsch has big plans with (of course) a big budget to stake his claim on the Los Angeles landscape. Known for his now iconic Rabbit (2003) and giant Puppy (1992), Jeff Koons is planning to build a suspended, moving steam train. The Los Angeles County Museum of Art already has 1 million dollars to cover the cost of an outside engineering group to consider the feasibility of the project which will attempt to imitate the real effects of a working train from the 1940s…hanging sideways from a crane. Koons would like the train to make chugging noises and emit periodic smoke.

Koons plans dangling engine (smokin’!) [NYtimes]