AO Art Observed™

Quilt by Alexandre da Cunha, and Six Billboards by Angus Fairhust, Art Basel.  Image via Art Daily, AP Photo/Keystone/Georgios Kefalas.

Yesterday marked the end of the most highly-attended Art Basel to date. The 41st annual contemporary art fair boasted 306 galleries from 36 countries, and AO was on site to peruse the work of some 2,5000 artists.  62,500 dealers, collectors, curators, high-profile shoppers, artists, and art appreciators navigated installations, browsed gallery booths, mingled, and enjoyed the city of Basel.  Artists, established and newcomers both, showcased works ranging from Polaroids to performance pieces, paintings to videos, sculptures to large-scale installations.  A social and teeming affair with an obvious commercial edge, Basel’s sales were optimistic.  Picasso, Warhol, Prince, Hirst, de Kooning, Pollock, and other similarly established artists reigned supreme as the focus of this year’s event.  Franck Giraud, a New York dealer, spoke to the New York Times about the lack of prominently featured up-and-comers: “Is it because that’s what the market wants, or is it because dealers didn’t want to take risks? I think it was a bit of both.” Nonetheless, certain galleries used Basel as a platform to introduce new artists and show off their latest signings.

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Untitled, Maurizio Cattelan (2001) Estimate: $3–4 million Price Realized: $7.9 million

Last night, Sotheby’s confirmed the art market’s return to form as 50 of the 53 lots on offer sold at its Contemporary art sale.  Tallying $189,969,000 in sales, well over the house’s $162 million pre-sale estimate, 39 works fetched more than one million dollars, with two selling for more than $30 million, and seven making more than $5 million. Further to this, the sale achieved the two top lots achieved so far at New York’s Contemporary sales week, surpassing Christie’s sale of Jasper Johns Flag for $29 million on Tuesday night  – Andy Warhol’s Self-Portrait more than doubled its high estimate to sell for $32,562,500, and an Untitled Mark Rothko painting from 1961 soared over the high estimate to sell for $31,442,500.

Self Portrait, Andy Warhol (1986). Estimate: $10-15 million. Price Realized: $32,562,500

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Honoree Gabriel Orozco (with Matthew Barney behind) at BOMB magazine’s 29th Anniversary Gala & Silent Auction at the National Arts Club, New York   All photos by Oskar Proctor for ArtObserved

Last night, BOMB magazine kicked-off their 29th Anniversary Gala at the National Arts Club in New York with a Silent Auction. Since the magazines’ founding in 1981, its pages have featured over 900 interviews comprised of 1,800 artists’ voices. Many of the featured artists contributed works to last night’s auction which featured both renowned and emerging names such as Alex Hubbard, Joan Jonas, Nan Goldin, Alex Katz, Julie Mehretu, Roxy Paine, Guy Maddin, Richard Serra, Joel Shapiro, Carrie Mae Weems, most of whom were in attendance. At 7.30pm, attendees were called to honor 4 individuals whose work and vision speak directly to BOMB’s mission of creative excellence. Rob Pruitt raised slices of toast to Honorees Cecily Brown and her husband, the New York Times architecture critic Nicolai Ouroussoff.  Brice Marden introduced the next Honoree artist Gabriel Orozco while Matthew Barney toasted honoree Nancy Spector, curator of Contemporary Art at the Guggenheim.  Along with Rob Pruitt’s generous offerings of slices of golden toast, the honorees were presented with “Pink Bomb” awards created by sculptor Tom Otterness.

Brice Marden introducing Honoree Gabriel Orozco

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SculptureCenter’s annual fundraising event, Lucky Draw 2010. All images via SculptureCenter.

AO was on site for Lucky Draw 2010, a spirited annual benefit thrown by SculptureCenter to raise money for its exhibition program.  This year’s event set a new record for the highest gross, bringing in over $120,000 to the non-for-profit arts institution located in Long Island City, New York.

Volunteers moving a work by Kerstin Brätsch and Adele Röder (DAS INSTITUT)

On April 13, 2010, as ticket holders surveyed the offerings and made lists of their top picks, no one seemed to worry that the event’s unlucky date would disturb anyone’s luck.  The room was abuzz with excitement: unlike most art auctions, in this event the order in which the artworks are selected is determined by a lively and suspenseful random drawing.  The ticket price, at $450 a head, draws both novice and experienced collectors.

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Eva Hesse, No Title, 1969

Currently on show at Hauser & Wirth, through April 24, is a series of small sculptures by Eva Hesse that are essentially fragments rescued from her studio. They are fragile and diaphanous in substance, almost anti-sculptures. A year before her death, in 1969, Hesse wrote of her desire “to get to non-art, non-connotive, non-anthropomorphic, non-geometric, non-nothing; everything…It’s not the new, it is what is yet not known, thought, seen, touched; but really what is not and that is.” Though not quite there, or not quite anything, the works, nonetheless, feel significant and demanding. As Leslie Camhi wrote for the New York Times blog, though the work in the exhibition seem closer to prototypes to autonomous works of art, they are compelling in revealing those familiarly Hesse-ian themes: “plasticity, an engagement with ephemeral materials, the elusive and incomplete nature of memory, and a redolent corporeality.”

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Tacita Dean’s Christmas tree, ‘Weihnachtsbaum‘ at Tate Britain via Zimbio

The Tate has been embracing the Christmas spirit this week with a series of headlining seasonal happenings.  The Tate Christmas Tree 2009, “Weihnachtsbaum” designed by Tacita Dean, shocked critics by actually appearing “Christmassy”[Bloomberg]  This weekend, Tate Modern’s vast Turbine Hall was taken over by Rob Pruitt‘s festive ‘Flea Market’ – originally held at Gavin Brown’s Passerby gallery in New York in the late 1990s, this event was programmed to coincide with the Tate Modern exhibition Pop Life: Art in a Material World, in which Pruitt also appears [POP Magazine]

Italian police have seized works of art belonging to Carlisto Tanzi – founder of the Italian firm Parmalat who collapsed in a massive fraud scandal in 2003. The 19 paintings and drawings, included works by Picasso, Monet and Van Gogh, and is estimated to be worth more than 100million euros [BBC News]

Antony Gormley’s Event Horizon that will appear in New York’s Madison Square Park in March 2010 via ArtInfo

Antony Gormley has announced plans to install 31 nude sculptures cast from his own body in and around Madison Square Park in Manhattan’s Flatiron District beginning March 26 [NY Times]

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Richard Serra’s ‘Opened Ended’ via Gagosian Gallery

On view now at Gagosian Gallery‘s West 21st Street location are two large sculptures by Richard Serra. ‘Blind Spot’ and ‘Open Ended’ are similar concentric structures each made of six weatherproof steel plates. ‘Open Ended’ was first exhibited at Gagosian’s London gallery last year and this current exhibition marks the New York debut of both works.

Richard Serra: Blind Spot/Open Ended [Gagosian]
Recent Richard Serra Sculptures Coming to Chelsea [L Magazine]

Richard Serra’s ‘Blind Spot’ via Gagosian Gallery

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John McCracken, Swift, 2007. Via David Zwirner Gallery

6 works, 6 rooms is an installation that currently occupies two of David  Zwirner’s gallery spaces. The amount of space that the show affords each work allows for novel consideration of each individual piece and the movements, Conceptualism and Minimalism, to which the works are attributed. The exhibition features the work of Dan Flavin, On Kowara, Sol LeWitt, John McCracken, Fred Sandback and Richard Serra.

6 Works, 6 Rooms [David Zwirner Gallery]

Dan Flavin, Monument 4 for those who have been killed in ambush, 1966. Via David Zwirner Gallery.

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Tracey Emin’s ‘Everyone I Have Ever Slept With 1963-1996′ via The Independent

In an act that summons issues of appropriation of artistic works, the Chapman brothers, just before Tracey Emin’s White Cube show in London,  announce an unauthorized rebuild of Emin’s infamous tent which was destroyed by the same 2004 art storage warehouse fire that burned their work as well [The Independent]
Damien Hirst is looking for identical twins to sit in front of his spot paintings for 100 days in the Tate Modern [Boing Boing]
A Q&A with Michael Moses, co-creator of the Mei Moses Fine Art Index [Monocle]

Video from the opening of Museum Brandhorst in Munich via Vernissage TV

Video: The Museum Brandhorst, home of the Udo and Anette Brandhorst Collection, opens in Munich [Vernissage TV]
A couple volunteers to move their house into Miami MOCA for a Fritz Haeg work [Tuscaloosa News via Art in America]

Sanyu’s ‘Cat and Birds’ via Christie’s set a record at auction for Chinese oils

Hong Kong auctions small but strong [Bloomberg]
and in related, ART HK 09 successful despite market jitters and swine flu fears [Artforum]

Takeshi Murakami’s ‘The Emergence of God at the Reversal of Fate’ via SLAMXHYPE

A piece from Murakami that is 5 years in the making will be unveiled in Venice on the eve of the Biennale’s opening [Slamxhype]
Warhol authentication battle moves closer to trial [Art Newspaper]

Rendering of Jean Nouvel’s Louvre Abu Dhabi via LA Times

Construction begins on Jean Nouvel’s Louvre Abu Dhabi, expected to be completed in 2012 or 2013 [LA Times]

Edouard Manet’s ‘The Bohemian’ at Louvre Abu Dhabi via NY Times

In related, Carol Vogel gives a preview of what is to be exhibited the Louvre Abu Dhabi [NY Times] 
and in further related, some of the works in the collection were bought in this spring’s Yves St. Laurent auction at Christie’s [Financial Times]

Kehinde Wiley’s ‘Jerry Valdes, After Titian’s (Tiziano Vecellio)’ via WSJ

Kehinde Wiley releases his first book of photographs [WallSreetJournal]
Indicted old masters dealer Larry Salander takes a job at an upstate NY gallery, selling his own paintings for $100 [Bloomberg]

Richard Serra, out-of-the-round X (1999). Album cover for Sunn O))), Monoliths & Dimensions (2009) via Frieze

Richard Serra’s work used for cover of SunnO)))’s new album Monoliths & Dimensions [Frieze]
and in related, Serra receives an honorary degree from alma mater Yale [AP]
and in further related, Yale is involved in a lawsuit over Van Gogh’s ‘The Night Café,’ allegedly stolen by the Soviet government in the 1920s [Hartford Courant via Art Market Monitor]

James Turrell’s ‘Unseen Blue’ at the James Turrell Museum via WSJ

A look at the newly-opened James Turrell Museum in Colomé, Argentina [WSJ]
A look at outsized artworks at this year’s Art Basel, featuring Sigmar Polke, Nan Goldin, Banks Violette and others [Artdaily]
and related, Frieze Art Fair announces it program for this October [Frieze]

Huang Yongping's Sixty-Year Cycle Chariot sold for double the high estimate of $194,00, setting a new auction record for the artist, via Artdaily

Contemporary Asian Art Sale at Sotheby’s Hong Kong brings in $8.5 million USD, well wthin expectations with over half of the lots above estimate [Artdaily] more here [Bloomberg] and here [AuctionPublicity] and here [Economist] and here [Artinfo]
and finally more here [China Daily via ArtPatrol]
And in related: The Getty acquires 9 contemporary Chinese photographs for $100,000, boosting its Asian collection despite a tighter budget [Bloomberg]

Takashi Murakami will soon debut a new collaborative collection with Louis Vuitton [HypeBeast]
New York financier/art collector Ezra Merkin charged with $2.4 bilion fraud, the proceeds of which were used to fill his apartment with $91 million worth of art including Mark Rothko works from his collection, one of the largest in the world for the artist [Guardian UK]

Terence Koh via Glob

Kate Moss by Damien Hirst on the cover of Tar Art Magazine, Via New York Times

Kate Moss by Damien Hirst is the new cover of Tar Magazine (anagram for “art”) [NY Times]
Art funds launched in 2008, such as the London-based Art Trading Fund, are shelved due to failure to raise required funds [ArtNewspaper]
Art:21, Art in Twenty-First Century is now available for free on Hulu [Hulu]

"G8" by Andrei Molodkin via Financial Times

Russian Artist Andrea Molodkin, previously cited by AO here, prepares for Venice Biennale [Financial Times]
Jeff Koons is speaking at Strand Books tonight at 7:00-8:30 in New York [Via FAD]
New York Old Masters dealer Lawrence Salander is indicted and pleads guilty in $88 million charge [Bloomberg]

A look inside Rome’s MAXXI designed by Zaha Hadid via c-monster

A preview of the MAXXI in Rome, $108 million art museum designed by Zaha Hadid [c-monster]
Adam Lindemann, financier, collector and author of Collecting Contemporary launches a new book from Taschen: Collecting Design [ArtInfo]

Flash Art’s current cover featuring a portrait of Barack Obama by Marlene Dumas via Art Fag City

Marlene Dumas’s portrait of Barack Obama is the cover of Flash Art [Art Fag City]
Madonna’s art collection is estimated at £80 million pounds [TimesUK]

A selection from the site via The World’s Best Ever

A timeline of modern & contemporary art artists by movement, school, style, period, theme & art prize [The-artists.org via The World's Best Ever]
Richard Serra to receive honorary degree from Pratt Institute at its 120th Commencement on May 18th [MediaBistro]

Interview with photographer Nan Goldin on why she is auctioning some of the curiosities she has collected [TelegraphUK]
SFMOMA announces plans for a future expansion, doubling gallery space [SF Chronicle]

A preview of SANAA’s design for the 2009 Serpentine Pavillion via Architect’s Journal

SANAA, the Japanese architectual duo behind the New Museum, release first glimpse of design for the 2009 Serpentine Pavilion [Architect's Journal]
Jim Dine donates 40 drawings influenced by Greek and Roman sculpture to the Morgan Library [Artinfo]

Picasso Portrait seen here at the home of Julian Schnabel highlights Christie's Impressionist Sale [via artinfo

Marc Drier

Marc Dreier, the powerful attorney indicted on fraud charges totaling nearly $700 million, revealed as a substantial client of Larry Gagosian [ArtLovesMoney]
and in related: Chris Burden on his exhibition at Gagosian Los Angeles that became entangled in the Allen Stanford fraud case [New Yorker]
Spurred by a spate of deaccessionings, New York State looks at a bill aimed at limiting museums’ art sales [NY Times]
Yvon Lambert closes fledgling London branch [Bloomberg]
in in other recession-related: facing a shrunken endowment, Getty cuts its budget by a quarter [LA Times]

via Traileraddict.com

Steve McQueen’s first feature film, ‘Hunger,’ opens in New York at the IFC Film Center [IFC film Center]
London sees a number of Russian women as a force in the contemporary art scene [Financial Times]

Curators of ‘New Deal’ at the Art Production Fund gallery, Matthew Moravec, left, and Kyle Thurman via NY Times

In their early 20s, two curators present an exhibition of artists 19 to 26 years old for Yvonne Force Villareal’s Art Production Fund [NY Times]

Christian Holstad’s installation at X Initiative via NY Magazine

Jerry Saltz reviews two new energetic galleries: The Boiler in Williamsburg and X Iniatiative in the old Dia space [NY Magazine]
The European Fine Art Fair in Maastricht displays trust in Old Masters [The Art Newspaper]
Hirst, Serra, Koons and others bring in exceed estimates and bring in $6 million at Paris charity auction [Bloomberg]
Asian Art Week actions sell robustly at both Christie’s and Sotheby’s [Crain's]
Artprice publishes its top 10 ranking of artists based on auction revenue in 2008 [ArtPrice]

A portrait of Yves Saint Laurent by Andy Warhol via artnet

Pierre Bergé withdraws four portraits of his partner, the late Yves Saint Laurent, from an Andy Warhol exhibition in Paris four days the opening [Artinfo]
Fashion designer contextualized art is again resilient: Sotheby’s Gianni Versace sale greatly exceeds its estimates [Artdaily]

Vincent van Gogh, The Night Cafe, 1888, Via ARTstor Collections

Yale University files suit to claim ownership of Van Gogh, after self-proclaimed descendent of previous owner lay claim to the work [Associated Press]
Director of SFMoMA sets example on how to tackle economic difficulty [NY Times]
Jackie Wullschlager looks at three new books that explore Darwin’s influence on Modern art [Financial Times]
Beacon in upstate New York is an art destination [NYTimes]

Levi’s collaborates with Stefan Sagmeister on art series featuring its iconic 501 [PaperMag]
and in related Lucien Pellat-Finet and Marc Quinn collaborate [Vogue]
The Chapman Brothers direct new video for PJ Harvey and John Parish [NME]

Michael Visocchi's proposal for Yield, Via Artdaily

Michael Visocchi has won the 2009 Jerwood Sculpture Park Prize [BBC]
and in related, Pipilotti Rist has been awarded the 2009 Joan Miro Prize [Artdaily]

Richard Serra’s Equal Parallel: Guernica-Bengasi, 1986, returned to El Museo Nacional Centro de Art Reina Sofia, Madrid via Art Daily

Missing Sculptures by Richard Serra are replaced at El Museo Nacional Centro de Arte Reina Sofia [ArtDaily]
How Art Capital Group is providing liquidity backed by significant fine art [The New York Times]
A new book on the world’s largest unsolved art theft, the Gardner Museum Heist [Wall Street Journal]
A new Julian Schnabel-designed steak house back room? [NYMag]
The Moscow Art Fair has been postponed [Bloomberg]

A still from the Marcel Dzama video via Pitchfork

Animated Marcel Dzama for NASA’s video [TheWorldsBestEver]
The Prado’s conclusion that Colossus is not a Goya is brought into question [Wall Street Journal]
How the Brooklyn Museum’s Shelly Bernstein expands the institutions presence via internet outreach [New York Observer]
Francis Bacon, and a new exhbition in the unlikely city of his death [New York Times]
An agreement reached with further clarifies the collection boundaries between the UK’s National Gallery and the Tate [Guardian UK]

Assume Vivid Astro focus via the TheMoment

Assume Vivid Astro focus collaborates with the New York Times [TheMoment]
The last days of Soho’s Guild and Greyshkul gallery [New York Times]
A detailed new report on the growing impact of China, Russia, India and the Middle East in the global art market [ArtDaily]
How the fall of the art boom is useful to trim the movement of blockbuster art to the only fleetingly interested masses [Newsweek]
Mega dealer David Nahmad on the market’s rise and fall: “It’s almost a fraud. I would never advise my clients to buy contemporary art.” [IndependentUK]

Lucian Freud has painted a wine label for Chateau Mouton Rothschild 2006 [Forbes]
Sotheby’s reports $2.8 billion in sales in 2008 [ArtDaily]
UK Government cuts VAT taxes after court rules that video and light art is sculpture in a case involving Dan Flavin and Bill Viola works imported by Haunch of Venison [The Art Newspaper]
How the Whitney recently benefited from the weakness of the corporate system [NYTimes]
The Times UK and Saatchi Gallery begin a top 200 artist survey with results to be announced in May [TimesUK]

Race Riot by Andy Warhol, top left, Forget It! Forget Me! by Roy Lichtenstein, right, and Life is a Killer by John Giorno, bottom left. Undated picture taken at the Rose Art Museum, Brandeis University, Waltham, Massachusetts. Image via Bloomberg.

Several major Brandeis University donors and trustees suffered substantial losses when Bernard Madoff’s Ponzi scheme was exposed, leaving the university in a very precarious financial position.  Facing a potential $79 million deficit, according to an official interviewed at the Daily Beast, the university is facing some rather stark choices: closing the Rose Museum and selling the entire collection at a fire sale price, or potentially firing up to half of its faculty.

Museum page: Rose Art Museum
Statement from Michael Rush, Director of the Rose Art Art Museum, regarding the impending closing of the museum [Rose Museum]
Brandeis Forced To Close Museum [WSJ]
Outcry Over a Plan to Sell Museum’s Holdings [NYT]
Brandeis Art Sale Illustrates Pressures on Colleges [WSJ]
Brandeis President Says School May Keep Its Art, but Rose Will Close [ARTINFO]
Brandeis may keep art, says president [Boston Globe]
Critics Blast Brandeis Plan to Close Rose Museum, Sell Artworks [Bloomberg]
Protests, Rumors swirl in Rose Musem closing [Artnet]
Q&A with Rose Art Museum director Michael Rush [ArtJournal]
A Madoff Sell Off? [TIME]
Brandeis on the Brink [The Daily Beast]
Save the Rose Art Museum [Facebook]

More detail on the story after the jump…

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The Museo Universitario de Arte Contemporáneo in Mexico City via panoramio.com

Mexico City opens a new 3,300 sq. m, $20 million contemporary art museum [TheArtNewspaper]
Sculptor Richard Serra awarded the Order of Arts and Letters of Spain [ArtDaily]
A Sotheby’s video offers refreshing transparency into its process in the current environment [Sotheby's]
In more video, Takashi Murakami on money and art, New York vs. Tokyo and more [TMagazine - The Moment]
And finally, video of Damien Hirst on his Statuephilia installation in London [Aarting]

Tom Sachs opens his online store [tomsachs.org via supertouch]
Gallerist/web presence Edward Winkleman announces his book ‘How to Start and Run a Commercial Art Gallery’ [edwardwinkleman]
The Louvre finds 3 possible Leonardo Da Vinci drawings on the back of his painting [Bloomberg]

Gallerist Mellissa Bent, artist Hope Atherton and artist Georgia Sagri make the scene at Rivington Arms via ArtForum

On the closing of Lower East Side Gallery Rivington Arms [ArtForum] more on this here [NYObserver]
Similarly, the International Asian Art Fair is canceled [ArtInfo] Galerie Emmanuel Perrotin Miami, opened in 2005, will also close [ArtLurker]

The installation entitled ‘Moscow on the Move’ via the Guardian

Dasha Zhukova and the Moscow Garage organize a 17-artist public video installation which includes work by Doug Aitken, Fischli and Weiss and Pippilotti Rist [GuardianUK]

A beach towel by Ed Ruscha via the Art Production Fund

Just in time for Art Basel Miami Beach, new beach towels by Ed Ruscha, Karen Kilimnik, Raymond Pettibon and Julian Schnabel are ready, catch them at the Raleigh Hotel [Art Production Fund]
A Page Six roundup of some of the Art Basel Miami Beach parties, as usual, the Raleigh hotel is front and center [NYPost]

“Paysage, le mur rose” (Landscape, the Pink Wall) by Henri Matisse via Artsjournal

France gives back Henri Matisse painting, once seized by Nazi SS officer, proceeds from sale to go to British charity for medical rescue in Israel [Artsjournal] more here [AP]

Museum of Islamic Art, Doha, Qatar via The New York Times

Qatar opens the 41,000 square foot, IM Pei designed Museum of Islamic Art in Doha; Robert de Niro, Damien Hirst, Jeff Koons and London dealer Jay Jopling attend festivities [NewYork Times]

Portrait of a lady as Flora , by Italian master Giambattista Tiepolo

A lost painting by Giambattista Tiepolo, discovered in a chateau attic, may sell for £1m at Christie’s sale in London next week [FinancialTimes]
City of San Francisco not accepting $1 billion gift to build space to show Gap Inc. founder Don Fisher’s 1,000 work strong collection due to aesthetics of architecture [Bloomberg]
A review of Calvin Tomkins’s ‘Lives of the Artists’ which profiles headliners such as Hirst, Cindy Sherman, Schnabel, Serra, Koons, Currin and others [NYObserver)

Portrait Ria Munk III - by Gustav Klimt via Linz Presse

Lentos Museum in Austria may have to give a $10 million Gustav Klimt painting to heirs of Holocaust victim [Bloomberg]

The artist Steve McQueen via GuardianUK

Turner prize winning video artist Steve McQueen interviewed, and more, on his new film, ‘Hunger’ [GuardianUK]

Kaws does cover art for Kanye West via theartcolectors

Kanye West uses Kaws for his cover art (Takashi Murakami has also had the privilege) [theartcollectors]
Art collector Aby Rosen’s Core Club, featuring works by such artists as Jean-Michel Basquiat and De Kooning, owes its founding members funds [NYPost]
A closer look into the ramifications of the art “crash” [WallStreetJournal]

Frank Gehry's Art Museum of Ontario via the NYTImes

John Currin's Nice 'n easy, 1999, an Oil On Canvas, Sold for $5,458,500, (Estimate:$3,500,000-$4,500,000)

Sotheby’s Contemporary Art Evening Sale, New York, Tuesday, November 11th
Total Lots Offered: 63
Total Lots Sold: 43 (68.2%)
Total Sales Value: $125.1 million
Total Sales Pre-Auction Estimate: $202.4 million

On the heels of its Impressionist and Modern Art sale that brought in $223 million, well below its low estimate of $339 million, with only 45 of 70 lots sold as previously covered by Art Observed here, Sotheby’s Contemporary Art Evening Sale in New York, held on Tuesday, November 11th, brought in $125 million against a $202 million estimate. The sale was 68.2% sold by lot, with 43 of 63 works finding buyers, marking the lowest selling rate for a multiple-owner evening sale of contemporary art held at Sotheby’s since November 1994. A third of the lots failed to sell, and most of the works that did sell went for less than their presale low estimate. The top lot of the sale was Yves Klein’s Archisponge (RE 11), seen below, which brought $21,362,500. Artist records were set tonight for Philip Guston Beggar’s Joys, which achieved $10,162,500; John Currin, Nice ‘N Easy (see above), which realized $5,458,500 (see above) and Richard Serra, 12-4-8, which fetched $1,650,000.

A Dreary Night for Contemporary Art at Sotheby’s [NYTimes]
Sotheby’s Contemporary Art Sale defies worst fears [Reuters]
Sotheby’s New York Evening Sale of Contemporary Art Brings $125,131,500 [ArtDaily]
$125 million at Sotheby’s Contemporary [ArtNet]
The art market: Contemporary art gets hammered [FinancialTimes]
Bare Market [ArtForum]
Eli Broad Goes Shopping as Sotheby’s Art Auction Falls Short [Bloomberg]
Currin Nudes Set $5.46 Million Record at Spotty Sotheby’s Sale [Bloomberg]

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Richard Serra via Time

The Economist is long on Richard Serra: “slow-burning Mr Serra will be one of the artists whose work will continue to shine long after he is gone” [TheEconomist]
The defensive financial strategies art auction houses take during a market downturn [The Art Newspaper] and in related, financing for fine art is correspondingly receding [Portfolio]
A look inside the highly specialized art storage business [Financial Times]
The Tate Modern may have accidentally hung 2 Rothko’s sideways [TimesUK]

The Pollock in question via terisfind.com

Highly controversial supposed Jackson Pollock drip painting is for sale for $50 million in Toronto [CBC]
London’s Colony Room, favored bar of Lucian Freud and Damien Hirst, may close [TimesUK]
50 to 75 Modern and Contemporary German works of art including some by Rosemarie Trockel, Georg Baselitz and Candida Höfer donated to the Busch-Reisinger Museum at Harvard [Artdaily]
Yvonne Force Villareal, sets up an APFlab (“Art Production Fund”) on Wooster street in Soho, New York [NYTimes]