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…)
A recent interview with Christie’s head Steven Murphy for the Wall Street Journal notes the auction house’s commitment to entering the online market. “I felt the art auction world had not experienced the tidal wave that music, video and books experienced with the advent of online,” said Mr. Murphy, who has worked with Rodarte and Disney in the past. (more…)
Following the resolution of his court case against photographer Patrick Cariou, Richard Prince’s Canal Series will return to Gagosian Gallery this May. The last showing of the works, in 2008, generated more than $10 million in sales, and Larry Gagosian will look to achieve high sales again. “Because of the litigation, everything was frozen,” Gagosian said in a telephone interview. “The art had to be put in storage. We couldn’t sell the catalog. But now that the air has cleared, it seemed like a good moment to take another look at the work.” (more…)
Jean-Michel Basquiat, Dustheads (1982), via Christie’s
This week, Sotheby’s and Christie’s released their sales reports for the first half of 2013, with both sides announcing record sales figures. Christie’s has achieved a global sales total of £2.4 billion, including buyers’ premiums, a 9% increase on last year’s figure. The total includes the private sales of £465.2 million, an increasingly popular segment of the sales market, which saw a 13% growth from last year. The report also marks the third year in a row that the auction house has set new records for the period in both company and art market history.
