The recent Sotheby’s auction of jewels designed by sculptor Alexander Calder broke all estimates at auction last week, selling for the total of $8 million, far beyond the works’ estimated $1.5 million price tag.  “This is a major development in the market for artists’ jewellery,” says specialist dealer Louisa Guinness. (more…)

The Independent reports on the history of artist Jeff Koons, noting his time as a Wall Street commodities trader, and the artist’s immense market popularity, underscored this week by the sale of his Balloon Dog sculpture for $58 million.  The article notes the rising of wealth of the “new asset class,” and the appeal of Koons’ sculptures to collectors with a ” large deficit of social and cultural capital.” (more…)

Christie’s completed its first auction mainland China yesterday, selling a variety of artworks, jewelry and collectibles for a total sale of $25 million.  One highlight was a painting by Pablo Picasso, which achieved a final price of over $1.5 million.  “I’m very happy with the results, with the right place, with the right people, with the right moment,” said Christie’s executive Steven Murphy.  (more…)

The Financial Times has published an interview with Zeng Fanzhi, the Chinese painter who currently sits as one of the most expensive contemporary Asian artists.  Documenting his unique style, the interview goes on to detail Fanzhi’s early struggles as an artist in China, and his early life in Wuhan, a city known for its prominent role in The Cultural Revolution.  “At the time everyone wore the same clothes but my mother liked beautiful things and she sometimes wore a bit of colour – some pink flowers on her clothes,” Zeng says. “For that she was persecuted for her ‘petit bourgeois sentimentalism’ – that experience affected my whole family deeply.” (more…)