The New York Post quotes an unnamed source disclosing that the mystery buyer of the record setting, $179 Million Pablo Picasso several weeks ago in New York is former Qatari Prime Minister Hamad bin Jassim bin Jaber Al Thani.  “The painting almost certainly will not go on public display in Qatar because of the nudity, even though it is a cubist work,” the source says. (more…)

The Telegraph looks at the growing competition among the world’s wealthiest for high-priced art trophies as status symbols, and notes the growing trend towards the establishment of non-profit foundations and museums as an even more appealing demonstration of wealth.  “Making your collection available to the public, understanding the journey you have been on, your taste,” says Celine Fressart, head of special projects at 1858 Ltd.  “That, really, is the ultimate in bragging rights.” (more…)

The New York Times notes the attractive benefits for wealthy collectors founding their own private, tax-exempt museums to house their art collections, allowing the collectors to deduct full market value for their donations even when the museum may be housed on the same property as their home.  “I’m not against it being done, but it’s got to be done well,” says Robert Storr, dean of the Yale School of Art. “If there’s to be a public forgiveness for taxes there should be a clear public benefit, and it should not be entirely at the discretion of the person running the museum or foundation.” (more…)

The New York Times has published an extended account of the recent ruling on the case regarding the inheritance of James A. Elkins, a collector whose works were held jointly by various members of his family.  The ruling, announced earlier this fall, allowed a discounted estate tax on these works, fundamentally changing the way taxes can be levied on art in a collector’s estate.  “I’ve had calls from estate planning attorneys that said they celebrated in the coffee room when this decision came out,” says Carsten Hoffmann, managing director at FMV Opinions. “This is a deal changer.”  (more…)

Space Group, an iconic building in downtown Seoul, has been converted into an art museum.  The Ariano Museum, opened by collectoer Kim Chang-il opened this month with a show of works from Mr. Kim’s collection, over 200 pieces by 43 international artists, including notable pieces by Subodh Gupta and Marc Quinn.   (more…)

Blackstone Group LP vice chairman James Tomilson Hill has been acknowledged as a billionaire this week by Forbes Magazine, after his stake in Blackstone rose to $585 million yesterday, complementing the avid art collector’s broad selection of works by artists like Peter Paul Rubens, Francis Bacon and Andy Warhol.  “I don’t like to talk about the financial aspect of art,” he said in a recent interview. “Collecting art is a highly personal endeavor.” (more…)

Long-time collector and founder of Exis Capital Management Adam Sender is selling off his monumental art collection over the next year and a half through Sotheby’s, the New York Times reports.  The collection of works, including pieces by Dan Flavin, Martin Kippenberger and Cindy Sherman, is valued at $70 to $80 million.  “I grew up Jewish, but more and more I find myself embracing a Buddhist philosophy,” Sender says. “I will still be lucky enough to live with a lot of art.”  (more…)

Crain’s Business takes an inside look at the growing trend of high-end pawnshops, accommodating wealthy collectors interested in quickly monetizing their artworks.  The growing popularity of personal asset loan companies like Borro has seen more art collectors in particular using the site, like one Marc Kaye, who used the site to get a loan on a $64,000 Picasso drawing during a dry spell.  “I was in just a little pinch, and this was an elegant and discreet way to get cash,” he says. (more…)

The New York Times takes a look at the contemporary art market, and the purported bubble many dealers and analysts have pointed to over the sale of blockbuster works by Koons, Richter and Warhol, among others.  But the article also hears out dealers who maintain that the market has never been stronger.  “Things are different now,” says art advsor Allan Schwartzman. “There’s a momentum in the market that’s dictated by the top players. It’s trophy-driven. There are often six competitors for the major lots at auctions, which indicates to me there isn’t a bubble. Contemporary art has never been supported like this before.”   (more…)

Forbes Magazine profiles Guilty, the gargantuan yacht of Dakis Joannou which was commissioned as a collaboration between Jeff Koons and yacht designer Ivana Porfiri.  Inspired by the World War I technique of Razzle-Dazzle camouflage painting, the boat is hand-painted, and features a portrait of Iggy Pop on the roof.  “The process was extremely complex,” Joannou says. “Ivana sent the design to Jeff, and he did some 3-D designing in his studio. I did not interfere at all.” (more…)

The impressive wealth of Qatar, the small Persian Gulf nation, is fundamentally affecting the current art market, the New York Times reports.  Collectors from the oil-rich state have spent astronomical sums on works in the past years, including $70 million for a Mark Rothko canvas, and $20 million for a Damien Hirst pill case.  At the center of this buying glut is Sheika al Mayassa bint Hamad bin Khalifa al-Thani, the head of the Qatar Museums Authority and sister to the nation’s emir. “They’re the most important buyers of art in the market today,” said Patricia G. Hambrecht of Phillips. “The amount of money being spent is mind-boggling.” (more…)

Following a well-attended VIP preview at this year’s Art Stage Singapore, dealers are saying that the Asian art fair is off to a strong start.  The growing wealth of Southeast Asia is reflected in the high number of Asian galleries at the fair, but Western artists have also fared well, with a number of Antony Gormley works already sold, and major interest in the butterfly works of Damien Hirst.  “With the Dow at a four-year high, a lot of people have loosened their purse strings,” said Jasdeep Sandhu, of Singapore-based Gajah Gallery. (more…)