Portrait of Pastor Swalmius, Rembrandt via BBC

Royal Museum of Fine Arts in Antwerp restores the “Portrait of Pastor Swalmius” and discovers it is Rembrandt’s creation, as such, the value of the work increases from $1.4 million to $28 million [BBC]
Russian Minister of Culture, looking for $100m to fund the development of a museum of contemporary art in Moscow, turns both to governmental support and private investors [Art Info]
The destruction in fire of Peggy Cafritz’ Collection mourned not only by her, but also by museums and galleries that recognized its value [The New York Times]
This Thursday night, Artist Duke Riley planning a naval battle for Queens Museum of Art gets support from volunteers, the event titled “Those About To Die Salute You” promises to be the city’s art party of the summer [Wall Street Journal]
A major site-specific sculpture installation by Anish Kapoor will be at Guggenheim for the Museum’s 50th anniversary [Guggenheim]
An $150,000 Philadelphia art prize announces finalists and boasts being the largest prize given for visual arts in a juried competition [Art Review]
In related, The Kandinsky Prize, the most important Contemporary art prize in Russia, will be showing works in London and will coincide with the Frieze Art Fair [Art Daily]

Leonardo Da Vinci, Mona Lisa via Louvre

A woman threw a tea cup at Mona Lisa in Louvre, as the painting hangs behind a bullet proof glass it is not damaged, the woman is taken to a psychiatric word [CNN]
Rocco Landesman’s pending appointment as the head of National Endowment for the Arts has been confirmed by US Senate [Los Angeles Times]
Elizabeth Andrews, a gallery supervisor, intends to file a lawsuit against the Tate Modern regarding its cold temperature contributing to her deteriorating health as she is forced to move there from Tate Britain [Art Review]

Bruce Nauman via Sperone Westwater

A plane will perform Bruce Nauman’s Skywriting Project on September 12 in Pasadena, 40 years after the idea’s conception [Artforum]
3 months after its inauguration, MoCA China runs out of money and Mr. Aranita, its founder flees to Hawaii leaving his ex-girlfriend and only legal partner to deal with his many debts [Art Newspaper]
After Ryan McGinley spent two months in caves of North America for photo shoots, his Manhattan food choices are documented by New York Magazine [Grub Street]

Unicorn The Child’s Dream, Damien Hirst via Guardian

Damien Hirst’s vitrine “The Child’s Dream” will become a part of Tate St Ives exhibition titled “The Dark Monarch” starting 10 October [Art Daily]
After Sotheby’s profit declines 87%, William Sheridan, its Financial Officer, claims that art prices and sales have bottomed [Bloomberg]
Due in part to failed relationship with Sotheby’s, Stephen Ranger resigns as president of Toronto auction house Ritchies, as the auction house lays off its entire staff of 25 people [CBC]

Presidio, San Francisco – a historical site where Fisher planned to build a museum via LAT

Gap founder Donald Fisher’s immense collection of art may not be available to public in San Francisco, since his plan of building a museum in Presidio has been opposed by the preservationists [Los Angeles Times]
With rent prices dropping almost to half of what they used to be, art dealers open galleries in the Hamptons where their clients spend Summers [The Art Newspaper]
To stop graffiti artists, Rome’s Mayor tries to pass a new law which assumes not only fines but also mandates cleaning up the defaced walls [Life in Italy]
In reaction to decline of art donations, senator Charles Schumer tries to pass a bill making donating tax-advantageous [Wall Street Journal]
Christie’s in collaboration with Pierre Bergé and Associates announce the second Yves Saint Laurent auction estimated to raise $3-4 million for H.I.V research and in related Sotheby’s 4 November, 2009 sale will include seven Impressionist paintings from the Durand-Ruel collection [Auction Publicity]

Newport Mill transformed into an exhibition space via The Moment

Enormous old mill in New Hampshire is transformed by William Ruger into an exhibition space where an inaugural show “H2O Film on Water” will be held [The Moment]
Ryan McGinness is commissioned to create his first site-specific work to celebrate the opening of a new wing in the Virginia Museum of Fine Arts [Art Info]
The 5 star Hotel Marienbad in Berlin accepts artwork as a form of payment as long as artists are not local [Guardian]
Glenn D. Lowry, the director of MoMA took a voluntary pay cut and yet managed to be the highest paid Museum Director in the six US museums with biggest budgets, landing $1.32 million for the fiscal year [The New York Times]
Funded by team owners, 14 site-specific works are created by prominent contemporary artists including Olafur Eliasson for the Dallas Cowboys Stadium [The Art Newspaper]

Bronze heads dating from China’s Qing dynasty, subject of a controversy after the winning bidder is refusing to pay for political reasons. Image via New York Times.

“I think any Chinese person would have stood up at that moment,” he said, adding, “I want to emphasize that the money won’t be paid.” — Cai Mingchao, via the New York Times.

Cai Mingchao, the winning bidder on two Chinese relics recently sold at Christie’s record-breaking Yves St Laurent auction, is refusing to pay for them in a gesture aimed at botching the sale of the figurine heads that were looted from an imperial palace almost 150 years ago. The winning bid was $18 million for each head.

The bronze heads representing a rat and a rabbit were the subject of some controversy before and during the auction.  A group based in China filed an injunction against Christie’s in a French court, in an unsuccessful effort to block the sale of the heads. They were part of a water clock display based on the Chinese zodiac, and allegedly looted by French and British soldiers during the Second Opium War in 1860. When asked about the sculptures during an interview at the onset of the auction, Pierre Berge commented that he would return them if  they would “observe human rights and give liberty to the Tibetan people and welcome the Dalai Lama.”

Twist in Sale of Relics Has China Winking [New York Times]
Bidder Refuses to Pay, Stating Protest of Looting [Wall Street Journal]
Chinese art trader declines to pay up [Financial Times]
Chinese zodiac statues’ origins [BBC]
China relics buyer refuses to pay [BBC]
Yves Saint Laurent Auction Sabotage [Forbes]
Chinese collector sabotaged animal head auction [Telegraph UK]
Spectacular Yves Saint Laurent auction raises record breaking $264 million, sets records for Mondrian, Matisse [ArtObserved]
Chinese Who Won Bid on Bronzes Acted on His Own, Xinhua Says [Bloomberg]
China-Art Sales May Drop as Bidder Refuses to Pay [Bloomberg]

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Image via Daily Telegraph

The three day auction of hundreds of art and furniture collected by the late legendary fashion designer Yves Saint Laurent and his longtime partner Pierre Bergé kicked off today at 1PM EST. The auction which many have called the “Sale of the Century” is being held at the Grand Palais in Paris under the guidance of Christie’s auction house. The auction includes six separate sales over three days and contains masterpieces by Picasso, Mondrian, Matisse along with several other Art Deco pieces, bronzes, enamels and antiques. The first item sold was a small Italian landscape by Degas for which Berges had said he had a “special affection” for. It was bought for 380,000 euros (485,000 dollars). Proceeds from the sale will go to two charitable foundations set up by Saint Laurent and Bergé. Another early highlighted item sold was a wooden sculpture by Constantin Brancusi which sold for 29.2 million euros (37.2 million dollars) which was a a record for the artist’s work at auction. For up to date results from the auction, visit Christie’s results as they happen.

Christie’s Fine Art Auctions
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Pierre Bergé on Yves Saint Laurent, his auction house and the sale of the century [Art Info]
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Brancusi Sculpture Fetches Record 29.2 Million Euros [Bloomberg]
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Saint-Laurent Collection Livens Up A Sluggish Auction Market [Arts Journal]
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Treasury of Style [ArtNet]
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Inside Yves Saint Laurent’s Art Collection [Forbes]
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Treasures, after a fashion [Financial Times]
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The Last Collection [New York Times]
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The Art World’s Last Hurrah? [Wall Street Journal]
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The late Yves Saint Laurent and Pierre Berge

A look into Christie’s coming Yves Saint Laurent sale, the largest single owner sale in auction history [Economist]
An interview with artist Jenny Holzer [Art21]
A review of Denis Dutton’s book “The Art Instinct: Beauty, Pleasure and Human Evolution” which attempts to define art within a socio-biological context [NYObserver]

Bernd Runge, now at the helm at Phillips de Pury via Tattler.ru

Ex-VP of Conde Nast (and ex-East German Stasi secret police spy) appointed by newly Russian owned Phillips Auction house as CEO and in related, Ex-British Petroleum CEO to run the Tate museum group [Bloomberg]
Sotheby’s discontinues the practice of allowing art to be bought at auction with credit cards [NYMag]

Guernica – By Pablo Picaso via Pdx.edu

Picasso’s Guernica to adorn Whitchapel Gallery reopening in April [ArtNewspaper]
Christie’s combines 19th Century European Art, Old-Master Paintings, Old Master Drawings and British Drawings into one department to create an umbrella category for art between 1300 and 1900 [NYTimes]
The complicated process behind creating and selling forged Russian artwork [Forbes]