T-shirt and pair of jeans featuring original artwork by Damien Hirst, via BlackBook

Damien Hirst has teamed up with Levi’s to produce ‘Damien Hirst x Levi’s x Warhol Factory Collection,’ a series of limited edition jeans, t-shirts and denim jackets. The collection features over 12 pieces featuring motifs and aesthetics found in Hirst’s art: tropical butterflies, skulls, and an array of spin-painted colors. Buyers can expect to find the collection at a select group of Levi’s stores in major global cities as well as fashion boutiques. T-shirts start at $83, while jeans will retail at $230. There is also a series of spin painted jeans in Levi’s signature 501 style, which will only be available via silent auction in key cities in Asia, Europe and North America–for price tags in the range of $23,000.

Art Star Damien Hirst Creates New Levi’s Jeans [Women’s Wear Daily]
Damien Hirst x Levi’s x Warhol Factory [Denimology]
Introducing $23,000 Denim, Courtesy of Damien Hirst [BlackBook]

J.M. Turner Snow Storm – Steam-Boat off a Harbour’s Mouth, exhibited 1842 via Tate Britain

This Wednesday The Pushkin Museum of Fine Arts in Moscow and The Tate Britain in London agreed to hold the first major exhibition in Russia of works by J.M.W. Turner, the renowned 19th century British painter. The exhibition will be solely financed by the Russian billionaire Alisher Usmanov, a close friend of Vladimir Putin, who was ranked the 142nd richest man in the world in the 2007 Forbes 400 and who is the largest shareholder (24%) of Arsenal Football Club.

Billionare Takes Tate Works to Moscow [Guardian]
Usmanov Explains Why he Backed Turner Show [Bloomberg]
Turner Exhibition Set to Open in Russia [ArtDaily]
Tate sends Turners to Pushkin [TimesOnlineUK]
Press release from Tate Britain

More info and images after the jump… (more…)

‘Revolving Hotel Room,’ by Carsten Holler, on display at ‘theanyspacewhatever’ at the Guggenheim, via New York Times

‘theanyspacewhatever,’ which opened at the Guggenheim on October 24th, aims to capture and evoke the zeitgeist of the early 1990s art world. The exhibition contains installations, pieces, and performances by Pierre Huyghe, Angela Bulloch, Liam Gillick, Maurizio Cattelan, Carsten Höller, Jorge Pardo, Philippe Parreno, Dominique Gonzalez-Foerster, Douglas Gordon, and Rirkrit Tiravanija–artists who primarily come from the non-visual arts. The opening event, entitled ‘Opening,’ was a participatory piece by Pierre Huyghe where most of the museum’s lights were shut off, with the only illumination coming from headlights distributed to the attendees. The gaze of those in attendance defines the artwork both literally and figuratively–a self-consciously contrived conceit which reflects the spirit of the exhibition. ‘Opening’ will occur again on November 17th and December 8th. Another notable piece is the Revolving Hotel Room by Carsten Höller, a rotating bed and hotel room set that can be booked by visitors who wish to sleep there, offering a chance to live at the Guggenheim, if only for a night (unfortunately however, it’s sold out).

theanyspacewhatever
through January 7th, 2009
Solomon R. Guggenheim Museum, 5th Avenue at 89th Street, New York, NY

Exhibition page: theanyspacewhatever
A Nighttime Spin at the Guggenheim [New York Times]
Museum as Romantic Comedy [New York Times]
Night at the Museum [ArtForum]
Night at the Museum [NewYorkMagazine]
theanyspacewhatever at the Guggenheim Museum [VernissageTV]

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A London studio visit interview with Anish Kapoor [GuardianUK]
Richard Prince, who opened at Gagosian Chelsea tonight, interviewed on VBS.TV [VBSTV]
Three public art projects from Jeff Koons, Daniel Arsham, and John Henry will be at Art Basel Miami Beach [Artdaily]
All about Maia Norman, Damien Hirst’s companion [TimesUK]
How the current times can offer art bargains [Bloomberg]
The Asian Contemporary Art Fair, on in New York from Thursday to this Monday the 10th at Pier 92, 52nd Street & 12th Avenue [Official Site]
Two portraits authenticated as Van Goghs from 1886 Paris [cbcnews]
Former MET Director Philippe de Montebello and Paula Zahn to host 13’s SundayArts [ArtDaily]
Murakami ‘Wraps’ Louis Vuitton corner on 5th and 57th in Manhattan [WWD via Kempt]

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Damien Hirst’s first exhibition with Emmanuel Perrotin Gallery in 1991 via Perrotin Gallery

Damien Hirst has surprised the art world again by announcing that he will reignite his relationship with Parisian gallerist, Emmanuel Perrotin, who in 1991, was one of the first two dealers to exhibit the artist. Perrotin considers Hirst to be an old friend and claims to be the only dealer to never profit from Hirst’s stardom. It is too early to tell, but it is suggested that a solo exhibition will be scheduled for 2010, but neither Hirst nor Perrotin have indicated if this is the beginning of a longer lasting artist-dealer relationship. Perrotin and Hirst’s partnership comes after Hirst’s infamous Sotheby’s auction, “Beautiful Inside My Head Forever,” previously covered by AO here in which noted art critic Robert Hughes accused Hirst of cutting dealers out of the action. “Everyone has written that Hirst wanted to bite the hand that fed him,” says Perrotin. “But there’s a difference between asserting independence and turning your back on dealers.” Whether Hirst is playing a well-calculated ironic card out of his ever-evolving deck or simply scratching the back that once scratched his own is still to be seen.

Hirst adds Perrotin to his dealer roster [ArtNewspaper]
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Pandora: Hirst goes back to his roots with Paris show [IndependentUK]
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Gallerie Perrotin [Gallerie Perrotin]
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(more…)

On Wednesday November 5th, Christie’s conducted its sale of the estates of two separate widows (the Alice Lawrence and Hillman family collections) bearing similar works of mostly late 19th and early to mid-20th century pieces, in an auction thus titled “The Modern Age.” These auctions included works by headliners such as Pablo Picasso, Paul Cézanne, Mark Rothko, Fernand Léger, Edouard Manet, Henri de Toulouse-Lautrec, Amedeo Modigliani, Giorgio De Chirico and René Magritte. The event followed the latest Sotheby’s auction for Impressionist and Modern art on Monday (as covered by AO here) which disappointedly totaled $223.8 million against the $338 million low estimate. Additionally, the Modern Age sale corresponded to a particularly steep post-presidential race drop in the public equity markets in which the Dow plunged 486 points.

The auction results were no surprise considering the current tepid environment in the art market: The two collections listed 58 lots, of which 17 did not sell, for a total sale of $47 million, which was less than half of its $104 million low estimate. Christie’s said 51% of buyers were American and 29% European. Though Surrealist lots by Magritte (see image above) and De Chirico (see below) did well, of the lots that were brought in were the most expensive of the sale, notably, Manet’s “Fillette sur un banc/Girl on a Bench,” a 1880 portrait of a girl with a wide-brim hat estimated at $12-18 million (see image below), and Rothko’s “No. 43 (Mauve),” estimated at $20-30 million. Other works by Cézanne, Renoir, and de Kooning also failed to sell.

Bleak Night at Christie’s, in Both Sales and Prices [NY Times]
Art-Market Rout Persists: Rothko Snubbed at Auction [Bloomberg]
Buyers Cool to Private-Collection Art at Christies [Reuters]
Market Forces Bring Fire-Sale Prices for Christie’s “Modern Age” [Art Info]
The Modern Age: Property from the Hillman Family Collection [Art Daily]
Christie’s Wan and Woeful Night [CultureGrrl]
Christie’s Website

more auction results, quotes and images after the jump…

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Mirabelle Marden and Melissa Bent via Artnet

Rivington Arms, the young, trend setting gallery that opened in a retail space on Rivington Street in the Lower East Side in 2001, before moving to its current space off the Bowery, is closing in January.  The partners, Mirabelle Marden, 29, and Melissa Bent, 31, are fixtures not just in art but also in fashion (they have been featured in Uniqlo ads throughout the city, in Vogue and the New York Times Style section) and in the New York social scene.  The duo cited causes for the breakup that were unrelated to the economy: “It had to do with where each of us wanted to take the gallery.  We are not ending because we are getting crushed out.”

Rivington Arms to Close [ArtInfo]
Rivington Arms to Close [ArtForum]
Rivington Arms to Close as Partners Differ on Gallery’s Future [Bloomberg]
Rivington Arms

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Kazimir Malevich’s 1916 painting Suprematist Composition sold for $60 million via International Herald Tribune.

The results of the Sotheby’s New York Impressionist and Modern Art auction Monday night were overall dissapointing, despite some noteworthy lot results of works by Malevich, Degas and Munch. Fears of an art-market meltdown have been fueled by recent lukewarm results at London’s Frieze art fair and the abrupt pulling from the auction of the 1909 Picasso that was expected to sell for over $30 million. While the Sotheby’s evening total on Monday stood at 45 works sold for $223.8 million, it was well below its initial estimates of $337 million to $476 million, which were set over the summer before the financial crisis. The sale was the lowest for an Impressionist evening sale at Sotheby’s since May 2001. David Norman, an executive vice-president at Sotheby’s was quoted by the Guardian as saying “Anyone would expect people to be more circumspect in this environment. We’re selling in a very uncertain world.”

Auction Season Opens With Little Enthusiasm [NY Times]
Art Market `Corrects’ as Lots Go Unsold at Sotheby’s [Bloomberg]
Three Big Lots Pace Respectable Showing at Sotheby’s [ArtInfo]
New York sales hit record highs amid signs that the art market is dropping [Guardian UK]
Work by Kazimir Malevich sold for record $60 million [International Herald Tribune]
Kazimir Malevich’s Suprematist Composition Sets Record at Sotheby’s Sale [Art Daily]
Opening of Fall Art-Auction Season Marked by Crappy Sales, Great Deals [NYMag]
Flat result at NY season’s first art auction [Reuters]
Munch artwork fetches record $38m [BBC]

more results and pictures after the jump…

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Danseuse au Repos, the 1879 painting by Edgar Degas is a highlight of this evening’s Sotheby’s auction though it remains to be seen if it will sell for its estimated $40 million, via NY Times

After extremely high sales in May which tallied $1.56 billion, and then more recently lackluster sales in London which missed low estimates by up to $40 million, as covered by Art Observed here, the art world is up for a major test in the next two weeks as Sotheby’s and Christie’s begin tonight selling contemporary, impressionist, and modern works that add up to high estimates of $1.76 billion, including a work by the Russian Kazimir Malevich (“Suprematist Composition” 1916, a $60 million geometric work) and a $40 million self-portrait by Francis Bacon and other works from high profile financiers Kohlberg, Kravis, Roberts & Co. co-founder Henry Kravis and Lehman Brothers Chief Executive Officer Fuld.

Despite Pablo Picasso’s 1909 painting ‘Arlequin’ (which was estimated at $30 million) being pulled before the Sotheby’s auction recently, this evening’s Sotheby’s impressionist and modern art sale is slated to tally about $320 million and includes 71 lots including “Danseuse au repos” by French Impressionist Edgard Degas which is expected to go for $40 million (pictured above).

This auction will be followed by Christie’s $153 million high estimate November 5th sale which includes works from the estates of the widows, Rita Hillman and Alice Lawrence, and then a November 6th sale, comprised of art from various owners, estimated to total up to $344 million. Sotheby’s November 11th sale of contemporary art could total up to $281.6 million and features works by John Currin, Richard Prince, and Yves Klein. Following that is Christie’s November 12th sale with a high estimate of $321.7 million, featuring Metallica drummer Lars Ulrich’s Jean-Michel Basquiat painting of a boxer at an estimate of $12 million.

On Auctions Overall:
Big Prices, Big Risks at Fall Art Auctions [NY Times]
NY art auctions under microscope amid financial crisis [AFP]
Art world dreading declines at upcoming key NY sales [Reuters]
Kravis, Fuld Brace for N.Y. Auctions as Collectors Lower Prices [Bloomberg]
Falling under the hammer [Financial Times]
It’s not a pretty picture Christie’s, Sotheby’s may be on the hook [New York Post]
Art sales face acid test in midst of credit crunch [Financial Times]
Exceptional Work by Francis Bacon Leads Christie’s New York Post-War & Contemporary Art Sale [ArtDaily]
Things Are Cold, Clammy at City Auction Houses [NYObserver]

From ArtObserved:
Metallica’s drummer to sell Basquiat painting at Christie’s New York, November 12th auction; ‘Boxer’ to be displayed during Frieze Art Fair in London [ArtObserved]
Sotheby’s hopes to smash Russian art at auction record with $60 million sale of Malevich painting in New York on November 3rd [ArtObserved]

On withdrawn Picasso:
Picasso work withdrawn from Sotheby’s sale [Reuters]
Picasso painting pulled from sale [BBC News]
Picasso Work Is Withdrawn From Sotheby’s Sale [NY Times]
Sotheby’s Withdraws Picasso’s Arlequin From Impressionist and Modern Art Sale [Art Daily]
Picasso Withdrawn From Sotheby’s Imp-Mod Sale [Artinfo]
Picasso painting withdrawn from Sotheby’s auction [Associated Press]

Auction Information:
Impressionist & Modern Art Evening Sale – Sotheby’s November 3 [Sotheby’s]
Christie’s Impressionist/Modern Evening Sale November 5th [Christie’s]

more pictures from the Sotheby’s Sale and other auctions after the jump…

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Duane Hanson’s “Flea Market Lady” staffs Emmanuel Perrotin’s booth at Frieze via New York Magazine

In the midst of perhaps the most spectacular global financial and credit market cave-ins ever experienced, The Frieze Art Fair in London, one of the three largest contemporary art fairs, felt a slowdown in some attendance indicators, sales volume and pricing; a harbinger of similar buyer sentiment reflected in anemic sales totals from all of the three major contemporary art auctions that followed in London over the weekend from Sotheby’s, Phillips and Christie’s respectively. In light of the true magnitude of the global wealth disrupted in recent weeks, overall, the output of the Frieze art fair and the concurrent contemporary art auctions likely could have been worse. The following is a roundup of the news and images looking back from the close of the Frieze fair as well as detailed summaries of each auction.

Takashi Murakami’s “Tongari-Kun” 2004. Though it was headliner of the Phillips Auction on Saturday, it failed to sell. Image via Phillips

Newslinks, images and more on the Frieze Art Fair and on the Sotheby’s, Christie’s and Phillips auctions after the jump…

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Cory Arcangel’s “Golden Ticket” to the 2008 Frieze Art Fair via Artnet

With over 150 galleries, The Frieze Art Fair, set in London’s Regent’s Park, began selling works by over 1,000 artists on October 15. Since its first year in 2003, the Frieze fair has grown to be regarded as the youngest and perhaps the most cosmopolitan and cutting edge of the global fairs, which include Art Basel, Art Basel Miami Beach and the Venice Biennial. The fair, which runs until the 19th of October, and the London auctions that will occur this evening and this coming weekend, mark the first major opportunity for transparency into the the status of the global art market since the widespread financial turmoil began. Following Damien Hirst’s groundbreaking, clearing house, £111.5 million, direct-to-market auction of his own work at Sotheby’s last month (as covered by ArtObserved here) the market has had some clouds brewing over it, with beginning indications of weakness manifesting in events such as Sotheby’s lackluster first evening sale of contemporary Asian art in Hong Kong earlier this month (as covered by ArtObserved here), which sold £7 million against expectations of £30 million to another auction that same weekend in which Sotheby’s sale of modern 20th-century Chinese art left over a third of the lots unsold. More recently, the Singapore Art Auctions were also a dissapointment.

London’s Frieze Prepares for a Chill [Wall Street Journal]
Crisis Imperils U.K. Art Fairs, $183 Million Sales, Dealers Say and Auction Houses Guarantee Top Lots; Dealers See Falling Demand and Paltrow, Saatchi, Zhukova Browse Frieze Art as Sales Go Slowly, Aguilera Parties, Damien Hirst Has a Head Case: London Art Buzz [Bloomberg]
Deep Frieze: UK’s hottest art fair braces itself for the chill of the banking crisis and Prank canvas [GuardianUK]
Frieze Art Fair: Super-rich to cast economic crisis aside and Andy Warhol’s Skulls up for auction [Telegraph]
All the fun of the fairs: the art world gathers for Frieze [Independent]
The Post-Materialist | Frieze Art Fair [TheMoment]
Diary: Frieze Frame [ArtForum]
Frieze Factor [Artnet]
Frieze: First night blur [ArtReview]
Frieze Art Fair 2008 [Frieze Art Fair]

(more…)

Untitled (1982) (known unofficially as The Boxer) by Basquiat, via

Lars Ulrich, drummer for heavy metal band Metallica and erstwhile art collector, is putting up an untitled Basquiat painting up for sale in New York through Christie’s.  Known as ‘The Boxer,’ it depicts a triumphant black boxer with arms raised, painted in Basquiat’s signature style: very raw with elements of graffiti and ‘primitive’ aesthetics. The painting was a feature of the Basquiat retrospective shown at the Brooklyn Museum of Art, the Museum of Contemporary Arts in Los Angeles, and the Museum of Fine Arts in Houston in 2005.  Christie’s will be putting ‘Boxer’ on sale on November 12th, and will display it in London over the weekend of October 17th to coincide with the Frieze art fair, when collectors will converge en masse in London.

Basquiat’s ‘Boxer’ is expected to sell for $12 to $16 million, with some estimates going as high as $20 million. Given the art market’s recent performance, it remains to be seen if the auction will break the artist’s previous record of $14.6 million for an unnamed painting from 1981. Nevertheless, given the fact that Basquiat has a limited, in-demand body of work due to a premature demise, pricing is still expected to be at the higher end of estimates.

Brooklyn Museum: Basquiat Retrospective with biographical information
Metallica Drummer to Sell Basquiat ‘Boxer’ [New York Times]
Another Rock Star Auctioning Off His Rare Basquiat [New York Observer]
Metallica Drummer Puts $12 Million `Boxer’ Basquiat Up for Sale [Bloomberg]
Metallica drummer to sell Basquiat painting in NYC [Washington Post]
Musician selling a Basquiat at Christie’s [Crain’s New York]
Good as Gold [Art Market Monitor]

(more…)

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Suprematist Composition (1916) by Kazimir Malevich, via Art Daily

Despite the ongoing deterioration of global stock markets, including, at the time of this article, a 61% decline in the Russian Stock Market since May, Sotheby’s is confident that it will break the $20.9 million record set for  the sale of Russian art at auction by Kandinsky set in 1990.  ‘Suprematist Composition,’ composed by Kazimir Malevich in 1916, is widely considered a masterpiece of early 20th century avant garde art–Sotheby’s calls it “one of the greatest modern paintings ever offered for sale.” It is expected to fetch $60 million dollars when it goes on sale at the Impressionist and Modern Art auction on November 3rd.  The piece goes on sale after Malevich’s heirs recouped it from the Stedelijk Museum in Amsterdam.

Sotheby’s optimism in the face of recent subpar auction performances [AO] is due to what they say is the unprecedented quality of the work and the historical importance of the artist, who has recently risen in profile to the ranks shared by Picasso, Pollock, Chagall and other marquee 20th century artists.  Sotheby’s is also counting on the interest of Russia’s billionaire art collectors, who have had a major impact on art markets this decade, paying record prices and avidly acquiring trophy works by the likes of Damien Hirst as well as Russian artists. The results of Sotheby’s prediction remains to be seen and some of the factors that will affect the outcome certainly have developed for the worse, as Bloomberg estimates that Russia’s billionaires have lost close to $230 billion of their net worth in the recent Russian stock market’s decline.

Sotheby’s: Suprematist Composition (1916), Lot #6, Impressionist and Modern Art Fall Sale [Sotheby’s]
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“Suprematism” by Kazimir Malevich, plus selection of artwork [Artchive]
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Sotheby’s expect Malevich to smash Russian record [Reuters]
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Heirs to Auction Russian Painter’s Work [New York Times]
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Malevich Painting May Fetch More Than $60 Million [Bloomberg]
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Restituted Malevich to Be Sold at Sotheby’s [ArtInfo]
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Sotheby’s To Auction One of the Greatest Modern Paintings Ever Offered for Sale [ArtDaily]
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Sotheby’s predicts Russian Malevich masterpiece to fetch a record-smashing £33million [Daily Mail]
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Abramovich, Deripaska, Oligarchs Lose $230 Billion [Bloomberg]

a history of the current painting and how it came to auction after the jump…

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Nuggets by Banksy, at the Village Petstore and Charcoal Grill, via the New York Times

Two new Banksy rat murals have gone up (following two previous murals, as covered by AO here and here); one at the corner of Houston and MacDougal, the other at Canal and West Broadway. The murals are tie-ins for The Village Pet Store and Charcoal Grill, Banksy’s new installation/storefront in the West Village and his first official show in New York. The storefront features a number of animatronic representations of animals and food derived from animals, highlighting the disintermediation between the two due to excessive processing and the contemporary consumerist, fast food culture. “I wanted to make art that questioned our relationship with animals and the ethics and sustainability of factory farming,” said Banksy, quoted through a publicist in the New York Times. “But it ended up as chicken nuggets singing.”

Artist site: Banksy
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Exhibition site: Village Petstore and Charcoal Grill
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ArtObserved Profile: Banksy
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Banksy exhibition features chicken nuggets [TelegraphUK]
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Banksy Unveils Singing Chicken Nuggets at New York “Pet Supply Shop” [ArtInfo]
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Where Fish Sticks Swim Free and Chicken Nuggets Self-Dip [New York Times]
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Banksygate 2008: Banksy opens new show in New York! [Gothamist]
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Banksy rats now in NYC! [Art Fag City]

VILLAGE PET STORE AND CHARCOAL GRILL
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89 7th Avenue South – between West 4th Street and Bleecker
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10am to 12am every day
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through October 31st, 2008

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A silica gel sculpture “Communication” by Cang Xn in the new Saatchi Gallery via Reuters

One of the most influential art collectors, Charles Saatchi, who years ago jump started the careers of the Young British Artists such as Damien Hirst and Tracey Emin, has opened his new gallery in Chelsea in Central, London. The neoclassical former military barracks from 1801 known as the Duke of York Headquarters building is the now home to Saatchi’s gallery and his opening exhibit called “The Revolution Continues: New Art From China.” Within the space, a standard “white cube” internal architecture, the inaugural group show features works of art from the most of the top contemporary Chinese artists. Duke of York Headquarters buildings provides an impressive 70,000 square feet of space of gallery space, and in its past life was the military headquarters and barracks for the Duke’s soldiers.

Also notable is that the new Saatchi Gallery, a huge space that compares with City or National arts spaces in its scope and quality of offerings, is entirely free, due to a corporate sponsorship by Phillips de Pury & Company, which only this week was purchased by the Mercury Group of Russia, as reported by Art Observed yesterday here.

Saatchi Gallery Website
Saatchi Gallery Opens at Duke of York’s HQ Building, Chelsea [Artdaily]
Saatchi leads Chinese revolution with video here, and more video here [BBC]
Classical frame for Saatchi’s brand-new look [Financial Times]
Art guru Saatchi back with new gallery, China show [Reuters]
Saatchi’s New London Gallery Hails Britart, Chinese Revolution [Bloomberg]
Charles Saatchi’s old favourites – made in China [TimesUK]
Stuck with Saatchi [ArtReview]
The Revolution continues at the new Saatchi Gallery [TimesUK]
The verdict on Saatchi’s new gallery and Dog chews and Mao [Independent]
Saatchi Gallery: great space, shame about the art and Saatchi gallery: a study in blandness [GuardianUK]
Last scene by Saatchi and Charles Saatchi: Did I say that? and Is it third time lucky for Saatchi gallery? [GuardianUK]
Saatchi Gallery Opening – London [Jean Pigozzi for Colette]
Update: Opening of the Week: Saatchi rolls out the red carpet [Independent]

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Sotheby’s (NYSE: BID) 1-year stock chart, via Yahoo! Finance

Sotheby’s (BID) stock declined by 14% on Monday, October 6th, 2008, to close at the lowest levels since July 2005 according to Bloomberg.  By ArtObserved’s calculations, Sotheby’s has lost more than 75% of its value since falling from its October 12th, 2007 high of $57.12 to today’s close of $13.86.  Besides the general buckling of the US Stock markets, Sotheby’s stock’s decline has presumably also been due to concerns about the buoyancy of the art market (as specifically reflected in this past weekend’s Asian art sales by Sotheby’s) which some analysts consider to be overheated and on the verge of a decline, especially in light of the global financial contagion.  Despite the overwhelming success of the landmark Damien Hirst direct to market auction less than a month ago in London (as reported by AO here), overall in the past month, Sotheby’s shares have dropped three times that of Standard & Poor’s 500 Index.

Evidence supporting the decline in the market is mounting: several recent auctions have failed to make the grade, including one recently featuring previously extremely in-demand artwork of Banksy. Some hoped that the continued influx of funds into the art market from collectors in ‘new markets’ such as Russia, China, India and the Persian Gulf, would prop up prices in Western markets and in burgeoning domestic contemporary art scenes. The results of Sotheby’s fall sale of Asian contemporary art however, selling a sector of the market which had previous momentum that seemed relentless, poke holes in that assertion. The auction failed to sell 19 of 47 of its headline lots, including pieces by Subodh Gupta, Zheng Xiaogang, Yue Minjun and Takashi Murakami. “Today’s results aren’t acceptable, they’re very poor. The contemporary Chinese art market has raced ahead too quickly and now people can’t prop it up anymore,” a Taiwanese dealer was quoted as saying in the Wall Street Journal.

Hong Kong tests art buyers’ courage [Financial Times]
Weak Sales for Sotheby’s in Hong Kong [Wall Street Journal]
Sotheby’s Shares Fall Amid Concern About Art Market [Bloomberg]
Top Lots Shunned in Post-Lehman Art Sale at Sotheby’s Hong Kong [Bloomberg]
Chinese contemporary art palls in Sotheby’s HK sale [Reuters]
Pop Goes the Bubble in Chinese & Indian Art [BusinessWeek]
Credit crunch crushes art auction [BBC]
Sotheby’s Sale of Modern and Contemporary Southeast Asian Paintings Brings US$9,165,947 [ArtDaily]
Sotheby’s Website

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Simon de Pury, Chairman and Co-Founder of Phillips de Pury, via Getty Images

Phillips de Pury, a pre-eminent auction house with a strong contemporary art and photography focus, has been bought by Mercury Group, a Russian luxury retail group that owns top shelf department stores selling Gucci, Prada, Ferrari, Maserati, Rolex and other high end names.

Phillips was acquired in 1999 by Bernard Arnault who is the chairman of Louis Vuitton Möet Hennessey. Following that acquisition by Arnault, Simon de Pury and Daniella Luxembourg, both art dealers, ran the auction house then called Phillips, de Pury & Luxembourg. In March 2004 Simon de Pury acquired majority control of the firm which was then renamed Phillips de Pury.

Coincidentally, the acquiring firm Mercury Group, headed 41 year old self made billionarie and tobacco tycoon Igor Kesaev, owns the shopping center that was the site of Sotheby’s preview of contemproary art, as reported by AO in April. Simon de Pury will stay at the helm of the company as Chairman, and will remain an important shareholder. According to de Pury, who was quoted in the company’s press release, the ‘strategic partnership’ with Mercury will “allow us to provide a unique platform to new and fast growing markets.”

Press Release: Phillips de Pury announces partnership with Mercury Group
Russian Group Buys Auction House [NYTimes]
Russian Luxury Retailer Acquires Phillips [ArtInfo]
Russia’s Mercury Group Buys London Art Company Phillips de Pury [Bloomberg]
Phillips de Pury sold to Russian group [Financial Times]
Phillips auction house is sold [Wall Street Journal]
Phillips de Pury hopes takeover will secure future sales [DesignWeek]
Newslinks for Wednesday, September 24, as summer’s China-focused news comes to an end, Autumn news centers on Russia [AO]

(more…)

Self (1991) by Marc Quinn, via Culture Loves Us

The National Portrait Gallery, home to portraits of major British figures such as kings, queens, and prime ministers, has set its eyes on acquiring ‘Self,’ a sculptural self-portrait of Marc Quinn made from ten pints of his own frozen blood. Marc Quinn–one of the most celebrated of the YBAs (Young British Artists) along with Damien Hirst and Tracey Emin–has made three sculptures using his blood as the raw material since 1991, and has said that he plans on making similar sculptures every five years until he is unable to. The original ‘Self’ was acquired by advertising magnate Charles Saatchi for £13,000; White Cube Gallery is offering the NPG the most recent iteration (dating from 2006) for £350,000, with its open market value being quoted at £1.5 million. The Art Fund and several other sources have committed £150,000 to acquiring the work, leaving £200,000 which the NPG needs to raise by December 31st.

National Portrait Gallery criticised over purchase of Marc Quinn’s Blood Head [TimesUK]
National Portrait Gallery Raises Money for Self-Portrait Made From Frozen Blood [ArtInfo]
Museum needs £200,000 for Marc Quinn’s blood portrait [The Art Newspaper]

Previously:
Go See: ‘Statuephilia’ at The British Museum today through January 25th [ArtObserved]
Marc Quinn’s gigantic baby sculpture up for private auction by Sotheby’s [ArtObserved]

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Bansky mural at Howard St. and Broadway photo by ArtObserved

The large-scale Banksy piece on the corner of Howard St. and Broadway in Soho is the second entire-building-facade work found in downtown Manhattan this week (the first covered by ArtObserved here) and is also the second collaboration between Banksy and the professional advertisement firm, Colossal Media.  The massive rat, filled with fast scrawling black-lines to appear as if done in crayon or marker, stands next to dripping red letters reading, “LET THEM EAT CRACK.” 

Banksy Goes Legal: Rent Walls & Hires Painters[Supertouch]
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Banksy Reacts To Wall Street [TheWorlds Best Ever]
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A Could-Be Banksy Mural Appears on Soho Wall [NYTimes]
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Banksygate 2008: Natives Respond [Gothamist]
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Banksy Official Website

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Desmond by Jean Michel Basquiat, up for auction at Christie’s Post-War and Contemporary Art Auction, via Christie’s

In addition to selling a rare portrait by Francis Bacon, Christie’s October 19 auction catalogue features a long list of post-war luminaries. Several portraits of Mao and Marilyn Monroe by Andy Warhol figure prominently among the auction’s offerings. A sculpture by Jeff Koons, as well as pieces by Jean Michel Basquiat, Gerhard Richter, Richard Prince, Anish Kapoor, Willem de Kooning, Lucian Freud and a plethora of other artists account for the rest of the lots. The priciest of 48 lots is expected to be Lucio Fontana’s canvas, Concetto spaziale, la fine di Dio, which should fetch around £12 million pounds ($21.8 million).

Christie’s: Post-War and Contemporary Art Evening Sale
Christie’s: Press Release for Post-War and Contemporary Art Evening Sale
Fontana work may fetch $21.8 million in Record Christie’s Sale [Bloomberg]
Bacon Portrait Expected to Sell for £7.5 million at Christie’s Auction in October [ArtObserved]

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Still Life (Natura morta) (1943), Giorgio Morandi via [Metropolitan Museum of Art]

‘Giorgio Morandi, 1890-1964’ at the Metropolitan Museum of Art is the first  exhibit of its size and scope in the United States, displaying approximately one hundred still life paintings and a dozen landscapes. Composed with narrow-ranging hues of cream, brown, and gray, Morandi projects a study of rhythm, balance and intricacy of shape with his identifiable style. The show includes works which span Morandi’s 50-year tenure as a painter and track the lineage of the painter’s influence upon Cézanne, Cubism, Futurism, and the pittura metafisica of Giorgio de Chirico and Carlo Carrà.  In addition, the intimacy of the underground gallery of the Robert Lehman wing provides well-suited location for the subtleties of such an artist.

All That Life Contains, Contained [NYTimes]
Morandi’s Subtle Spectable [NYSun]
Tables for One [New Yorker]
Giorgio Morandi, 1890-1964 [Met Museum]
Museo Morandi Website

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‘I give you all my money 2008’ by Cathy Wilkes, a finalist at 2008’s Turner Prize, via Guardian

The Turner Prize is exhibiting this year’s finalists starting September 30th at the Tate Britain, in London. Founded in London in 1984 to support the development of contemporary artists under 50 years of age, the prize is widely considered one of the art world’s highest honors. This year’s finalists are Runa Islam, Goshka Macuga, Mark Leckey and Cathy Wilkes–the first time in the prize’s history that three of its four nominees are women. The works shown run the gamut from installation art to film.  Past award recipients have included Wolfgang Tillmans, Tracey Emin, Damien Hirst, Anish Kapoor and Steve McQueen.

Turner Prize page at the Tate Britain
A mannequin on a toilet and dry porridge – it’s the Turner Prize [Independent]
The Turner Prize 2008: who cares who wins? [Telegraph]
Turner Prize Nominees Offer Supermarket Checkouts, Broken China [Bloomberg]
Video: Take a tour of the Turner prize 2008 [Guardian]
Turner Prize 2008: Who’s Who [Guardian]
Dummies and china compete for Turner [Financial Times]
Turner fight begins again [Financial Times]
Nurses and Curses: Adrian Searle on this year’s Turner Prize finalists [Guardian]

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Portrait of Henrietta Moraes by Francis Bacon, via the BBC

Francis Bacon, one of the best known painters of the 20th century and the focus of a recent retrospective at the Tate Britain, is in the news again. His 1969 portrait of socialite Henrietta Moraes, who also posed for Lucian Freud and other British artists, will be on sale at Christie’s Postwar and Contemporary auction on October 19th, in London. The painting, which was previously owned by Guinness heir Garech Browne, is expected to fetch £7.5 million.

Christie’s: Postwar and Contemporary Art Evening Sale
Go See: Major Francis Bacon Retrospective [ArtObserved]
Bacon Portrait Press Release [via Art Market Monitor]
Bacon portrait to sell for £7.5m [BBC]
Bacon Bit and the Whole Hog [Art Market Monitor]
Old School Bad Boy’s Messy World [New York Times]

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Le Rêve, Pablo Picasso (1932) via Ocasionalidades

The $139 million Picasso painting, Le Rêve, that was damaged in 2006 by billionaire Stephen Wynn will be publicly shown for the first time since the accident at Acquavella Galleries in New York City.  Stephen Wynn, the operator of a Las Vegas casino and one of the most significant art collectors in the world, damaged the Picasso painting when he accidentally bumped it with his elbow back in 2006, only hours after agreeing to sell it to Steven Cohen for $139 million.  The sale was canceled due to the damage of the painting.  Since then, the painting has been repaired and will be included in the upcoming Picasso exhibit opening October 15 at Acquavella Galleries. The exhibit will include an estimated $500 million worth of artwork, much of which is not for sale.

Watch Those Elbows: Wynn’s $139 Million Picasso Joins N.Y. Show [Bloomberg]
Acquavella To Show Wynn’s Damaged Picasso [NYSun]
Steve Wynn’s Repaired Picasso Joins New York Show [Artinfo]
The $40-Million Elbow [New Yorker]

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