Pablo Picasso, Le Rêve (1932)

Hedge fund manager and notable collector Steven A. Cohen, who has just settled two insider-trading lawsuits with the government, has just purchased Picasso’s Le Rêve for $155 Million.  The exchange, between Cohen and Las Vegas Hotel Mogul Steve Wynn, is estimated to be the largest price ever paid for a work of art by an American collector. The sale of Le Rêve, Picasso’s 1932 portrait of a sleeping woman, had previously been discussed between Wynn and Cohen, particularly in 2006, when the sale was canceled after Wynn accidentally thrust his elbow through the piece, causing a 6-inch tear.  “Steve has wanted that painting for a long time. The timing of the sale is just a coincidence.”  Said an unnamed source.

Steven A Cohen, via Patrick McMullan

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The Art Dubai fair closed its doors yesterday on the most successful fair in its seven year history, with $45 million in fine art exhibited over the course of the four day fair.  Initial reports signal strong sales across the board, and underlines the rising prominence of the city for the global arts market.  “The growth of Art Dubai over the past seven years reflects the rising prominence of the UAE as a centre of art and cultural discourse.” said Fair Director Antonia Carver.  (more…)

The Guardian has published a lengthy piece on the role of the artist’s assistant, and assistant’s often ignored contributions to the work of major artists.  The piece features an interview with Jake and Dinos Chapman, who recall their early work as assistants to Gilbert and George.  ‘It was hard labour by any measure,” says Jake Chapman.  “There was absolutely no creative input at all. They were very polite and it was interesting to hear them talking – as we did our daily penance.”  (more…)

The New York Times Magazine has published a profile on German gallery mogul David Zwirner, documenting his growing chain of galleries worldwide, and the dealer’s modest origins.  The profile comes after Zwirner recently opened his new space in Chelsea with a show of work by Dan Flavin and Donald Judd, and responds to scrutiny over the aggressive monetizaton of the art world.  “I don’t mind everyone knocking the money, complaining about how much money there is — that goes with the territory,” Zwirner says. “But what they don’t understand is that work like this has to have space like this to be shown the right way and you have to have money to be able to provide it.” (more…)

The 2013 Edition of Art Dubai opens this week, featuring a number of high-profile works from Yayoi Kusama, Chris Burden, and Wim Delvoye.  Featuring 75 museum groups from over 30 countries, the show has brought $45 Million in art to the Middle Eastern City.  “From the perspective of business, Dubai has centrality no one can deny,” said Arif Naqvi, a Dubai real estate executive. “In the regional cultural perspective, the city is acquiring the same centrality.” (more…)

TEFAF is currently in talks with Sotheby’s and Beijing GeHua Group (China’s state-owned development company) over a new art fair in China.  “TEFAF Beijing 2014” would place a new edition of the world’s largest art and antiques fair  in the world’s second-largest art market.  “We feel now is the time to further develop our presence in China, one of the most important art markets,” said TEFAF Executive Ben Janssens. “Tefaf is committed to contributing to the further growth of the market for European art in China.” (more…)

Following a turbulent year of art sales and auctions, which saw a 7% reduction in worldwide sales, the United States is once again the leader for art sales globally, according to art economist Claire McAndrew.  Presenting her findings this week at TEFAF Maastricht, McAndrew underlined the current instability of the global economy, and the resultant reliance on safe art investments and blue chip artists. (more…)

At a time when some major artist committees are disbanding for fear of lawsuits over authentication practices, and increased reliance on studio practices has challenged the notion of the singular, “authentic” work of art, standard practices of authenticity in contemporary art are increasingly under fire.  Issues of market value, versions, and lack of knowledge challenge ideas of validity, and pose interesting questions into the value of the art object.

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The View from Outside The 2013 Armory Show

The doors opened this morning on the 2013 edition of the Armory Art show, welcoming press and VIP’s into the massive exhibition halls of Piers 92 and 94 on the waterfront of New York City’s Hell’s Kitchen neighborhood.  It was a special year for New York’s biggest annual art event, marking the 100 year anniversary of its namesake, the 1913 exhibition that welcomed the European avant-garde to American shores, and gave many their first glimpses of Marcel Duchamp, Matisse and Edvard Munch, among many others.

Mayor Michael Bloomberg Makes the Opening Remarks at The 2013 Armory Show (more…)

High profile technology companies, investors and entrepreneurs are quickly becoming major players in the art world, financing tech-centered arts installations and entering the currently lucrative art market.  Interested less in globally recognized artists and more in digitally forward-thinking projects, these new buyers are changing the landscape and market for contemporary art.  An engineer will look at a photograph or video art in a way a banker couldn’t— we think in ones and zeros, we think in terms of screens,” says collector and tech-entrepreneur Trevor Traina.

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With the Art Dealers Association of America celebrating both its 50th anniversary and 25th year of the ADAA Art Show (running March 6th-10th), The Art Newspaper spoke with Director Linda Blumberg about the organization’s history, its response in the wake of hurrican Sandy, and the future of the art market.  “We don’t know where it’s going to go. Are fairs going to replace galleries? I rather doubt it, but it’s our role as an organisation to make sure people understand why galleries are so important. We’re keen on getting that message out.”  She says. (more…)

A selection of 10 works by Andy Warhol depicting endangered species will go under the hammer later this month at Sotheby’s.  The Endangered Species series, referred to by the artist as “animals in make-up,” include a bighorn ram, Pine Barrens tree frog, African elephant, and others, is expected to sell for £250,000 to £350,000.  “I think he was making a statement by representing these animals in the same way as Monroe, the Queen, and Muhammad Ali. He wanted to highlight the issue of them disappearing.” Says Séverine Nackers, Sotheby’s head of prints in Europe. (more…)

Following in the wake of Christie’s premium increases last week, Sotheby’s auction house has announced that it will increase its buyer’s premiums to 25 percent for the first $100,000 spent; 20 percent for $100,000 to $1.9 million and 12 percent on all exceeding prices.  The increase makes Christie’s a less expensive shopping option, and comes days after the news that Sotheby’s sales incomes have declined since last year. (more…)

Since February of 2011, Sotheby’s stock valuation has been on a slow decline, signaling a potential downturn in the global art market.  Earnings per share, recorded last year at $2.46, are now down to $1.68, and sales are projected to fall 9.4%, caused in part by a weaker asian market than 2011’s record setting year.  Analysts are comparing the current state of the art market to the dot com bubble of the the early 2000’s.  “It hearkens back to what the Japanese were doing with buildings in New York in the late 1980s.” says Yale University lecturer Vikram Mansharamani. (more…)

Artist Peter Beard’s wife, Nejma Beard, spoke with New York Magazine in its new issue, detailing her efforts to help reclaim his reputation in the art market.  Beard, who was a close friend of Andy Warhol, has seen a resurgence in popularity in the last several years, and his wife’s efforts have helped to set new auction records for his work on the open market.   “Now that art is almost entirely a commodity,” Peter Beard writes, “I’m glad to be, shall we say, commodious.”

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Billionaire hedge fund manager Steven A. Cohen has donated a selection of works to the Museum of Modern Art, including paintings by Cy Twombly, Ed Ruscha and Martin Kippenberger.  The gifts come while Cohen is currently under investigation by the U.S. Government for allegations of insider trading. (more…)

26 Years after his death, the art market for American painter Jean-Michel Basquiat is at an all-time high, with the artist’s works totaling over $161 million in sales last year.  According to online art database ArtNet’s index generation system, his remarkable growth puts him in the top 10 artists by volume sold in 2012, and gives his work a sell through rate of 85%. (more…)

China is currently considering legislation that would guarantee artists royalty payments anytime their art is resold at auction.  These rights to a percentage of an artist’s resale price, referred to as “droit de suite” rights, are part of a new copyright law proposal that would bring China closer to European copyright standards, and is already causing fierce debate in the Chinese art market.  “Droit de suite may stifle the development of the market,” wrote Ji Tao, an auction industry expert at China Culture Daily, but: “From the point of view of the artists and authors, droit de suite is a good thing, because every transaction means gains.” (more…)

Pablo Picasso, Femme Assise Près D’Une Fenêtre, via Sotheby’s

Last night, Sotheby’s London hosted the first of the spring’s Modern Art auctions, with a number of works quickly soaring to high prices while others struggled to meet their estimates, most notably the centerpiece of the auction, Pablo Picasso’s “Femme Assise Près d’une Fenêtre.” (more…)

Citing poor profit margins, Sotheby’s Canada branch has announced that it will be exiting the live auction market, and focusing on private sales through their Toronto office.  This leaves the Canadian art auction market dominated by only two companies: Joyner Waddington’s and Heffel Fine Art.  “Private sales is the growth area of this business; it’s not the auction part that’s profitable,” said Sotheby’s Canada president David Silcox. (more…)

Total sales at China’s largest auctions houses more than halved last year, showing major instability in what was by some reports the world’s largest art market.  The slowdown in sales may not augur well for the global market, which has looked to China to mask reduced buying in the Western hemisphere.  “Certain factors, including political uncertainty, did see buyers press the pause button.” says Steven Murphy, the chief executive of Christie’s.  (more…)

While fine arts auctions in New York State generate total sales of $8 billion annually, many dealers and market analysts are calling foul on auction practices intended to drive up the price of works with little to no supervision of the market.  “The art world feels like the private equity market of the ’80s and the hedge funds of the ’90s,” says James R. Hedges IV, a New York collector and financier. “It’s got practically no oversight or regulation.”

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The international art fair calendar will see a new addition to the lineup of Art Basel events this year, with the announcement today of Art Basel Hong Kong, running from May 23th-26th.  The festival mirrors the expanding prominence of the Asian art market, and will include a variety of exhibitions, public works, panel discussions and large-scale installations.  “There’s no question today’s serious international collector is looking at Asia,” Art Basel Director Marc Spiegler says. “The notion of collecting by continent is outmoded, and Asian collectors are looking beyond borders, too.” (more…)

Reflecting the ongoing prominence of American postwar art on the global market, Andy Warhol was recently determined to be the highest selling artist at auction for 2012.  With sales topping $380.3 million last year, Warhol has supplanted Chinese painter Zhang Daqian at the top of the list.  German painter Gerhard Richter was also named the highest selling living artist.  “The market is selective and concentrated on works by certain artists. The instant recognizability of masterpieces by Warhol and Richter makes them well suited to performing well.” Says Jonathan P. Binstock, senior adviser at Citi Private Bank Art Advisory & Finance. (more…)