The Wall Street Journal profiles the work of Xin Li, the former professional basketball player and model who has become Christie’s top resource in courting billionaire Asian collectors as its Deputy Chairman for the continent.  “I used to get up at 5 a.m. to go to play basketball in minus-30-degree weather,” Ms. Xin says during the interview. “I learned how to focus.” (more…)

Andy Warhol, Triple Elvis [Ferus Type] (1963), via Christie’s

The second week of fall auctions in New York is set to kick off this week, as a series of three sales at Sotheby’s, Christie’s and Phillips that will look to test the ongoing strength of the Contemporary and Post-War Markets.  With major works on sale at all three auction houses, the initial estimates are impressive.

Mark Rothko, No. 21 (Red, Brown, Black and Orange) (1951), via Sotheby’s (more…)

An article on CNBC this week notes that the battle for control of Sotheby’s auction house against investor Dan Loeb cost the company upwards of $20 million in fees for legal defense and a $10 million reimbursement to Loeb for his own fees.  The full total in expenses makes up nearly half of the company’s net income during the time period. (more…)

Mark Rothko, Untitled (1970), via Sotheby’s

Sotheby’s kicked off the auction week last night with its sale of works from the collection of Ms. Paul “Bunny” Mellon, a successful outing that say 100% of the works available sold, and which achieved a final sales tally of $158.7 million, a strong figure that reached $38 million above the high estimate.

Richard Diebenkorn, Ocean Park #89 (1975), via Sotheby’s (more…)

Jeff Koons was on hand last night at Simon de Pury’s benefit auction for collector Svetlana Uspenskaya’s Project Perpetual, offering a series of Hermès Birkin bags (previously owned by stars like Sofia Coppola, Marc Jacobs, and others) turned into readymade artworks, as well as a sculpture paying homage to Picasso’s La Soupe.   “You look into the gazing ball and it’s very immediate,” Koons said.  “You see your reflection. You’re affirmed, your senses are stimulated…and if you move the abstraction changes. But the piece also becomes affirmed. It becomes reflected into the gazing ball, and when that happens, you go from that Dionysian type of velocity into Platonism.” (more…)

The Wall Street Journal has published a piece this week detailing the advantages and drawbacks to gallery sales, private sales and auctions for collectors looking to sell their work, and notes an almost 1000% increase in private sales across the board in the last decade. (more…)

The New York Times highlights the challenges faced by a growing online auction market, including a relative unwillingness by collectors to exceed certain prices when bidding for work, and concerns about work authenticity and provenance.  “They feel comfortable up to about $10,000,” said Ben Hartley, a managing director at Auctionata, an online auction company. “Beyond that, people are still needing levels of trust. Online purchases are going to take time reaching the upper limits.” (more…)

Alberto Giacometti, Chariot (1951-52), via Art Observed

Sotheby’s Evening Sale for Impressionist and Modern Art concluded last night, capping a successful if occasionally unpredictable auction that achieved $422.1 million in sales, the highest record of sale for the auction house in its history. (more…)

Alberto Giacometti, Chariot (1951-52), via Sotheby’s

As temperatures begin to drop and the art world looks to begin winding down the Fall 2014 Season, the major auction houses are opening their doors for two consecutive weeks of major sales, beginning on Tuesday with Sotheby’s Evening Auction of Modern and Impressionist Masterpieces, and followed close behind with Christie’s sale of Impressionist and Modernist works the next night.  Initial estimates for the week’s sales are already promising major dividends for both auction houses, with several important works expected to break major auction sales records. (more…)

Mario Merz, Pyramid (1997-2000), via Pace Gallery

With auctions this week in London centered around the post-war Italian landscape, Pace Gallery has culled together an exhibition of works of artist Mario Merz, featuring a series of sculptural and painted works that illustrate the artist’s broad conceptual scope and his varying interests in the nature of architecture, materiality and space.

Mario Merz (Installation), via Art Observed (more…)

Sotheby’s Impressionist sale in New York this November is anticipating record numbers for a 1881 Claude Monet painting, already estimated to achieve $35 million on the auction block.  “It truly is the ultimate trophy painting: dappled sunshine, lovely garden and a pretty woman in a white dress, it’s got everything you would want in a Monet,” says Sotheby’s Impressionist expert Peter Hook. (more…)

Jean-Michel Basquiat, Untitled (1981), via Sotheby’s

This past Friday, Sotheby’s Contemporary Evening Sale concluded the week of auctions during Frieze Week in London, with a £28,203,200 final tally.  Following the results of the previous two evenings, the sales were relatively staid affairs, with few works exceeding their original estimates.

(more…)

Next month, Christie’s New York will place a landmark set of 21 “Film Stills” by Cindy Sherman on sale, a set of works from early in the artist’s career that carries an estimate of $6 million – $8 million.  The stills were originally collected by curator by Ydessa Hendeles, who sold them in turn to industrialist Mitchell P. Rales, who noted his intent to keep the works together as a set.  “We are deep into Cindy’s work and will continue to collect it,” he says. “Ydessa did a fabulous job putting it together, and it would be almost impossible to replicate it today.” (more…)

Christie’s auction of works from the Essl Collection launched Frieze week last night in London, with the 44-lot sale attracting £46.9 million in sales, within the estimate for the evening.  The exhibition cover lot, Gerhard Richter’s Netz, failed to sell at auction, but ultimately sold privately after the auction for £5.5 million.  “Through the proceeds of this sale, the long-term future of the Essl Museum is now secured,” Karlheinz Essl said in a statement. (more…)

Joe Bradley, Untitled (2011), via Christie’s

Last evening, Christie’s auction house closed its first auctions of the fall season in London, a successful affair that saw only 5 of the 46 lots on sale go unsold, with a final sales tally of £40,344,500, settling firmly into the auction house’s estimated £32 million to £47 million sales range. (more…)

Phillips has opened its new exhibition and auction space at 30 Berkley Square in London, part of its increased efforts to compete at the highest end of the contemporary market.  The space is currently exhibiting a curated show in the space, titled A Very Short History of Contemporary Sculpture, and curated by Francesco Bonami.  “I thought about sculpture, as soon as I saw this space,” Mr. Bonami says. (more…)

Christopher Wool, Untitled (1990), via Phillips

Last night, Phillips wrapped its Contemporary Evening Sale in London, corresponding with the opening days of Frieze London, and setting the stage for the fall season of auctions in both the British capital and New York. Phillips kicked the week off with a moderate sale, featuring a few impressive achievers alongside a number of more subdued sales marks, achieving a final sales total of £14.9 million for the 47 lot sale. (more…)

Christie’s has announced that it will be offering a series of three classic Magritte canvases at its New York Impressionist and Modern Art sale next month, including Mesdemoiselles de l’Isle Adam, 1942 (estimated at $5-$7m).  Magritte has been a strong seller in recent years, with a sizable percentage of his top sales occurring in the past five years. (more…)

Peter Doig, The Heart of Old San Juan (1999), via Christie’s

The fall auction season will get back underway this week, as the bustle of Frieze London will also play home to the first major evening sales since early this summer.  With major lots offered at Phillips, Sotheby’s and Christie’s, buyers in the British capital will compete over a number of classic works alongside their recent purchases at Regent’s Park.

Francis Bacon, Study for a Portrait (1954), via Sotheby’s

(more…)

A set of celebrity portraits by Andy Warhol on sale at Sotheby’s New York in the upcoming weeks may earn as much as $57 million, Bloomberg reports.  The works include images of Liz Taylor, Brigitte Bardot, Jackie Onassis Kennedy and more.  “Warhol has international appeal,” says Suzanne Gyorgy, head of art advisory and finance at Citi Private Bank. “That kind of art is in a league of its own.” (more…)

A coalition of UK-based artists is leading a legal push against dealers who have refused to pay the resale royalties on artworks sold at auction since the British Government passed legislation mandating the payouts in 2006.“The honeymoon period is now over,” says artist Maggi Hambling, who is leading the charge against dealers. “The law changed in 2006 and there are people who are still trying to get away without paying. I’m not saying all dealers are crooks. But it’s high time that everyone was doing the right thing.” (more…)

The Wall Street Journal takes a look at a set of works by Cy Twombly and Martin Kippenberger on sale next month at Christie’s in New York, which are already commanding impressive estimates.  Twombly’s untitled 1970 canvas of white looping scrawls is estimated to potentially sell for up to $50 million, while Kippenberger’s self-portrait will look to achieve $15 million and $20 million. (more…)

Bloomberg looks at the movement of Christopher Wool’s Apocalypse Now over the past years, tracing a history of owners that include François Pinault before selling last year for an astounding $26.4 million to a still unknown buyer.  The story is an interesting look at the art market’s occasionally rapid escalations in price due to sudden demand, and the behind the scenes gossip that often accompanies the auction sale of iconic works. (more…)

Steven Cohen is placing King Oliver, a $30 Million painting by Franz Kline, up for sale this November at Christie’s in New York, Bloomberg reports.  “It’s got scale and bravado,” said Brett Gorvy, Christie’s chairman and international head of postwar and contemporary art. “In today’s masterpiece-driven market, this is exactly the type of language that speaks to our global buyers.” (more…)