An article in The Guardian notes the growing popularity for online auctions as a means of discovering young artists, and offering an entryway for new collectors to first experience the art market.  “The idea is to make great art available to a far broader audience,” says Joshua Blackburn, founder of online gallery Artful. (more…)

A Mondrian held in private hands for over 50 years will hit the auction block at Sotheby’s New York this week, estimated at about $30 million, and anticipated to potentially break the artist’s record at auction.  “It’s from what is considered to be Mondrian’s best period, in the 20s,” says Helena Newman, co-head of Impressionist and Modern Art at Sotheby’s.  “By which time he has developed this very iconic and unique style which is so beautifully epitomised in this work. (more…)

Pablo Picasso, Le Sauvetage (1932), Via Sotheby’s

The Modern and Impressionist evening sales in New York have closed, following two nights of sales at Sotheby’s and Christie’s that failed to achieve the same exceptional sales figures that have marked previous auctions, while still finding buyers for most of the works on sale. (more…)

Following Daniel Loeb’s defeat in court last week, Sotheby’s and his company Third Point LLC  seem to have reached an agreement, with the auction house agreeing to add his three nominees to an expanded, 15-person board of directors, while allowing him a 15%  stake in the company.  “This agreement ensures that our focus is on the business and that we will benefit from five fresh voices and viewpoints,” says Sotheby’s head Bill Ruprecht. (more…)

The New York Times notes an increased in interest in the art market this season from investors and speculators, leading to committed buyers for nearly half the works up for sale at both Sotheby’s and Christie’s.  The article also notes an increasing trend in speculating on guaranteed sales, as collectors and investors promise the estimate in an attempt to either go home with the work or make sizable profits off fervent bidding.  “It’s a win-win situation,” says Abdallah Chatila, a collector who is guaranteeing two works at Christie’s next week. “I really want both works, and if they sell for more than the guarantee it can also be very lucrative.” (more…)

Claude Monet, Nymphéas (1907), via Christie’s

As the art world turns its attention to New York this week during the hustle and bustle of Frieze Week, Sotheby’s and Christie’s will hold their annual spring auctions of Impressionist and Modern Art, boasting an impressive collection of works that speaks to the current strength of the auction market, and the enthusiasm of its buyers.  The competition between the two auction houses has remained fierce over the past year, even while Sotheby’s has fought off advances from Daniel Loeb and his Third Point team.  Now, with an agreement between the parties reached just this morning, the auction house will turn its full attention to its upcoming sales, and the feverish sales estimates some are predicting for the pair of auctions early this week.

Pablo Picasso, Portrait de femme (Dora Maar) (1942), via Christie’s

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A Delaware judge has rejected Daniel Loeb’s lawsuit seeking to overturn Sotheby’s shareholder rights plan, which had prevented activist investors from owning more than 10% of the company.  “I find that the plaintiffs have not demonstrated that they have a reasonable probability of success on the merits of their claims,” Judge Donald Parsons wrote in his decision. “Therefore, I deny the plaintiff’s motion for a preliminary injunction.” (more…)

Online art sales surpassed the $1 billion mark for the first time in history last year, The Art Newspaper reports.  The market is also expected to double in less than ten years, according to special insurance group Hiscox.  The news was accompanied by a survey that noted some drawbacks to buying online, including an inability to see the work in person, but also noted a high number of customers to be aged under 30. (more…)

Proxy Adviser Glass, Lewis and Co. has backed Sotheby’s Board Nominations in the wake of Daniel Loeb’s continued pressure on the company.  “In this case, we believe the Dissident has identified certain areas of concern,” the company says in a statement, “but ultimately has fallen short of making a compelling case that additional changes in the boardroom are warranted at this time beyond those already implemented by the Company.” (more…)

A recent interview with Christie’s head Steven Murphy for the Wall Street Journal notes the auction house’s commitment to entering the online market.  “I felt the art auction world had not experienced the tidal wave that music, video and books experienced with the advent of online,” said Mr. Murphy, who has worked with Rodarte and Disney in the past. (more…)

Another letter from Third Point’s Daniel Loeb attacks Sotheby’s for failing to acknowledge the strength of his choices for board seats at the auction house.  “We are convinced that having an owner’s perspective in the boardroom yields better results, that this board is in dire need of fresh insights, and that our candidates are more qualified than the company’s emissaries we are seeking to replace,” Loeb writes. (more…)

In a recent investor presentation, Daniel Loeb outlined his five point plan for bringing Sotheby’s back to profitability, pushing his case for allowing Third Point a more vocal position in the company’s proceedings.  Loeb’s plan includes action points on curated auctions and private sales, attacks on the company’s planning on its S|2 Gallery, and inquiries into how to utilize the auction spaces during downtime.   (more…)

Jeff Koons’s colorful 2009 Popeye sculpture, never before seen publicly, nor offered at auction, will stand as one of the centerpieces at Sotheby’s May 14th auction in New York, estimated to sell at $25 million.  “The history of Pop Art begins and ends with Popeye,” says Alex Rotter, Co-Head of Sotheby’s Worldwide Contemporary Art Department.  “From his first representations by Roy Lichtenstein and Andy Warhol in the 1960s, to the present three-dimensional crescendo by Jeff Koons a half century later, this ultimate American hero and self-made man has remained a true icon of both art history and popular culture.” (more…)

The Wall Street Journal looks at the growing market for prints, drawings and sketches by major artists, which can command impressive sales figures, and have even paid off for many investors in the high-demand state of the current auction market. Prints and sketches by Warhol and Calder, among others, have doubled or tripled in price in a matter of a few years.  “These are the names everybody knows—they feel safe for people, especially when no one quite knows exactly how long a good run is going to last,” said Meredith Hilferty, director of Rago Arts & Auction Center in New Jersey. (more…)

Several iconic works by both Andy Warhol and Jean-Michel Basquiat will be at auction this May in New York, the Wall Street Journal reports, including a 1981 painting by Basquiat at Christie’s which has never been resold, and has never before been exhibited publicly.  It is valued at $20 million.  Also on sale is Warhol’s Six Self-Portraits series from 1986, which is valued at $25 million, and is selling at Sotheby’s. (more…)

As the art market continues to see record highs at auctions each season, many collectors are digging deeper into the history books to find historically significant artists that may command a high price at auction. “Whether the artists are old, dead or overlooked, people are turning over all the stones,” says Wendy Cromwell of Cromwell Art LLC and president of the Association of Professional Art Advisors. “It’s a function of a global market. Dealers have to have new material all the time.” (more…)

Sotheby’s saw impressive results this weekend at its Modern and Contemporary Asian Art auction in Hong Kong, with total sales topping $86 million.  World Record prices were achieved for 8 artists up for bidding that night, including a $12.1 price tag for Zhang Xiaogang’s Bloodline: Big Family No. 3. (more…)

Angolan millionaire Rui Costa Reis has reportedly made a offer to purchase the nation of Portugal’s collection of works by Joan Miró, making a 44 million euro offer for the collection of 85 paintings.  The works were previously made for sale in February, but the offering was canceled after strong protests in Portugal. Barring a sale, the works will reportedly be on the auction block at Christie’s in London this June. (more…)

The lawsuit by Daniel Loeb against Sotheby’s, filed over its attempts to prevent him from taking over 10% ownership in the company, has been fast-tracked by a Delaware judge.  “Here we have an uncommon rights plan that on its face discriminates between activist and passive investors,” says Vice Chancellor Donald Parsons, who presided over the telephone hearing. “It is sufficiently possible that the board is attempting to tilt the playing field for proxy contest in its favor and make for an unfair fight.” (more…)

The New York Times reports on Christie’s auctioneer Loic Gouzer’s new evening auction event, focusing on contemporary and emerging artists.  Gouzer’s first auction of the project, to be held on May 12th in New York, will compete with Phillips Auction House’s contemporary sale on the same night, and features work from Richard Prince, Wade Guyton and Cady Noland.  “When I look at the quality and the buzz,” Gouzer says, “I think people will want to be there.” (more…)

Christie’s New York Impressionist and Modern Auction on May 6th will sell off over $34 million in art from the collection of late collector Edgar Bronfman, Bloomberg reports.  The sale will feature strong works from Picasso, Matisse and Monet, among many others. (more…)

Over the past year, the Metropolitan Museum of Art has sold off nearly $5.4 million in art, with another $3 million in paintings expected to sell this year, the New York Post reports, including a series of pieces donated by former Met president George Blumenthal.  “The museum is perpetually engaged in assessing its own collections, refining them, and making room for new acquisitions that merit display,” says spokesman Harold Holzer. “The Met owns more than 1.5 million works of art in all, and even in this vast building, storage space is finite.” (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…)

The ongoing struggle for control at Sotheby’s has taken a new turn, with the auction house rejecting the board nominations proposed by Daniel Loeb’s Third Point LLC, and in turn naming Jessica Bibliowicz and Kevin Conroy for board seats. “The composition of your Board is something Sotheby’s takes very seriously, as the experience and expertise of its directors have been and will continue to be important to enabling the Company’s success,” the company said in an open letter to shareholders. (more…)