The international art market had a near-record year last year, with just under $66 billion in sales worldwide, Bloomberg reports, an 8% increase from last year.  This includes an 11% increase in contemporary art, bolstered by monumental sales for works by Warhol, Koons and Bacon at the end of last year. (more…)

New York Magazine has published a detailed summary of the current situation at Sotheby’s, including the departure of longtime auctioneer Tobias Meyer, the friction between Daniel Loeb and Sotheby’s head Bill Ruprecht, and most notably, Loeb’s often incisive perspective on dealing with companies he wants to turn around.  “Sometimes a town hanging is useful,” Loeb once told Bloomberg Markets, “to establish my reputation for future dealings with unscrupulous CEOs.”  (more…)

The much trumpeted auction of early works by Jean-Michel Basquiat has been put on hold by Christie’s, following a lawsuit by the artist’s surviving sisters over the authenticity of some of the works.  “Our goal is to allow time for all parties involved to reach an equivalent level of confidence in the validity of these items, so that the sale may resume at a later date,” the auction house said in a statement. (more…)

Los Angeles Collectors Jane and Marc Nathanson have announced that they will auction three works from their collection at Sotheby’s May 14th auction in New York, among them Richard Diebenkorn’s Ocean Park #20, estimated between $9 million and $12 million. “We’re trying to fine-tune our collection as we’re getting older,” Mr. Nathanson said, continuing on to say that the works for sale  “don’t really fit in” with their interests in pop art. (more…)

Outside last year’s Armory show, via Art Observed

As March rolls into New York, so too does the art world, as the city prepares for the 2014 edition of Armory Week, capped by The Armory Show on Piers 92 and 94 of Manhattan’s West Side, and complemented by a series of additional events, fairs and openings around the city.

Serge Alain Nitegeka, Exterior I: Studio Study I (2013), via The Armory Show (more…)

A group of artists have donated works to a benefit auction for the legal defense fees of Maximo Caminero, the Miami artist accused of breaking a vase at the exhibition of works by Ai Weiwei at the Perez Art Museum.   “We do not support the act, but we support the intention,” said painter Danilo Gonzalez. (more…)

The New York Times takes a look at the contemporary art market, and the purported bubble many dealers and analysts have pointed to over the sale of blockbuster works by Koons, Richter and Warhol, among others.  But the article also hears out dealers who maintain that the market has never been stronger.  “Things are different now,” says art advsor Allan Schwartzman. “There’s a momentum in the market that’s dictated by the top players. It’s trophy-driven. There are often six competitors for the major lots at auctions, which indicates to me there isn’t a bubble. Contemporary art has never been supported like this before.”   (more…)

Daniel Loeb is pushing for three seats on the board at Sotheby’s, preparing for a proxy fight to wrest additional control of the company for his Third Point Hedge Fund.  “All shareholders will benefit from further depth of experience in Sotheby’s key business building block: luxury customer relationship development,” Third Point said in its regulatory filing this week. (more…)

China Poly Group Corporation, the state-run mega-conglomerate has announced that its cultural division will seek an Initial Public Offering this year, anticipated to raise up to $330 million for the company.  China Poly is a major player in the Chinese auction market, pitted against Sotheby’s and Christie’s, but seems to have set its sights internationally.   “We are very big in the art auction market in mainland China but still have a long way to go to become the biggest auction house worldwide,” said China Poly chief executive, Jiang Yingchun. (more…)

U.S. Lawmakers have put forth a proposal that would pay 5% of any auction proceeds to the creator of the work on sale.  The royalty proposal looks to bring U.S. art auction procedures in line with those of the European Union, and would cap royalties at $35,000 for a work.  “Just as our copyright laws extend to musicians and authors to encourage their artistic creativity, they should also apply to our visual artists,” sponsoring Senator Tammy Baldwin says. “The ART Act is a common-sense measure that helps protect the intellectual property of our artists.” (more…)

Francis Bacon, Portrait of George Dyer Talking (1966), via Christie’s

Another week of contemporary art auctions have come and gone, with a number of high-profile works changing hands in London this week, and a number of new records being for artists across the board.  All auction houses boasted strong sales results, with Christie’s once again taking the lead.

Gerhard Richter, Abstraktes Bild 776-1 (1992), via Phillips (more…)

Francis Bacon, Portrait of George Dyer Talking (1966), via Christie’s

Following the first two weeks of the annual set of early-year auctions in New York and London this year, the market will focus its attention this week on contemporary works, with a trio of auctions taking place this week in London.  This year, the proceedings will kick off at Phillips in London on February 10th, and will see a day day break between auctions, with Sotheby’s joining the auction fray on the 12th, and Christie’s wrapping up the week on the 13th.

Roy Lichtenstein, Interior with Painting of Trees (1997), via Sotheby’s (more…)

A pair of George Condo shows on view in London showcase recent work by the artist both before and after a bout with Legionnaire’s disease, showcasing a wildly divergent pair of styles influenced by the artist’s inability to paint during his illness.  The works are on view at both Simon Lee Gallery and Skarstedt, opening concurrently with London’s contemporary auctions this week. (more…)

An article in Bloomberg this week traces the current speculation over young artists and the art market, detailing the increasingly seen practice of flipping young artists quickly after purchasing them.  Of particular note are the works of artists Lucien Smith and Oscar Murillo, whose works have seen increase of more than 3,000% in two years. (more…)

Camille Pissarro, Le Boulevard Montmartre, Matinée De Printemps (1897), via Sotheby’s

With the closing hammer at Sotheby’s last night, another set of impressive evening sales for Impressionist and Modernist Art, with a number of longstanding auction records falling in a flurry of bids.  The continued strength of the market could be felt across the board, but the week was particularly auspicious for Christie’s, which secured an astounding $288.13 million sale for its 48 lots, the highest sale for an auction ever in London, while Sotheby’s achieved $104.4 million for its 90 lot offering.   (more…)

Juan Gris, Nature morte à la nappe à carreaux (1915), via Christie’s

After the beginning of the February auctions in New York last week, attention will shift across the Atlantic to London, where the Impressionish and Modern art auctions will commence today, February 4^th with Christie’s evening sale.  This year, the modern sale will offer some strong works from both auction houses, boasting impressive estimates that belie a strong offering across the board, rather than a handful of big ticket works. (more…)

Christie’s auction house will auction a series of 45 never-before exhibited works from the early career of Jean-Michel Basquiat, a collection held by his former lover Alexis Adler from when the pair shared an apartment in the East Village from 1979 to 1980.  The online-only sale will be held in March, and features a mural the artist painted with the words “Olive Oyl” as the top lot, priced to sell for just over $400,000.  “He left this trail of art everywhere he went,” said Ms. Adler. (more…)

El Greco, The Annunciation, via Sotheby’s

The past week of Old Masters auctions in New York has concluded with a series of successful auctions at both Sotheby’s and Christie’s this week, bringing respectable sums that set the stage for the next two weeks of Modern and Contemporary Works at both houses.  Notably more subdued than last year’s competitive sales, a number of works still managed to drive the auctions beyond their anticipated figures.  Sotheby’s capped a series of well-attended auctions that brought in a total sum of $71 million, while Christie’s closed a series of auctions bringing in just over $65 million. (more…)

Sotheby’s auction house has released its capital allocation report this morning, with the announcement that it will pay out $300 million in dividends, as well as initiate a $150 million stock buyback plan, responding to investor pressure to shore up ownership in the company’s stock.  The company also announced its intent to sell its York Avenue headquarters, and has indicated attempts to add additional debt-financing to its loan department.   (more…)

A recent article in the Wall Street Journal points to the immense influence currently held by hedge fund managers in the global art market.  With managers like Daniel Loeb shaking up the corporate structure at Sotheby’s, and a growing number of hedge-fund billionaires entering the auction market, the high-price works of the art world have become something of bargaining chips in a major equity game.  “The rest of us are just sitting on the sidelines,” says Len Riggio, founder of Barnes & Noble. “I go to auctions now and feel like a witness—I watch, shake my head, and go home.” (more…)

A Sotheby’s New York auction this coming Thursday will feature three works recovered by the famous “Monuments Men” after Nazi confiscation during World War II.  The works by Apollonio di Giovanni, Jean-Baptiste Pater and Francesco Guardi are expected to sell between $150,000 and $500,000, and bear rare markings from their Nazi owners.  “The front is an artwork, and the back is an artifact,” says Lucian Simmons, of Sotheby’s restitution department. (more…)

Christie’s has announced its final sales figures for 2013, and the auction house is claiming a world record for sales during 2013, with a $7.13 billion final tally.  The final total is a 14% increase on last year’s numbers, and sees a $5.9 billion of the sales coming from auctions, beating out competitor Sotheby’s, which achieved a sales total of $5.1 billion at auction.  The auction house also boasted considerable increases in sales for each region worldwide. (more…)

A number of iconic works from the early years of the YBAs will go on sale at Christie’s in London next month.  Offered by commodities trader Frank Gallipoli, the works were all part of Charles Saatchi’s iconic Sensation show in 1997, including pieces by Tracey Emin and Jenny Saville, and are being cited as a test of the market for works from the 1990’s British movement, which some believe may have passed their market peak. (more…)

Responding to a number of articles and analyses of the Chinese contemporary art market, Forbes has published a list of myths about the nation’s ever-burgeoning sales of contemporary art.  Noting a number of overly negative, pessimistic claims over forgeries, lack of collectors and a dearth of interest in international artists, the list sets straight a number of commonly held beliefs about contemporary art in China today. (more…)