Global contemporary art events and news observed from New York City. Suggestion? Email us.

Art Hedge Fund, in Christies fraud scandal, struggles to stay afloat

Friday, May 2nd, 2008

Image via The Business of Art

The art dealing hedge fund SageCrest II is forced to bail itself out with a $650 million loan from Fortress Investment Group. This recent development only adds to the controversy surrounding the seven year-old private investment firm which has been accused of fraudulent auctions and has suffered severely low returns on investments.

“The Murky World of Art Finance” via Financial Times
“Art and the Deal” via The New York Post
Fortress Investment Group
SageCrest II
Berry-Hill Galleries

(more…)

NEWSLINKS 04.28.08

Monday, April 28th, 2008


Gagosian Gallery via the New York Times

On artists trading up galleries [NY Times]
Will the Whitney branch out overseas? [NY Mag]
The “masterpiece effect:” 40% of old master works at Christie’s NY fail to sell [Financial Times]
Multimillion dollar art fabricators to the likes of Jeff Koons [NY Times]
Gallerist, former Deitch Projects director James Fuentes’s gallery/home [Time Out NY]
What happens to ‘buy-ins:’ the standard 20-30% of lots that don’t sell at auction [WSJ]

Freud work expected to break record at Christie’s in New York

Monday, April 28th, 2008

Benefits Supervisor Sleeping via the Guardian.co.uk

Next month, Christie’s will auction in New York the painting “Benefits Supervisor Sleeping” by the British artist Lucian Freud. The work was painted in 1995 when Sue Tilley, the subject of the painting, agreed to pose naked for the artist in exchange for a $40 fee.

“Her pounds could make millions” [NY Times]
“It’s lovely, says benefits supervisor whose portrait is set to sell for £17m” [Guardian.co.uk]
“Freud painting ‘will set record” [BBC news]
“Christie’s eyes record with Lucian Freud picture” [Reuters]
Benefits Supervisor Sleeping [Christie’s]
Christie’s Announces Postwar Lineup [NY Sun]

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Report cites 60% of London auction lots failed to achieve expected prices; Sotheby’s stock falls 7%

Friday, March 7th, 2008


Francis Bacon portrait being auctioned via Sotheby’s via sgallery.net

The evening sales at Christie’s, Sotheby’s and Phillips de Pury & Co. this February raised the most money ever for a series of contemporary sales. However, a report issued by an art market firm on Thursday indicated that the majority of items sold at the low end of their estimates, meaning that the enormous sales numbers may be masking a more disappointing trend.

Sotheby’s sets auction record with sale of Bacon nude [ArtObserved]
Sotheby’s stock down 7% after report is issued [Bloomberg]
Art Report say 60% of February sales lots missed estimate [Bloomberg]
February auction activity roundup [ArtObserved]
(more…)

NEWSLINKS 03.03.08

Monday, March 3rd, 2008


“The Railway Bridge at Argenteuil” via Telegraph.co.uk

Follow up: Monet’s “The Railway Bridge at Argenteuil” sells for £20 million at Christie’s [Telegraph.co.uk]
Update: Make your own movie at Gondry Deitch Projects [New York Times]
Tracey Emin spends $8 million to save an art district in London [ArtForum via the Guardian.com]
Whitney Biennial’s busy schedule, starting next Thursday [New York Times]
A good overall summary on artist Paul McCarthy [LATimes via C-Monster]
Judge Denies Salander’s bankruptcy [Bloomberg]
Michael Ovitz may buy the Chelsea Art Museum Building for growing art collection [New York Post]

London Auction Activity Round Up

Monday, March 3rd, 2008


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Sotheby’s via news BBC, Phillips de Pury via Iron Arts, Christie’s via Drexel Daily Digest

This month has been monumentally beneficial to the Contemporary Art Market. Sales rose over 50% within the past three weeks. Over the last month Sotheby’s, Christie’s and Phillips de Pury hosted a series of auctions in London; each producing record breaking results for at least one of their sales.

Auction House’s Revenue Jumps Dramatically [bloomberg]
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“Beetle” breaks Russian Contemporary record [bloomberg]
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Phillips de Pury Children with AIDs Benefit Auction [ArtInfo]
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Breakdown of top February sales [Art Martket Watch]
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Review of February Auctions [NY Sun]
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GO SEE: Sotheby’s contemporary art sale, London, February 27th [ArtObserved]
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Phillips sets 15 artists records in contemporary sale [ArtInfo]
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Fontana, Richter and Meire break records [ArtInfo]
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Contemporary Russian Art Auction, Phillips de Pury, February 28, London [ArtObserved]
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Warhol’s “Three Self Portraits” fetches £11.5 million [CBC]
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Competition between Sotheby’s & Christie’s Impressionist & Modern auctions [NY Sun]
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Sotheby’s Sets Auction Record with $39.7 million Francis Bacon Nude [ArtObserved]
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Sotheby’s Accomplishes Record Quarterly Profits [ArtObserved]

(more…)

Newslinks for 02.07.08

Thursday, February 7th, 2008


LA Museum of Modern Art via Bloomberg

Renzo Piano too popular with Museums? Too many projects? [Bloomberg]
Collectors steal the headlines at Jasper Johns opening at the Met [NY Mag]
Knight Foundation gives $5 million to Miami Museum of Contemporary Art, $15 million other Miami institutions [NY Times]
Hong Kong International Art & Antiques Show adds Contemporary Art for first time in decade [ArtDaily]
China over takes France as 3rd largest Art Market Worldwide [ArtNewspaper]
Martin Lawerence Gallery sues Brooklyn Man, Chrisitie’s over supposedly stolen Warhol [NYDailyNews]

CHRISTIE’S – LONDON UPDATE: FRANCIS BACON “TRYPTYCH” SELLS FOR £26.3 MILLION

Thursday, February 7th, 2008

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“Triptych 1974-77” via The New York Times

Last night Francis Bacon’s “Triptych 1974-77,” post war impressionist painting, was sold for £26.3 million at Christie’s International’s London Auction House. Christie’s sold the Triptych at their Post War Art Evening Sale, which did not do as well as Sotheby’s Modern and Impressionist Art Sale the previous night. The sale was the equivalent of $46.1 million dollars, after fees, and fell just under the presale estimate of $50 million to $70 million.

Bacon Fetches $51.1 Million; Demand Weakens in Christie’s Sale [Bloomberg]
Post-War & Contemporary Art Evening Sale [Christie’s]
Bacon’s homage to dead lover sells for £26m [The Independant]
Triptych by Francis Bacon Is Sold for $46.1 Million [The New York Times]

details of auction after the jump

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Newslinks 2.5.08

Tuesday, February 5th, 2008

Damien Hirst “All You Need is Love” via Sotheby’s

Sotheby’s Lowers Estimate for (RED) Auction by 28% [Bloomberg]
Damage to Antiquities Caused by Tax Scheme Accounts for Art Raids [New York Times]
Ryan McGinley to Shoot Ads for Converse by John Varvatos [GQ Magazine]
Picasso Exceeds Auction Estimate at Christie’s London [Bloomberg]
Met Hires Headhunter to Find New Director [Wall Street Journal]
Guy Cogeval Appointed Director of Musée d’Orsay [Art Info]
Saatchi buys Contemporary Heinrich Himler portrait [UK News]
Richard Prince and Terry Richardson create artwork for controversial James Frey novel [New York Post]
Gerhard Richter at Serpentine Gallery in September [Guardian UK]

London Auction House Round-Up

Monday, February 4th, 2008

Alexej von Jawlensky “Schokko (Schokko With Wide-Brimmed hat)” via Sotheby’s

Christie’s International and Sotheby’s will auction a record breaking approximately $847 million of Impressionist and Modern Art this month in London. Expectations for the sales remain high despite the economic turmoil in many sectors, including the subprime loan crisis and the all time low for stocks in London last month. This optimism stems from the fact that many experts and collectors believe art will remain a stable investment in times of financial upheaval. (more…)

Newslinks 1.25.08

Friday, January 25th, 2008


Bruce Nauman via Donald Young Gallery

Bruce Nauman to Represent the US at 2009 Venice Biennale [The New York Times]
Dwindling Confidence in the Contemporary Art Market [Bloomberg]
Feds Raid California Museums, including LACMA, for Smuggling Looted Antiquities
[The New York Times]
Barry “Twist” McGee’s First Solo Show in UK Show [The World’s Best Ever]
Recession Drags Art Prices? [Bloomberg]
Katy Grannan’s Portraits in Two New York Galleries [NY Sun]
Update: Samsung Slush Fund Art Found [Yonhap News]
Sotheby’s and Christie’s February Impressionist and Modern art Sale Predicted to Total $200M [NY Sun]

Sotheby’s and Christie’s Sales Soared in 2007

Sunday, January 20th, 2008


Auction in 2007 of Rothko painting at Sotheby’s New York via Daily Mail

Sotheby’s and Christie’s have just reported their 2007 sales at $6.2 billion and $6.1 billion respectively. Both auction houses saw a notable rise in sales, due partly to the increasing demand for contemporary artwork.

Sotheby’s and Christie’s Neck and Neck in 2007 Sales [NYP]
Sotheby’s and Christie’s End of Year Totals [FT]
Sotheby’s and Christie’s Sales Accelerated in 2007 Bloomberg

Christie’s Offers Eight Schiele Drawings to Finance a Gustav Klimt

Thursday, January 17th, 2008


Schiele Drawing via Luxist

Christie’s International is going to offer eight Egon Schiele drawings in London on February 4th. The works are estimated to fetch atleast $14.9 million. The purpose of the sale is to finance the $135 million purchase of Gustav Klimt’s “Adele Bloch-Bauer I”.

Christie’s to Sell Eight Schiele Drawings [Bloomberg]
Eight Major Schiele Works offered in February [Art Knowledge News]

Rothko’s No. 15 may Sell for $40 Million

Friday, January 11th, 2008


Rothko’s No. 15 via Bloomberg

Christie’s International has announced that they will be offering three of Mark Rothko’s paintings on May 13th. It is rumored that Rothko’s No. 15 could go for as much as $40 Million.

Antiques, Collectibles and Auction News [Bloomberg]

Newslinks 1.07.08

Monday, January 7th, 2008


Francis Bacon image courtesy of Reuters UK

Christie’s claims Bacon to fetch ₤25 million ($49 million) [Reuters UK]
Former corporate attorney accuses Samsung of massive Art Fraud [The Art Newspaper]
Hermitage secures Hirst Skull for March [Bloomberg]
Chapman Bros., Jake and Dinos – to spruce up Big Brother house [ Times Online UK]
Hugo Boss Prize Finalists Named [NYT]

Newslinks for 12.13.2007

Friday, December 14th, 2007


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Michael Craig-Martin, Self Portrait 1 via Bloomberg

Damien Hirst’s Mentor, Michael Craig-Martin, Makes a Comeback at Gagosian [Bloomberg]
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Richard Zeisler donates countless Masterpieces to Numerous American Art Institutions [NY Times]
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Hirst’s, “Mother and Child Divided” Sculpture, leaking in Oslo [FT]
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Species of Basel-ites per T Mag [T Magazine]
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Christie’s fails to hit their marks with Phillips Family Collection in London [Bloomberg]

Groupon and McClatchy Interactive Form National Partnership. go to web site groupon las vegas

Food & Beverage Close-Up July 2, 2010 Groupon announced that it has signed a national agreement with The McClatchy Company to distribute exclusive content to McClatchy’s websites located in 28 U.S. markets.

Groupon is a shopping website that offers daily deals on local goods, services and cultural events across the U.S., Canada, Europe and Latin America. The McClatchy Company is the third-largest newspaper company in the United States and owns and operates The Miami Herald, The Sacramento Bee, the Fort Worth Star-Telegram, The Kansas City Star, The Charlotte Observer, and The (Raleigh) News & Observer among others.

The groups said that visitors to McClatchy websites will see exclusive Groupon deals not available on Groupon.com. Groupon will broker each deal with its customary quality, editorial style and high standards of service. Daily Groupon deals will launch first in the Sacramento and Kansas City regions with other sites following over the next few months. grouponlasvegasnow.com groupon las vegas

For McClatchy, the agreement provides a key component in a local marketplace initiative designed to bring together consumers looking for bargains with merchants seeking to increase their sales.

For Groupon the agreement is part of a larger initiative to offer a new, incremental revenue stream to major publishers. According to Sean Smyth, Groupon’s VP of Business Development, Groupon enables publishers to seize consumer interest and generate buzz in their local markets by presenting readers with high-value, unique local market experiences.

“Groupon has pioneered and perfected the daily deal structure in markets of all sizes across the globe,” said Smyth. “As leaders and innovators in the space we continue to ask ourselves what’s next. Providing merchants with major alternative channels to run deals is vital. McClatchy is an ideal partnership that blends our respective strengths to provide consumers with unbeatable savings on great experiences in their local markets.” ((Comments on this story may be sent to newsdesk@closeupmedia.com))

Newslinks for 12.7.07

Friday, December 7th, 2007


Michael Craig-Martin, Hearing Things, 2003 via Tate Modern

Christie’s Sale of Rubens, Old Masters, Shows Guarantee Risk [Bloomberg]
Craig-Martin, Damien Hirst’s Mentor, Makes Comeback at age 66 with Show at Gagosian, London [Bloomberg]
Guide to Art Fair Stereotypes [T]

Newslinks for 12.4.2007

Tuesday, December 4th, 2007


Photo via The New York Times

Should Galleries be Funding Their Artists’ Museum Shows? [NYT]
Influential Collector Opposes Miami Art Museum’s Plans for Herzog & de Meuron Building [ArtInfo]
‘Who’ Buys Old Masters’ on Sotheby’s and Christies December Auctions [Economist]
Scotland’s Art Minister Chides Tate Judges Over Turner Prize Runner-Up Coley [Scotsman]
Hirst, Bono, Compiling Worldwide Contemporary Collection for Aids Charity Campaign [Independent]

Birth of the Art Trading Fund: Fine art and finance collide on cutting-edge

Wednesday, May 30th, 2007

With the art market reaching new highs, the plague of middlemen taking portions of multi-million dollar sale prices rises, ultimately decreasing the seller’s proceeds (Christie’s typically takes 20% of the first $500,000 and 12% of the rest of the work’s sale price). As a result, a new hedge fund known as the Art Trading Fund was born with hopes of exploiting the art market’s current inefficiencies. Founded by Justin Williams, an investor well-versed in the sale of highly-priced fine art, and partner Chris Carlson, former trader and Deutsche Bank and UBS, the fund hopes to have raised more than $50 million by the end of the summer. (more…)

Warhol’s “Car Crash” rakes in green

Saturday, May 12th, 2007

On a cloudy day in May, in a drab gray room in Rockefeller Center, three hours ticked by at a normal pace. Within these 3 three hours, nearly $400 million worth of postwar and contemporary art was sold at the Christie’s auction house Wednesday evening. Only one day before, the post-war and contemporary art auctions at Sotheby’s closed at a grand total of $255 million, enabling the two-day total sales in Manhattan alone to surpass a cool half-billion dollars with ease. The undoubted financial star of Christie’s evening was Andy Warhol‘s silkscreen painting “Green Car Crash (Green Burning Car I).” Inspired by a 1963 Newsweek photo depicting a car crash that impaled one driver on a telephone pole, the painting ignited a heated bidding war between two parties, urging bids to as high as $64 million. (more…)

Spring 2007 Auction Schedule

Monday, May 7th, 2007

Spring auction season is here in New York and in this heated seller’s market collectors are cleaning out their storage spaces to make room for large loads of cash.

Here is the schedule for those ready to wield a paddle and get spanked by an often much more than six figure invoice.

Sotheby’s Contemporary Art Evening Sale – Session 1: Tuesday, May 15th, 7:00 pm

Sotheby’s Contemporary Art Day Sale – Session 1: Wednesday, May 16th, 10:00 am

Sotheby’s Contemporary Art Day Sale – Session 2: Wednesday, May 16th, 2:00 pm

Christie’s Post-War & Contemporary Art Evening Sale – Wednesday, May 16th, 7:00 pm

Christie’s Post-War & Contemporary Art Morning Session – Thursday, May 17th, 10:00 am

Christie’s Post-War & Contemporary Art Afternoon Session – Thursday, May 17th, 2:00 pm

Rita slams Keys, stirs fear in Gulf

The Buffalo News (Buffalo, NY) September 20, 2005 | Michelle Spitzer Rita strengthened into a hurricane today as it lashed the Florida Keys with heavy rain and strong wind, threatening the island chain with a storm surge of up to 6 feet and sparking fears the storm could eventually bring new misery to the Gulf Coast.

Rita became a Category 1 hurricane with sustained top wind of 85 mph, said meteorologist Michelle Mainelli at the National Hurricane Center in Miami.

Thousands of residents and tourists have fled the Keys in advance of Rita, which forecasters said could dump up to 8 inches of rain on parts of the low-lying island chain. category1hurricane.com category 1 hurricane

Rita is expected to strengthen as it crosses the warm Gulf of Mexico later this week headed for a weekend landfall, most likely in Texas although Louisiana could end up in the path of what could become a major hurricane.

“Right now, we expect that Rita will remain a Category 1 hurricane as it affects the Keys,” said Chris Sisko, a meteorologist at the hurricane center. “Further out, we do anticipate further strengthening up to Category 3, or major hurricane status.” Category 3 storms have maximum sustained wind of 130 mph.

Officials in Galveston, Texas — nearly 900 miles from Key West – – were already calling for a voluntary evacuation. Louisiana Gov. Kathleen Blanco urged everyone in the southwest part of the state to prepare to evacuate.

Hurricane warnings were posted for the Keys and Miami-Dade County. Residents and visitors were ordered to clear out of the Keys; voluntary evacuation orders were posted for 134,000 Miami- Dade residents of coastal areas such as Miami Beach. here category 1 hurricane

Cuba evacuated 58,000 people from low-lying areas along the northern coast, the National Information Agency reported.

Meanwhile, parts of U.S. 1, the highway linking the Keys, were flooded and impassable.

Roads were nearly deserted in Marathon, about 45 miles northeast of Key West, and virtually all businesses were closed.

Wind and rain also were being felt north of the Keys in Broward and Miami-Dade counties, where more than 13,000 customers were without power. Most schools and government offices were closed.

In the Bahamas, Nassau International Airport reopened today after the storm passed, and schools reopened. The strongest parts of Rita did not hit the Bahamas, where the wind peaked at just 40 to 55 mph, the Bahamas Weather Service said.

“We came out of this one relatively all right — some broken branches, some erosion to a road exposed to the sea, and no reports of flooding,” said Great Exuma Island commissioner Everette Cooper.

Rita is the 17th named storm of the Atlantic hurricane season, making this the fourth-busiest season since record-keeping started in 1851. The record is 21 tropical storms in 1933. Six hurricanes have hit Florida in the last 13 months.

The last hurricane to directly hit Key West was 1998’s Hurricane Georges, which slammed the city with 105 mph wind, damaging hundreds of homes.

Crude-oil futures rose above $67 a barrel Monday, in part because of worries about Rita, but fell today after OPEC agreed to make available 2 million extra barrels of oil a day starting Oct. 1.

Chevron and Shell began evacuating employees from offshore oil- and gas-drilling platforms in the gulf. Other companies were watching the storm’s track but had not yet begun evacuations.

“These storms are pretty big and broad sometimes, so you take no chances,” said Chevron spokesman Mickey Driver.

About 56 percent of the gulf’s oil production was already out of operation Monday because of Katrina’s damage, the federal Minerals Management Service said.

Michelle Spitzer