Despite the increasing number of wealthy tech entrepreneurs in the gallery-rich New York neighborhood of Chelsea, The New York Times points out a considerable disconnect between this group and the art market in general that has resulted in a failure to bolster sales.  While a range of issues stand in the way, many gallery owners remain hopeful for cracking this emerging pool of wealth.  “It’s hard to get those guys’ attention,” says art advisor Thea Westreich. “I think they will eventually collect, and collect very heavily and be a part of the community. But I think that’s going to be a hard wall to go through, at least in the short run.” (more…)

Late art historian and collector Denis Mahon has left 57 works, valued at over £100 million, to the British nation, including many works by Italian masters Guercino, Guido Reni and Luca Giordano, under one condition: Britain must never sell them or charge admission for their viewing.  Mr. Mahon reportedly built his collection without paying more than £2,000 for most of his works, and was adamant on their public accessibility.  If these conditions are not met, public arts institution The Art Fund is legally able to take them back; an attempt to “keep up the pressure for governments to do the right thing by museums and galleries” says Art Fund Chief Executive Stephen Deuchar. (more…)

Billionaire Roman Abramovich has purchased a collection of works by Ilya Kabakov, Russia’s most expensive living artist.  The collection of over 40 works ranges from early installations and albums to paintings, and is estimated to have totaled over $60 million.  “It’s one of the largest Kabakov collections in the world,” said Emilia Kabakov, the artist’s wife and collaborator since 1989. (more…)