Just as Sotheby’s is preparing its first pop-up sale in Silicon Valley, rival Christie’s has also entered the fray, announcing a similar event in California focused on works by Roy Lichtenstein, Jasper Johns, and more, alongside works by young artists including Korakrit Arunanondchai. “While it is well known that the Bay Area is home to some of the most impressive collections in private hands, it has recently become evident that it is also one of the most robust emerging markets for art collecting with a growing group of young and new collectors,” says Christie’s Post-War specialist Charlie Adamski. (more…)

An article in the Wall Street Journal takes a closer look at how auction houses such as Christie’s and Sotheby’s vigorously recruit new collectors. Seeking fortunes large enough to sustain multi-million dollar sales, these auction houses keep a close eye on a new crop of billionaires that has been springing up over the past few years in areas like the Balkans and Central Asia. The courting ritual employed by the houses includes children’s parties, personalized tours, VIP passes, and, in one case, a hand-crafted needle-point pillow. (more…)

The Washington Post is selling off its art collection, and allowing employees to have first choice at a discounted sales rate.  The collection includes a number of local artists as well as works by Alex Katz and other major figures.  “We wanted to do this as a farewell gesture to Post employees and to give corporate and newspaper employees an opportunity to own artworks they have enjoyed and loved,” said Rima Calderon, vice president for communications and external relations at Graham Holdings. (more…)

The New York Times reports on the growing arts scene in Uruguay’s Punta del Este, a coastal resort town on the nation’s eastern coast, as well as the nearby villages of José Ignacio and Pueblo Garzón. A new generation of artists, bolstered by the increased traffic of wealthy collectors buying homes and vacation villas in the area, has resulted in a quickly growing arts scene.   “A few years ago I began to see that Uruguay started moving in a very interesting direction,” says dealer Renos Xippas. “There’s a new generation with fresh, ironic ideas.”  (more…)

The New York Times takes an inside look at the selling techniques and strategies galleries are embracing during massive art fairs like last week’s Art Basel, including massive mailings of available works (“jpeg bombing”) and pre-selling works before the fair opens.  “‘First Choice’ V.I.P. access is no longer the priority as most of the major pieces at fairs are bought in advance,” says collector Kamiar Maleki.  “But still, nothing beats coming to the fair.” (more…)

Following a previous excursion by Pace Gallery in the Swiss Alps, the gallery will return to a temporary space in the Engadin gallery town of Zuoz, bringing works by Donald Judd and John Chamberlain for an exhibition running from July to September. “Many collectors have beautiful houses and spend a significant amount of time in this part of Switzerland,” says director Mollie Dent-Brocklehurst. (more…)

Bloomberg takes a look at the current arts community in Cuba, and its long, robust tradition of arts over the past century.  The article also goes on to discuss a loophole in the U.S. embargo which allowed America collectors to purchase artworks and prints under the classification of “informational material,” and which led to a surge in the market during the 1990’s.  “The arrival of foreign collectors sounded an alarm for the Cuban government,” says dealer Luis Miret Pérez. (more…)

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…)

The Guardian has published a list of the most powerful people in the art world, noting the top “movers and makers” in the current market, among them Jeff Koons, Agnes Gund, Victor Pinchuk, Dasha Zhukova, and Emmanuel Perrotin. (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…)

The Financial Times looks at the enormous final sale prices achieved this year at auction, and questions where the art market is headed in the future. Deep pockets and an increasingly deep market pool have led to growing sales, and a number of art fairs springing up to meet the demand. “In sheer defiance of other global economic trends, or perhaps because of such trends, there is an unprecedented flow of money into the art market. For some, this could represent a flight of capital from other conceivably more unstable harbours to comfortably park one’s wealth,” says dealer Edward Tyler Nahem.  (more…)

Jeff Koons, Elephant Sculpture, which sold for $20 million at David Zwirner Gallery

Another year has come and gone for the dizzying spectacle that is Art Basel Miami Beach, which closed its doors last night after 5 hectic days of art sales, exhibitions, special events, parties and appearances.  The following is a summary of the Main Fair with a photoset and newslinks.

Piet Mondrian, Komposition II, with red, 1926, at Helly Nahmad Gallery (more…)

VIP’s prepare to enter at Art Basel, via Daniel Creahan for Art Observed

Another year of Art Basel Miami Beach is officially in full swing after a bustling first day of sales, exhibitions, installations and parties has wrapped up.   The crowds were out in earnest for the press and VIP previews yesterday, as the convention center opened its doors to welcome in a swarm of interested collectors who made no delay in picking up some of the most significant pieces.  Collectors and art advisors could be seen frantically talking to cell phones, and dealers jotted down quick figures as the first hours of the fair counted up a solid series of sales.

Anish Kapoor at Lisson Gallery, via Daniel Creahan for Art Observed

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Maurice and Paul Marciano, known as the co-founders of Guess Jeans, have purchased the Scottish Rite Masonic Temple on Wilshire Boulevard in Los Angeles, with the intent of turning the space into a museum for their contemporary art collection.  The property was purchased by the Maurice and Paul Marciano Art Foundation, for the price of $8 million. “We have been looking for a home for the collection,” said William F. Payne, a spokesman for the foundation. “It’s a legacy project for the family.” (more…)

The impressive wealth of Qatar, the small Persian Gulf nation, is fundamentally affecting the current art market, the New York Times reports.  Collectors from the oil-rich state have spent astronomical sums on works in the past years, including $70 million for a Mark Rothko canvas, and $20 million for a Damien Hirst pill case.  At the center of this buying glut is Sheika al Mayassa bint Hamad bin Khalifa al-Thani, the head of the Qatar Museums Authority and sister to the nation’s emir. “They’re the most important buyers of art in the market today,” said Patricia G. Hambrecht of Phillips. “The amount of money being spent is mind-boggling.” (more…)

ARTNews’ annual list of the world’s top art collectors has been released, detailing the most prolific and high-spending patrons from around the world.  Among the top 10 are a number of recognizable names, including Eli Broad,  Steven A. Cohen, and François Pinault.  Also of note is a brief article stating the number of collectors willing to spend high dollar amounts for desired works. “I’d say the figure for those going over $20 million is about 150. There are about 100 who would go over $50 million.” Says Sotheby’s Executive Vice President Charles Moffett.   (more…)

A new website, titled BitPremier, is currently offering a number of luxury goods for purchase using the digital currency BitCoins. The initial offering of products on the site include works by Peter Beard and LeRoy Neiman.  “This is a way for them to diversify their assets into bitcoins. At this point, it’s a lot easier to sell a $1 million painting to get bitcoins than trying to buy a million dollars of bitcoins on an exchange.”  Says Bitpremier founder Alan Silbert. (more…)

Initial reports on this year’s TEFAF Maastricht art fair are indicating a high number of museums looking to buy at this year’s edition.  Filled with over $5 billion in art and antiques, the fair is luring a number of museums looking to further bolster their collections.  “Museum board members have realized that this fair is a real opportunity that has to be seized,” Says New York Dealer Richard L. Feigen says. “Or they’ll miss out.” (more…)