Carsten Höller’s ‘Upside Down People’ in ‘Il Tempo del Postino’ via Artinfo

The 40th edition of Art Basel closed on Sunday, drawing over 60,000 visitors. General impressions of the fair, one of the most respected in the world, were that quality was high and sales surprisingly strong. Many dealers chose a single-artist or closely curated format, often bringing older, proven artists rather than emerging or trendy artists. After a hesitant spring auction season, the results from Basel seem to signal a leveling off of the market. While some of the satellite fairs received poor reviews, most accounts of Art Basel have been very positive. Hans Ulrich Obrist and Philippe Parreno’s ‘Il Tempo del Postino,’ a time-based exhibition featuring artists such as Matthew Barney, Carsten Höller, Rirkrit Tiravanija, and Olafur Eliasson, was a particular highlight, selling out all three nights of the fair.  Few have declared the market downturn over, but the emphasis of quality over spectacle at Basel combined with brisk and steady sales has given a much needed confidence boost as galleries prepare for the summer down time.

Art 40 Basel: Extraordinary Quality; Surprisingly Strong Results [Artdaily]
Window Shoppers [Wall Street Journal]
A Thriftier Lot Comes to Basel This Year [NYTimes]
The art market: Buoyant Basel contrasts with Russian reluctance [FT]
Surprise Success – Art Basel dispels credit crunch blues [The Art Newspaper]
Billionaire Broad Says Art Market ‘Levels Out’ After Price Drop [Bloomberg]
Eli Broad’s Basel mission for LA Moca [The Art Newspaper]
Time is Money [Artforum]
The Postman Rings Twice [Artinfo]
Ruby Tuesday [Artforum]
Report from Basel: Art Unlimited [Art in America]
Scope Basel: Brash, but Humble [Artinfo]
Art Bargain-Hunters Trawl Basel as Hockney Fetches $1.8 Million [Bloomberg]
Jeff Koons: “If people say they don’t like my work, I feel like a failure.” [The Art Newspaper]
Previous AO coverage of Art Basel

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Damien Hirst’s ‘For the Love of God’ via Artinfo

Ukrainian collector Viktor Pinchuk, who is currently hosting Damien Hirst’s retrospective in Kiev, is revealed as the fourth stakeholder in the artist’s platinum, diamond-encrusted skull, which has yet to sell despite a £35 million offer from Alberto Mugrabi [The Art Newspaper]
in related, Fiats decorated by Hirst have had little problem selling at a London charity auction [Art Review]
Two proposed tax-free ports in Paris and Singapore aim to revolutionize international art handling [NY Times]

Roxy Paine with one of his ‘Dendroid’ sculptures via Artinfo

National Gallery of Art commissions a Roxy Paine ‘Dendroid’ sculpture [National Gallery of Art via Artnet]
Art Basel’s Marc Spiegler says that now is an essential time for collectors to buy work from galleries to support artists and local art scenes [ArtInfo]
In conjunction with Saatchi, the Times lists top 200 artists of the 20th century with Picasso and early Modernists at the front [TimesUK]
Three arts professionals describe how they collect for their own homes [Financial Times]

Sam Francis, Grey, the subject of an auction dispute at Christie’s

Shipping magnate Gregory Callimanopulos appealing court decision in auction dispute with Christie’s and Broad Art Foundation over Sam Francis’ ‘Grey’ [ArtForum]
Art during the Nazi regime: Van Meegeren and Göring, forgery and thievery [New York Times]
Unusual Renoir painting recovered in Venice 25 years after it was stolen [Artinfo]

Edward Hopper, Rooms by the Sea, recently acquired by Yale University. via ArtDaily

Yale University counter-sued over Van Gogh painting ‘The Night Café,’ seized during the Communist takeover of Russia [Bloomberg.com].
In related, Yale University Art Gallery acquires Edward Hopper preparatory drawings ‘Rooms by the Sea’ and ‘Western Motel and the Study’ [ArtDaily]
Young collectors pooling resources and sharing art [Financial Times]

Pablo Picasso’s Homme à l’épée for sale in London. via The Telegraph.

€7 – 10 millionv notebook of Picasso sketches discovered stolen from the Picasso museum in Paris [ArtDaily]
and in related, two ‘Musketeer’ paintings by the artist to be auctioned at Christie’s and Sotheby’s, respectively [The TelegraphUK]
As early as 2010, the Louvre may be at risk financially, despite a wave of acquisitions totaling an estimated  €38 million [NYTimes]

Andreas Gursky’s ‘James Bond Island III’ via FOTO8

An interview of Andreas Gursky in which he speaks of scaling down his monumental prints, the influence Bernd and Hilla Becher, and working with North Korea [FOTO8]
Vito Acconci closes his studio, citing cash flow troubles [The Architect’s Newspaper via ArtInfo]

Massimiliano Gioni navigates Venice during the Biennale opening via NY Times

Following curator and critic Massimiliano Gioni and his various party obligations at the Venice Biennale [NY Times]
Points on whether or not the recession is indeed good for art [GuardianUK]
Gagosian has hired Richard Meier to double the space in his Los Angeles Gallery [The Art Newspaper]

62 Imlay Street in Red Hook, Brooklyn, recently leased by Christie’s for storage

Christie’s leases a building for storage in Red Hook, in what is likely one of the largest real estate deals in Brooklyn this year [Brownstoner]
A guide to investing in contemporary art in current market conditions [NY Times]
Sotheby’s London Russian Art Evening Sale totals £7.9m with 17 of 28 lots sold [Art Market Monitor]

Video of Banksy’s exhibition in Bristol via BBC

Banksy secretly sets up exhibition in Bristol museum [BBC]
Beginning June 16, 2009 the Metropolitan Museum of Art will display ‘The Torment of Saint Anthony,’ now widely believed to be Michelangelo’s first painting, before it goes to its new home at Kimball Museum in Texas [ArtDaily]

Picasso’s Château de Vauvenargues via Artinfo

Picasso’s Château will open to the public this summer [Artinfo]
Billionaire collector Eli broad contends that the downturn in the art market has bottomed [Bloomberg]
Christie’s similarly calls a leveling off of the art market’s downshift [Reuters]

Zhan Wang – Ornamental Rock No. 71, on view at Saatchi Gallery, London – The Revolution Continues: New Chinese Art via Saatchi Gallery

When the new Saatchi Gallery’s inaugural show closes it will have drawn over half a million visitors [GuardianUK]
How artists are replacing some aspects of the role of dealers [TheArtNewspaper]
Christie’s lowers estimates  by more than 10% also stating “It’s not our intention to offer any guarantees until we have a better idea of where the markets are” [ArtInfo]
MOCA agrees to Eli Broad’s $15 million match contribution [LATimes]

‘the Farm’ by Joan Miró (1893-1983) via the Wall Street Journal

A detailed look into Joan Miró’s ‘the Farm” [WallStreetJournal]
Boston Lawyer hiding stolen art including a $26 million Cezanne sentenced to 7 years [ArtDaily]
Top ten outstanding moments in the art market for 2008 [TelegraphUK]

Museum of Contemporary Art in Los Angeles, via NY Times

The Museum of Contemporary Art has been beset by financial troubles that threaten its sustainability. The museum went through all $20 million of its unrestricted funds several years ago, and its endowment, which stood at around $40 million at the beginning of the decade, is now at $6 million, a number which compromises the covenants upon which it was established. Its financial cushion has been further eroded by the financial crisis and a decrease in donations. MOCA, founded in 1979, is considered to be one of the world’s premier contemporary art museums, and is now on the brink of insolvency.

Los Angeles Museum Agrees to Accept Rescue Deal [NY Times]
Mayor Antonio Villaraigosa makes a plea to MOCA [LA Times]
Director Strick said to be latest casualty at MOCA [LA Times]
Los Angeles Museum Proposes to Save Another [NY Times]
Thinking About MOCA [Time, Looking Around]
Making sense of a total mess (or not) [Modern Art Notes via C-Monster]

more story and images after the jump…

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Eli Broad, Billionaire Philanthropist and Art Collector, via LA Times

In an apparent reversal from his statements earlier this year, billionaire philanthropist and patron of the arts Eli Broad is now opening a 25,000 square foot museum in the new headquarters for his eponymous foundation, the Broad Art Foundation.  This news comes just nine months after the Los Angeles County Museum of Art opened the 60,000 square foot Broad Contemporary Art Museum, built through $56 million dollars provided by Mr. Broad, proprietor of a 2,000 piece collection of post-war art.  Jean Michel Basquiat, Jasper Johns, Andy Warhol, and Damien Hirst figure among the many seminal artists whose works are owned by the foundation.  Eli Broad had been outspokenly calling the art market bubble for some time now and recent auction performance in the past month or two has proved him to be somewhat prescient.   Broad has felt that the market is returning to normal levels perhaps as he has recently been reinvigorating purchasing activity.  Mr. Broad’s most recent acquisitions include: Bantam by Robert Rauschenberg ($2.6 million), Wishing Well by Jeff Koons ($2.2 million), and Desire by Ed Ruscha ($2.4 million), all acquired at Sotheby’s Contemporary Art Evening Sale on November 11th (as covered by AO here).

The new facility would include the proposed museum, administrative headquarters for his organization, and storage for the pieces of his collection that aren’t on loan to museums. “We want a new headquarters, a space to have works that are not on loan to others at any given moment available for study by curators and scholars,” the foundation’s spokeswoman said in an article published in Bloomberg.  Broad has expressed that he would like the new headquarters to open within 3 years.

Gensler has been designated as the architect and consultant on the project, with a site in Beverly Hills and two other undisclosed locations under review. The Beverly Hills location would be at the corner of Wilshire and Santa Monica Boulevards, a few miles away from the LACMA museum that bears his name. Some observers question whether the new museum would introduce too much competition to existing contemporary arts venues, especially the Broad Museum at LACMA and the Museum of Contemporary Art (MoCA), where Broad was a founding trustee. MoCA especially is in a very fragile position: the museum is in a severe fiscal crisis after suffering huge losses to its endowment in the recent market downturn.  Broad has announced a plan to provide $30 million to MoCA over several years to help keep the museum from closing.

The Broad Art Foundation
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Los Angeles County Museum of Art
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Eli Broad Plans Another Art Space [New York Times]
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Broad Decides to Build His Own Museum [New York Times]
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Billionaire Broad Proposes Beverly Hills Art Museum [Bloomberg]
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Eli Broad’s Museum to Keep Art Out of `Basement’ [Bloomberg]
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Eli Broad’s art collection needs a home, so he’ll build it [LA Times]
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MOCA faces serious financial problems [LA Times]
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Saving MOCA: Eli Broad offers $30 million to MOCA in Op-Ed [LA Times]
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Eli Broad to Build Museum in Los Angeles [ArtForum]

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Sotheby’s Contemporary Art Evening Sale, New York, Tuesday, November 11th
Total Lots Offered: 63
Total Lots Sold: 43 (68.2%)
Total Sales Value: $125.1 million
Total Sales Pre-Auction Estimate: $202.4 million

On the heels of its Impressionist and Modern Art sale that brought in $223 million, well below its low estimate of $339 million, with only 45 of 70 lots sold as previously covered by Art Observed here, Sotheby’s Contemporary Art Evening Sale in New York, held on Tuesday, November 11th, brought in $125 million against a $202 million estimate. The sale was 68.2% sold by lot, with 43 of 63 works finding buyers, marking the lowest selling rate for a multiple-owner evening sale of contemporary art held at Sotheby’s since November 1994. A third of the lots failed to sell, and most of the works that did sell went for less than their presale low estimate. The top lot of the sale was Yves Klein’s Archisponge (RE 11), seen below, which brought $21,362,500. Artist records were set tonight for Philip Guston Beggar’s Joys, which achieved $10,162,500; John Currin, Nice ‘N Easy (see above), which realized $5,458,500 (see above) and Richard Serra, 12-4-8, which fetched $1,650,000.

A Dreary Night for Contemporary Art at Sotheby’s [NYTimes]
Sotheby’s Contemporary Art Sale defies worst fears [Reuters]
Sotheby’s New York Evening Sale of Contemporary Art Brings $125,131,500 [ArtDaily]
$125 million at Sotheby’s Contemporary [ArtNet]
The art market: Contemporary art gets hammered [FinancialTimes]
Bare Market [ArtForum]
Eli Broad Goes Shopping as Sotheby’s Art Auction Falls Short [Bloomberg]
Currin Nudes Set $5.46 Million Record at Spotty Sotheby’s Sale [Bloomberg]

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Jeff Koons at the Met via Artfagcity

NYMag explores how the art of Jeff Koons somehow stands above the other “razzmatazz” [NYMag]
Profile of collector Eli Broad and his “oversize ego and unstoppable ambition” [Metropolis]
The art services market grows in lockstep with art prices [NYTimes]
Edvard Munch prices seem to be rising in direct correlation to recent art thefts of his work [The Art Newspaper]
Bloomberg posits that Banksy’s possible middle class private school background may affect his notoriety [Bloomberg]

Billionaire Collector Eli Broad Expecting Price Drop at Basel [Bloomberg]
Art Buying Frenzy Increasing Fine Art Storage Business [WSJ]