Jeff Koons’s ‘Baroque Egg with Bow (Turquiose/Magenta)’ via NY Times goes on sale at Sotheby’s with estimates between $6-8 million

The spring Post-War and Contemporary Art auctions take place this week in New York at Sotheby’s tonight, Christie’s tomorrow night, and Phillips de Pury on Thursday night. Last week’s Impressionist and Modern Art auctions, covered by AO here, and also here, brought in far less than a year ago, but considering the economic climate were viewed as middling successes (aside from Sotheby’s spectacular Picasso and Giacometti flops).  However, the contemporary sales will be more of a litmus test for a chastened market.  After years of record-setting sales, this year all three auction houses have reined in the estimates, no longer providing the guarantees to sellers that burned them last fall.

Sotheby’s is offering 49 lots, with total estimates of $52–72.2 million, compared to the $362 million it brought in last spring. Highlights include an untitled painting by Martin Kippenberger of a fat man with balloons and Jeff Koons’s ‘Baroque Egg with Bow (Turquiose/Magenta),’ part of the artist’s ‘Celebration’ series, which includes ‘Hanging Heart,’ a sculpture that set the record for a living artist at auction in the fall of 2007. While ‘Hanging Heart’ sold for $23.6 million, ‘Baroque Egg with Bow (Turquiose/Magenta)’is expected to sell for $6-8 million.  Christie’s is offering 54 lots, with total estimates of $71.5–104.5 million.  On the catalog cover is Jean-Michel Basquiat’s ‘Mater,’ a rare occurrence of a female figure within Basquiat’s oeuvre, expected to sell for $5-7 million. A number of works from the collection of Betty Freeman are also up for auction, including David Hockney’s portrait of the philanthropist in her home, ‘Beverly Hills Housewife,’ estimated to go for $6-10 million.  Lastly, Phillips de Pury & Company is offering 43 lots, with estimates of $12.2–17 million. Highlights from that sale include a Robert Gober sculpture of a Farina cereal box, estimated at $2.5-3.5 million, and a late, figurative painting by Philip Guston, estimated at $1-1.5 million.

The sales also include a number of Minimalist works by artists such as Dan Flavin, Donald Judd, Sol Lewitt, and Agnes Martin.  Many experts view these works as under-priced, and present more in museum collections than private collections.  This round of sales sees fewer works by the Pop artists that made headlines in the boom times like Warhol and Rauschenberg.

Rare and Spectacular Master Works Highlight Christie’s Post-War & Contemporary Art Sale [Artdaily]
Little Warhols [NY Mag]
Phillips de Pury & Company Announces the Highlights from its Forthcoming New York Contemporary Art Part I Sale [Artdaily]
The art market: Skinny sales and demoted billionaires [Financial Times]
Jeff Koons’s rabbit: market news [Telegraph]
The Art Market Is Back? Now That’s Surrealism [WSJ]
Sotheby’s Post-War and Contemporary Art Evening Sale [Sotheby’s]
Christie’s Post-War and Contemporary Art Evening Sale [Christie’s]
Phillips de Pury Contemporary Art Part I Sale [Phillips de Pury]

The James Turrell Museum of the Hess Art Collection in Argentina

James Turrell Museum of the Hess Art Collection opens its 18,000 sf space in Argentina, almost 8,000 sf above sea level [Reuters]
The Tate galleries issue over 400 video and audio lectures, talks, debates for free on iTunes [Apple]
A video look inside the studio of Jeff Koons [Tate]
Bruce Nauman in his studio, in anticipation of his representing the US in Venice [NYTimes]

Portrait of Nicholas Roerich via Reuters

Despite the above portrait of Nicholas Roerich by his son fetching $2.9M, close to 3x its high estimate of $1.1 million, sales of Russian art in New York by Sotheby’s and Christie’s clear an unsubstantial $27 million versus last year’s $64 million [Reuters]
Is the value of the work of Richard Prince particularly at risk in this recession? [Portfolio]
Angus Murray launches Castlestone’s $50M Modern Art Fund [Portfolio Advisor]

Damien Hirst with The Hours and the painting he created for their album cover via The GuardianUK

Win the £125,000 orignal painting Damien Hirst made for The Hours’ new album cover [GuardianUK]
MoMA sued by heirs of George Grosz over three works the artist left behind when fleeing Nazi Germany [NY Times]
In related, Austrian city of Linz may return $15 million Gustav Klimt to Holocaust victim [Bloomberg]

A shot of the scene sans Mona Lisa via Vanity Fair

A excerpt from a new book on the famous theft of the Mona Lisa in 1911 [Vanity Fair]
A summary of how dramatically US Museums have been hit by the economic slowdown [ArtNewspaper]
In directly related, a timeline of Museums and the recession [ArtInfo]
The “hottest” art exhibitions of summer 2009 according to Times UK [TimesUK]
London usurps New York as top auction location for 2008, bolstered mainly by Damien Hirst’s Sotheby’s sale [ArtInfo via ArtFagCity]
The low profile nature of private sales causes them to rise in popularity due to the impact of public failure of sales at auction [NYTimes]

Saatchi-online’s billboard partnership with Clearchannel via ArtDaily

Clearchannel partners with Saatchi’s to promote through its billboards Saatchi-online’s commission-free online art sales [ArtDaily]
In related, The 10 winners of the Guardian/Saatchi art competition are announced [Guardian UK]
The world’s largest art prize, decided by vote, launches in Grand Rapids, Michigan [artprize.org]
The Park Avenue Armory in New York announces an annual commission for it’s Drill Hall, on May 14th its inaugural exhibition will be Ernesto Neto [ParkAvenueArmory]
Christie’s auction house creates a specific unit to divest of corporate art works [Crain’sNY]
On its 5th anniversary, the UK’s Art Council Initiative interest free loan program has supported a total of £10.5 million worth of arts purchases involving 12,500 people [Artscouncil]

Damien Hirst’s custom Harley-Davidson motorcycle via Motorcycle News

Damien Hirst creates a custom Harley Davidson for charity [Motorcycle News]
Lawsuit alleges fraud from Louis Vuitton in Murakami 2007-08 LA MOCA exhibition due to prints being merely “factory leftovers from handbag production” [LATimes]
In related, Murakami protege Mr. collaborates on a Lucien Pellat-Finet clothing collection [Hypebeast]
Following the National Portrait Gallery in London announcing its shortlist of three artists for the 2009 BP Portrait Award, an in-depth article on craft [IndependentUK]
Vacant retail locations as exhibition space in London [GuardianUK]

Terence Koh’s ‘Untitled (Urinal)’ on the opening night of ‘KKK,’ photo by ArtObserved

On Saturday, April 4, ‘Koons-Kelley-Koh,’ or ‘KKK,’ curated by LA-Berlin dealer Javier Peres opened at Mary Boone Gallery. The theme of the exhibition is rather loose. In the press release Peres wrote, ‘My purpose in assembling this exhibition was not to emphasize a curatorial message as such, but rather – quite simply – to put three of my favorite American artists side by side. No tricks, no gimmicks, no bullshit, just sculptures representative of each artist’s practice. I hope you enjoy looking.’ The show includes two sculptures by each artist. It does not feature any of Jeff Koons’s recent signature large-scale sculptures, with all but one of the works on the relatively small side. There is, however, a 24-foot-long piece by Terence Koh, a smashed-up urinal glued back together.

Koons-Kelley-Koh [Mary Boone Gallery]
About Last Night… [PaperMag]
Talking With Terence Koh [ArtCat]
Crate of the week (if not the year…) [Fine Art Shipping]
Terrence Koh, Jeff Koons, And Mike Kelley Host An Exibition At The Mary Boone Gallery [Guest of a Guest]
Terence Koh’s Mary Boone Opening [Style.com]

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Marc Drier

Marc Dreier, the powerful attorney indicted on fraud charges totaling nearly $700 million, revealed as a substantial client of Larry Gagosian [ArtLovesMoney]
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and in related: Chris Burden on his exhibition at Gagosian Los Angeles that became entangled in the Allen Stanford fraud case [New Yorker]
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Spurred by a spate of deaccessionings, New York State looks at a bill aimed at limiting museums’ art sales [NY Times]
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Yvon Lambert closes fledgling London branch [Bloomberg]
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in in other recession-related: facing a shrunken endowment, Getty cuts its budget by a quarter [LA Times]

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via Traileraddict.com

Steve McQueen’s first feature film, ‘Hunger,’ opens in New York at the IFC Film Center [IFC film Center]
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London sees a number of Russian women as a force in the contemporary art scene [Financial Times]

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Curators of ‘New Deal’ at the Art Production Fund gallery, Matthew Moravec, left, and Kyle Thurman via NY Times

In their early 20s, two curators present an exhibition of artists 19 to 26 years old for Yvonne Force Villareal’s Art Production Fund [NY Times]
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Christian Holstad’s installation at X Initiative via NY Magazine

Jerry Saltz reviews two new energetic galleries: The Boiler in Williamsburg and X Iniatiative in the old Dia space [NY Magazine]
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The European Fine Art Fair in Maastricht displays trust in Old Masters [The Art Newspaper]
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Hirst, Serra, Koons and others bring in exceed estimates and bring in $6 million at Paris charity auction [Bloomberg]
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Asian Art Week actions sell robustly at both Christie’s and Sotheby’s [Crain’s]
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Artprice publishes its top 10 ranking of artists based on auction revenue in 2008 [ArtPrice]

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A portrait of Yves Saint Laurent by Andy Warhol via artnet

Pierre Bergé withdraws four portraits of his partner, the late Yves Saint Laurent, from an Andy Warhol exhibition in Paris four days the opening [Artinfo]
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Fashion designer contextualized art is again resilient: Sotheby’s Gianni Versace sale greatly exceeds its estimates [Artdaily]
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Yale University files suit to claim ownership of Van Gogh, after self-proclaimed descendent of previous owner lay claim to the work [Associated Press]
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Director of SFMoMA sets example on how to tackle economic difficulty [NY Times]
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Jackie Wullschlager looks at three new books that explore Darwin’s influence on Modern art [Financial Times]
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Beacon in upstate New York is an art destination [NYTimes]

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Levi’s collaborates with Stefan Sagmeister on art series featuring its iconic 501 [PaperMag]
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and in related Lucien Pellat-Finet and Marc Quinn collaborate [Vogue]
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The Chapman Brothers direct new video for PJ Harvey and John Parish [NME]
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Michael Visocchi has won the 2009 Jerwood Sculpture Park Prize [BBC]
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and in related, Pipilotti Rist has been awarded the 2009 Joan Miro Prize [Artdaily]
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Installation view of Rothko’s ‘Seagram Murals’ via MSNBC

Tate Liverpool exhibits Rothko’s Seagram Murals after a 20-year absence [Artdaily]
Rochelle Steiner, under whose tenure Olafur Eliasson’s “New York City Waterfalls” was sponsored, leaves the Public Art Fund [NY Times] and in related, Sotheby’s CEO takes big paycuts in the wake of the market downturn [Bloomberg]

Alex James, bassist of Blur via The Mirror

Blur’s Alex James to judge Charles Saatchi’s art-star reality TV show [The Mirror]
Jonathan Jones on how consumerism spawned Warhol and Pop art and thus the shallowness of contemporary art [Guardian]
Vanity Fair’s imagined conversations overheard at a MoMA party [VanityFair]
A new show at Paris’s Musee d’Art Moderne acknowledges how Italian Surrealist Giorgio de Chirico sold backdated copies of his own work [Bloomberg]

Patti Smith via The Art Newspaper

Patti Smith, whose Polaroids are showing at Robert Miller gallery, on her early career as an artist and why she feels Jeff Koons’s work is “just litter upon the earth” [The Art Newspaper]

Andy Warhol’s BMW Art Car via W Magazine

The BMW Art Car series by artists such as Frank Stella, Andy Warhol, Roy Lichtenstein and Robert Rauschenberg to appear at New York’s Grand Central Terminal starting March 24 [W Magazine]
Chinese art dealer who sabotaged Christie’s sale of bronzes during the Yves Saint Laurent sale weeps at his shattered credibility [Bloomberg]

Steve McQueen modeling for T Magazine

A brief profile of Turner prize winning film artist Steve McQueen’s fashion aesthetic [The Moment]
The Las Vegas Sun does a post-mortem on the Las Vegas Art Museum, which closed last month [Las Vegas sun via ArtsJournal]

Trailer for ‘Guest of Cindy Sherman’ via Entertainment Weekly

Soon to open in New York, an art world outsider chronicles his relationship with an art world insider in the film ‘Guest of Cindy Sherman’ [Entertainment Weekly]
Susan Moore looks at the recent emergence of a homegrown art scene in the United Arab Emirates [Financial Times]

Collectors Stephanie Seymour and Peter Brant.  Image courtesy Mary Barone via Artnet

Art in America and Interview Magazine owner Peter Brant opens his private collection to the public, by appointment only, at the Brant Foundation Art Study Center [NY Times]
How the former CEO of the Royal Bank of Scotland was unable to secure an immense 16,000 piece art collection obtained during a takeover of ABN Amro as that bank’s CEO deftly transferred ownership to a foundation before the merger [TimesUK]
Turner Prize winning sculptor Antony Gormley announces first public art installation for Scotland [TheScotsman]

Laura Hoptman, Massimiliano Gioni and Lauren Cornell, curators at the New Museum of Contemporary Art via NY Times

A preview of the New Museum’s inaugural triennial, “The Generational: Younger Than Jesus” [NY Times]
Hans Ulrich Obrist’s book “The Conversation Series” includes interviews with artist such as Wolfgang Tillmans and Gilbert and George [ArtInfo]

A peek at Pierogi Gallery’s new annex, the Boiler via NY Times

Williamsburg’s Pierogi Gallery opens new annex, The Boiler [NY Times]
Chelsea galleries, including Andrea Rosen, Barbara Gladstone, Mary Boone and Matthew Marks, to show work at the Museo Nacional de Bellas Artes in Havana, Cuba [The Art Newspaper]

Anish Kapoor’s ‘Temenos’ via AnishKapoor

Construction begins on first of five of Anish Kapoor outdoor sculptures in the UK: the ‘world’s biggest art project’ [DesignWeek]

Portrait of Pope Benedict XIV by Pierre Subleyras via NY Mag

Old masters prove to be a bellwether in the market downturn [Financial Times] as such, The Metropolitan Museum acquires a Renaissance portrait of Pope Benedict XIV for nearly $1 million amidst financial woes [NY Mag] and this painting also is featured here in a separate video discussion on the resilience of old master paintings [Sotheby’s]

Damien Hirst’s skateboard decks for Supreme, via The Hundreds

Damien Hirst launches a new line of skate decks for Supreme [Hypebeast] plus a Glenn Brown interview with Supreme [Interview]
Turner prize winning British artist Steve McQueen debuts Hunger. [W Magazine via C-Monster]

John Baldessari at Mies van der Rohe’s Haus Lange of 1928, in Krefeld, Germany, via Edward Lifson

John Baldessari transforms a Mies van der Rohe house [Edward Lifson]
Metropolitan Opera puts up two Chagalls as collateral for loan in the face of a shrunken endowment [Crain’s]
Art In America launches its new website [Art Fag City]

A model of Jeff Koons’s ‘Train’ to be built at Los Angeles County Museum of Art, via LACMA

LACMA moves forward with record $25 million sculpture by Jeff Koons [The Art Newspaper]
Gold Bars for a Chris Burden show at Gagosian held up in Stanford fraud case [Culture Monster]
A negative forecast for the recession’s impact on art [NewYorkMagazine]

Banksy in London, via Wooster Collective

New Banksy works appear in London [Wooster Collective]
A profile of the Guggenheim’s Richard Armstrong, a modest museum head compared to his controversial predecessor [Wall Street Journal]

KAWS’s cover for the current issue of New York, via SuperTouch

KAWS designs New York Magazine’s cover for their ‘Best of New York 2009’ issue [SuperTouch]
Jackie Wullschlager looks at the exhibitions that have come about after Anthony d’Offay’s gift of his collection to Britain [Financial Times]

Gang Gang Dance, via The Social Registry

Armory Show preview and party at MoMA featuring a performance by Gang Gang Dance [MoMA]
A profile of art collecting Mugrabi family [NY Times]
Second ever newspaper interview of Charles Saatchi [London Times]

Jake and Dinos Chapman’s remade ‘Hell’ via The Guardian

Jonathan Jones on why the Chapman Brothers’ Hell deserves to be shown at the National Gallery [Guardian]
Munich gallery Andreas Grimm shutters NY location [Hintmag]
SANAA, architects of the New Museum, to design Serpentine Pavilion [Icon]

A rug made by Francis Bacon, via London Times

Rediscovered Francis Bacon rugs are up for auction at a relative pittance versus his canvases [London Times]
Alex Katz models for J. Crew [MediaBistro]
A trend of wealthy collectors building museums to open their collections to the public [Fortune]

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Encased — 5 Rows (6 Spalding Scottie Pippen Basketballs, 6 Spalding Shaq Attaq Basketballs, 6 Wilson Supershot Basketballs, 6 Wilson Supershot Basketballs, 6 Franklin 6034 Soccerballs) (1993) by Jeff Koons. Lot unsold. Estimate range: £1,800,000 to 2,200,000.

Phillips de Pury & Co. raised a total of £4.2 million at their February 12th auction of contemporary art, with 35 of 53 lots selling. The entire sale was expected to realize £6.8 million – £9.3 million.  The higher priced lots were shunned in favor of those with estimates under £500,000.

The highest priced lot was Martin Kippenberger’s Portrait of Paul Schreber (Designed by Himself), which sold for £432,000, at the low end of its presale estimate of £400,000 to £600,000. The 8-foot high oil, lacquer and silicone is an abstract portrait of Paul Schreber, an early 20th century German judge who suffered several nervous breakdowns, and was the subject of a seminal clinical psychology paper by Sigmund Freud. The portrait is based on a sketch in Schreber’s autobiography, where he draws what he imagines his brain to look like: one healthy side and one ill side. Dan Colen’s Untitled (Going, Going, Go. . .), of a candle whose smoke spells out the painting’s title, sold for £92,500, more than double the high estimate. This sale also set a new auction record for the artist.

Zeng Fanzhi’s Huang Jiguang, from 2006, sold for £360,000 against pre-sale estimates of £200,000 to £250,000. The 11 foot wide depicts a Chinese war hero from the Korean War, who is famous for having sacrificed himself in a crucial battle. Mixing historicity and myth with an abstract landscape as background, Fanzhi is one of China’s foremost contemporary artists and is known for his Mask series.

A Jeff Koons sculptural installation featuring a glass-encased vitrine stocked with various basketballs and soccer balls failed to sell. It was the only lot priced higher than £1 million, and failed to generate a single bid despite being the cover lot by a prominent name.

The auction results were unimpressive on the whole, reflecting the general sense of ambivalent malaise that still plagues the art market. The consensus among many dealers and collectors is that it is a buyer’s market, and many sellers have not adjusted their pricing expectations to reflect the ongoing correction–until this mismatch is corrected, there will continue to be anemic auction results.

Auction Page: Phillips de Pury Contemporary Art Evening Sale
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Koons Work Snubbed for Cheaper Art in London as Bargains Sought [Bloomberg]
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Phillips Sale Misses the Mark [ArtInfo]
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ART MARKET WATCH: £4.2 million at Phillips London [Artnet]
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Phillips de Pury & Company’s London Contemporary Art Sale Results Confirm Market Demand for Quality Works [ArtDaily]

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Monkeys (Ladder) (2003) by Jeff Koons. Sold for £1.38 million ($2 million) against estimates of £1.4 million to £2 million.

Following last week’s encouraging results, Christie’s post-war and contemporary auctions could only be described as lacklustre, while not entirely disheartening.

The auction realized a total of £8,392,750, or $12,085,560, with 79% of lots being sold. While still somewhat robust, it pales in comparison to last week’s figures which tended to be in the 90% range. 48% of the 29 lots were sold above their estimates, with one work of auctioned for over £1 million. European buyers put in a strong showing, comprising 66% of auction participants, with the remainder breaking down as follows: 4% UK, 27% Americas and 4% Asia.

Jeff Koons’ playful Monkeys (Ladder) was the highest priced lot, pulling in £1.38 million ($2 million) against estimates of  £1.4 million to  £2 million–just barely falling short of the lower estimate.  The oil on canvas piece forms a part of the artist’s Popeye series, and was offered for auction for the first time during the evening sale.

Two of the highest profile lots on auction failed to sell. A lot by Francis Bacon, Man in Blue IV, went unsold–considered by the auction house and several dealers who were present as “perhaps too academic.” The sitter is an unknown man who Bacon is thought to have had an affair with at the Imperial Hotel in Henley-upon-Thames, where the painter resided for some time.  His features are obscured and more attention is given to his clothing, posture and form. The  lot was expected to sell for between £4 million and £6 million, which would have made it the priciest lot on sale.

Mark Rothko’s lot also went unsold. Green, Blue, Green on Blue, from 1968, was expected to bring in between £2.5 million and £3.5 million, and would have been the second highest priced lot after Bacon’s.

Christie’s Sale Total Halves; $12.2 Million Rothko, Bacon Fail [Bloomberg]
Francis Bacon portrait fails to sell at auction [Telegraph UK]
Christie’s Auction of Post-War and Contemporary Art Realises $12.1 Million [ArtDaily]
The Golden Rain Dries Up at Christie’s [ArtInfo]

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Stacked (1988) by Jeff Koons; Sold for £2,841,250 ($4,136,939) against estimates of £2,200,000 – £3,200,000 ($3,215,434 – $4,676,995). Image via Artnet.

Sotheby’s contemporary art evening sale concluded this week’s auctions on a high note, as 25 of 27 lots by Lucio Fontana, Andy Warhol, Gerhard Richter, Jeff Koons and Damien Hirst, among others, were sold to collectors taking advantage of the art market’s price correction. The auction attracted relatively brisk bidding on several of the lots on offer, with over 200 clients registering to participate in the auction.

The sale realized a total of £17,879,250 ($25,785,250), solidly within the estimate of £16.5-23.1 million, selling 92.6% by lot–one of the highest ever achieved for a February contemporary art auction at Sotheby’s–and 90.7% by value. 24% of buyers were from the US, with 48% European, 12% Middle East, and 16% Asian being the breakdown for the remainder.

The lot featured on the catalogue cover, Concetto Spaziale by Lucio Fontana, was the highest priced lot, although it sold for £4.4 million ($6.4 million), or 12% below its £5 million ($7.3 million) low estimate. The painting is part of the 22-piece Venezia series, conceived and executed in 1961 by Fontana, widely considered to be Italy’s foremost post-war artist. While the lot was bought below the low estimate, it still set a record for a painting from the Venezia series. It was bought directly from the artist shortly after its execution and resided in a private collection for over 45 years, never shown in public during that period.

Successful auction sales calm jittery art market [Financial Times]
‘Rediscovered’ art fetches £4.4m [ BBC]
Koons, Fontana Works Sell in Smaller London Art Sale [Bloomberg]
A Svelte Sale Yields Positive Results at Sotheby’s [ArtInfo]
Sotheby’s February 2009 Contemporary Art Evening Sale Achieves $25,785,250 [Art Daily]

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Ernst Ludwig Kirchner’s ‘Strazzenszene (Street Scene)’ via Artdaily

Claude Monet’s ‘Dans La Prairie’ via Daylife

Sotheby’s London to sell rare work by Expressionist Ernst Ludwig Kirchner tomorrow night [Artdaily]
and Monet’s ‘Dans la Prairie’ headlines Christie’s Auction of Impressionist and Modern Art, the night after [Artdaily]
Jeff Koons honored at National Arts Club in New York [NY Observer]
and more on the artist’s multimillion dollar townhouse acquisition woes [NY Times]
An excerpt from Philip Hook’s upcoming book on how in the 50’s, Impressionist works became blue-chip investments through the auction frenzy of nouveau-riche [Financial Times]

Glenn O’Brien for Adam Kimmel via The World’s Best Ever

Interview’s Glenn O’Brien models for Adam Kimmel’s Fall 2009 Collection along with Nate Lowman, Aaron Young, Dan Colen and other downtown art world denizens [The World’s Best Ever]
Jenny Holzer talks about her solo exhibition at MoCA, Chicago [Art21]
The legal ambiguities behind the copyright dispute regarding Richard Prince’s recent Canal Zone show [Wall Street Journal]

The winning design of P.S. 1’s Young Architects Program via NY Times

P.S.1 announces the winning design of its Young Architects Program, described as an ‘afterparty’ of the market boom and bust [NY Times]
The BBC will put 200,000 of the UK’s publicly owned oil paintings online [GuardianUK]
The Economist provides a provenance background of the rare Lucio Fontana soon to be up for sale at Sotheby’s [More Intelligent Life]
Damien Hirst is #13 on GQ’s list of Britain’s 100 most powerful men [Daily Mail]

New view of the planned Tate Modern Extension via Londonist

New renderings released of upcoming Tate Modern extension [Londonist]
Value of Warhol sales have gone down more than 50% in the past 18 months [Artnet]
After the success of Jeff Koons, Versailles is set to exhibit the work of contemporary French artist Xavier Veilhan [Artforum]
Several London Old Master dealers consort to attempt to de-leverage art fairs in favor of a gallery week held in conjunction with Christie’s and Sotheby’s [The Art Newspaper]

‘Rabbit’ by Jeff Koo ns, as displayed at Versailles via Bloomberg

Jeff Koons’s show at Versailles, previously covered here by ArtObserved, was mired in controversy right up to its very end.  Prince Charles-Emmanuel de Bourbon-Parme, a descendant of the Louis XIV, the Sun King who built the Versailles palace where the exhibition took place, filed a lawsuit in the administrative court of that town to bring the show to a halt based on the “right to live without the profanation of one’s ancestors” and the “right to access knowledge of heritage without pornographic constraints.” Prince Charles-Emmanuel considered the show “pornographic” and “a desecration and an attack on the respect due to the dead,” and vowed to take the lawsuit to the Conseil d’Etat, France’s highest court for state affairs, after it was dismissed by the judge in Versailles.

Jeff Koons Versailles was the first Koons retrospective in Europe, and is considered responsible for a 15% increase in visitors to the Versailles palace since it opened in September. The exhibition closed on January 4th, 2009.

Descendant of Louis XIV tries to ban exhibition [Guardian]
Royal Heir Angered by Koons at Versailles [New York Times]
Sun King descendant loses case against Koons exhibition at Versailles [ArtForum]

Previously on ArtObserved:
GO SEE: JEFF KOONS’S CONTROVERSIAL INSTALLATION AT VERSAILLES, FRANCE, THROUGH DECEMBER 14 [September 12th, 2008]
JEFF KOONS SETS UP AT THE PALACE OF VERSAILLES, FRANCE IN SEPTEMBER [August 8th, 2008]

more images after the jump…

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A beach towel by Ed Ruscha via the Art Production Fund

Just in time for Art Basel Miami Beach, new beach towels by Ed Ruscha, Karen Kilimnik, Raymond Pettibon and Julian Schnabel are ready, catch them at the Raleigh Hotel [Art Production Fund]
A Page Six roundup of some of the Art Basel Miami Beach parties, as usual, the Raleigh hotel is front and center [NYPost]

“Paysage, le mur rose” (Landscape, the Pink Wall) by Henri Matisse via Artsjournal

France gives back Henri Matisse painting, once seized by Nazi SS officer, proceeds from sale to go to British charity for medical rescue in Israel [Artsjournal] more here [AP]

Museum of Islamic Art, Doha, Qatar via The New York Times

Qatar opens the 41,000 square foot, IM Pei designed Museum of Islamic Art in Doha; Robert de Niro, Damien Hirst, Jeff Koons and London dealer Jay Jopling attend festivities [NewYork Times]

Portrait of a lady as Flora , by Italian master Giambattista Tiepolo

A lost painting by Giambattista Tiepolo, discovered in a chateau attic, may sell for £1m at Christie’s sale in London next week [FinancialTimes]
City of San Francisco not accepting $1 billion gift to build space to show Gap Inc. founder Don Fisher’s 1,000 work strong collection due to aesthetics of architecture [Bloomberg]
A review of Calvin Tomkins’s ‘Lives of the Artists’ which profiles headliners such as Hirst, Cindy Sherman, Schnabel, Serra, Koons, Currin and others [NYObserver)

Portrait Ria Munk III – by Gustav Klimt via Linz Presse

Lentos Museum in Austria may have to give a $10 million Gustav Klimt painting to heirs of Holocaust victim [Bloomberg]

The artist Steve McQueen via GuardianUK

Turner prize winning video artist Steve McQueen interviewed, and more, on his new film, ‘Hunger’ [GuardianUK]

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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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Photos by ArtObserved

Last night RxArt hosted its annual “Party 2008″ (formerly the RxArt Ball) in honor of Jeff Koons at Milk Gallery in Chelsea, New York. RxArt promotes optimal healing through exposure to original fine art in patient, procedure, and examination rooms of healthcare facilities. By curating artistic installations in hospital settings, they provide a surrounding which helps to relieve stress and anxiety in patients, families, and staff. A festive silent auction, hosted by Larry Gagosian, Antonio Homen, and Lazaro Hernandez & Jack McCollough of Proenza Schouler, the event was well attended by art enthusiasts, fashion darlings and RxArt supporters all in good spirits. Works were set up along the walls from well-known artists such as Will Cotton, Inka Essenhigh, Hilary Harkness, Terence Koh, Nate Lowman, Delia Brown, Terry Richardson, Rob Pruitt, Ed Ruscha, Kehinde Wiley and Tom Sachs.

Guests at the launch of Timo’s neckwear collection, which took place prior to the auction, in the Phillips de Pury space upstairs, were also in attendance. Seen in the crowd at the RxArt benefit were designers Cynthia Rowley, Kai Kuhn and Sue Stemp, Opening Ceremony founders Humberto Leon and Carol Lim, social fixtures Genevieve Jones, Derek Blasberg, Emma Snowdon-Jones, and Victoria and Vanessa Traina, gallerists Gavin Brown, Barbara Wilhelm Dwek, Amy Greenspon and Melissa Bent and artists Rita Ackermann, Dan Colen and Terry Richardson (with girlfriend Jen Brill).

Each corner of the gallery was closed as the auction, both online and live, closed in sections, as the lights literally went out and the art was swiftly removed by art handlers over the course of the evening. The timed element lent a thrill to the cocktail party and auction.

RxArt Official Website
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RXArt Parties at Milk Gallery [WWD]
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Lazaro Hernandez Gets Outbid [VanityFair]
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When Terry met Barry [men.Style.com]
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Prescription Strength [Style.com]

more photos after the jump…

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Diane Brown, President of RxArt and artist Terry Richardson at last year’s RxArt Ball via Style.com

RxArt is hosting “The Party 2008” (formerly the RxArt Ball) in honor of Jeff Koons tonight from 7pm to 10pm at the A Milk Gallery Project located at 450 West 15th Street in New York City. The event is part cocktail party, part silent auction and is expected to be a festive evening attracting artists, designers, and socialites alike. The gracious co-chairs for this year are Larry Gagosian of Gagosian Gallery, Antonio Homen of Sonnabend Gallery, and Lazaro Hernandez & Jack McCollough of Proenza Schouler. All guests will receive a copy of the the limited edition puzzle by Dan Colen. Tickets are available online here.

RxArt Official Website

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A London studio visit interview with Anish Kapoor [GuardianUK]
Richard Prince, who opened at Gagosian Chelsea tonight, interviewed on VBS.TV [VBSTV]
Three public art projects from Jeff Koons, Daniel Arsham, and John Henry will be at Art Basel Miami Beach [Artdaily]
All about Maia Norman, Damien Hirst’s companion [TimesUK]
How the current times can offer art bargains [Bloomberg]
The Asian Contemporary Art Fair, on in New York from Thursday to this Monday the 10th at Pier 92, 52nd Street & 12th Avenue [Official Site]
Two portraits authenticated as Van Goghs from 1886 Paris [cbcnews]
Former MET Director Philippe de Montebello and Paula Zahn to host 13’s SundayArts [ArtDaily]
Murakami ‘Wraps’ Louis Vuitton corner on 5th and 57th in Manhattan [WWD via Kempt]

The Grand Palais in Paris, the Site of the 2008 FIAC art fair

Seen as selling more established contemporary artists, the 158-gallery strong FIAC art fair, back to Central Paris since 2006, was by consensus more successful than Frieze this year [Artreview] more here [TheArtNewspaper] here [Bloomberg] and here [Financial Times]
Jeff Koons’s Versailles installation of 17 works drew over 250,000 people and has been extended to January [Associated Free Press]
Tel Aviv as a contemporary art destination [NYTimes]
Jake Chapman on his new book: The Marriage of Reason & Squalor [ArtForum]
Olafur Eliasson’s Waterfalls exhibit brought 1.4 million visitors and $69 million to New York City [Crain’sNewYork]
Damien Hirst co-directs a bloody Sienna Miller in music video for The Hours [TheSun]
Steve Lazarides, agent to Banksy, is working on New York space following the success of the The Outsiders show on the Bowery in September [The Evening Standard via TWBE]

Cory Arcangel’s “Golden Ticket” to the 2008 Frieze Art Fair via Artnet

With over 150 galleries, The Frieze Art Fair, set in London’s Regent’s Park, began selling works by over 1,000 artists on October 15. Since its first year in 2003, the Frieze fair has grown to be regarded as the youngest and perhaps the most cosmopolitan and cutting edge of the global fairs, which include Art Basel, Art Basel Miami Beach and the Venice Biennial. The fair, which runs until the 19th of October, and the London auctions that will occur this evening and this coming weekend, mark the first major opportunity for transparency into the the status of the global art market since the widespread financial turmoil began. Following Damien Hirst’s groundbreaking, clearing house, £111.5 million, direct-to-market auction of his own work at Sotheby’s last month (as covered by ArtObserved here) the market has had some clouds brewing over it, with beginning indications of weakness manifesting in events such as Sotheby’s lackluster first evening sale of contemporary Asian art in Hong Kong earlier this month (as covered by ArtObserved here), which sold £7 million against expectations of £30 million to another auction that same weekend in which Sotheby’s sale of modern 20th-century Chinese art left over a third of the lots unsold. More recently, the Singapore Art Auctions were also a dissapointment.

London’s Frieze Prepares for a Chill [Wall Street Journal]
Crisis Imperils U.K. Art Fairs, $183 Million Sales, Dealers Say and Auction Houses Guarantee Top Lots; Dealers See Falling Demand and Paltrow, Saatchi, Zhukova Browse Frieze Art as Sales Go Slowly, Aguilera Parties, Damien Hirst Has a Head Case: London Art Buzz [Bloomberg]
Deep Frieze: UK’s hottest art fair braces itself for the chill of the banking crisis and Prank canvas [GuardianUK]
Frieze Art Fair: Super-rich to cast economic crisis aside and Andy Warhol’s Skulls up for auction [Telegraph]
All the fun of the fairs: the art world gathers for Frieze [Independent]
The Post-Materialist | Frieze Art Fair [TheMoment]
Diary: Frieze Frame [ArtForum]
Frieze Factor [Artnet]
Frieze: First night blur [ArtReview]
Frieze Art Fair 2008 [Frieze Art Fair]

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Shepard Fairey via the NYTimes

Street art legend Shepard Fairey shadowed in action by the New York Times[NYTimes]
Art as an unexpected hedge amongst billionaires in uncertain times, and Sarah Thornton has more on this here [Forbes] [TelegraphUK]
Levi’s to launch limited edition jeans featuring Murakami’s flowers [Nylon]
Ex-wife of Jeff Koons/former porn star/Italian parliament member gets to keep her son [Bloomberg]
Flea market purchase revealed to be work by 17th-century Flemish master Pieter Brueghel the Younger [GuardianUK}
Art Market Blog offers another view to market conclusions drawn from last week’s Kate Moss, Banksy auction,  previously covered by Art Observed here [Art Market Blog] 
A guide to buying contemporary art[TimesOnline]

Desmond by Jean Michel Basquiat, up for auction at Christie’s Post-War and Contemporary Art Auction, via Christie’s

In addition to selling a rare portrait by Francis Bacon, Christie’s October 19 auction catalogue features a long list of post-war luminaries. Several portraits of Mao and Marilyn Monroe by Andy Warhol figure prominently among the auction’s offerings. A sculpture by Jeff Koons, as well as pieces by Jean Michel Basquiat, Gerhard Richter, Richard Prince, Anish Kapoor, Willem de Kooning, Lucian Freud and a plethora of other artists account for the rest of the lots. The priciest of 48 lots is expected to be Lucio Fontana’s canvas, Concetto spaziale, la fine di Dio, which should fetch around £12 million pounds ($21.8 million).

Christie’s: Post-War and Contemporary Art Evening Sale
Christie’s: Press Release for Post-War and Contemporary Art Evening Sale
Fontana work may fetch $21.8 million in Record Christie’s Sale [Bloomberg]
Bacon Portrait Expected to Sell for £7.5 million at Christie’s Auction in October [ArtObserved]

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Whitney Expansion plans via Culturegrrl

Whitney hits milestone for expansion approval, but will it be funded? [The New York Sun]
Video of a Jeff Koons-guided tour through his Versailles installation [VernissageTV]
Art and wine, a solid investment in financial turmoil? [The Wealth Report/WSJ]
Large and quiet, a new contemporary art space in Bologna [Times UK]
A monochromatic art book for babies features Hirst and Murakami [Guardian]
$730,000 Renoir, stolen from a Milanese family, is recovered [New York Times]
In related news: Lawyer sentenced who hid $30 million in stolen art, including a Cezanne, for 30 years [The Art Newspaper]

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Catherine Opie via NYTimes

On Catherine Opie, whose exhibition opens at the Guggenheim today [NY Times]
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Sotheby’s: Cat painting by 17-year old Damien Hirst is worthless [Guardian]
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Auction of purported artist friend-of-Andy Warhol blocked by Warhol foundation due to its never having heard of the man [New York Post]
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A review of “After Nature”- an apocalyptic themed exhibition at the New Museum [NYMag]
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Accusations of a conflict of Interest concerning François Pinault and Jeff Koons at Versailles exhibition [ArtForum]
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A full 1/2 of Gagosian Gallery’s London sales are to Russians [ArtInfo]

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Baroque Egg with Bow (2006), Jeff Koons via Gagosian

New York art magnate Larry Gagosian brings an eclectic mix of avant-garde art to Moscow in his new show, For What You Are about to Receive. Entitled in spirit of the Bolshevik revolution, “Red October” is the name given to the former chocolate factory in which Gagosian Gallery will showcase over 100 works by approximately 50 post-war artists. Never-seen works by Jeff Koons, Anish Kapoor, Cy Twombly, Richard Serra, and Edward Ruscha will be included in addition to works by Roy Lichtenstein, Alexander Calder, Alberto Giacometti, Takashi Murakami, Aaron Young, and Yayoi Kusama. A statement by the gallery maintains that the exhibition, “investigates the twin pillars of twentieth century art: the readymade and pure abstraction, reflecting on the sublime through a self-conscious engagement with material and process.” For What You Are about to Receive is Gagosian’s second showing in Moscow, following an auspicious exhibit at Barvikha Luxury Village one year earlier. The show also inaugurates “Red October” as a new contemporary arts center in Moscow, however, Gagosian denies inquiries about opening a permanent establishment in the city.

Gagosian Plans Moscow Show in Former Chocolate Factory [Artinfo]
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For What Your Are About to Receive [Gagosian]
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Gagosian To Host Second Moscow Exhibit [NYSun]
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Gagosian Gallery in Moscow [Artnet]

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Lucian Freud’s rarely-seen, unfinished Portrait of Francis Bacon via Artdaily

Lucian Freud’s unfinished Francis Bacon portrait to be auctioned by Christie’s London in October [Art Daily]
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MoMA purchases Chinese contemporary art from private collection [Art Newspaper]
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Osaka museum pulls three Chagall’s after authenticity is questioned [Art Info]
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Jeff Koons “Man of Trust documentary” sold in €2,500 limited edition kangaroo mirror boxes at Colette [World’s Best Ever]
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On the vulnerability of the global art market “which has risen so very high on little more than PR and salesmanship” [Financial Times]