Gerhard Richter, Abstraktes Bild (1983), via Sotheby’s

The Contemporary Evening sale at Sotheby’s has concluded, following a sale of works that was fairly by the book in comparison with past auctions, with the exception of a massive new auction record for artist Gerhard Richter just one day after his 83rd birthday.  Despite a lack of exceptionally competitive bidding, the 77-lot sale still brought in impressive returns, finishing at a tally of £123,515,250. (more…)

Francis Bacon, Two Studies for Self-Portrait (1977), via Sotheby’s

Concluding a three week series of auctions, the Contemporary Evening Sales are set to take place in London in the coming evenings, offering a perspective on the strength of the market as 2015’s art season gets underway.

The auctions begin on Tuesday, February 10th, with Sotheby’s Evening sale.  The 77-lot sale is carrying a presale estimate of £89.7 million to £127.1 million, led by a large-scale Gerhard Richter Abstraktes Bild from 1986, which is estimated to sell for £14 million to £20 million.  Also topping the list is a rare Francis Bacon double self-portrait, executed in 1977 and carrying a £13 million to £18 million presale estimate.  The painting, executed  just weeks after the suicide of his partner George Dyer, is already commanding impressive buzz, and may turn out to be the night’s most coveted lot.  A Lucio Fontana “slit” work also sits at the top of the sale offerings, estimated at £5 million to £7 million.   (more…)

The Louvre Abu Dhabi has purchased an iconic portrait of George Washington, executed by portrait artist Gilbert Stuart from Los Angeles’s Armand Hammer Foundation.  The work will hang in a gallery featuring work exploring the notion of prominent individuality, alongside the Jacques-Louis David ’s Napoleon Crossing the Alps.   (more…)

Adam Lindemann is opening a new gallery in Los Angeles, the aptly titled Venus Over Los Angeles, which will open downtown in April with a show of work by Dan Colen.  “I don’t know that I’m going to be the person to find the next great L.A. artists,” Mr. Lindemann tells the New York Times, “but it’s a great place for huge sculpture, huge paintings.” (more…)

A number of New York City art galleries and dealers have been subpoenaed in the past weeks by the Manhattan district attorney’s office, asking for a sales and shipping records for past sales.  Some speculate that the high prices paid at recent auctions have triggered a response by the DA to investigate possible fraud and tax evasion.  “I suspect they are looking at many. It is very rare they would go after a one-off unless it was someone who was very well known,” says tax specialist Ken Zemsky. (more…)

The recent decision of Marina Picasso, granddaughter of painter Pablo Picasso, to sell off her collection of her grandfather’s works has many market analysts worried about a “flooded” market, even though Picasso has been selling works one by one for some time.  “Instead of having a dealer show them, it’s been an open secret that there are works for sale and people have been asking other people if they would be interested,” says historian John Richardson. “I’ve been asked by odd people who tell me, ‘We are in on a great deal, and Marina is selling all her stuff.’ ” (more…)

Bloomberg takes a look at the current state of the Euro, and its effects on the series of auctions currently taking place in London, considering the ongoing economic crises from a variety of perspectives.  “The euro is just killing Europe, but it’s killing Italy more than anything else,” says dealer Otto Naumann says. “I haven’t seen any Italian collectors buying anything.” (more…)

Paul Cézanne, Vue Sur L’estaque Et Le Château D’if (circa 1881-1885), via Christie’s

The Christie’s Impressionist, Modern and Surrealist Sales have concluded in London, bringing to close the week of auctions.  In comparison with Sotheby’s record-setting auction last evening, the Christie’s sale seemed content to rely on a strong selection of curated works, putting together a 44 lot auction that ultimately brought in a final sales tally of £80,375,000.  There were few blockbuster lots in comparison with Sotheby’s and its selection of Monets, but a steady stream of sales in the auction house’s surrealism sale kept the auction houses in close competition, bringing in sales of £66,656,000 in its own right.

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The New York Times takes a look at the growing number of services catering to financial investment and speculation in the art market, particularly the tech-focused art storage company Uovo, or the market insights platform ArtRank, both of which seem to prioritize contemporary art as a source of financial wealth over a source of intellectual edification.  These new companies demonstrate “something about the way art is functioning, which is less about the artwork saying something or doing something and more about the artwork representing a value,” says one artist, speaking anonymously. (more…)

Claude Monet, Le Grand Canal (1908), via Sotheby’s

The Impressionist and Modern Auction week has begun in London, as Sotheby’s closes its doors on a strong set of evening sales.  It was the first sale since the auction house announced its increase in rates for 2015, but buyers seemed undeterred by the price increases, bring the final sales tally for the 54 lot sale to an impressive £170,274,000. (more…)

Claude Monet, Le Grand Canal (1908), via Sotheby’s

Picking up where last week’s Old Masters auctions in New York City left off, the art market’s attention turns to London this week, as Christie’s and Sotheby’s prepare a set of Impressionist and Modern auctions.   (more…)

In the run-up to this week’s Impressionist and Modern auctions in London, The Guardian looks at the current state of the market, and how works like Claude Monet’s Le Grand Canal (est. £20 milltion – £30 million), have come to be valued so highly in the growing market.  “There is such intense demand for the very best and the rarest,” says Jay Vincze, the international director and head of impressionist art at Christie’s, “This is the kind of painting that will appeal to a masterpiece buyer. Someone who wants the best of everything.” (more…)

Agnolo Bronzino, Portrait Of A Young Man With A Book, Via Christie’s

Old Masters Week has concluded in New York, following a set of auctions over the past few days that saw mixed results at both Sotheby’s and Christie’s. (more…)

In a recent discussion during the 2015 World Economic Forum in Davos, noted economist and NYU Professor Nouriel Roubini has called for more rigid regulation of the art market.  Roubini is known for predicting the explosion of the US subprime housing market, and noted the art world’s frequent anonymity among buyers as one contributor to the ongoing use of the market to launder money.  “While art looks as if it is all about beauty, as a business it is full of shady stuff,” he said. “We should correct it or it will be undermined over time.” (more…)

Frieze Art Fair has announced that Abby Bangser will take the newly formed Artistic Director position for the Americas and Asia, working to support the organization’s director, Victoria Siddall.  “Abby brings fantastic gallery, institutional and collector relationships to this new role,” Siddall said in a statement, “and I am thrilled she is joining our team. She has shown her passion for and commitment to Frieze and her insight as an American will be invaluable to us, ensuring that the fairs continue to deliver at the highest levels.” (more…)

The New York Times notes the increased willingness by auction houses to guarantee sales on their highest price lots, a practice that had fallen out of practice since the financial crisis of 2008.  But some critics note that the growing practice is actually a result of stiff competition and minuscule profit margins.  “They are trying to fix eroding margins by getting more of the upside from the guarantee,” said Michael Plummer, a partner at Artvest.

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The French Senate and parliament have passed a new bill this week cutting the nation’s  VAT rate on French artwork nearly in half, from 10% to 5.5%.  The bill, proposed by Socialist party member David Assouline, should have a major impact on the sale of French art, and targets what he considers “a ludicrous situation that penalizes the French scene and does not correspond to any economic logic.” (more…)

The New York Times takes a look at the changing atmosphere of China’s contemporary art market, and interviews some of the players driving the market’s new focus on emerging artists.  “Buying a work of contemporary Chinese art is buying a little piece of history and a window into how society is changing,” says Tom Pattinson, Director of Surge Art. (more…)

Christie’s Old Masters Week sale later this month will feature a rare early Caravaggio, titled Boy Peeling a Fruit.  The work is valued at $3 million to $5 million. (more…)

Global art sales topped $16 Billion in 2014, according to the new figures released this week by Artnet, with Andy Warhol at the top of the list of top-selling artists for his $653.2 million in sales.  “The headline number is not so much a comment on the art market as it is on global wealth,” says Jeff Rabin of advisory firm Artvest Partners. “We haven’t seen a considerable increase in the number of objects sold. We have seen price appreciation at the top end.” (more…)

With two art fairs this January, Los Angeles is making a play as one a global city for fine art, preparing to open Art LA in two weeks, and Art Los Angeles Contemporary  later this month.  “In the short span of six years, Art Los Angeles Contemporary has managed to turn an otherwise anti-art-fair town into a place where both emerging and established galleries from around the world can connect with an important West Coast audience,” says art attorney Joshua Roth. (more…)

Art News previews the selection of solo shows and specially focused exhibitions that will be on view at March’s ADAA Art Show at the Park Avenue Armory, including Haim Steinbach at Tanya Bonakdar, Michelangelo Pistoletto at Luhring Augustine, and a show of Arte Povera works at Marian Goodman. (more…)

Malaysian curator and art adviser Adeline Ooi has been named Art Basel’s new Director for Asia, the New York Times reports, replacing former Director Magnus Renfrew.  ‘‘We wanted someone who we thought could catalyze the growth of the art market across Asia,’’ says Marc Spiegler, the director of Art Basel. (more…)

The Museums Association, Britain’s governing body for arts and historical institutions, is strengthening its ethics code, including sanctions and penalties for museums selling off parts of their collections for financial gain.   “We recognize local authorities face a tough time,” says MA Director Sharon Heal.  “We just want to caution that if you’re going down this road, follow the process and you’re acting in the public’s best interest.” (more…)