Frieze co-founder Matthew Slotover has responded to characterizations of his wildly successful event as “Ikea for millionaires,” noting the impact the fair has on broader art institutions and critiquing the often vapid personifications of collectors. “Most don’t see art as purely a display of wealth. For many, there is a genuine engagement and they want to support the culture, and enrich their lives and engage in lifelong learning,” Slotover says. “They could go and buy planes or yachts or cars, which wouldn’t do any of those things. It’s a minority of the wealthy that decide to buy art. If you look through the Sunday Times Rich List, most are not art collectors.” (more…)

A set of celebrity portraits by Andy Warhol on sale at Sotheby’s New York in the upcoming weeks may earn as much as $57 million, Bloomberg reports.  The works include images of Liz Taylor, Brigitte Bardot, Jackie Onassis Kennedy and more.  “Warhol has international appeal,” says Suzanne Gyorgy, head of art advisory and finance at Citi Private Bank. “That kind of art is in a league of its own.” (more…)

A coalition of UK-based artists is leading a legal push against dealers who have refused to pay the resale royalties on artworks sold at auction since the British Government passed legislation mandating the payouts in 2006.“The honeymoon period is now over,” says artist Maggi Hambling, who is leading the charge against dealers. “The law changed in 2006 and there are people who are still trying to get away without paying. I’m not saying all dealers are crooks. But it’s high time that everyone was doing the right thing.” (more…)

The Wall Street Journal takes a look at a set of works by Cy Twombly and Martin Kippenberger on sale next month at Christie’s in New York, which are already commanding impressive estimates.  Twombly’s untitled 1970 canvas of white looping scrawls is estimated to potentially sell for up to $50 million, while Kippenberger’s self-portrait will look to achieve $15 million and $20 million. (more…)

Bloomberg looks at the movement of Christopher Wool’s Apocalypse Now over the past years, tracing a history of owners that include François Pinault before selling last year for an astounding $26.4 million to a still unknown buyer.  The story is an interesting look at the art market’s occasionally rapid escalations in price due to sudden demand, and the behind the scenes gossip that often accompanies the auction sale of iconic works. (more…)

Steven Cohen is placing King Oliver, a $30 Million painting by Franz Kline, up for sale this November at Christie’s in New York, Bloomberg reports.  “It’s got scale and bravado,” said Brett Gorvy, Christie’s chairman and international head of postwar and contemporary art. “In today’s masterpiece-driven market, this is exactly the type of language that speaks to our global buyers.” (more…)

Fergus McCaffrey, via Art Info

Fergus McCaffrey Gallery has announced new plans to expand its spaces, opening new spaces in St. Barths and Tokyo over the next several years.  “The continuity of artist production in St Barths is compelling,” says McCaffrey. “There is an interesting and very rich history of work being made there; including what might have been Cy Twombly’s last works, Polaroid photographs of flowers in the graveyards in Lorient and St. Jean.” (more…)

An article in Barron’s this week charts the instability and unpredictability of various materials in contemporary art as a considerable liability towards a work’s valuation and security as an investment.  “A great deal of art being sold today may deteriorate quickly and cause the monetary value to decline – precipitously in some cases,” says Emily MacDonald-Korth, founder of Longevity Art Preservation LLC. (more…)

An iconic still life by Vincent Van Gogh, painted only a few years before the end of the artist’s life, is anticipated to sell for $30 to $50 million at Sotheby’s in New York this November, a figure that indicates strong competition for the work.  The piece could very well see fierce bidding to break the artist’s record of $82.5 million, set in 1990.  (more…)

The Telegraph takes a look at the focus on post-war Italian art spanning much of the market in London this, including upcoming auctions focusing on the Arte Povera and related movements, as well as a handful of selling exhibitions.   (more…)

Christie’s has added a new fee to its auction sales this month, a 2% performance fee that rewards sales far exceeding pre-sale estimates.  “The purpose is to incentivize and reward high performance that exceeds consignors’ expectations,” says Christie’s head of communications Paddy Feeny.  (more…)

A potential ban on cadmium pigments in the EU has many artists concerned in the quality and consistency of their materials.  The ban, favored by the Swedish government, claims that the cadmium in paints ends up in sewage when artist’s rinse their brushes, and ultimately may wind up spread over fields in various fertilizers, but many seem to disagree.  “[Nickel cadmium] batteries are the real problem, it’s just an easy fix to ban everything with cadmium in it,” says Michael Craine, the managing director of Spectrum Artists’ Paints. “Artists are not rotters; they are not tipping this stuff down the drain, it’s an expensive substance.”  (more…)

Sotheby’s has unveiled a new plan to appeal to collectors and institutions on the West Coast, announcing a new plan that will bring $200 million worth of art on a tour of California, Oregon and Washington.  The tour of events will include an exhibition of Jasper Johns’s 1983 work Flag, which is a highlight of the auction house’s November sale in New York, estimated to sell for $15 to $20 million.  “Our focus is on the next generation of collectors, the new buyers who will become futures sellers,” says Sotheby’s West Coast head Andrea Fiuczynski. (more…)

An anti-drug trade law blocking anonymous cash purchases and requiring more federal oversight on high-worth transactions in Mexico has had a stifling effect on the country’s art galleries, preventing the anonymous purchases that are often the norm at the high end of the market.   “This has obviously affected the sales. Because there are people who are afraid, and they say, ‘I’m going to wait,’ or, ‘I don’t want to buy,’ ” says auction house director, Luis C. Lopez Morton. “They feel uncomfortable. They feel that the government is watching them.” (more…)

Former auction house leader Simon de Pury is returning to the art world this month, with his first gallery show since leaving Phillips de Pury & Company (now Phillips) in 2012.  The exhibition, at Venus Over Manhattan, is titled Fire!, and features primarily ceramic and glass sculpture.  “It’s interesting to note that in the middle of a technological revolution, there is this strong resurgence of ceramics and glass, but also textiles,” de Pury says. (more…)

The country of Portugal will ultimately sell its collection of 85 Joan Miró works, after a national court overturned the ruling banning their sale.  With over $110 billion in debt, the European nation will seek to alleviate its financial burden by selling the series of works originally in the Banco Português de Negócios collection. (more…)

A considerable proportion of the over 7,000 works from the Essl Collection will go to the auction block this October in London, worth an estimated €160 million ($211 million) in total.  The works, which will sell at both Christie’s and Sotheby’s, include iconic pieces by Gerhard Richter, Martin Kippenberger, and Georg Baselitz, among others.   (more…)

The New York Times continues its thorough investigations into the contemporary art and auction markets, noting struggling stock prices for Sotheby’s and mammoth Chinese auction house Poly Culture Group Corporation, and the statistical dissonances in the claims of auction houses trumpeting a new golden age for the market.  “There’s a feeling among financial analysts that the valuations of art-related companies are peaking,” says Fabian Bocart of Tutela Capital. “These valuations are based on expected volumes at auction. Very expensive items have almost no impact.” (more…)

A study commissioned by the New York Times this week indicates that the perception of a growing trend towards flipping work by young artists for huge profits may only be part of broader historical trends in the art market.  Reports by two separate art market consultancies indicate that the current rate of growth in the market is on par with the market boom during the mid-90’s, and that the overall state of the market shows that collectors are, on average, holding on to works longer than in recent years.  “After all I had read about flipping, when looking at the market itself, it’s really business as usual,” says consultant Fabian Bocart, whose Tutela Capital S.A., prepared one of the analyses for The Times. (more…)

Andy Freeberg, Two Palms (2011) (Mel Mochner, Eizabeth Peyton, Armory Show), all images courtesy Andrea Meislin Gallery

On view at Andrea Meislin Gallery is Andy Freeberg’s second solo exhibition at the gallery, a series of photographic works that mark the continuation of his investigation into the intersections between art, commerce and personality.  Entitled Art Fare, Freeberg’s newest show targets the moments of banality inherent in the blue-chip world of major international art fairs.

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A collection of photographs formerly owned by the late Howard Stein will head to auction later this year at Sotheby’s New York, in what may be one of the largest sales in the medium ever.  The presale estimates range from $13 million to $20 million for a group of works that include prints from Alfred Stieglitz, Man Ray and Irving Penn.  (more…)

Christie’s will auction Manet’s iconic Le Printemps (1881) this fall at its Impressionist and Modern sale in New York, the New York Times announced today.  The 1881 portrait has remained in the same family for over a century, and is estimated at $25 to $35 million.  “We’ve given museums advance notice,” says Impressionist and Modern Director Adrien Meyer. (more…)

Auction Houses are placing an increased emphasis on pre-20th century art and other objects, in an effort to further expand the thriving auction markets.  Offering variety shows that present top works from a variety of areas and cultures, the auctions are designed to encourage top bidders by focusing sales.  “If the auction houses pick their 50 or so best objects, then their top buyers don’t have to sift through several sales,” says Stuart Lochhead, director of Daniel Katz Ltd. “People are less connoisseurial these days. Finance people are always rushing. They have so little time.” (more…)

The case for artist resale royalties in the United States is gaining strength in Congress, as the bill proposing the measure has earned six co-signers in the past weeks.  “We’re optimistic—the pace over the past month seems to have picked up,” says Ted Feder, the president of the Artists Rights Society.  (more…)