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]

BMW Art Car designed by Frank Stella

First commissioned by the company and racecar driver Herve Poulain in 1975 and completed by the likes of Andy Warhol, Robert Rauschenberg, Roy Lichtenstein, and Alexander Calder, BMW’s art cars have toured the world and featured in exhibitions in the most renowned museums and public spaces worldwide. The Los Angeles County Museum of Art currently hosting four of the sixteen cars as an installation through February 25th, including Warhol’s Black and White Disaster, Stella’s Getty Tomb, Lichtenstein’s Cold Shoulder, and Rauschenberg’s print, Booster.

They will be on display as an installation at the BP Grand Entrance, an admission-free area, and will also feature rare, behind-the-scenes footage of Frank Stella and Robert Rauschenberg discussing their inspirations and influences in creating their cars, Warhol building his car, and Herve Poulain, the racer and initiator of the Art Car Project.

Poulain first approached BMW in 1975 with the idea of using his car as a canvas. A few months later, the race car driver and BMW commissioned Alexander Calder to create the first car. The most recent cars were done by David Hockney, Jenny Holzer, and Oliafur Eliasson, with a seventeenth under consideration by the German carmaker. The company uses a panel of prestigious judges culled from all over the art world to select the artists who will conceive and paint the cars.

Following their stint in Los Angeles, the Art Cars will be on display in New York at Grand Central station starting March 24th, and will continue to make pit stops through 2010.

BMW Art Cars [LACMA]
Four wheel art appreciation [W Magazine]
Art that moves [Telegraph UK]
BMWs and Beyond [ArtInfo]
LACMA Hosts Four BMW Art Cars by Warhol, Stella, Lichtenstein, and Rauschenberg [ArtDaily]
Snippets of footage of the artists creating and discussing the cars [MetaCafe]

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Race Riot by Andy Warhol, top left, Forget It! Forget Me! by Roy Lichtenstein, right, and Life is a Killer by John Giorno, bottom left. Undated picture taken at the Rose Art Museum, Brandeis University, Waltham, Massachusetts. Image via Bloomberg.

Several major Brandeis University donors and trustees suffered substantial losses when Bernard Madoff’s Ponzi scheme was exposed, leaving the university in a very precarious financial position.  Facing a potential $79 million deficit, according to an official interviewed at the Daily Beast, the university is facing some rather stark choices: closing the Rose Museum and selling the entire collection at a fire sale price, or potentially firing up to half of its faculty.

Museum page: Rose Art Museum
Statement from Michael Rush, Director of the Rose Art Art Museum, regarding the impending closing of the museum [Rose Museum]
Brandeis Forced To Close Museum [WSJ]
Outcry Over a Plan to Sell Museum’s Holdings [NYT]
Brandeis Art Sale Illustrates Pressures on Colleges [WSJ]
Brandeis President Says School May Keep Its Art, but Rose Will Close [ARTINFO]
Brandeis may keep art, says president [Boston Globe]
Critics Blast Brandeis Plan to Close Rose Museum, Sell Artworks [Bloomberg]
Protests, Rumors swirl in Rose Musem closing [Artnet]
Q&A with Rose Art Museum director Michael Rush [ArtJournal]
A Madoff Sell Off? [TIME]
Brandeis on the Brink [The Daily Beast]
Save the Rose Art Museum [Facebook]

More detail on the story after the jump…

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Still from JG Reads, a film by Rirkrit Tiravanija, via Gavin Brown’s  enterprise

John Giorno–poet, musician, performance artist, and collaborator with William S. Burroughs and Andy Warhol–is the protagonist of a film by Rirkrit Tiravanija, currently showing at Gavin Brown’s enterprise.  Giorno, who was the subject of Warhol’s first film (Sleep, 1963), is considered a fixture of the New York creative community.  His studio was an experimentation hub for the likes of Robert Rauschenberg, Roy Lichtenstein, John Cage, and other groundbreaking postwar artists.  The film, which runs for 10 hours, incorporates five decades of John Giorno’s music, poetry, and memoirs from a very interesting life, aiming to capture what the gallery’s press release refers to as a “New York that now exists only as an idea.”

JG READS by Rirkrit Tiravanija
through December 20, 2008
Gavin Brown’s enterprise
620 Greenwich St, New York, NY
Open Tues – Sat, 10am through 6pm

Gallery: Gavin Brown’s enterprise
Exhibit site: JG Reads
JG Reads Press Release
Video: JG Reads

“Study for self portrait” (1964) by Francis Bacon was valued at $40 million but was a no sale at Christie’s last Wednesday, via Artnet

The New York Times called it: “easily the worst two weeks of high-end Impressionist, modern and contemporary art auctions in more than a decade” and though gravity of this statement belies some successful sales in the November auctions, in the end there seems to be little question that the art auction landscape has shifted to become a buyer’s market.

The November auctions from Sotheby’s, Christie’s and Phillips lasted roughly two weeks with approximately a 2/3 sell rate and 143 of the 399 offerings failing to sell. The sales would total under $1 billion, well below their combined minimum estimate for the sales of $1.7 billion. Sotheby’s and Christie’s brought in roughly $728.9 million for the Impressionist, modern and contemporary art primary sales which is down $1.6 billion from November, 2007 and $1.3 billion from November, 2006.

The summary points seem to be, in part, that there were some indisputable failures of the unsold works such as Roy Lichtenstein’s Half Face With Collar, seen below, from Sotheby’s Tuesday evening auction (estimated at $15 million to $20 million) and the Bacon self-portrait, seen above, at Christie’s on Wednesday (estimated at $40 million). The Bacon failing to sell was for many a symbol of the current market situation in that it stood in sharp contrast to the Sotheby’s May sale of the Francis Bacon triptych for $86.2 million to Russian Billionaire Roman Abramovich (when it thus became the most expensive contemporary artwork sold at auction).

However, there were still some records and strong showings with works such as the Malevich, seen below, at $60 million (at estimate), which was a record for a Russian painting, and Munch’s Love and Pain aka “Vampire,” seen below, for $38.1 million above its $30 million estimate (both on Monday the 3rd at Sotheby’s) and a Juan Gris, seen below, at an artist record of $20.8 million, also above its estimate of $12 million to $18 million, at Christie’s auction on Thursday the 6th. Nonetheless, most works sold in the low range, or below estimate, or not at all with works by artists that show up infrequently performing generally better and works that show up more often at auctions, such as the Warhols and Hirsts, faring poorly.

Also of note in summarizing the November auctions was the Monday the 3rd Sotheby’s success of the big name financiers Henry Kravis of KKR who sold Edgar Degas’s “Dancer in Repose” for $33 million and former Lehman Brothers CEO Dick Fuld selling 16 Modern and Impressionist drawings for $13.5 million against estimates of $15 million to $20 million, but clearing a reported $20 million guarantee nonetheless from the house.

All this leads to the final recurring news point of the auctions: the painful result of over-market guarantees by the major houses. The applicable guarantees were set in pre-bust summer headier times, but when in place during the November sales they would cost the auction companies losses in the many tens of millions. In two weeks of sales the auction houses guaranteed 80 artworks worth $405.8 million but sold only 60, for a combined total of $342.3 million and an estimated loss of $63.6 million (according to the Wall Street Journal’s calculations). Sotheby’s publicly reported that guarantees were responsible for a $28.2 million loss at its contemporary art auctions last week which adds up to total losses from Sotheby’s from guarantees of roughly $52 million this fall. Bill Ruprecht of Sotheby’s said of the guarantee drubbing: “We’re preparing for a different market. We are out of the guarantee business at least for a while.”

Sotheby’s Says It Lost $10.6 Million More From Art Guarantees [Bloomberg]
In Faltering Economy, Auction Houses Crash Back to Earth [NYTimes]
Making Sales Look Stronger [Wall Street Journal]
Call This One ‘Crisis With a Pipe’ [Wall Street Journal]
Art boom over as auctions fail to bring home Bacon [TimesUK]
Art makes loss but Fuld is still an old master [TimesUK]
Art sales: The week that brought the boom to an end [GuardianUK]
Unsuccessful Auctions OK With Shafrazi [NY Mag]

Previously by ArtObserved:
AO November Auction Roundup 4 of 5: Phillips de Pury’s Contemporary Art Sale, New York, Thursday, November 13th, Results “brutal” but Phillip’s clear due to lack of Guarantees

AO November Auction Roundup 3 of 5: Christie’s Post-War and Contemporary Art, New York, Wednesday, November 12th: Basquiat’s “Boxer” sells while the Bacon does not, “The market is adjusting down”

AO November Auction Roundup 2 of 5 (AO On-Site): Sotheby’s Contemporary Art Evening Sale, New York, Tuesday, November 11th: Sotheby’s crushed by guarantees, Eli Broad: “It’s a half-price sale”

AO November Auction Roundup 1 of 5: Christie’s Impressionist and Modern Art, New York, Thursday November 6th: “Obviously, prices have changed”

AO Auction Results: Christie’s “The Modern Age,” the Alice Lawrence and Hillman family collections sell for less than 50% of estimate as Rothko and Manet headliners are pulled

AO Auction Results: Sotheby’s New York Impressionist and Modern Art, despite select notable sales, overall results were poor

more images after the jump…

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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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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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Le Grande Julie, Fernand Léger (1945) via Foundation Beyeler

Fondation Beyeler Presents Fernand Léger Retrospective, Paris to New York, at their space in Switzerland through September 7, 2008. On view at the exhibition are over 80 paintings, several works on paper, an original Léger film from 1924 called Ballet mécanique, in addition to approximately 20 pieces by American artists that exemplify some sort of influence from Léger and his work. Exhibition is more than just a retrospective of work completed by Léger; it also focuses on how the artist influenced the American Pop movement by exhibiting work from other well-known artists such as Roy Lichtenstein, Ellsworth Kelly, Kenneth Noland, Robert Rauschenberg, Al Held, Andy Warhol, Jasper Johns, James Rosenquist, and Frank Stella, all of which reference Léger’s work in one way or another. Philippe Büttner of Fondation Beyeler is responsible for curating the Retrospective.

Fondation Beyeler Presents Today in Basel Fernand L̩ger: Paris РNew York [ArtDaily]
Fondation Beyeler, Fernand Léger Retrospective, Paris to New York [Beyeler]
Art Exhibitions: Fondation Beyeler [Yucolo]

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Red, Andy Warhol, (1978) via Gagosian

Gagosian’s spacious Chelsea gallery presents 13 contemporary artists in ‘Retrospective’: Chris Burden, Marcel Duchamp, Tom Friedman, Piero Golia, Douglas Gordon, Richard Hamilton, Jasper Johns, Roy Lichtenstein, Takashi Murakami, Piotr UklaÅ„ski, Andy Warhol, Martin Kippenberger, and Ed Ruscha. Keeping in company with several thematic group shows this summer, this one has been assembled by Andisheh Avini, Gagosian curator, and artist.

Press Release [Gagosian]
‘Retrospective’: Been There, Sold That [NYSun]
Some Shows For Escape, Some For Introspection [NYTimes]
View video of the Retrospective group show here [Gagosian]

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Temenos, one of five giant public art works by Anish Kapoor via Guardian

Anish Kapoor’s $30M Public art project in Middlesbrough, UK [Guardian]
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$500,000 in Warhols, Lichtensteins stolen from Swedish Museum [Artdaily]
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Murakami ceases Cerulean LLC’s resale of sculpture at Christie’s after contract violation [Artinfo]
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Noteworthy video of Rauschenberg on his ‘Erased de Kooning Drawing‘ [Seattlepi via C-Monster]
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Art title insurance by ARIS offers new and broader protection for collectors [NYSun]
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Banksy’s street crew, ‘Pest Control’, certifies authentic works in response to copies [Rawartint]
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In response to museum pleas, senate loosens tax deduction rules on art donations [NYTimes]

Dakis Joannou’s Jeff Koons-designed yacht ‘Guilty’ via Artforum

Art luminaries gather on collector Dakis Joannou’s Jeff Koons-designed yacht in Greece [artforum]
Study: number of US artists tripled since 70’s to 2 million with $34,800 average income [artinfo]
A profile of contemporary German collector Falckenberg and his 2,000 works [Bloomberg]
Early Hirst painting disgarded to thrift shop by mistake [The Independent]
The NYTimes reviews Lichtenstein at Gagosian uptown NY [NYTimes]
New Museum announces 1st US Elizabeth Peyton survey show [New Museum]
Market uncertainty, Christie’s competition cited in 12% quarterly profit drop for Sotheby’s [the Art Newspaper]

Roy Lichtenstein via Gagosian Gallery

From May 12 through June, 28 Gagosian Gallery in New York is hosting the exhibition of Roy Lichtenstein, “Girls.” The works are a series of images of women, taken directly from newspaper and romance comic books from post-war in America.

Gagosian Gallery
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Roy Lichtenstein, “Girls” [Time Out]
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Lichtenstein’s Primary Ladies [NY Sun]

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