In a single week, Christie’s has sold over $1 billion in art, a daunting feat that signals a new level for the global market perhaps never seen before.  “It’s a spectacle of excess at the highest level,” says Abigail Asher of Guggenheim Asher Associates Inc. “The last few years have been building up to this moment. A new class of buyer has entered the market and they’re prepared to pay staggering sums for trophy pictures.”   (more…)

Piet Mondrian, Composition No. III Red, Blue, Yellow, and Black (1929), via Art Observed

The auction week has come and gone, and Christie’s has closed out a major week for both its Impressionist/Modern and Contemporary Departments, as the combined sales of its three Evening events this week have collectively brought in well over a billion dollars in sales.  This Evening, the Impressionist and Modern Evening sale added an exclamation point to the proceedings, bringing in a final tally of $202,608,000 that saw a major new record for Piet Mondrian. (more…)

Christopher Wool, Riot (1990), via Sotheby’s

Another night come and gone in New York, and another impressive evening auction in the books as Sotheby’s concludes its Contemporary and Post-War Evening Sale this Tuesday night with a final tally of $379,676,000, failing to top Christie’s impressive auction from one night prior despite some impressive sales records of its own.  The 65-lot sale saw 8 of the works go unsold, for a final sell-through rate of 87.7%, a hard figure considering last evening’s single unsold lot out of 35. (more…)

Bloomberg takes a look at the vast number of fairs and auctions taking place this month, and the growing move by these sellers to diversify as the art fair model matures.  “The best collectors don’t just buy contemporary art,” said Michael Plummer, whose New York-based consultancy Artvest Partners owns the Spring Masters fair. “They might have Renaissance painting and antiquities and modern art.” (more…)

Pablo Picasso, Les Femmes D’Alger (1955), via Art Observed

The crown for the most expensive artwork at auction has returned to the master, as Pablo Picasso’s Les Femmes D’Alger lived up to its lofty expectations at auction this evening, as Christie’s “Looking Forward to the Past” exhibition kicked off Frieze Week (and a week of Contemporary Sales in New York) in grand style, tallying a massive $705,858,000 for a 35-lot offering that saw numerous records fall by the wayside, and only one lot going unsold, on the way to Picasso’s triumphant evening. (more…)

Bloomberg is reporting that Wang Zhongjun, the Chinese movie executive of Huayi Brothers Media Corp. is the buyer of Picasso’s Femme au Chignon dans un Fauteuili, which sold for $29.9 million at Sotheby’s this week.  The purchase is somewhat ironic, given that the sellers were members of Hollywood’s film production dynasty, the Goldwyn family.  “I first fell in love with the painting and then I fell in love with its story,” Wang said after the sale. “I can see not only Pablo Picasso’s genius, but also Samuel Goldwyn Sr.’s creative vision.” (more…)

Claude Monet, Nymphéas (1905), via Sotheby’s

As the art world prepares to jet en masse to Italy this week for the opening of the Biennale Previews, the auction houses are also preparing for their biggest stage of the spring season, with two weeks of major evening sales in both the Impressionist/Modern and Post-War/Contemporary categories set to take place in New York. (more…)

Bloomberg reports on dealer Yves Bouvier, whose arrest earlier this year over alleged price inflation in the $186 million sale of a Mark Rothko reflects the warnings offered earlier this year by economist Ariel Roubini: “There are a number of serious distortions in the art market that suggest that there is some shady behavior going on.  Price opacity in the art market leads to insider information, which makes insider trading in art far more likely.” (more…)

Another article on the Obama Presidency’s attack on 1031 “Like-Kind” Exchanges is on Bloomberg this week, focusing on collector Steven Edlis and his use of the loophole to acquire works he then donates.  “Stefan Edlis has been generous but many people who will take advantage of this will not be generous,”says critic Robert Storr, dean of the Yale University School of Art. (more…)

A pair of Francis Bacon self-portraits that have been considered missing since they were painted in the mid-1970’s have been found, and are going on sale at Sotheby’s this July in London, estimated at £15 million each.  “Marlborough Fine Art kept a photographic archive and so both of these paintings appeared in a book on Bacon’s self-portraits but, apart from being reproduced in books, they’ve not been seen,” says Sotheby’s Oliver Barker. “We knew of the existence of the paintings but simply had no idea where they could be.” (more…)

The New York Times looks at the current practices of “Like-Kind Exchange” on the fine art market, a tax provision allowing collectors and art flippers to defer taxes on sales income by using proceeds to buy an even more expensive work, and the attention it’s currently receiving from tax regulators.  “If you are doing five transactions over 25 years,” says advisor Josh Baer, “each time buying something more expensive, each time you don’t pay the capital gains tax on the way. At the end of the day you are way ahead.” (more…)

The MAK Vienna has purchased artist Harm van den Dorpel’s Event Listeners screen-saver work with Bitcoins, making it the first museum in the world to use the digitally-centered currency.  The work will be shown at this year’s inaugural Vienna Biennale, running June 11 to October 4. (more…)

Auction houses in China are pushing further into the Modern and Impressionist Markets, the South China Morning Post reports, part of an attempt at beating a sales slump that has plagued the market in recent months.  “Selling Impressionist and modern art will be great business for us, as the artworks are traditionally very highly priced,” says Hu Yanyan, president of China Guardian Auctions and China Guardian (HK) Auctions. (more…)

Online arts auction platform Auctionata has laid off more than half of its employees yesterday, Art Info reports, part of a strategy by the company to focus on cost-efficiency.  Since launching less than three years ago, the company has raised nearly $100 million in capital, including recent funding of almost $50 million. (more…)

The New York Times reports on the move of Christie’s Impressionist and Evening Auction for Modern Art to the second week of May, a move that crowds the market with 5 major sales in the same week.  “Fatigue may have set in by then, but it is very hard to predict,” says gallerist and former Sotheby’s exec David Nash. (more…)

A new report released by fine art insurance company Hiscox finds that an increasing number of collectors, at least 75% of those surveyed, are viewing online art sales as an investment opportunity.  “I wonder whether this change in attitude is genuine,” says Robert Read, the head of fine art at Hiscox, “or whether it is a dot.com moment where people feel they are missing out if they don’t.”

Continuing a week of announcements regarding next month’s auctions, Christie’s has revealed that it has acquired the Sonnabend Collection for its May sales in New York, valued at $50 million.  The Collection has never before been offered on the secondary market.  “Many of Sonnabend’s exhibitions helped determine the course of art history in the late 20th Century,” says Laura Paulson, Christie’s chairman for post-war and contemporary art. “She discovered and promoted some of the most significant artists of her time.” (more…)

Random Darknet Shopper, a robot-based art project designed to randomly shop on Deep Web and black market websites, has been returned to the !Mediengruppe Bitnik collective after being confiscated in Janurary for purchasing MDMA during the piece’s performance.  Any potential prosecution over the work has also been withdrawn.  “The public prosecutor states that the possession of Ecstasy was indeed a reasonable means for the purpose of sparking public debate about questions related to the exhibition,” prosecuting attorneys state.  “The public prosecution also asserts that the overweighing interest in the questions raised by the art work Random Darknet Shopper justify the exhibition of the drugs as artifacts, even if the exhibition does hold a small risk of endangerment of third parties through the drugs exhibited” (more…)

A pair of bills introduced in Congress this week will look to improve artist rights and benefits regarding their works, The Art Newspaper reports.  One bill will look to push for an artist’s resale royalty in the US, bringing the country up to par with current measures being undertaken in Europe, while the second offers a tax deduction of fair market value for artists donating works to museums. Both bills have been proposed before, but have yet to be passed. (more…)

An article in the Wall Street Journal this week notes the details and contractual clauses that accompany sales at the higher end of the art market, often in an attempt to prevent speculation.  “I don’t want to see my clients gambling at auction,” says gallerist Renato Danese. “What if the work doesn’t sell, or sells below the low estimate? That will hurt the artist in terms of current and future sales, and it will hurt my clients.”  (more…)

Sotheby’s will bolster its May 12th Contemporary Evening Auction in New York next month with a brilliant, 1954 Mark Rothko, the New York Times reports.  Untitled (Yellow and Blue), which formerly sat in the collections of both Bunny Mellon and François Pinault, is estimated to achieve between $40 and $60 million. (more…)

Next month, Christie’s will lead its May 13th contemporary auction with one of Lucian Freud’s iconic portraits of former postal worker Sue Tilley, which will carry an estimate of $30 million to $50 million.  “This will be a good test of where his market is going,” says dealer James Holland-Hibbert. “It will be interesting to see if this style of painting appeals to the buyers who support these sales. Is Freud still a big enough brand?” (more…)

NADA Miami Beach is moving locations this December, leaving its long-time home at the Deauville Beach Resort in North Miami Beach for The Fontainebleau Hotel further south.   Founder Heather Hubbs notes that the new location will see a fair of “the same exact size or a little smaller, but it won’t be bigger and we’re not looking to expand.” (more…)

Roy Lichtenstein’s The Ring (Engagement) will be one of the top prizes at Sotheby’s Contemporary Evening Sale this May in New York, the Wall Street Journal reports, with initial estimates placing the work’s sale price at about $50 million.  That figure nearly matches Lichtenstein’s $56.1 million record set in 2013.  “I think it’s so sexy how he takes this quiet moment of a proposal and turns it into an exciting crash,” says Chicago plastics magnate Stefan Edlis, the work’s current owner. “Clearly, the woman accepted.” (more…)