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…)

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…)

Online auction site eBay is attempting a second foray into the world of live online art sales, a second venture outside its upcoming collaboration with Sotheby’s.  The new site is open to a select group of New York art galleries, and allow live bidding on works from around the world. (more…)

Amedeo Modigliani’s seminal sculpture Tête will be offered at Sotheby’s New York this November, a rare work in stone from the Italian Modernist, that is expected to achieve up to $45 million during the sale.  ‘‘Modigliani’s Têtes rank among the most revered sculptures of the 20th century,” says Simon Shaw, Co-Head of Sotheby’s Worldwide Impressionist & Modern Art Department. “Working alongside Constantin Brancusi, he believed that direct carving and staying true to materials were critical if sculpture was to be reborn for the Modern age. The present Tête has a truly mesmerizing aura, and is recognized to be the greatest Modigliani sculpture in private hands.’’  (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 recent US Fifth Circuit Court decision over the estate of collector James A. Elkins Jr has considerable implications for collectors leaving behind works after their death.  The court decision allowed a considerable discount on the the Elkins Family’s collection, which included pieces by Pablo Picasso, Henry Moore and Jackson Pollock, as the works were owned partially by the collector’s children, and not wholly by himself.  “Finally we have an applied fractional discount based on the facts,” says art lawyer Joy Berus,  in Newport Beach, Calif. “These are major discounts. It’s a huge affirmation that opens the door to help art owners reduce their estates.” (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…)

The nation of Luxembourg has opened a new freeport within its borders, where valuables like fine art can be traded and stored without paying any taxes or customs.  “There are a lot more transactions in the art market and it has become far more global, with increasing numbers of collectors in Russia, the Middle East and China,” says Arts Economics researcher Clare McAndrew. (more…)

Phillips  has announced plans to open its first location in Hong Kong, an expansion that sees the company living up to claims that it wants to be more aggressive in the current market.  “We are going to do our best to align Phillips with these new contemporary art movements worldwide,” says recently appointed CEO Edward Dolman.  (more…)

The Telegraph profiles Christie’s upcoming London sale of works from the Essl Collection, Austria’s largest private collection of contemporary works.  The sale, featuring pieces by Gerhard Richter, Paul McCarthy, Louise Bourgeois, and Alighiero Boetti, is estimated to bring in up to £60 million next month, making it the most valuable sale of a single collection in auction history.   (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…)

The L.A. Times reports that Demand Media, a content and social media company, has purchased the online art gallery Saatchi Art for $17 million. Another facet of the deal is the naming of Saatchi Art’s CEO Sean Moriarity as the new CEO of Demand Media. An affiliate of the Saatchi Gallery in London, the L.A. based Saatchi Art sells original artwork as well as prints for mid-market prices. The article reports that Demand Media expects the online gallery to add up to $1 million in quarterly revenue. (more…)

The New York Times reports on the controversial decision made by the Delaware Art Museum to put two pieces up for sale. The first is “Milking Time” (1875), a painting by Winslow Homer, will be sold at a Sotheby’s auction this fall or possibly sooner, if the museum can find a private buyer. An Alexander Calder mobile titled “The Black Crescent” will also be put up for sale. In hopes of clearing some of its $19.8 million debt, the museum has already sold a William Holman Hunt canvas this past spring, a decision for which it received censure from other institutions and the Association of American Art Directors.  (more…)

Artspace, a start-up digital marketplace for contemporary art, is currently involved in acquisition talks with Auctionata, an online auction house. Although Artspace showed early promise by raising upwards of $12 million in funds, this past year has turned out surprisingly anemic sales figures: just $577,000 in total annual sales, according to a leaked chart. In addition, since Artspace creates income from commissions, the actual annual revenue for the site would presumably be only a fraction of this six-figure sales number. (more…)

A recent Bloomberg article features an examination of the direct correlation between value appreciation and the price of pieces at auction. By studying the auction sales of the top ten artists over the past ten and twenty years, the article suggests that, in the ever-shifting art market, the safest way to ensure a profit is to buy big names like Cy Twombly, Gerhard Richter, and Damien Hirst at big prices.

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Bloomberg examines the record sale of Tracey Emin’s My Bed at Christie’s this past month, and notes its success as part of a growing trend towards higher prices for female artists on the secondary market. “Historical corrections are in vogue,” says  former Christie’s exec Amy Cappellazzo. “There are more women artists who are getting their due.” (more…)