AO On Site Auction Results – London: Sotheby’s Contemporary Art Sale Friday October 16th, Overall, expectations are reached and in many cases exceeded

Friday, October 16th, 2009


Afro Apparition, Chris Ofili (b.1968) all pictures from Sotheby’s unless otherwise noted.

Today Sotheby’s London held their October Contemporary Art Auction to coincide with Frieze Art Fair which is currently underway in London’s Regent’s Park and art observed was on site with coverage.  The 223 lot auction comprised of work, in a range of media, by leading post-war artists such as Jean-Michel Basquiat, Chris Ofili, Gerhard Richter, Anish Kapoor, Damien Hirst, Frank Auerbach, Anthony Gormley, Farhad Moshiri and Yan Pei Ming. 73% of the contemporary works were sold and the eventual total of the sales came in at  12,757,125 GBP. All sale totals stated in this article include buyer’s premiums and come directly from Sotheby’s official website or courtesy of The Baer Faxt.


Fuego Flores, Jean-Michel Basquiat

Related Links:
Sotheby’s Homepage
Autumn Fairs are a Barometer for the Art Market [NYTimes]
Can Frieze reheat the art market? [The Independent]

More text and images after the jump….
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Newslinks for Monday September 27th 2009

Monday, September 28th, 2009


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Installation view of Anish Kapoor’s work at the Royal Academy of Arts in London via BBC

Anish Kapoor, the first living artist to exhibit at the Royal Academy of Arts in London, installs a work that shoots red paint to the walls of the famed 18th century building [The Wall Street Journal]
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Jeff Koons to be the curator of the New Museum show of Dakis Joannou’s collection, including works by Maurizio Cattelan, Urs Fischer, Robert Gober, Chris Ofili, and Jeff Koons himself
[The New York Times]
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Russia’s biggest contemporary-art fair opened September 23, 2009 in Moscow to coincide with Third Moscow Biennale of Contemporary Art
[Bloomberg]
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Donald Fischer, founder of Gap and art collector, loses his battle to cancer at 81; his collection will be permanently housed at San Fransisco Museum of Modern Art
[San Francisco Chronicle]
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Artist Ed Ruscha stars in a film by video artist Doug Aitken to be projected as installation entitled “Frontier” on Tiberina island in Rome
[The Art Newspaper]
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Andreas Gursky, his works and Pop influences, mainly Warhol’s, as analyzed in the Economist conclude “99 cents II (Diptych)” as the artist’s most important piece
[Economist]


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Ryan McGinness via J. Crew

Last summer painter Alex Katz modeled clothes for J. Crew catalog; this year seven New York artists, including Ryan McGinness and Vito Acconci, are featured [J.Crew]
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Tate Modern to recreate a 1992 exhibition that took place in New York’s Leo Castelli and was criticized as racist; 15 years later Tate curators appropriate the show as a part of a bigger Pop Life: Art in a Material World exhibit and hope for a different reaction
[The Independent]
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A Sigmar Polke painting, Untitled – Oil on Drape (1969), stolen directly from the artist’s atelier, the police deliberates the thief could only be someone with access to the space
[Artforum]
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Frieze Art Fair 2009 announces the details of its sculpture park, in London’s Regent’s Park; “Henry Moore Bound to Fail” by American artist Paul McCarthy is to remain on display for six months
[Frieze Art Fair]


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Guggenheim Museum Art Award via The New York Times

Louise Bourgeois, Urs Fischer, Dan Graham and Mary Heilmann are among the select individuals nominated for the First Annual Art Awards Guggenheim Museum announced this week [The New York Times] In related, the Frieze Art Fair announced the call for entries to The Cartier Award 2010 [Art Review]     
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Results from Sotheby’s mid-season Contemporary Art Sale
details at Art Market Monitor [Sotheby’s]
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The British Arts Council and the London 2012 organization announce Anthony McCall as a finalist in their nationwide initiative to commission public art in celebration of the upcoming Olympics. McCall has proposed a 1,5 mile earth sculpture in the form of a simulated vertical cloud in Liverpool [ArtInfo]
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A detailed survey of Contemporary-Art Auction values in the midst of economic crises as influenced by several variables, show a significant decrease [Bloomberg]
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65 year old Jehuda Reinharz, President of Brandeis University- home to Rose Art Museum housing works by artists such as Warhol and De Kooning, is to resign [Los Angeles Times]


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Sophie Calle photographed by Yves Geant via Guardian UK

France’s conceptual artist Sophie Calle’s path to art world recognition as examined through a personal perspective: stripping, spying, sleeping, “seducing her father” all turned into artistic practice [Guardian UK]
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At Westminster Cathedral, British painter Peter Doig is to create a new installation to coincide with a concert from the British pianist Stephen Hough whom he met after a recital in London in 2008 [Art Review]
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Two new co-directors, both previously with Art Basel, promote this year’s Art Forum Berlin to attract some of the city’s big name art galleries, among which: Max Hetzler, Johann König, Klosterfelde and Neugerriemschneider [Financial Times] and here is some video of the event [Vernissage TV]
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60 Galleries are not returning to Art Basel Miami Beach, but 65 new ones are added, hence the fair grows in quantity [Lindsay Pollock]


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Picasso’s sketch to be auctioned via Guardian UK

Picasso’s sketch that must have taken seconds to produce is expected to sell for more than £20,000 at Duke’s auction [Guardian UK]
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Christie’s “First Open” Post-War and Contemporary Art sale brings in good results, appealing to many buyers while providing a wide range of pricing and themes [Art in America]
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Christie’s Frieze exhibitions and auctions dedicated to Post-War and Contemporary Art will include works by artists such as Lucio Fontana, Damien Hirst and Gerhard Richter [ArtDaily]
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Museum of Contemorary Art in Los Angeles raises $60 million since December 2008 when it had revealed its financial troubles
[Culture Monster]
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Annie Leibovitz and Damien Hirst to design for Louis Vuitton [Elle UK]

SILLINESS OF TODAY’S HORROR MOVIES INSPIRATION FOR WAYANS BROTHERS.(What’s Happening)

Seattle Post-Intelligencer July 14, 2000 Most fans just laugh at how silly horror movies have become. Three of filmdom’s Wayans brothers decided to parlay their reaction into real laughs in “Scary Movie.” “It’s like `Airplane,’ ” says director Keenan Ivory Wayans. “Those guys knew that the disaster genre had been beaten to death.

“In horror, you’ve had the Jason series, the Freddy series, the `Scream’ series. This genre’s been played to death. . . . Same thing with `Don’t Be a Menace . . . ‘ You had `Boyz N the Hood,’ `South Central.’ ” The makers of “Scary Movie,” which had a huge opening last weekend, are no strangers to parody. Wayans targeted blaxploitation films when he wrote, directed and starred in the 1988 comedy “I’m Gonna Git You Sucka.” He also acted in “Don’t Be a Menace to South Central While Drinking Your Juice in the Hood,” the 1996 comedy written by and starring younger brothers Shawn and Marlon Wayans. in our site horror movies 2010

“If you can find a genre’s that’s beaten itself to death and has sort of ingrained itself in popular culture, then it’s ripe for parody,” says Keenan, 42.

“Scary Movie” originated with Shawn, 29, and Marlon, who’ll turn 28 on July 23. “All they do all day is call me,” Keenan Wayans said in an interview. “They sit in the house, and they call me, like, four times a day, going, `Is there something in this?’ And I’ll go, `No, that’s ridiculous.’ “And then they called me and said, `Is there something in the idea of doing a parody of all these teen horror movies?’ And I said, `Yeah, there’s definitely something in that.’ ” The younger Wayanses got together with Buddy Johnson, who’d served as executive story editor on their WB sitcom “The Wayans Brothers,” and Phil Beauman, who co-wrote “Don’t Be a Menace” and wrote for “In Living Color,” the sketch-comedy show created by Keenan in the early ’90s, and wrote a script. in our site horror movies 2010

“And 10 drafts later . . . it got made,” says Keenan. (Two other writers who’d come up with a similar idea are also credited because Miramax bought their script to avoid legal hassles.) Inspiration for “Scary Movie” came from sitting in theaters, watching the recent horror films and seeing how ridiculous they were, Marlon Wayans says.

“The first `Scream’ was good,” he says. “Then they do the sequel and they do `I Know What You Still Did Last Summer’ and . . . `Urban Legend.’ ” “Scary Movie” goofs on all the usual suspects plus “The Usual Suspects,” “The Sixth Sense,” and “The Blair Witch Project.” Marlon and Shawn wrote parts for themselves, naturally, but neither of them is the main character.

While the “Scream” films satirize the horror genre, “they just heightened where you need to go in terms of showing comedy,” says Marlon Wayans. “They make commentary. We show.” “They had an actual, real killer,” says Shawn Wayans. “We had a killer, but we made fun of what was funny about the killer in those movies.” “Scary Movie” also follows in the footsteps of gross-out comedies such as “There’s Something About Mary” and “South Park: Bigger, Longer & Uncut.” “ `Something About Mary’ and `South Park’ kind of opened up the door,” says Marlon Wayans. “What you do is, you go, `OK, y’all like that? Well, wait till you get a load of this!’ “What we’re doing with the comedy, pushing the envelope like that, is making a parody statement itself. Like, `Look at all the crazy things that people are doing out there.’ And teens love it.” What the Wayanses love is working with each other. Even though they couldn’t come up with roles for brother Damon or sister Kim, “Scary Movie” was a family affair.

Marlon and Shawn expect to continue collaborating. “I like working with him,” says Marlon. “I slept in a bed with him for 16 years. I had his feet in my face my whole life, so this is my best friend.” As for having big brother direct, that was a no-brainer. “Keenan is great,” says Shawn. “I think he’s a genius, and we totally respect his work. He taught us everything we know about comedy and just about life, period.

“It’s kind of like he’s been the director of our life anyway.” Adds Marlon: “So to finally get paid to be bossed around, hey!”

Newslinks for Monday September 21st, 2009

Monday, September 21st, 2009


Rembrandt’s portrait of an unknown man via Times Online

Estimated at £25m, a portrait by Rembrandt is expected to raise a record price for the artist at Christie’s in London [Guardian UK]
Despite crisis, Mikhail Piotrovsky- the director of the Hermitage Museum in Saint Petersburg is planning an expansion, reinstallation and several new international venues [ARTnews]
Tate’s plan to increase display space by 60% is challenged by a £140m shortfall; donation for the past year amount only to £4m due to recession
[The Independent] in related Tate announces upcoming exhibitions of Gauguin, Picasso and Chris Ofili [Guardian UK]
More on ex art-dealer Anthony d’Offay, who traded a $160m profit for a chance to provide the British public with an access to contemporary and modern art
[Bloomberg]
Reuters Felix Salmon calls on Bloomberg’s Scott Reyburn who claims that Damien Hirst’s sales are recovered to levels seen at peak of the art market boom; Salmon claims the analysis by Reyburn is unsubstantiated [Reuters and Bloomberg via ArtMarketMonitor]


Ai WeiWei via Twitter

Ai Weiwei publishes on twitter images of himself going in for surgery after undergoing an attack by Chinese police [The Art Newspaper]
RoseLee Goldberg, Performa’s founding director, reads an excerpt from the Futurist Manifesto, announces details and gives hints about the surprise performances and their locations
[Artinfo]
The director of the MET, Thomas Campbell, shares that the painting reattributed to Velazquez last week, “Portrait of a Man”, may soon travel to the Prado Museum in Madrid [ArtDaily]
More on the Artist Pension Trust, an investment vehicle that provides artists, who rarely engage in financial planning, with financial security when they retire [Guardian UK]
An antique shop in New Mexico put on sale a Van Gogh sketch for his painting Night Cafe, from a May 13 burglary, worth $250,000-1million, for $250 [Artinfo]


Caravaggio, The Supper at Emmaus via Artinfo

The National Gallery in London is sending Caravaggio’s The Supper at Emmaus to be exhibited at the Art Institute of Chicago from October 10, 2009 to January 31, 2010 [Fine Art Publicity]
Since Thursday, 110 galleries, most of them in Chelsea opened their doors to the new art season, showcasing what sells, what is missing on the art scene and which gallery spaces are more beneficial to the sales [New York Magazine]
Pope Benedict XVI organizes an art summit reaching out to 500 contemporary artists to reunite in Vatican [BBC via Art Market Monitor]  in related After his initial refusal to participate in Vatican’s art initiative, that will attempt to reestablish the dialogue between spirituality and art, Bill Viola rearranges his schedule and accepts Pope’s invitation [Artnet]
Curator of Modern and contemporary art at Menil Collection, Franklin Sirmans will be appointed chief curator oc contemporary art in LACMA and will assume his position in January [Culture Monster]


Anish Kapoor via Times Online

After an attempt to investigate the very nature of the scale of Anish Kapoor’s work and the man behind the work in an article published last week, Times Online writes on Anish Kapoor’s retrospective, providing a survey of the artist’s career, at the Royal Academy [Times Online]
An interview with Turner Prize winning video artist Steve McQueen where the artist speaks of his childhood, artistic influences, his musical preferences and view on art world and Artist Yoshimoto Nara speaks of musical, artistic and personal influences on his work [Guardian UK]

Velazquez, Las Meninas via The Wall Street Journal

Velazquez’s “Las Meninas”- an enigmatic work that has contributed to the shift of its very medium from the realm of craft to that of art [The Wall Street Journal]
Marlene Dumas, Tracey Emin, Marc Quinn, Antony Gormley and other contemporary artists donating works to Sotheby’s “Art for Africa Auction” on tonight
[ArtDaily]
September 16, at the Guggenheim International Gala, a $1.2m Ellsworth Kelly painting received by the Museum as a gift was auctioned [Auction Central News]
The life and death of Dash Snow [Guardian UK]
Art critic, Holland Carter, proposes smaller and more smartly curated shows to take place of large blockbuster exhibits [The New York Times]
A new 37,000-square-foot outdoor space is lent temporarily to Lower Manhattan Cultural Council for exhibitions and performances by developers postponing their building projects, hence the name- LentSpace [The New York Times]


Richard Serra, Shift (Detail) via Arts Journal

As a 1970 iconic earthwork by Serra outside Toronto remains endangered, a litigious battle concerning access to and protection of the artwork continues [Arts Journal]
New York’s Armory show will move in geographic pattern from representing one city to another, its first choice is Berlin
[Lindsay Pollock]
A short interview by brothers Jake and Dinos Chapman, discussing their drawings
[Guardian UK]
David Zwirner is to be the first dealer to solely represent The Estate of Dan Falvin
[David Zwirner]
New works by Julian Schanbel, Paul Chan, John Currin and Francesco Vezzoli are currently on show at New York’s Metropolitan Opera in an exhibition inspired by Mary Magdalene [metoperafamily.org]
Book review: “I Sold Andy Warhol (too soon)” by Richard Polsky [WallStreetJournal]


Zac Posen, RTW Spring 2010. Via WWD.com

Rosson Crow designs floral prints for Zac Posen’s Spring RTW collection [wwd.com]
Julian Schnabel is selling pieces from his art collection, including work by Picabia, Braque and Balthus to finance his divorce
[New York Post]
The Roman Empire – Russia’s Roman Abramovich’s toychest of expensive things, inlcuding works by Francis Bacon and Lucien Freud, is examined
[Wall Street Journal]
Sales of Chinese art at Sotheby’s Total: $15,532,479 Exceeding Expectations [ArtDaily]
The king of Japanese Contemporary Art, Takashi Murakami, speaks openly about the state of the art market, his legacy and his upcoming plans [Artinfo.com]
An encounter with Takashi Murakami in the Boom Boom Room at the Standard Hotel, New York following his opening at Gagosian Gallery in Chelsea [NYTimes]

Go see – Derbyshire, UK: Sotheby's contemporary sculpture sale 'Beyond Limits' at Chatsworth House, through November 1, 2009

Tuesday, September 15th, 2009


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Angel of the North (Life-Size Maquette), Antony Gormley 1997. Via Chatsworth

Currently on display in the grounds of Chatsworth House, home to the Duke and Duchess of Devonshire, is Sotheby’s ‘Beyond Limits‘; a selling exhibition of modern and contemporary sculpture which the auction house claims is their “largest and most diverse to date.” The exhibition will continue through November 1.  It will be the fourth year of the installation, which has become known as one of the most prestigious platforms for displaying monumental works in an outdoor setting.  On display are bronze sculptures by Henry Moore and Aristade Millol, as well as contemporary pieces by Antony Gormley, Marc Quinn, Subodh Gupta and Fernando Botero.  All works on display are available for private sale.


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Three Piece Reclining Figure: Draped, Henry Moore (1975). Via Sotheby’s

Related Links:
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Chatsworth House Homepage
[Chatsworth House]
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‘Beyond Limits’ Event Page
[Chatsworth House]
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‘Beyond Limits’ Catalogue
[Sotheby’s]
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‘Beyond Limits’ Press Release
[Sotheby’s]
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VIDEO TOUR Beyond Limits: A Selling Exhibition of Monumental Sculpturewith Simon Stock, Deputy Director, Impressionist & Modern Art [Sotheby’s]
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In Pictures: Giant Sculputres at Chatsworth House
[BBC NEWS]
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Big-money sales behind closed doors [Telegraph.co.uk]

More pictures and text after the jump…

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Newslinks for Tuesday September 15th, 2009

Tuesday, September 15th, 2009


Marc Quinn’s Blood Head Self-Portrait displayed in a refrigeration unit at The National Gallery in London via Guardian

The National Portrait Gallery in London acquires and shows the most recent of Marc Quinn’s self-portraits created with the use of artist’s own blood [Bloomberg]


Titian, Diana and Acteaon via Artdaily

In related, Titian’s Diana and Acteaon, one of the six large-scale mythologies inspired by Ovid, acquired by The National Gallery in London, is to be displayed at Trafalgar Square [Artdaily]
Three paintings attributed to Adolf Hitler were sold at Weidler’s auction house in Germany for an accumulative price of  $60,000 to three phone bidders [The New York Times]
The Museo National del Prado’s is exhibiting 2 Sorolla paintings of the Fanjul family that were illegally confiscated by the Cuban government which may cast the museum’s directors legal bind [Reuters]
A private European collector helps settle a 7-Year discord between the Swedish Moderna Museet and heirs of a Jewish businessman over a Nazi-looted Nolde painting and in related, Dutch Museums will return 13 artworks lost during Nazi occupation to heirs of Jewish collectors [Bloomberg]


Velázquez, Portrait of a Man via The New York Times

After restoration and cleaning of “Portrait of a Man” in MET’s collection, the author of the painting attributed to Vélazquez’ workshop is confirmed to be Vélazquez himself [The New York Times]
Phillips de Pury auction house, known for its focus on contemporary art, is adding 18 new sales for the upcoming year and a half [The Wall Street Journal]
As the market fluctuates, art collectors seize opportunities of investment, yet the auction market based on no identical units, making calculated predictions almost impossible, turn investing into gambling [NYTimes]
The Glyndebourne Opera House, England to sell a painting by the Italian Old Master, Domenichino; estimated at $16.5 million [Bloomberg]
Bill Viola declines an invitation to participate in a culture summit, organized by Pope Benedict XVI in an attempt to reconcile spirituality and artistic expression, supposedly due to the artist’s disagreement with policies put forth by the Vatican and the Catholic Church [Artnet]


Six of the missing works by Andy Warhol via Telegraph

$1million is being offered for a lead to locating the “Athletes” series by Andy Warhol from Richard Weisman’s collection that has been stolen from the collector’s Los Angeles residence [Telegraph]
Pencils from an installation by Damien Hirst were stolen by a 17-year old artist named Cartrain [The Independent] who had been stripped of his artwork for incorporating Damien Hirst’s ideas into his collages [ArtObserved]
“You can be immortalized in an artwork” says Damien Hirst in his search for a numerous sets of identical twins to literally become part of his artwork at Tate Modern [Guardian]


Charles Saatchi with his wife Nigella Lawson via The Independent

“My Name is Charles Saatchi and I am an Artoholic”, a book written by Charles Saatchi, who almost never gives interviews, is released without a loud PR campaign and is written in a format of potential interviewer’s questions and answers
[Guardian UK]
Aleksandra Mir’s installation at Collective gallery in Edinburgh consists of rows of a limited edition cookbook titled “The How Not to Cookbook: Lessons Learned the Hard Way” [The Moment]
German police uncover a thousand fake Giacometti bronzes in the possession of  a man who tried to sell them as originals [Art Market Monitor]
An editorial on the state of galleries dictated by the financial market provides an encompassing snapshot of what a gallery represents in the art-world and how it is likely to function in the current economic condition [NYTimes]


Bruce Nauman’s skywriting fittingly reads “Leave The Land Alone” via Los Angeles Times

On September 12 in Pasadena, artist Bruce Nauman realized his skywriting project, reading Leave the Land Alone, after a 40 year wait [Los Angeles Times]
Frédéric Mitterrand’s appointment to the post of French minister of culture is well received by most for his extensive previous background  and involvement in the world of art and culture [The Art Newspaper]
London’s Outset Contemporary Art Fund brings artwork to a fair to be seen publicly and then purchased by the Tate [Bloomberg]
The story of Tony Shafrazi, art terrorist and later gallerist
[Artnet]


A view of Sol LeWitt’s unveiled mural at 59th street via Gothamist

Sol LeWitt’s mural, comprised of 250 porcelain tiles, is installed at Columbus Circle subway station in Manhattan[Lindsay Pollock]
Run by oligarch Viktor Pinchuk, the PinchukArtCenter in Kiev announces a new art Prize and the shortlisted 20 nominees [ArtReview]
Gagosian’s plan for a gallery in Paris’ prestigious 8th arrondissement promises to gain instant success by providing access to Picasso’s work [Bloomberg]
In related, Gagosian is to open a bookstore on Madison avenue in Manhattan selling books, catalogues, magazines and Jeff Koons puppy vase that come in an edition of 3,000 [Art fag City]
UBS, a global financial services firm, is to close its gallery in Manhattan in an attempt to cut back on costs [Artinfo]

A photograph of Emmanuel Perrotin via The Selby

The Selby visits Emmanuel Perrotin at his gallery in Paris [The Selby]
Research shows that visitors to museums housing modern art are likely to respond emotionally, while those viewing ancient artworks are more prompt to describing their experiences in more cognitive terms [Miller McCune via Artinfo]
“The Art of the Steal”, a documentary film by Don Argott, explores the Barnes Foundation, a Post-Impressionist and early Modern art collection [The New York Times]
John Currin interviewed by Glenn O’Brien speaks about art, the art market and shares personal stories [Interview Magazine]
The rating service Moody’s estimates the current financial troubles and hence auction market distress to persist and drops Sotheby’s corporate credit rating by one level [Bloomberg]
Kara Walker’s participation in Whitney’s Biennial is manifested in an email correspondence with the organizer of the show documenting the artist’s refusal to participate in the Biennial [Artnet]


Centquatre art space in Paris via The Daily Undertaker

A site of the Municipal Funeral Services in Paris is now turned into an arts center providing the capital’s northern reaches an art initiative it has been lacking [Financial Times]
A survey of artistic practice based on technology and its move towards the usage of the Internet as means of expression [The New York Times]
Thomas Campbell, director of Met, shares his plans for the museum in an interview with The Art Newspaper
[The Art Newspaper]
American artist Greg Wyatt’s 22-thousand-pound bronze sculpture “Two Rivers” is being transported to Piazza della Signoria in Florence, “the soul of the world of sculpture,” where it is to become the first American displayed at that location [Bloomberg]
An interview with the billionaire philanthropist Eli Broad, who spoke about democratization of art and educational reforms [The Wall Street Journal]

Newslinks for Monday, July 27, 2009

Monday, July 27th, 2009


Exhibition View, Chapman Brothers faux show Good News! at Orel Art. Via Times Online

British Art Brothers Jake and Dinos Chapman’s fake identities, art movement, and exhibition as Russian artists is on view after a quiet opening [TimesUK]
Gallery owners reveal the difficulties of running their business in times of the economic crisis
[Forbes], yet some of L.A.’s resilient galleries find opportunities in the crisis: such as reduced rent [Los Angeles Times]


Wassily Kandinsky’s ‘Dramatic and Mild,’ estimated to sell between $6-8 million at Sotheby’s Impressionist and Modern Art Fall Auction via ArtDaily

Part of the Arthur Sackler Collection is to be auctioned this fall by Sotheby’s, including a rare Kandinsky painting [ArtDaily]
Christie’s sales fell 35% in the first half of the year, though the auction house accounts for 61% of all global auction sales
[Bloomberg] and a breakdown of Christie’s first half results [Art Market Monitor]


Cindy Sherman’s self-portait for Vogue

Cindy Sherman takes a self-portrait for Vogue in couture, parodying the magazine’s many domestic fashion spreads [Vogue via Economist]

Basquiat Reeboks via Solediction

Reebok releases a line of high tops featuring the art of Jean-Michel Basquiat [Solediction]
A charity auction in September to raise funds for orphans in Africa will featureworks by prominent YBAs such as Tracey Emin and Antony Gormley, as well as David Bowie, while also including work by South African artists like Marlene Dumas as well as emerging artists [Independent]


The bike Damien Hirst designed for Lance Armstrong to ride in the last stage of the Tour de France via Daily Mail

PETA outraged over Damien Hirst’s use of dead butterfly wings on Lance Armstrong’s bike [Daily Mail]
Richard Prince buys a townhouse on the Upper East Side for $11.5 million
[NY Observer]
The pop-up Lola Gallery opens in Southampton
[Vanity Fair]


Bill Viola’s ‘Ocean Without a Shore,’ which premiered at the church of San Gallo at the 2007 Venice Biennale via FAD

Bill Viola has been commissioned to create two altarpieces for permanent display in St Paul’s Cathedralin London [FAD]
A new program offers a master’s degree in international art crime [NY Times]
Chelsea art dealers predict that the presence of the High Line will kill the art scene there
[Artnet]


Billionaire art collector Eli Broad via Forbes

Forbes names the top ten billionaire art collectors, including François Pinault, Eli Broad, and David Geffen [Forbes]
In related, Vice Chairman of Forbes, Christopher “Kip” Forbes, selling 36 works through private transactions [Bloomberg]
In further related, a growing number of collectors prefer private transactions, the publicity can come after the deal is made [Bloomberg]

Carsten Höller at the Double Club, Via Guardian

Carsten Höller’s Double Club  “modern day Studio 54” moving to Paris from London [Guardian]
As visitors wait in line for up to 3 hours, the Banksy show in Bristol extends its visiting hours into the evening [Evening Standard]


Will Cotton’s studio via Whitewall

A look inside Will Cotton’s studio [Whitewall]
Tracey Emin tells in her interview the difficulties she had to face: from tapeworm to family troubles
[Times Online]
An interview with Eric Fischl on 9/11 and bull fighting in his Soho studio [Artnet]
An almost conclusively thorough article on Dash Snow
[NY Times]

Newslinks for Monday, July 20th, 2009

Monday, July 20th, 2009


Dash Snow and his daughter Secret via TinyVices

Following Dash Snow’s untimely death early last Tuesday morning, articles such as this one from The Guardian labeled Snow as an “art icon.”   The Independent cited the artist as “a mythical hero of an artistic underworld.”   There was a cynical editorial on Dash Snow from Canada [Toronto Star via Art Market Monitor]   And within 48 hours of Dash Snow’s death, New York Magazine speculated on the market for his work, and later that that his work might be pulled from an charity auction in Watermill next weekend. Terence Koh dedicated a performance in the UK [The Moment] and Brazilian street art duo OS Gemeos dedicated their Houston and Bowery mural to the artist [NYMag] There was an extensive image collection of the artist and his work from Tiny Vices. and finally a eulogy from the artist’s friend Glenn O’Brien [Purple-Diary]


A work by John Baldessari via the Tate

The Tate Modern will launch a major John Baldessari retrospective, his first in the UK, on October 13th [Tate]
Bob and Roberta Smith and Wolfgang Tillmans will be Tate trustees
[FAD]

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Zevs bombing the Armani store with his dripping Chanel Trademark via SlamXHype

Graffitti artist Zevs arrested in Hong Kong before a major gallery show [SlamXHype]
In related, 3 are arrested for conducting a counterfeit Banksy printing operation [The Art Collectors]


A mockup of London’s Playing the Building installation via David Byrne.com

David Byrne reprises his downtown New York Playing The Building sound in architecture installation at London’s Roundhouse August 8th through the 31st [Roundhouse.org]

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The video for Madonna’s ‘Candyshop,’ featuring video by Marilyn Minter via YouTube

Marilyn Minter’s Green Pink Caviar is used as a video backdrop for Madonna’s song “Candyshop” [Artnet]


A rendering of Herzog de Meuron’s expansion to the Tate Modern via World Architecture News

Much publicized plans to expand the British Museum and the Tate could be tabled as funds come into question [TimesUK]
A look at some of the recent graduates and potential YBA’s at Goldmith’s degree show in London [GuardianUK]

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Olafur Eliasson speaks about using space and light via Ted

An engaging video of Olafur Eliason speaking about perception [Ted]
The Wall Street Journal has an excerpt from the book Provenance, which documents one of the greatest cons in the history of art forgery
[Wall Street Journal]


Lawrence Salander via Bloomberg

Lawrence B. Salander was arrested for the 2nd time for what the Manhattan District Attorney called the biggest art fraud in New York history [Bloomberg]
A video interview with American painter Ellsworth Kelly
[The Art Newspaper]


Roman Abramovich and Dasha Zhukova via Fashion Week Daily

According to rumors, Moscow curator Dasha Zhukova and 2008 mega-collector Roman Abramovich have split [Fashion Week Daily]
Christie’s has an iPhone app, offering access to its calendar and catalogs, and soon a live-bidding component
[Guardian]


Simon de Pury via Harpers Bazaar

Simon de Pury, chairman of the auction house Phillips de Pury revealed as Judge on the upcoming Bravo/Sara Jessica Parker art-world reality show [NY Times] and video of the around-the-block line in New York to apply to be on the show recently [NYArtBeat]

AO Auction Results: Old Masters Week at Christie’s and Sotheby’s in London – Auctions find strength and stability in the classics

Thursday, July 9th, 2009


Pieter Brueghel the Younger’s ‘Massacre of the Innocents’ sold for £4.6 million, above estimates of £2.5-3.5 million, via Sotheby’s

Old Masters Week at the auction houses in London finished solidly within estimates and outpacing the summer Impressionist and Contemporary auctions as buyers shift their focus toward the more stable market of old masters.  Christie’s Old Masters and 19th Century Art Evening Sale on Tuesday realized £20.5 million, above the low estimate of £15.5 million. 48 lots out of 63 sold, with a sold-by-lot rate of 76% and a sold-by-value rate of 91%. Sotheby’s Old Master Paintings Evening Sale yesterday realized £26.1 million, within estimates of £24-34.7 million, and the proceeding Renaissance & Baroque Masterworks from the Collection of Barbara Piasecka Johnson realized £9.9 million, considerably above estimates of £5.2-7.7 million, bringing the night’s total to £36 million. The Johnson sale achieved a sold-by-lot rate of 79% and a sold-by-value rate of 95%. The sale of works from individual collections achieved a sold-by-lot rate of 69% and a sold-by-value rate of 82%.

Old Masters & 19th Century Art Evening Sale [Christie’s]
Old Master Paintings Evening Sale [Sotheby’s]
Christie’s Auction of Old Masters and 19th Century Art Realises $32.8 Million [Artdaily]
Christie’s Auction Sells $32.7 Million of Art as Market Shrinks [Bloomberg]
Christie’s Sees Success With First Combined Sale [Artinfo]
Lot by Lot: Highlights of Christie’s London Old Masters Evening Sale [Art Market Monitor]
Sotheby’s Evening Sales of Old Master Paintings Totals $60 Million [Artdaily]
Lot by Lot: Highlights of Sotheby’s Old Master Sale [Art Market Monitor]
Johnson & Johnson Heiress Raises $15.9 Million at Art Auction [Bloomberg]
Old Masters retain their value [Wealth Bulletin]
Old Master price soars at auction [BBC]
Old Master sells for more than a million above estimate [Telegraph]
Old Masters art sale defies the downturn [Evening Standard]
Christie’s Rakes In $32.7 Million, New Category Said To Be Successful
[Luxist]
Old masters out-perform impressionist and contemporary art in summer sales [The Art Newspaper]
Whither the Old Master Market? [Art Market Monitor]

(more…)

AO Auction Preview: Auctions from Christie’s, Sotheby’s and old master gallery fair collaborations mark Old Masters Week in London, beginning this evening

Tuesday, July 7th, 2009


Lo Spagnoletto’s ‘Prometheus’ from the collection of Barbara Piasecka Johnson, estimated to sell between £800,000-1 million, via Sotheby’s

Old Masters Week begins in London, with auctions at Sotheby’s and Christie’s, and 23 London galleries joining together for the first Masters Painting Week, running July 4-10. running concurrently with Masters Drawing Week, which began in 2001 and offers works on paper from the 14th century to the present day.  Sotheby’s Old Master Paintings Evening Sale takes place tonight, with a special sale of works from the collection of Johnson & Johnson heiress, Barbara Piasecka Johnson. The 51 lots in the Johnson collection evening sale have a low estimate of £5.2 million, with the star lot, Lo Spagnoletto’s ‘Prometheus,’ estimated to bring in between £800,000-1 million. The rest of the evening sale, with 48 lots from other sellers, has a low estimate of £24 million. The four top lots are paintings by Goya, Fragonard, Pieter Brueghel II, and George Stubbs, all with estimates between £2.5-3.5 million. Christie’s Old Masters & 19th Century Art Evening Sale takes place tomorrow, with 66 lots from the 14th century through the late 19th century, designed to encourage cross-over buying. The top lots in that sale are paintings by Michele Giovanni Marieschi and Fra Bartolommeo, both with estimates of £2-3 million. Dealers and the auction houses combined, Master Paintings Week expects to bring in £83.5 million. Strong sales are expected in the wake of the contemporary market’s collapse. While prices for contemporary art dropped 76.2% since May of last year, according to ArtTactic, old masters prices have remained relatively steady, with increased interest by collectors looking for stabilty.

Old Masters & 19th Century Art Evening Sale [Christie’s, Wednesday, July 8, 2009]
Old Master Paintings Evening Sale [Sotheby’s, Tuesday, July 7, 2009]
Master Paintings Week [July 4-10, 2009]
Old masters challenge contemporary art [Telegraph]
Johnson & Johnson Heiress Paintings Top $136.3 Million Art Sale [Bloomberg]
Old Masters, New Interest [Wall Street Journal]
Art market news: Old Master Week [Telegraph]

(more…)

Go See – London: Duveens’ Commission presents Eva Rothschild ‘Cold Corners’ at Tate Britain through November 29, 2009

Saturday, July 4th, 2009


Eva Rothschild at Tate Britain. Via Art Knowledge News.

The Duveen Comission series presents a hitherto relatively unknown artist, Eva Rothschild, at the Tate Britain.  The exhibition consists of just one work, which fills the 70-meter space.  Accordingly, the piece explores volume and space, as it (per Tate) “fills and disrupts the grandeur of these neoclassical galleries with a chaotic, energetic presence.”  Says the artist, “I’m hoping to create something that will agitate the architecture of the Duveens Galleries, tangling with your perception of the space.”

Related links:
Tate Britain: British Art from 1500
Tate: Tate Britian Duveens Commission 2009 Supported by Sotheby’s
Lost in triangulation [The Guardian UK]
Eva Rothschild’s Tate Britain girders get an angle on high-minded art [Times UK]
Eva Rothschild to Create Tate Britain Duveens Commission 2009 [FineArtPublicity]
Little-known artist takes over the Tate [The Independent]


Eva Rothschild at Tate Britian, via The Guardian.

(more…)

AO Auction Results: Contemporary Art Evening Sale at Sotheby’s in London on Thursday, June 25, 2009 – Total sales near top of estimates

Friday, June 26th, 2009


Andy Warhol’s ‘Mrs. McCarthy and Mrs. Brown (Tunafish Disaster)’ sold for £3.7 million against estimates of £3.5-4.5 million, via Sotheby’s

Sotheby’s Contemporary Art Evening Sale in London yesterday realized £25.5 million, near the top of its estimates of £19.8-27.4, with one of the highest ever sell-through rates as only 3 of the 40 lots went unsold. The pared down sale is only a quarter of the value of last June’s sale, but along with solid results at Christie’s and Sotheby’s Impressionist sales earlier this week and brisk sales at Art Basel two weeks ago, the art market appears to have hit its bottom and has started to stabilize.  However, the highest selling lot was Andy Warhol’s ‘Mrs. McCarthy and Mrs. Brown (Tunafish Disaster),’ selling for just £3.7 million, at the low end of estimates of £3.5-4.5 million, nowhere near the blockbuster prices of a year ago.

Contemporary Evening Sale [Sotheby’s]
Sotheby’s Contemporary Art Evening Auction Realised $41.9 Million in London [Artdaily]
Buyers for Warhol and Calder [NY Times]
Warhol Sales Make $10.5 Million as Sotheby’s Turns to Big Names [Bloomberg]
Slim and Conservative, Sotheby’s Sale Proves a Winner [Artinfo]
The London Art Scene Feels a Chill [Wall Street Journal]

(more…)

AO Auction Results: Sotheby’s Impressionist and Modern Art Evening Sale in London Wednesday, June 24, 2009 – Small Sale Brings Solid Results

Thursday, June 25th, 2009


Pablo Picasso’s ‘Homme à l’épée’ sold for £7 million, falling squarely within estimates of £6-8 million, via Sotheby’s

Sotheby’s Impressionist and Modern Art Evening Sale last night in London yielded fairly strong results, due mainly to a slimmed down offering of high quality works. The 27 lot sale realized £33.5 million, towards the higher end of estimates of  £26.8-37.3 million, with only 4 lots going unsold and a sold-by-lot rate of 85.2% and a sold-by-value rate of 90.8%. Despite trouble finding sellers, choosing lots carefully paid off for Sotheby’s with spirited bidding throughout the auction. The sale’s big star, Picasso’s ‘Homme à l’épée,’ sold for £7 million against estimates of £6-8 million. Another late Picasso painting, ‘Nu debout,’ was the second-highest lot, selling for £4.3 million, above estimates of £3-4 million.

Sotheby’s Impressionist and Modern Art Evening Sale Results [Sotheby’s]
Sotheby’s Lean Strategy Pays Off [NY Times]
Sotheby’s London auction hits target at $55 million [Reuters]
Picasso’s $11.5 Million Musketeer Tops Sale as Bargains Hunted [Bloomberg]
Homme a l’epee Sells for 7 Million and Leads Sotheby’s Sale of Impressionist & Modern Art [Artdaily]
Lot by Lot: Sotheby’s I/M London Evening Sale [Art Market Monitor]
Picasso Musketeer Tops Sale by Sotheby’s [NY Times]
En Garde! Sotheby’s Sells Picasso Musketeeer Painting for $11.5 Million [WallStreetJournal]
Picasso musketeers duel at London auction houses [The Art Newspaper]
Sotheby’s Imp/Mod Sale Small but Solid [Artinfo]
Summing Up Sotheby’s I/M Evening Sale in London [Art Market Monitor]
Homme a l’epee Leads Sotheby’s Sale of Impressionist & Modern Art [Auction Publicity]

AO coverage of Christie’s Impressionist and Modern Art Evening Sale on Tuesday

(more…)

AO Auction Preview: Summer auctions in London at Sotheby’s, Christie’s, and Phillips de Pury start tomorrow

Monday, June 22nd, 2009


Pablo Picasso’s ‘Homme à l’épée’ estimated to sell between £5-7 million via Christie’s

The summer auction season starts next week with the Impressionist and Modern Art Evening Sales in London at Christie’s on Tuesday, June 23, and at Sotheby’s the following evening.  Both sales feature a late Picasso painting,part of his Muskateers series, painted by the artist on successive days and both titled ‘Man with a sword.’  The Sotheby’s Picasso is estimated to sell between £6-8 million and the Christie’s Picasso is estimated between £5-7 million. Both auction houses each offered a Muskateer painting in the spring auctions, with one failing to meet its reserve and the other selling for $14.6 million. This era of Picasso’s works has been enjoying a wave of popularity after Gagosian Gallery’s ‘Mosqueteros’ exhibition (as covered by AO here) earlier this spring gaining record attendance, as well as two major museum shows in Paris and London focusing on the artist’s late career. The Post-War and Contemporary Art Evening Sales take place on Thursday, June 25 at Sotheby’s, Monday, June 29 at Phillips de Pury, and Tuesday, June 30 at Christie’s.  Though healthy sales at Art Basel last weekend have boosted confidence in the market, this season’s estimates are down over 70% from last year.

Christie’s Impressionist and Modern Art Evening Sale, Tuesday, June 23, 2009
Sotheby’s Impressionist and Modern Art Evening Sale, Wednesday, June 24, 2009
Christie’s Post-War and Contemporary Art Evening Sale, Tuesday, June 30, 2009
Phillips de Pury Contemporary Art Evening Sale, Monday, June 29, 2009
Sotheby’s Post-War and Contemporary Art Evening Sale, Thursday, June 30, 2009
Impressionist & Modern Art Evening Sale with Specialists Helena Newman and Alexander Platon [Video; Sotheby’s]
Contemporary Art Evening Sale with Specialists Oliver Barker, Cheyenne Westphal and Alexander Branczik [Video; Sotheby’s]
En garde! Rival houses offer Picasso musketeers
[Reuters]
Can Buying Impressionist Art Make You Happy? [Wall Street Journal]
Christie’s Resumes Cutting Jobs After May N.Y. Auctions Decline [Bloomberg]
Battle of the Picasso paintings [TelegraphUK]
London Sales Estimates Down 70 Percent From Last Year [Artinfo]
Warhol, Prince Works Fail to Save Art Sales From 70% Decline [Bloomberg]
After Basel, Dealers Have High Hopes for London Sales [Wall Street Journal]
Artworks by Goya, Fragonard, David and Turner for Sotheby’s July Old Master Paintings Auction [Art Auction Publicity]
Christie’s Post-War & Contemporary Art Auction Expected to Take £20 million [Art Auction Publicity]
Doig painting of Canadian childhood could fetch $3 M [Montreal Gazette via Art Market Monitor]
Duchamp, Miró, Marc, Monet and Picasso Highlight Christie’s Auction of Impressionist and Modern Art [Artdaily]
London Contemporary Art Auctions [The Art Collectors]
Phillips de Pury & Company Announce Highlights of the Forthcoming London Contemporary Art Sales [Artdaily]
Picasso, Monet and Giacometti, for Sotheby’s Sale of Impressionist & Modern Art [Art Auction Publicity]
Sotheby’s London Contemporary Art Evening Sale to Present Three Rare Andy Warhol Paintings [Artdaily]
The art market: Picasso endures [Financial Times]
Art Market Watch [Artnet]
(more…)

Newslinks for Saturday, June 13, 2009

Saturday, June 13th, 2009


Damien Hirst’s ‘For the Love of God’ via Artinfo

Ukrainian collector Viktor Pinchuk, who is currently hosting Damien Hirst’s retrospective in Kiev, is revealed as the fourth stakeholder in the artist’s platinum, diamond-encrusted skull, which has yet to sell despite a £35 million offer from Alberto Mugrabi [The Art Newspaper]
in related, Fiats decorated by Hirst have had little problem selling at a London charity auction
[Art Review]
Two proposed tax-free ports in Paris and Singapore aim to revolutionize international art handling
[NY Times]


Roxy Paine with one of his ‘Dendroid’ sculptures via Artinfo

National Gallery of Art commissions a Roxy Paine ‘Dendroid’ sculpture [National Gallery of Art via Artnet]
Art Basel’s Marc Spiegler says that now is an essential time for collectors to buy work from galleries to support artists and local art scenes [ArtInfo]
In conjunction with Saatchi, the Times lists top 200 artists of the 20th century with Picasso and early Modernists at the front [TimesUK]
Three arts professionals describe how they collect for their own homes
[Financial Times]


Sam Francis, Grey, the subject of an auction dispute at Christie’s

Shipping magnate Gregory Callimanopulos appealing court decision in auction dispute with Christie’s and Broad Art Foundation over Sam Francis’ ‘Grey’ [ArtForum]
Art during the Nazi regime: Van Meegeren and Göring, forgery and thievery [New York Times]
Unusual Renoir painting recovered in Venice 25 years after it was stolen [Artinfo]


Edward Hopper, Rooms by the Sea, recently acquired by Yale University. via ArtDaily

Yale University counter-sued over Van Gogh painting ‘The Night Café,’ seized during the Communist takeover of Russia [Bloomberg.com].
In related, Yale University Art Gallery acquires Edward Hopper preparatory drawings ‘Rooms by the Sea’ and ‘Western Motel and the Study’ [ArtDaily]
Young collectors pooling resources and sharing art
[Financial Times]


Pablo Picasso’s Homme à l’épée for sale in London. via The Telegraph.

€7 – 10 millionv notebook of Picasso sketches discovered stolen from the Picasso museum in Paris [ArtDaily]
and in related, two ‘Musketeer’ paintings by the artist to be auctioned at Christie’s and Sotheby’s, respectively [The TelegraphUK]
As early as 2010, the Louvre may be at risk financially, despite a wave of acquisitions totaling an estimated  €38 million [NYTimes]


Andreas Gursky’s ‘James Bond Island III’ via FOTO8

An interview of Andreas Gursky in which he speaks of scaling down his monumental prints, the influence Bernd and Hilla Becher, and working with North Korea [FOTO8]
Vito Acconci closes his studio, citing cash flow troubles [The Architect’s Newspaper via ArtInfo]


Massimiliano Gioni navigates Venice during the Biennale opening via NY Times

Following curator and critic Massimiliano Gioni and his various party obligations at the Venice Biennale [NY Times]
Points on whether or not the recession is indeed good for art
[GuardianUK]
Gagosian has hired Richard Meier to double the space in his Los Angeles Gallery
[The Art Newspaper]


62 Imlay Street in Red Hook, Brooklyn, recently leased by Christie’s for storage

Christie’s leases a building for storage in Red Hook, in what is likely one of the largest real estate deals in Brooklyn this year [Brownstoner]
A guide to investing in contemporary art in current market conditions [NY Times]
Sotheby’s London Russian Art Evening Sale totals £7.9m with 17 of 28 lots sold [Art Market Monitor]

–>–>–>–>–>–>
Video of Banksy’s exhibition in Bristol via BBC

Banksy secretly sets up exhibition in Bristol museum [BBC]
Beginning June 16, 2009 the Metropolitan Museum of Art will display ‘The Torment of Saint Anthony,’ now widely believed to be Michelangelo’s first painting, before it goes to its new home at Kimball Museum in Texas
[ArtDaily]


Picasso’s Château de Vauvenargues via Artinfo

Picasso’s Château will open to the public this summer [Artinfo]
Billionaire collector Eli broad contends that the downturn in the art market has bottomed [Bloomberg]
Christie’s similarly calls a leveling off of the art market’s downshift
[Reuters]

Newslinks for Saturday, May 23rd, 2009

Saturday, May 23rd, 2009


Ben Lewis BBC reporter for ‘The Great Contemporary Art Bubble’ via The Age

A video player of the BBC documentary: ‘The Great Contemporary Art Bubble’ which, though scathing, gained extraordinary access to collectors such as Adam Lindemann, Aby Rosen and the Mugrabi’s.  Of note is that the documentary filmmaker Ben Lewis actually admits to being the source that leaked White Cube’s unsold inventory prior to the famous Damien Hirst Sotheby’s Auction of 2008 [BBC]


The Guggenheim Museum via Guggenheim.org

The Guggenheim Museum celebrates its 50th anniversary with an exhibition on Frank Lloyd Wright [NYTimes]
The Wall Street Journal calls a possible art price floor based on NY Spring auction activity being the “smallest in 5 years”
[Wall Street Journal]
A lawsuit is filed against Christie’s over $3.2 million accepted bid alledgedly made after another accepted phone bid
[Bloomberg]
On the austere outlook for recent art school graduates
[Financial Times]

Supermarkets censor Manic Street Preachers album cover by Jenny Saville [BBC]
On Art in America owner Peter Brandt’s new exhibition space / festivities at his Greenwich estate [Art Forum]


A digital rendering of Karl Haendel’s ‘Scribble’ on 441 Broadway via NY Times

Art Production Fund sponsors a by-hand, massive “scribble” (on wall once used by Banksy) on Howard Street in Soho, New York [NY Times]
An article on the effect at auction of the duration of artists’ careers as well as how prolific they are [NYMag]
The Museum of Contemporary Art in LA cuts four exhibitions and 17 more jobs [LATimes]
The Fine Art Fund Group sets up to bid on 2 corporate art collections worth up to $65 million and holding works by Picasso and Cindy Sherman
[Financial Times]


Maria Baibakova via WWD

24-year old Russian Heiress Maria Baibakova is launching new contemporary shows in Moscow [WWD]
The Obama family redecorates the White House with works by Jasper Johns,Richard Diebenkorn, Jasper Johns and Robert Rauschenberg
[Wall Street Journal]


Deitch Projects director Nicola Vassell in her Soho loft via NYMag

On the salon-like atmosphere at Deitch Projects director Nicola Vassell’s Soho, New York apartment [NYMag]
Steve McQueen has lunch with the FT, speaks on his film ‘Hunger’ and the Venice Biennial [Financial Times]


The Museum Brandhorst in Munich via Cubeme.com

Munich’s Brandhorst Museum opens, housing works by Joseph Beuys, Bruce Nauman, Damien Hirst and Gerhard Richter [The Art Newspaper]


A trip photo by Rita Ackermann in Marfa via Blackbook

Rita Ackermann documents her artist in residence in Marfa, home of Donald Judd’s Chianti Foundation [BlackBook]


101 Spring Street, the former home and studio of artist Donald Judd in Soho, New York

In related, the Judd Foundation will restore 101 Spring Street, a cast iron building that was the home and studio of artist Donald Judd. [ArtDaily]


The artist Dash Snow in his Bowery Studio via the Fashionisto

Artist Dash Snow profiled in Muse Magazine [Muse]
Nearly 11,000 people have applied to be part of Antony Gormley’s interactive sculpture on London’s Fourth Plinth, to run from July to October
[Independent]
‘Sold Out,’ the original title for ‘The Warhol Effect,’ the Tate Modern’s autumn show featuring Hirst, Koons and Haring , was rumored to have been vetoed by one of the artists due to its double meaning
[GuardianUK]
Damien Hirst is the Art Curator for ‘Boogie Woogie,’ a new fictional film on the inside of the art world [TimesUK]
And Hirst opens a show of his work in Prague
[RadioPrague]


The Torment of Saint Anthony, reportedly by Michelangelo

The Kimbell Art Museum in Fort Worth, Texas purchases what it believes to be Michelangelo’s first painting, which he completed when he was 12 or 13 years old [DallasNews]
The Hermitage and the State Russian Museum are accused of tax evasion by the Federal Tax Police [The St. Petersburg Times] via ArtinAmerica


The Art Institute of Chicago’s Modern Wing via ArtInfo

The 264,000 square foot Renzo Piano designed Modern Wing of The Art Institute of Chicago opens, making the museum the second largest in the US [ChicagoTribune]
A £3 million, 2-ton Henry Moore sculpture stolen in 2005 was most likely melted down and sold for £1,500 worth of scrap metal
[GuardianUK]
President Sarkozy will attend the groundbreaking ceremony for the controversial Louvre in Abu Dhabi
[ArtNewspaper]


Richard Prince’s ‘After Dark’ Tapestry on the Hong Kong Museum of Art via Wallpaper

Richard Prince covers the Hong Kong Museum of Art in pulp-fiction novel covers to commemorate the exhibition “Louis Vuitton : A Passion for Creation” [ArtDaily]
In related, with a 31%
attendance increase and strong sales, the 2nd Hong Kong International Art Fair is deemed a success [HongKongArtFair]


The New home of Hauser and Wirth New York at 32 East 69th Street via ArtInfo

Gallerist David Zwirner will open a new gallery in Shigeru Ban’s Metal Shutter House on West 19th Street and, uptown, Hauser & Wirth New York (following last month’s debut of Swallow Street, its London exhibition space for emerging artists) will open an Annabelle Selldorf-designed space in the building that was formerly occupied by Zwirner and Wirth on 32 East 69th Street [ArtReview]
The Albion Gallery in London closes in bankruptcy
[Artinfo]
Roughly 25 out of 388 galleries in Chelsea have closed but at least 10 new galleries have opened, with more are on the way [Crain’s]

AO Auction Results: Sotheby’s New York Post-War and Contemporary Art Evening Sale Posts Anemic Results

Wednesday, May 13th, 2009


Martin Kippenberger’s ‘Untitled’ via Sotheby’s sold for $4.1 million, falling within estimates of $3.5-4.5 million and setting a new record at auction for the artist.

Sotheby’s Post-War and Contemporary Art Evening Sale resulted in another disappointment for the beleaguered auction house following last week’s thin Impressionist and Modern Art sales. Total sales were estimated at $51.8-72.4 million for 49 lots, but the total came up short at $47 million, with 9 lots failing to sell. However, the auction is not viewed as disastrous, considering Sotheby’s put very little money up front, and the star of the show, a Jeff Koons sculpture from his ‘Celebration’ series, did manage to sell, unlike at last week’s auction.  However, ‘Baroque Egg With Bow (Turquoise/Magenta)’ fell short of its $6 million low-estimate, selling for $5.4 million to Larry Gagosian.  The piece was put up by hedge fund manager Daniel S. Loeb, who originally bought it from Gagosian in 2004 for what is believed to be around $3 million.

While the dollar amounts were nothing compared to a year ago, the auction did sell 81.2% of its lots, with 78.1% of total value realized. Still, the auction comes on the heels of Sotheby’s 1st quarterly earnings report, posting a loss of $66.7 million with the market looking tepid for some time to come.

Sotheby’s Sale Fails to Meet Low Expectations [WSJ]
In ‘a Recalibrated Market,’ Auction Buyers Take Over [NY Times]
Bidders respond to lower prices for contemporary art [Reuters]
Sotheby’s Contemporary Sale Solid but Subdued
[ArtInfo]
Loeb Sells Koons Egg for $5.5 Million at Sotheby’s in New York [Bloomberg]
Sotheby’s Tax Benefit Offsets Average Daily Loss of $1 Million [Bloomberg]
Sotheby’s shares tumble after weak auction [Crain’sNewYork]
(more…)

AO Auction Preview: Spring Post-War and Contemporary Art in New York

Tuesday, May 12th, 2009


Jeff Koons’s ‘Baroque Egg with Bow (Turquiose/Magenta)’ via NY Times goes on sale at Sotheby’s with estimates between $6-8 million

The spring Post-War and Contemporary Art auctions take place this week in New York at Sotheby’s tonight, Christie’s tomorrow night, and Phillips de Pury on Thursday night. Last week’s Impressionist and Modern Art auctions, covered by AO here, and also here, brought in far less than a year ago, but considering the economic climate were viewed as middling successes (aside from Sotheby’s spectacular Picasso and Giacometti flops).  However, the contemporary sales will be more of a litmus test for a chastened market.  After years of record-setting sales, this year all three auction houses have reined in the estimates, no longer providing the guarantees to sellers that burned them last fall.

Sotheby’s is offering 49 lots, with total estimates of $52–72.2 million, compared to the $362 million it brought in last spring. Highlights include an untitled painting by Martin Kippenberger of a fat man with balloons and Jeff Koons’s ‘Baroque Egg with Bow (Turquiose/Magenta),’ part of the artist’s ‘Celebration’ series, which includes ‘Hanging Heart,’ a sculpture that set the record for a living artist at auction in the fall of 2007. While ‘Hanging Heart’ sold for $23.6 million, ‘Baroque Egg with Bow (Turquiose/Magenta)’is expected to sell for $6-8 million.  Christie’s is offering 54 lots, with total estimates of $71.5–104.5 million.  On the catalog cover is Jean-Michel Basquiat’s ‘Mater,’ a rare occurrence of a female figure within Basquiat’s oeuvre, expected to sell for $5-7 million. A number of works from the collection of Betty Freeman are also up for auction, including David Hockney’s portrait of the philanthropist in her home, ‘Beverly Hills Housewife,’ estimated to go for $6-10 million.  Lastly, Phillips de Pury & Company is offering 43 lots, with estimates of $12.2–17 million. Highlights from that sale include a Robert Gober sculpture of a Farina cereal box, estimated at $2.5-3.5 million, and a late, figurative painting by Philip Guston, estimated at $1-1.5 million.

The sales also include a number of Minimalist works by artists such as Dan Flavin, Donald Judd, Sol Lewitt, and Agnes Martin.  Many experts view these works as under-priced, and present more in museum collections than private collections.  This round of sales sees fewer works by the Pop artists that made headlines in the boom times like Warhol and Rauschenberg.

Rare and Spectacular Master Works Highlight Christie’s Post-War & Contemporary Art Sale [Artdaily]
Little Warhols [NY Mag]
Phillips de Pury & Company Announces the Highlights from its Forthcoming New York Contemporary Art Part I Sale [Artdaily]
The art market: Skinny sales and demoted billionaires [Financial Times]
Jeff Koons’s rabbit: market news [Telegraph]
The Art Market Is Back? Now That’s Surrealism [WSJ]
Sotheby’s Post-War and Contemporary Art Evening Sale [Sotheby’s]
Christie’s Post-War and Contemporary Art Evening Sale [Christie’s]
Phillips de Pury Contemporary Art Part I Sale [Phillips de Pury]

AO Auction Results: Impressionist and Modern Art Evening Sale at Christie’s – Expectations reached

Thursday, May 7th, 2009


Pablo Picasso’s ‘Femme au Chapeau,’ via Christie’s, sold by Julian Schnabel, went for $7.7 million, slightly under the estimate of $8-12 million

Last night’s Impressionist and Modern Art Evening Sale at Christie’s fared better than Sotheby’s auction on Tuesday covered here by AO, with 38 of the 48 lots selling, realizing 94% of potential value, bringing in a total of $102.7 million, falling within estimates of $86.7-125.2 million. Highlights include two late Picasso paintings and a Giacometti sculpture, in contrast to the pricey Picasso and Giacometti works offered by Sotheby’s which failed to sell. Picasso’s ‘Mousquetaire aÌ€ la Pipe,’ offered by Madoff victim Jerome Fisher, was the highest selling lot at $14.6 million, falling between estimates of $12-18 million. Julian Schnabel sold his own Picasso, ‘Femme au Chapeau,’ to recover debts due to construction costs at his West Village townhouse. The painting sold for $7.7 million, just shy of its low estimate of $8 million. The Giacometti sculpture, ‘Buste de Diego (Stele III)’ sold for $7.7 million, surpassing its high estimate of $6.5 million.

Impressionist and Modern Art Evening Sale [Christie’s]
Picassos Sell at Christie’s Auction, After Faltering at Sotheby’s [NY Times]
Christie’s Bests Sotheby’s With $102.7 Million Sale [WSJ]
Works by Picasso and Giacometti Lead Christie’s Sale of Impressionist and Modern Art [Artdaily]
Madoff Victim Sells Picasso for $14.6 Million at Christie’s [Bloomberg]

(more…)

AO Newslinks for Thursday, May 7th, 2009

Thursday, May 7th, 2009


David Zwirner via Art Info

An interview with power gallerist David Zwirner [WSJ] and more here [WSJ]
Jerry Saltz on the controversial Adel Abdessemed video of animals killing animals on display at David Zwirner
[NYMag]
The Turner Prize Shortlist is announced [ArtDaily]
ArtPrize out of Grand Rapids, Michigan will award nearly $1/2 million to its winners
[ArtPrize]
Art Basel announces eight works for its public art projects [ArtDaily]
A walk through Peter Brant’s new contemporary exhibition space in Greenwich, complete with a Jeff Koons sighting
[NewYorker]


An annotated view of Roxy Paine’s ‘Maelstrom’ at the Met’s Roof Garden [NYMagazine]


A self portrait of Vincent Van Gogh

Book asserts that Paul Gauguin and his sword were the cause of Van Gogh’s lost ear[NYTimes] and more here’ [TelegraphUK]


A self-portrait of Paul Gauguin

And a refute of the assertion here [Bloomberg] and another non-believer here [GuardianUK]


Art Collector Nicolas Berggruen

Nicolas Berggruen to open private museum in Berlin [ArtNewspaper]
The Getty Museum will cut 205 people from its work force
[NYTimes]
Sotheby’s cuts its dividends and plans to cut more jobs
[Bloomberg]
Art + Auction publisher Louise T. Blouin MacBain cuts executive salaries
[NYPost]


A work by Nam June Paik via  albrightknox.org

The Smithsonian receives the complete Nam June Paik archives [ArtInfo]


‘Burn, Baby, Burn’ by Roberto Matta

The Los Angeles County Museum of Art has acquired a 10′ x 30′ work by Roberto Matta [CultureMonster]


JR in Brazil

JR shows up in Brazil with more installations [WoosterCollective]
California Judge dismisses suit against MOCA regarding Takashi Murakami prints
[LATimes]
NYTimes has an article on the resurgence of private sales amidst high profile failures at auctions
[NYTimes]

New York Magazine on opportunities to be had in the art world
[NYMag]
And an anonymous forecast on artists by their contemporaries [NYMag]
Impressionist works and their value
[Economist]

AO Auction Preview: Impressionist and Modern Art and Sotheby’s and Christie’s

Wednesday, May 6th, 2009


Pablo Picasso’s ‘Mousquetaire à la Pipe’ via Artnet, goes on sale at Christie’s with estimates between $12-18 million

Following mixed results at last night’s Impressionist and Modern Art Evening Sale at Sotheby’s, where two high profile works by Picasso and Giacometti failed to sell, auctions at Christie’s and Sotheby’s continue tomorrow.  C hristie’s Impressionist and Modern Art Evening Sale tonight features two late Picasso paintings, both with estimates between $12-18. One, ‘Mousquetaire à la Pipe,’ is offered by Madoff victim Jerome Fisher, co-founder of show company Nine West.  The other painting, ‘Femme au Chapeau,’ comes from the collection of artist Julian Schnabel. The auction sees 50 lots with estimates of $94.9–134.6 million.

Madoff Investor Puts Picasso ‘Musketeer’ on Sale at Christie’s [Bloomberg]
What a Difference a Year Makes [Artinfo]
Impressionist and Modern Art [Christie’s]
Bernie Swindle Is a Pablo Blow
[NYPost]

AO Auction Results: Picasso and Giacometti fail to sell at Sotheby’s Impressionist and Modern Art Evening Sale

Wednesday, May 6th, 2009


Picasso’s ‘La Fille de l’Artiste a Deux Ans et Demi Avec un Bateau’ via AP. Failed to reach its reserve, attracting one bid at $12.25 million, falling short of the $16-24 million estimate.

Hours after Standard and Poor’s downgraded Sotheby’s credit rating to junk status, citing the depressed art market, the auction house’s spring Impressionist and Modern Art Evening Sale got underway last night in New York, yielding mixed results. The auction brought in $61,370,500 against estimates of $81.5/1-8.8 million, and was 80.6% sold by lot. This year’s figure represents slightly more than a quarter of last year’s sale, which realized $208.63 million. The auction’s highest priced lots, Picasso’s ‘La Fille de l’Artiste a Deux Ans et Demi Avec un Bateau,’ put up by a victim of the Madoff Ponzi scheme, and a rare Giacometti sculpture, ‘Le Chat,’ both failed to sell.  For both pieces, the $16-24 million reserve was cited as overreaching in an uncertain market.

However, the auction did have its highlights.  A 1934 painting by Piet Mondrian, ‘Composition in Black and White, with Double Lines,’ nearly doubled its high estimate of $5 million, selling to an anonymous caller for $9,266,500 after extensive bidding.  Four paintings by Polish Art Deco artist Tamara de Lempicka, from the collection of German fashion designer Wolfgang Joop, sold for a total of $13.8 million. ‘Portrait de Marjorie Ferry’ sold for $4.9 million, a new record for the artist.

Sale of Impressionist and Modern Art Totals $61,370,500, Picasso and Giacometti Go Unsold [Artdaily]
Modern Masters Suffer at Auction
[NYtimes]
Sotheby’s $61.3 Million Sale Disappoints; Picasso Goes Unsold [Wall Street Journal]
Top Lots Flop at Sotheby’s Imp/Mod Sale [Artinfo]
Sotheby’s Impressionist Sale Hits 7-Year Low as Picasso Flops [Bloomberg]
$80 Million? Try a Tenth of That. Art’s New Numbers. [NY Times]
What a Difference a Year Makes [Artinfo]

(more…)

Art Observed Newslinks for Monday, April 27, 2009

Monday, April 27th, 2009


The James Turrell Museum of the Hess Art Collection in Argentina

James Turrell Museum of the Hess Art Collection opens its 18,000 sf space in Argentina, almost 8,000 sf above sea level [Reuters]
The Tate galleries issue over 400 video and audio lectures, talks, debates for free on iTunes
[Apple]
A video look inside the studio of Jeff Koons
[Tate]
Bruce Nauman in his studio, in anticipation of his representing the US in Venice
[NYTimes]


Portrait of Nicholas Roerich via Reuters

Despite the above portrait of Nicholas Roerich by his son fetching $2.9M, close to 3x its high estimate of $1.1 million, sales of Russian art in New York by Sotheby’s and Christie’s clear an unsubstantial $27 million versus last year’s $64 million [Reuters]
Is the value of the work of Richard Prince particularly at risk in this recession?
[Portfolio]
Angus Murray launches Castlestone’s $50M Modern Art Fund
[Portfolio Advisor]


Damien Hirst with The Hours and the painting he created for their album cover via The GuardianUK

Win the £125,000 orignal painting Damien Hirst made for The Hours’ new album cover [GuardianUK]
MoMA sued by heirs of George Grosz over three works the artist left behind when fleeing Nazi Germany
[NY Times]
In related,
Austrian city of Linz may return $15 million Gustav Klimt to Holocaust victim [Bloomberg]


A shot of the scene sans Mona Lisa via Vanity Fair

A excerpt from a new book on the famous theft of the Mona Lisa in 1911 [Vanity Fair]
A summary of how dramatically US Museums have been hit by the economic slowdown
[ArtNewspaper]
In directly related, a timeline of Museums and the recession [ArtInfo]
The “hottest” art exhibitions of summer 2009 according to Times UK [TimesUK]
London usurps New York as top auction location for 2008, bolstered mainly by Damien Hirst’s Sotheby’s sale
[ArtInfo via ArtFagCity]
The low profile nature of private sales causes them to rise in popularity due to the impact of public failure of sales at auction
[NYTimes]


Saatchi-online’s billboard partnership with Clearchannel via ArtDaily

Clearchannel partners with Saatchi’s to promote through its billboards Saatchi-online’s commission-free online art sales [ArtDaily]
In related, The 10 winners of the Guardian/Saatchi art competition are announced
[Guardian UK]
The world’s largest art prize, decided by vote, launches in Grand Rapids, Michigan [artprize.org]
The Park Avenue Armory in New York announces an annual commission for it’s Drill Hall, on May 14th its inaugural exhibition will be Ernesto Neto
[ParkAvenueArmory]
Christie’s auction house creates a specific unit to divest of corporate art works [Crain’sNY]
On its 5th anniversary, the UK’s Art Council Initiative interest free loan program has supported a total of £10.5 million worth of arts purchases involving 12,500 people
[Artscouncil]


Damien Hirst’s custom Harley-Davidson motorcycle via Motorcycle News

Damien Hirst creates a custom Harley Davidson for charity [Motorcycle News]
Lawsuit alleges fraud from Louis Vuitton in Murakami 2007-08 LA MOCA exhibition due to prints being merely “factory leftovers from handbag production” [LATimes]
In related, Murakami protege Mr. collaborates on a Lucien Pellat-Finet clothing collection
[Hypebeast]
Following the National Portrait Gallery in London announcing its shortlist of three artists for the 2009 BP Portrait Award, an in-depth article on craft
[IndependentUK]
Vacant retail locations as exhibition space in London [GuardianUK]

Don't Miss: Women, A Loan Exhibition from the Collection of Steven and Alexandra Cohen at Sotheby's New York, through April 14

Thursday, April 9th, 2009

Robert Rauschenberg and Susan Weil, Untitled (Sue), 1950, Via Frankfurter Allgemeine

Currently on view at Sotheby’s New York for the first time and for a short time only is a selection of works from the collection of Steven and Alexandra Cohen.  The exhibition consists of twenty pieces by masters of the modern period, such as Picasso, de Kooning and Warhol, and leading contemporary artists, dealing with women as subject matter.   Other artists represented in Women are: Edvard Munch, Paul Cézanne, Henri Matisse, Amedeo Modigliani. Robert Rauschenberg and Susan Weil, Yves Klein, Gerhard Richter, Cindy Sherman, Lucian Freud, Richard Prince, Marlene Dumas and Lisa Yuskavage.

Sotheby’s New York
–>
Women: A Loan Exhibition from the Collection of Steven and Alexandra Cohen
–>
1334 York Ave, New York,
–>
10th floor
–>
April 2 – April 14, 2009

RELATED LINKS

Exhibition Page and Press Release [Sotheby’s]
–>
NY Times Carol Vogel Previews the Exhibition [New York Times]
–>
Steven Cohen’s Rise as a Collector [The Independent]
–>
MAO Critiquing Cohen’s Motives [MAO]
–>
NY Mag Examines Cohen’s Motives [New York Magazine]
–>
The Exhibition in the Light of the Art Market [Wealth Bulletin]
–>
Speculations on the Exhibition [ArtForum]
–>
Speculations on the Exhibition II [ArtInfo]
–>
Speculations on Cohen’s Motives [Bloomberg]
–>
Exploring Cohen’s Motives [Luxist]
–>
Preview of the Exhibition
[Bloomberg]

(more…)

Newslinks for Friday, March 27, 2009

Friday, March 27th, 2009


–>
Marc Drier

Marc Dreier, the powerful attorney indicted on fraud charges totaling nearly $700 million, revealed as a substantial client of Larry Gagosian [ArtLovesMoney]
–>
and in related: Chris Burden on his exhibition at Gagosian Los Angeles that became entangled in the Allen Stanford fraud case [New Yorker]
–>
Spurred by a spate of deaccessionings, New York State looks at a bill aimed at limiting museums’ art sales
[NY Times]
–>
Yvon Lambert closes fledgling London branch
[Bloomberg]
–>
in in other recession-related: facing a shrunken endowment, Getty cuts its budget by a quarter [LA Times]

–>–>–>–>–>
–>
via Traileraddict.com

Steve McQueen’s first feature film, ‘Hunger,’ opens in New York at the IFC Film Center [IFC film Center]
–>
London sees a number of Russian women as a force in the contemporary art scene
[Financial Times]


–>
Curators of ‘New Deal’ at the Art Production Fund gallery, Matthew Moravec, left, and Kyle Thurman via NY Times

In their early 20s, two curators present an exhibition of artists 19 to 26 years old for Yvonne Force Villareal’s Art Production Fund [NY Times]
–>


–>
Christian Holstad’s installation at X Initiative via NY Magazine

Jerry Saltz reviews two new energetic galleries: The Boiler in Williamsburg and X Iniatiative in the old Dia space [NY Magazine]
–>
The European Fine Art Fair in Maastricht displays trust in Old Masters
[The Art Newspaper]
–>
Hirst, Serra, Koons and others bring in exceed estimates and bring in $6 million at Paris charity auction
[Bloomberg]
–>
Asian Art Week actions sell robustly at both Christie’s and Sotheby’s
[Crain’s]
–>
Artprice publishes its top 10 ranking of artists based on auction revenue in 2008
[ArtPrice]


–>
A portrait of Yves Saint Laurent by Andy Warhol via artnet

Pierre Bergé withdraws four portraits of his partner, the late Yves Saint Laurent, from an Andy Warhol exhibition in Paris four days the opening [Artinfo]
–>
Fashion designer contextualized art is again resilient: Sotheby’s Gianni Versace sale greatly exceeds its estimates
[Artdaily]
–>

Vincent van Gogh, The Night Cafe, 1888, Via ARTstor Collections

Yale University files suit to claim ownership of Van Gogh, after self-proclaimed descendent of previous owner lay claim to the work [Associated Press]
–>
Director of SFMoMA sets example on how to tackle economic difficulty [NY Times]
–>
Jackie Wullschlager looks at three new books that explore Darwin’s influence on Modern art
[Financial Times]
–>
Beacon in upstate New York is an art destination
[NYTimes]


–>
Levi’s collaborates with Stefan Sagmeister on art series featuring its iconic 501 [PaperMag]
–>
and in related Lucien Pellat-Finet and Marc Quinn collaborate [Vogue]
–>
The Chapman Brothers direct new video for PJ Harvey and John Parish
[NME]
–>

Michael Visocchi's proposal for Yield, Via Artdaily

Michael Visocchi has won the 2009 Jerwood Sculpture Park Prize [BBC]
–>
and in related, Pipilotti Rist has been awarded the 2009 Joan Miro Prize [Artdaily]
–>


–>

RALEIGH WOMAN PLEADS GUILTY IN MORTGAGE FRAUD CONSPIRACY.

States News Service January 11, 2010 GREENVILLE — The following information was released by the United States Attorney’s Office for the Eastern District of North Carolina: in our site employment verification letter

The United States Attorney’s Office announced that in federal court January 8, 2010, MARY ROSE WRIGHT, 43, of Raleigh, North Carolina, pled guilty before United States Magistrate Judge David W. Daniel to wire fraud and conspiring to commit mail fraud, wire fraud, and bank fraud.

A Criminal Information was filed on November 23, 2009. According to the Information, from August, 2006, to November, 2006, WRIGHT, working as a mortgage broker for Fairway Mortgage, worked with others to defraud various financial institutions through the submission of false and fictitious mortgage loan applications. Using a falsified Power of Attorney giving authority on behalf of a co-conspirator to execute all documents in connection with the property purchase, WRIGHT then prepared false United States Individual Income Tax Returns for years 2004 and 2005 and a self-employment verification letter and caused to have prepared a fabricated financial statement to use in obtaining the property. She then submitted an offer to purchase a property. go to site employment verification letter

On November 27, 2006, WRIGHT submitted a loan application, which included false representations regarding borrower’s address, employment, bank account information, and rental real estate schedule, in connection with the purchase of the residential Raleigh property. That same day Equity Services, Inc., loaned a co-conspirator $1,537.500 for the property purchase.

In November, 2006, WRIGHT’s co-conspirator gave her $120,000 from a previously fraudulently obtained mortgage loan from Washington Mutual in the amount of $2,996,969 to be used as a down payment for the purchase of the Raleigh property. On November 27, 2006, WRIGHT took possession of the property after executing a HUD-1 statement containing false and fraudulent information. To date, no mortgage payments have been made.

“In recent years we have seen how pervasive bank fraud has become and how devastating it has been to our banking institutions and our economy. This guilty plea is another step in the Justice Department’s effort to deal with this problem and to ensure integrity in our financial systems,” stated John Stuart Bruce, Acting United States Attorney.

Investigation of this case was conducted by the Internal Revenue Service – Criminal Investigation Division, the North Carolina State Bureau of Investigation and the North Carolina Real Estate Commission. This case is being handled by the Office’s Economic Crimes Section, with Assistant United States Attorney Banumathi Rangarajan assigned as prosecutor .