Newslinks for Friday, October 10, 2008

Friday, October 10th, 2008


Richard Serra via TigerofSweden

With his show on at Gagosian London, [AO] a lookback at the soon-to-be-70 iconoclast Richard Serra [Guardian UK]
New York gallery sues Ex-Enron official Jeff Shankman regarding his attempted extortion of six figure sums lest he “go public” that works sold to him were fake [Bloomberg]
Irish group begins futures market trading based on famous Mei-Moss art price index [Financial Times]
Controversially Christie’s-owned Haunch of Venison gallery moving to landmark, Victorian, David Chipperfield-renovated building owned by the Royal Academy [ArtInfo]
Arab and Iranian art on the rise, the sales of which grew from £1 million in 2006 to £17 million (thus far) in 2008 with 260% price increases in that time [TelegraphUK]
In related, Sotheby’s announces intentions to open branch in Doha, Qatar [ArtDaily]

Sotheby’s stock drops 14% (down 75.7% from its high) following dismal Asian auction results

Tuesday, October 7th, 2008


Sotheby’s (NYSE: BID) 1-year stock chart, via Yahoo! Finance

Sotheby’s (BID) stock declined by 14% on Monday, October 6th, 2008, to close at the lowest levels since July 2005 according to Bloomberg.  By ArtObserved’s calculations, Sotheby’s has lost more than 75% of its value since falling from its October 12th, 2007 high of $57.12 to today’s close of $13.86.  Besides the general buckling of the US Stock markets, Sotheby’s stock’s decline has presumably also been due to concerns about the buoyancy of the art market (as specifically reflected in this past weekend’s Asian art sales by Sotheby’s) which some analysts consider to be overheated and on the verge of a decline, especially in light of the global financial contagion.  Despite the overwhelming success of the landmark Damien Hirst direct to market auction less than a month ago in London (as reported by AO here), overall in the past month, Sotheby’s shares have dropped three times that of Standard & Poor’s 500 Index.

Evidence supporting the decline in the market is mounting: several recent auctions have failed to make the grade, including one recently featuring previously extremely in-demand artwork of Banksy. Some hoped that the continued influx of funds into the art market from collectors in ‘new markets’ such as Russia, China, India and the Persian Gulf, would prop up prices in Western markets and in burgeoning domestic contemporary art scenes. The results of Sotheby’s fall sale of Asian contemporary art however, selling a sector of the market which had previous momentum that seemed relentless, poke holes in that assertion. The auction failed to sell 19 of 47 of its headline lots, including pieces by Subodh Gupta, Zheng Xiaogang, Yue Minjun and Takashi Murakami. “Today’s results aren’t acceptable, they’re very poor. The contemporary Chinese art market has raced ahead too quickly and now people can’t prop it up anymore,” a Taiwanese dealer was quoted as saying in the Wall Street Journal.

Hong Kong tests art buyers’ courage [Financial Times]
Weak Sales for Sotheby’s in Hong Kong
[Wall Street Journal]
Sotheby’s Shares Fall Amid Concern About Art Market
[Bloomberg]
Top Lots Shunned in Post-Lehman Art Sale at Sotheby’s Hong Kong [Bloomberg]
Chinese contemporary art palls in Sotheby’s HK sale [Reuters]
Pop Goes the Bubble in Chinese & Indian Art
[BusinessWeek]
Credit crunch crushes art auction [BBC]
Sotheby’s Sale of Modern and Contemporary Southeast Asian Paintings Brings US$9,165,947 [ArtDaily]
Sotheby’s Website

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Newslinks for Tuesday, October 7th, 2008

Tuesday, October 7th, 2008


The Peaceable Kingdom, by Edward Hicks, the subject of a dispute between Halsey Minor and Sotheby’s, via Wikimedia

The founder of CNET sues Sotheby’s, citing non-disclosure of its economic interest in a painting sold to him, which he has withheld payment for [Bloomberg] more on this here [LATimes] and here [Wall Street Journal] and here [New York Times]
A prediction that the new leadership of the MoMA and Guggenheim will broaden and focus each institution respectively [NewYorkMag]
A profile of the emerging Zoo Fair artists at the National Academy in London [Guardian]
In a recent interview, Tracey Emin addresses her being raped at age 13 in Margate as well as her being a victim of child abuse [ThisisKent]
Artist builds a custom environment to work for 3 months at the Whitney for an upcoming exhibit of photographs of the happenings
[ArtInfo] more on this here [New York Times]

Is this weekend’s Banksy auction flop a harbinger of ill for the near term fate of low and midpriced contemporary works?

Sunday, September 28th, 2008


Monkey Queen by Banksy, via Lyon and Turnbull

Despite an initial reluctance to identify the works as his, five pieces confirmed to be made by prolific and secretive graffiti artist Banksy went up for auction in Central London last night on September 27th. However, in a marked departure from other, recent high profile contemporary art auctions by popular artists, this time no records were broken. In fact, the Lyon and Turnbull auction struggled to drum up enough interest to meet the lower end of estimates, with some lots even being withdrawn from the auction altogether. In fact, more than two thirds of lots in the auction remained unsold when it was over (74 of 270 sold). One shocked expert even went as far as calling the auction “a bloodbath,” according to the UK’s Independent. Other artists whose works were auctioned included Kate Moss, Sam Taylor-Wood (who recently split with Jay Jopling, owner of the White Cube gallery), Peter Doherty, and Sean Scully, among others.

A prevalent opinion of art market followers is that the recent auction success on the higher end from artists such as Damien Hirst may be due to an artificial propping up of the sales from direct marketing to new buyers such as Russians and other new found pools of wealth by well oiled marketing machines such as Sotheby’s. However, for the bread and butter lower priced works, there perhaps simply is no escaping that there is less confidence and less money in the system overall.

Banksy Official Website
Lyon and Turnbull: Sale 222 page

Banksy’s artworks fail to shift [BBC News]
Banksy Works Go Unsold; Buyers Stay Away From Urban-Art Auction [Bloomberg]
Banksy Won’t Say if Works for Sale Are His
[Gawker]
Art Sale Moss-acre [Independent]

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Newslinks for Friday, September 26, 2008

Friday, September 26th, 2008


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Catherine Opie via NYTimes

On Catherine Opie, whose exhibition opens at the Guggenheim today [NY Times]
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Sotheby’s: Cat painting by 17-year old Damien Hirst is worthless [Guardian]
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Auction of purported artist friend-of-Andy Warhol blocked by Warhol foundation due to its never having heard of the man [New York Post]
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A review of “After Nature”- an apocalyptic themed exhibition at the New Museum [NYMag]
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Accusations of a conflict of Interest concerning François Pinault and Jeff Koons at Versailles exhibition [ArtForum]
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A full 1/2 of Gagosian Gallery’s London sales are to Russians [ArtInfo]


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White Cube’s Jay Jopling and artist Sam Taylor-Wood to separate

Thursday, September 25th, 2008


Sam-Taylor Wood and Jay Jopling via Art Info.

“Young British Artist” couple Jay Jopling and Sam Taylor-Wood are separating after 11 years of marriage. The two have both been a constant force within the British contemporary art world.  Jopling’s White Cube gallery represents famed British artists Damien Hirst, Tracey Emin, and the Chapman brothers among an international roster that includes Chuck Close, Andreas Gurksy and Jeff Wall.  Taylor-Wood is a Turner Prize winning artist whose photo and video work has included celebrities Elton John, Jude Law and Benicio Del Toro among others. The artist furthered her fame in 2002 when she created a video portrait of David Beckham sleeping. The announcement follows Jopling in the news alongside Damien Hirst’s record breaking sotheby’s auction last week in which the artist cut Jopling and other dealers out of the selling process. The couple has stated that no other parties were involved in the split which they have described as “amicable.” Jay Jopling and Sam Taylor-Wood have two daughters together.

Jay Jopling and Sam Taylor-Wood separate after 11 years [The Times UK]
Jay Jopling and Sam Taylor-Wood split after 11 years of marriage [Telegraph]
Art’s golden couple Sam Taylor-Wood and Jay Jopling split after 11 years of marriage [Daily Mail]
Jay Jopling and Sam Taylor-Wood Separate After 11 Years [Art Info]

(more…)

Edvard Munch’s ‘Vampire’ to be auctioned by Sotheby’s, New York for possibly $35 million

Thursday, September 25th, 2008


Love and Pain by Edvard Munch via Art Market Monitor.

Edvard Munch’s 1894 painting Love and Pain, known as Vampire, will be auctioned at Sotheby’s New York November 3, 2008. The piece has been in private hands for the past 70 years and will be the feature work during Sotheby’s evening sale of Impressionist and Modern Art. It is estimated that the painting will sell for $35 million surpassing the existing Munch record of $30.8 set this past May for Girls on a Bridge. The painting which is said to represent love, sex, and death shows a woman and man in embrace. It is one of four paintings by Munch that explores the same theme, the other three works are housed in institutions in Oslo and Gothenburg. Curiously, the work was painted within years of Bram Stoker publishing the hugely popular ‘Dracula’ which may have caused the painting to be effectively renamed in popular culture. [Coxsoft] Prior to its sale the work will be displayed at Sotheby’s London from October 3-7, and in Moscow from October 16-19.

Iconic Masterwork by Edvard Munch to be Sold by Sotheby’s New York on November 3, 2008 [Sotheby’s Press Release]
Munch’s Vampire to be auctioned
[BBC News]
Munch’s Vampire Comes to Market [Art Market Monitor]
Munch’s Vampire Goes Up for Sale With $35 Million Estimate [Art Info]
Iconic Masterwork by Edvard Munch to be Sold by Sotheby’s New York in November [Art Daily]

(more…)

Newslinks for Wednesday, September 24, as summer’s China-focused news comes to an end, Autumn news centers on Russia

Wednesday, September 24th, 2008


Daria “Dasha” Zhukova, via Guardian.

More on Roman Abramovich’s Dasha Zhukova, straight from Moscow onto the art scene, and more on her and the Moscow Garage here [Times Online] [Guardian] On Gagosian’s Moscow Chocolate factory, and more on Gagosian in Moscow here [Financial Times] [Art Info]
After the sale, perhaps the most insightful Hirst Sotheby’s auction and art market summary article we’ve found
[The Economist]
Christie’s sale in Zurich to auction significant Peter Fischli/David Weiss shown at Tate Modern in 2007 [Art Daily]
With Francis Bacon at the currently at the Tate, a video interview from 1985 [Small Drawings via C-Monster]

Damien Hirst’s primary-market Sotheby’s auction sets records alongside historic financial market collapse

Wednesday, September 17th, 2008


Damien Hirst’s “The Golden Calf” / calf, 18 carat gold, glass, gold-plated steel, silicone and formaldehyde solution with Carrara marble plinth / Hammer Price with Buyer’s Premium: £10,345,250 via monstersandcritics

Sotheby’s quotes Damien Hirst as saying “I think the market is bigger than anyone knows. I love art, and this proves I’m not alone.” After much fanfare and controversy, and against the surreal backdrop of a severe financial market collapse led by Lehman Brothers buckling in the largest bankruptcy in US history, “Beautiful Inside My Head Forever” Damien Hirst’s direct-to-the-market auction by Sotheby’s London, was a conclusive success. Perhaps boosted in part by a recently lower British pound, the groundbreaking sale collected $127 million dollars (£70 million) on the first day, and an additional $72.9 million dollars (£40.9 million) on the second day for a grand total just shy of $200 million dollars, beating the previous record for the auction of a collection by a single artist formerly held by Picasso by roughly ten times, which fetched $20 million for an 88-work collection in 1993. Over three sessions, 218 of the 223 lots changed hands with some works sellng for well below their low estimates and others selling for multiples of high estimates.

Sotheby’s Website
Does Hirst auction point to a bull market in art?
[WallStreetJournal]
Hirst’s Two Day Auction Raises 115.5 million pounds
[Bloomberg]
Hirst auction beats 62 million pound estimate
[BBC]
Hirst Auction a Paradigm-Smashing Success [CultureGrrl]
AO News roundup: Damien Hirst’s ‘Beautiful Inside My Head Forever’ auction at Sotheby’s London is happening right now [ArtObserved]
Jopling responds, and Hirst’s Sotheby’s sale bandwagon rolls on amidst the buzz and controversy [ArtObserved]
A disclosure of White Cube’s unsold Damien Hirst inventory before the artist’s controversial September 15th direct sale by Sotheby’s [ArtObserved]

(more…)

AO News roundup: Damien Hirst’s ‘Beautiful Inside My Head Forever’ auction at Sotheby’s London is happening right now

Monday, September 15th, 2008

Damien Hirst poses beside his work of art ‘The Incredible Journey‘ at Sotheby’s in London on Monday, September 8 via Art Daily

Damien Hirst’s Sotheby’s sale, Beautiful Inside My Head Forever, is taking place in London this afternoon and this evening.  The Sotheby’s sale is made up of 223 lots and estimated at over $115 million. There has been a flurry of more recent news and skepticism surrounding this controversial event as the Sotheby’s/Damien Hirst PR machine kicked into full gear. Perhaps most notable in the press buzz was that the globally respected Australian art critic, Robert Hughes, last week referred to Hirst’s artwork in the sale as “absurd” and “tacky commodities.” This press event was notable in that it actually elicited a response from Hirst himself. The Telegraph reports that Hughes has labeled Hirst’s formaldehyde tiger shark, which was sold by Charles Saatchi in 2004 for nearly $10,000,00, as “the world’s most over-rated marine organism.” Additionally, there was buzz in the press of Sotheby’s stock reacting to lower price estimates before the sale. Art Observed will have a roundup of the relevant news stories, a review of the sale, its results and ramifications when the auctions closes in a matter of hours.

Damien Hirst – Beautiful Inside My Head Forever (Evening Sale) [Sotheby’s]

Hirst’s Pricey Zoo Fills Sotheby’s With Bling: Martin Gayford and Sotheby’s Falls on Speculation Hirst’s Sale May Flop and Damien Hirst Sells Pickled Beasts, Pockets Profits: Interview [Bloomberg]

Hughes Denounces Hirst’s Art as “Absurd” and Hirst Hits Back at Hughes [ArtInfo]
Damien Hirst’s art ‘absurd’ and ‘tacky’, says critic Robert Hughes [Telegraph]
Hirst hits back at Aussie critic [Sydney Morning Herald]

Damien Hirst Presents His Works of Art In Historic Sale to be Held at Sotheby’s in London and Upcoming Sotheby’s Auction and Hirst’s Publishing Company, Other Criteria, Share Similar Aim, to Democratize Art [Art Daily]

Form a queue for Damien Hirst’s sale of the century and Commentary: Hirst betting his reputation on this sale and Does Damien Hirst’s auction at Sotheby’s mean the end of the gallery? [Times Online]

Day of the dead: Robert Hughes explains and Hirst’s auction does not demean the art world and Reformed Britart rebel takes time out with £65m sale [Guardian]

Bad Boy Makes Good
and Hirst vs. Hughes [TIME]
Damien Hirst goes for broke at Sotheby’s [IHT]
The Gist: Damien Hirst’s ‘Beautiful Inside My Head Forever’ Sale [New York Mag]
The Midas touch that turns the art world lethally cold [Financial Times]
Damien Hirst: “I’m a Punk at Heart” [New York Observer]
Rembrandt? I’m just like him, says Hirst – it’s all about cash [Independent]
Report: Hirst Auction Critical To Market Confidence [NYSun]

Damien Hirst sale at Sotheby’s previously covered by Art Observed here, here, and here [Art Observed]

(more…)

Marc Quinn’s gigantic baby sculpture up for private auction by Sotheby’s

Monday, September 8th, 2008


Planet (2008) by Marc Quinn, via London Telegraph

In a literal and symbolic sign of how large the scale contemporary art market has become, a seven ton, ten metre sculpture of a seven-month-old baby is up for sale to private individuals at the aptly named Beyond Limits, a Sotheby’s selling exhibition at Chatsworth, the Peak District home of the Duke and Duchess of Devonshire. The piece entitled “Planet” is one of more than twenty sculptures on display this week at Sotheby’s. The behemoth work is a bronze cast painted in a brilliant shade of white and is modeled after an earlier version inspired by a mold of the artist’s baby son. The work was produced by Marc Quinn, who achieved prominence and notoriety when his sculpture of Alison Lapper (a disabled, pregnant friend of Quinn’s and fellow artist) was placed on the fourth plinth of Trafalgar Square in 2005. Recently the artist reveled a teaser image of his golden statute of Kate Moss which will be unveiled at the Statuephilia exhibit at the British Museum, previously covered here.


Larger than life
[Financial Times]
Giant baby for sale [London Telegraph]
Giant baby for sale on grounds of Chatsworth House
[Telegraph]
Golden Kate Moss joins other goddesses at the British Museum’s ‘Statuephilia’
[ArtObserved]

(more…)

Newslinks for Monday, September 8th, 2008

Monday, September 8th, 2008


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Frank Dunphy Damien Hirst’s Manager via D2
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On Frank Dunphy the ‘Man behind Damien Hirst’
[Wall Street Journal]
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More Damien Hirst pre-sale press here, and more here [TimesUK] and still more here [TIME]
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Moscow’s largest collection of Russian art seeks a new building for Modern and Contemporary [Bloomberg]
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Japanese film ‘Achilles and the Tortoise’ satirizes the art world [ArtInfo]
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Sotheby’s sues buyer to collect commission [NYTimes]
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Larry Gagosian is number 38 the New Establishment Top 100 [Vanity Fair]
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and Harper’s Bazaar names Tracey Emin “Creative Person of the Year” [Telegraph]
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Consumers cop-on to the value of money-off coupons

The Irish Times March 15, 2010 | CONOR POPE MONEY-OFF COUPONS: A big deal in the US and UK, consumers here are increasingly collecting coupons COUPON CLIPPING is not the most glamorous way to pass your time. In fact, hanging on to fliers offering two-for-one deals, religiously cutting coupons out of newspapers and presenting crumpled fliers to restaurant staff might be penny-pinching steps too far for many people. Times are hard but are they really that hard?

While coupons are a big deal in the US, they’ve never really caught on here, with the notable exception of the noble butter voucher which most of us seemed to exchange for cigarettes in the 80s and 90s. But things may be changing. According to one survey from the National Consumer Agency, 30 per cent more people are using coupons than in 2008. When you consider the savings that can be made it’s not hard to see their allure. It’s never going to keep the wolves from the door for long but, if it’s not too much hassle, it’s free cash.

The Irish Independent Directory, which is delivered to 1.3 million homes across the country every year, has hundreds of euro worth of vouchers on everything from pizzas and burgers to taxis and tyres. Meanwhile, a judicious use of online coupon sites can handily knock [euro]20 off a weekly shopping bill.

While people may baulk at producing the crumpled vouchers they’ve found in directories, newspapers or online they are much more likely to use the vouchers earned from being a member of a supermarket loyalty scheme. The key thing about supermarket loyalty schemes is that you need to be as disloyal as you possibly can and sign up to the lot of them.

A clever use of loyalty schemes can make vouchers even more worthwhile than their face value would suggest. Under the Tesco scheme, for instance, a [euro]2.50 clubcard voucher will buy you a [euro]10 token for Milano’s restaurant or Apache Pizza. A [euro]4 voucher gets one adult into Dublin Zoo – admission is normally [euro]15. A [euro]10 voucher, meanwhile, can be handily converted into a [euro]40 voucher from Siblu, the camping specialists in France, effectively giving you a 5 per cent discount off a camping holiday in May or June. And [euro]17.50 worth of vouchers will get you a year’s subscription to Hot Press.

When it comes to supermarket schemes, whether with Tesco, Dunnes Stores, Superquinn or Supervalu, the key is to maximise the number of points you get by keeping an eye out for double point days and products which may attract extra points – as long as you’re going to actually use those products, don’t be suckered into buying something of dubious worth just because of the extra points. website free printable grocery coupons

It is also worth noting that if you sign up to a Tesco credit card, you can get extra points. So, for every [euro]2 you spend with your store credit card, you earn three clubcard points and, when you use the card outside of Tesco, you earn one point for every [euro]2 spent. If you spend [euro]200 on your weekly shop using a Tesco credit card you earn 300 points. While if you spend [euro]500 using the same card you earn 250 points – a total of 550 points.

Dunnes Stores also sends vouchers out to loyalty card members quarterly while Superquinn offers a reward card scheme which can be used in-store or exchanged for One4all vouchers. Supervalu’s Real Reward scheme gives you [euro]1 per point and, when you hit 400 points, you get 5 per cent off your next shop – although this offer is set to expire next month. Supervalu points are also redeemable against get-away breaks.

It is not just the supermarkets which entice shoppers with discount coupons. Boots Advantage Card allows people to redeem points gained on purchases and the store also pushes substantial vouchers for its No. 7 range of products on shoppers who spend over a certain amount, usually around [euro]25. freeprintablegrocerycouponsnow.com free printable grocery coupons

For its part, Brown Thomas has an uber-chic Black Card although it is keen to stress it is nothing as gauche as a loyalty card and, while it does offer discounts based on points accrued, it prefers to stress the benefits for card-holding members of the invites to events where they can get discounted deals (or spend more cash, depending on how you look at it).

AT THE OTHER END OF THE retailing experience – at least when it comes to price – is Ikea, and we thought the store couldn’t get any cheaper. It has a card which offers 25 per cent discounts on its Family range, as well as discounts up to the same amount on other products dotted throughout the store.

It has been the online arena where the biggest growth has been found in recent years with pigsback.com the most heavily promoted website. It offers a range of printable grocery coupons which are accepted in the main retailers – although not, generally speaking in your corner shop. If you were to buy all of the items on the list it would automatically knock [euro]20 off your grocery bill.

Like Tesco, it has a credit card, which enables users to earn extra PiggyPoints. You earn one for every [euro]2 spent on the card plus 2,000 when the account is opened. These points can be used to claim a variety of rewards although climbing the PiggyPoint mountain can seem a little daunting – to get a [euro]10 voucher for TGI Friday’s, you need 900 points, while 4,500 points will get you a [euro]50 Essensuals hair voucher.

“Is this a case of Pigflation?” he wondered.

COUPONS: THE VIEW FROM TWITTER It drives me berserk when old dearies start counting out their coupons, sloooowly, at the checkout. – Catherine I feel a bit cheap with coupons but no problem with online discount codes (no one can see you at checkout). – Anne I do sometimes but then I always forget which safe place I left them in and end up finding them years later. – Annie I use coupons! Sure that’s what they are there for. Coupons here are not as good as in the States though. – Rachelle Have loyalty cards for coffee, Dunnes and Boots and print off coupons from Pigsback. It doesn’t take much time and saves money. – Graham Coupons too damn fiddly and fussy. Besides, suspect prices of other products increased to compensate. – Miriam I can’t even keep a Starbucks loyalty card going for a week. Now if stamps were smartphone-ised . . . – Brendan I don’t, more because I’m disorganised, nothing to do with being scabby. – Adam CONOR POPE

Newslinks for Monday September 1st 2008

Monday, September 1st, 2008


Martin Kppenberger’s Zuerst die Füsse (Feet First)

The Pope condemns late German artist Martin Kippenberger’s crucified frog sculpture [GuardianUK] and more here [NYTimes]
A critique of Olafur Eliasson’s ‘Waterfalls’ as ineffective “shock and awe” public art [NYSun]
Jeff Koons on Night Talk [YouTube via ArtFagCity]
Guggenheim Foundation receives $1 million from National Endowment for the Humanities
[ArtForum]
Banksy’s auction-donated $137,000 work to support Ken Livingstone invalidated due to his anonymity [ArtInfo]
Damien Hirst to open his 2nd ‘Other Criteria’ retail shop next to Sotheby’s on New Bond Street, London [Blomberg]

Newslinks For Wednesday August 27, 2008

Wednesday, August 27th, 2008


Terence Koh at his Chinatown studio via BlackBook

Terence Koh’s “personal” fashion style [Blackbookmag]
15 years of Contemporary public art: Jeff Koons to Rachel Whiteread [New York Times]
Damien Hirst opening retail store next to Sotheby’s, London [Bloomberg]
More on Myra Hindly minor scandal [Guardian], previously covered here [AO]
Sotheby’s Australia fine art auction sold only 49% of its inventory [Art Market Monitor]
Hirst’s $100M Skull begins its world tour in…Amsterdam [NYSun]
Lucian Freud portrait model destroys £17M + painting [Dailymail]

A disclosure of White Cube’s unsold Damien Hirst inventory before the artist’s controversial September 15th direct sale by Sotheby’s

Monday, August 25th, 2008


Damien Hirst – “The Kingdom” 2008 via The Wall Street Journal

The Art Newspaper has this weekend disclosed the extent of unsold inventory, over 200 works, that are held at Damien Hirst’s gallery in London, White Cube, run by Jay Jopling. The article illuminates a situation for the artist, one of the most successful in the world, but also one of the most prolific, in which his traditional market may be less able to absorb the works at the pace at which he is aiming to produce them. This evolving landscape has presumably led Hirst to explore, through the landmark and controversial upcoming September 15th Sotheby’s London sale, new sales portals and new pools of buyers. The Art Newspaper disclosure however, could perhaps have some ramifications for the Sotheby’s sale itself, as sophisticated buyers may take into account this newly exposed trove of similar work to that being auctioned, and simple supply and demand economics might as a result negatively affect pricing.

Revealed: the art Damien Hirst failed to sell [The Art Newspaper]
200 unsold Damien Hirst works looking for an owner at Sotheby’s [TimesOnlineUK]
Hirst’s Marketing End Run [Wall Street Journal]
Auction, Damien Hirst ‘New Inside My Head Forever’ [Sotheby’s]
Several Lucrative Art Series To End, Says Damien Hirst [ArtObserved]
Update: Damien Hirst goes to Auction at Sotheby’s, September 15-16, 2008 [ArtObserved]
Hirst’s ‘Golden Calf’ could sell for $16-$24 million at Sotheby’s London [ArtObserved]

(more…)

Newslinks for Thursday August 21st, 2008

Thursday, August 21st, 2008

Famed street artist Swoon and crew float junkyard utopia downstate to Deitch Studios in LIC [NYTimes]
on the effect’s of global financial turmoil on corporate art sponsorship [Portfolio]
Assume Vivid Astro Focus installs colorful window display at the Modern restaurant at the MoMa [NYSun]
A critique of Sarah Thornton’s book, ‘Seven Days in the Art World’ (with Video) [Art Market Monitor]
Sotheby’s holds a preview for $120.8M of Damien Hirst’s direct auction works in New Delhi, India and the Hamptons [Bloomberg]

Newslinks: Saturday August 16th, 2008

Saturday, August 16th, 2008

Ryan McGinley shooting for Wrangler Jeans via Radar

Ryan McGinley is making ads for Wrangler jeans (running only in Europe) [Radar via Artfagcity]
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Sotheby’s consolidates Asian art auctions from New York to Hong Kong [Bloomberg]
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Taryn Simon commissioned by Nike to shoot the Men’s US Olympic Basketball team [SuperTouch]
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Stained-glass cathedral window by Marc Chagall is shattered by vandals in France [NYTimes]
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The global effects of four major types of art crimes: vandalism, theft, looting and forgery [Art Info]

Child-support rules get major changes: Will aid recipients be more willing to identify fathers?(Culture, Et Cetera)

The Washington Times (Washington, DC) August 23, 1996 | Wetzstein, Cheryl In 1994, nearly 400,000 children on welfare learned who their fathers are through a paternity establishment process. Another 2.3 million children on welfare are still waiting, according to the Office of Child Support Enforcement.

The new welfare bill’s child-support enforcement section says states can step up efforts to get “cooperation” about fathers from mothers seeking welfare – and reduce benefits to mothers deemed “noncooperative.” Marilyn Ray Smith, a child-support enforcement official in Massachusetts, believes the new time limits in welfare reform will lead to more paternity establishments.

“Child support is the true safety net when you have time-limited welfare benefits,” she said. “If you are only going to have welfare for two years at a time or five years over the course of your life, your incentives for making sure the father is held responsible for supporting the child are a lot greater.” But it’s impossible to know how single mothers, many of whom have been ambivalent about seeking formal child-support orders, will respond to the reforms.

In 1994, two researchers from the Nelson A. Rockefeller Institute of Government in Albany, N.Y., met with three groups of welfare mothers. Some mothers said:

* Although they told officials where the father was, no payments were collected. “I’m doing everything I can now to identify the father, but it doesn’t make a difference. They can’t pick him up,” said one mother.

* They feared losing custody to the father: “One mother got a father court-ordered to pay child support. . . . Then he got custody of [the daughter] just because he has a good job and she’s on welfare.” * The child-support system might interfere in the father-child relationship. “You don’t want to ruin that friendship. . . . You have to raise that child together,” said one mother.

* Child support was a hassle for everyone: “I have a girlfriend who has been working with the system for five years trying to get child support,” said one mother. But payments weren’t collected because the father would “get angry and quit his job and go somewhere else.” “The thing is,” said another mother, “I want him out of my life and if I have to spend every day of my life trying to make sure that somebody tracks him down – this tears me apart. I need to let go of this and get on with my life.” The new reform will also end a policy called the “$50 pass-through.” In welfare cases, states keep court-ordered child-support payments. Often it “passed through” $50 of the support it collected each month to the welfare mother. Now, states will have the option of giving the full amount to the family. childsupportmd.net child support md

In the past, the $50 pass-through appeared to discourage paternity establishment and encourage cheating. Typically, a mother would deliberately mislead officials about who her baby’s father was, get on welfare, and then take secret payments – often more than $50 – from him or his family to augment her welfare benefits. go to website child support md

Some child-support experts insist there’s no evidence that this cheating was common; Mrs. Smith said she thought the practice was “pretty widespread.” ****BOX A NEW RULES FOR CHILD- SUPPORT ENFORCEMENT Under the new child-support enforcement section of the just-signed welfare-reform bill, states can:

Cut welfare benefits by 25 percent for single women (with few exceptions) who do not establish paternity for their children and assign child-support collection rights to the state.

Use streamlined procedures to establish paternity, including genetic testing.

Seek child-support payments from grandparents whose minor children go on welfare.

Get federal funding to start up interstate computer systems to track court orders, payment history, addresses and employment of persons who owe child support.

Deduct overdue child-support payments from paychecks, including those of government workers and military personnel.

Force unemployed persons with child-support arrears to join a state work program.

Report child-support debts to credit bureaus.

Put liens on property owned by persons with child-support debts.

Check bank accounts for assets owned by persons with child-support debts.

Withhold, suspend or restrict driver’s, professional and recreational licenses of persons with child-support debts.

Deny, restrict or revoke passports of persons who owe more than $5,000 in child support.

Receive grants for programs to improve mediation, counseling and visitation enforcement.

Source: Personal Responsibility and Work Opportunity Reconciliation Act of 1996.

****BOX B CHILD-SUPPORT SNAPSHOT In 1994, according to the federal Office of Child Support Enforcement, state child-support agencies:

Worked on 18.6 million cases (including families on welfare or in the foster care system, non-welfare families and arrearage-only cases).

Made a collection in 3.4 million cases (18.3 percent).

Established 590,819 paternities (including 396,877 for children on welfare).

Located 4.1 million absent parents.

Collected nearly $9.9 billion ($7.3 billion from non-welfare cases).

Collected $7.6 billion (54 percent) of $14.1 billion due in current support.

Collected $2.1 billion (7 percent) of $30.8 billion in overdue support.

Collected 55 percent of payments through wage withholding.

Spent $2.6 billion on child-support operations (including federal spending).

Collected $3.86 for every $1 spent on child-support enforcement.

Source: “Child Support Enforcement Nineteenth Annual Report to Congress,” Office of Child Support Enforcement, Department of Health and Human Services Wetzstein, Cheryl

Several Lucrative Art Series To End, Says Damien Hirst

Friday, August 15th, 2008

Superstition, Damien Hirst, 2007 Gagosian Gallery in Beverly Hills via ABC News

In a video interview from July recently posted on Sotheby’s website, Damien Hirst casually revealed that several of his highest earning series would be coming to an end in 2008. These include his spin and butterfly paintings and conceptual medicine cabinets. Hirst also speculated that production of his dot paintings would significantly slow, and that his formaldehyde works of animals are growing numbered as well.

Damien Hirst: An Interview with Tim Marlow [Sotheby’s]
Damien Hirst Says He’ll End High-earning Series [Artinfo]
Hirst Will Stop Making Spin, Butterfly Paintings, Drug Cabinets [Bloomberg]

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Sotheby’s issues earnings report: profit drops by 11% but no longer at a loss

Thursday, August 7th, 2008

Sotheby’s, the global auction house, showed a decline in profit by 11% in the second-quarter: net income marked $95.3 million ($1.49 per share). This is a drop from $107.3 million ($1.64 per share) versus the same time last year, however it is a net profit versus a net loss from last quarter. According to Sotheby’s, the decline is due to recent change to auction schedule. Chief Executive William Ruprecht assured that while wealthy customers with continues to drive the business, Sotheby’s is less likely to be affected by economic woes. Despite the profit drop the news was seen by some analysts as positive in its show of resilience. According to one analyst quoted by Bloomberg: “The demand side is very strong. It’s driven by commodity wealth, particularly in oil.”

Sotheby’s corporate site
Sotheby’s Says Rich Still Buying
[Forbes]
Sotheby’s second-quarter profit falls [Reuters UK]
Sotheby’s Profit Falls 11 Percent After Sale Change [Bloomberg]

Update: Damien Hirst goes to Auction at Sotheby’s, September 15-16, 2008

Tuesday, July 29th, 2008

Damien Hirst at the White Cube Gallery via Museum Lab

As previously covered by AO here Damien Hirst, is preparing for his Sotheby’s auction this September and has come out with a new formaldehyde suspended tiger shark, a cow with golden horns and hooves, a unicorn, in addition to spot paintings, and butterfly collages, among many other newly created works made specifically for the all-Hirst auction. The sale, entitled Beautiful in My Mind Forever, will be comprised of 223 lots, and is expected to raise somewhere between $100 million and $150 million over the two-day sale that takes place on September 15th and 16th. The Golden Calf alone is expected to sell at a high of $25 million. The sale is extremely notable as Hirst is circumventing his main dealers Larry Gagosian in New York and Jay Jopling of White Cube in London and going directly to auction. Though Jopling and Gagosian have ostensibly given their blessing, the auction reflects a potentially new paradigm in the the way art is sold.

Golden calf, bull’s heart, a new shark: Hirst’s latest works may fetch £65m [Guardian]
Damien Hirst brings £65m of his wares to market [Times Online]
Artist Hirst Jumps the Shark, Cuts Out [NYPost]
Hirst auction expected to raise £65m [Financial Times]
Hirst Still Playing Elaborate Joke On Hedge Fund Community [Dealbreaker]
Damien Hirst auction expected to fetch £65 million and Art sales: Bullish Hirst Rattles the Market [Telegraph]
Damien Hirst is Rewriting the Rules of the Market [The Art Newspaper]
Damien Hirst: Beautiful Inside My Head Forever [Sotheby’s]
Hirst auction expected to fetch 65 million pounds [APF]
Hirst’s ‘Golden Calf’ could sell for $16-$24 million at Sotheby’s London [ArtObserved]

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Newslinks: Monday, July 28, 2008

Monday, July 28th, 2008

Burst *008, a prefab by Douglas Gauthier and Jeremy Edmiston via MoMA

More on the prefabricated housing design exhibit at MoMA [Artinfo] and still more here [NYMag]
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Sotheby’s accused of losing Italian Renaissance painting in $32M lawsuit [NYPost]
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An editorial view on the merits of artists explaining their work [GuardianUK]
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Following the controversy, the former Salander-O’Reilly gallery is now on sale for $75M [NYTimes]
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Christie’s NY holding first contemporary design auction [Artinfo]
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New laws restrict art-donation tax breaks [Wall Street Journal]
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Art Collectors auction themselves off at SCOPE [Artinfo] also here [NYSun}

Major Fall in CRE Deals Since End of Summer: There has been a surge in deals falling out of contract because of difficulty obtaining financing.

National Mortgage News November 5, 2007 | Sichelman, Lew LAS VEGAS — The mortgage mess spilled over into the income property sector in a big way after the summer came to an official ending, according to analysts at the Urban Land Institute’s annual fall conference here. go to site citibanks ignon

“The capital markets have changed tremendously in the past 60 days,” Robert White, president of Real Capital Analytics, New York, told an outlook session.

Mr. White reported that there has been a 30% decline in sales activity since September, noting that it was the first falloff in volumes since late 2001. And he expects to see further declines in the future, he told the ULI, a nonprofit group of 37,000 real estate and allied professionals dedicated to responsible land use.

There has been “a surge in deals falling out of contract,” not just because of higher loan rates but also because of the difficulty obtaining financing, the analyst said.

“There has been a total repricing of risk. It started in subprime and has now moved into commercial mortgage backed securities. It’s even impacted AAA-rated securities.” At the same time, Mr. White reported that 2007 will still go down as a record year, largely because transaction volumes through the end of the third quarter exceeded those for all of 2006.

Another good sign is that there is “still plenty of equity capital available,” he also said. Which may be why the meeting attracted a record attendance of 6,700.

Capital may not be coming into the market as fast as it once was, and lenders are no longer willing to underwrite speculative income, the analyst reported. But the amount of money available for developers and purchasers of income-producing property is still growing. “There’s more capital available today than there was in 2002 or 2003,” he said.

Still, Mr. White said he is seeing a rise in cap rates. But even if there is a 10% correction, “it would just take us back to where we were a year ago.” “I personally don’t think [the adjustment] will be that great,” he offered. “The market is fundamentally solid. There’s nowhere near any overbuilding.” In another conference session, meanwhile, the conclusion was that price declines as measured by projected growth rates, lower amounts of available debt and higher residual value assumptions would be in the 8%-14% range.

The panel tended to concur with Mr. White, noting about half of all deals currently in the pipeline are being repriced or renegotiated, and some are even being terminated. web site citibanks ignon

While the market is awash with debt, not much of it is trading, said Robert Foley, chief financial officer with Gramercy Capital Corp., New York, who estimated that there might be as much as $60 billion-$80 billion in commercial paper sitting on the balance sheets of banks.

Sheridan Schechner, managing director of JPMorgan Chase, New York, said he hoped the markets will open back up again by February. But Ed Adler, managing director of Citibanks’s commercial real estate finance group, said it can’t come soon enough for holders the $185 billion in commercial paper that is due to reset in March.

But Christopher Cole, chief executive officer of the Cole Cos., a publicly traded, Phoenix-based real estate investment trust that specializes in retail properties, said that he’s not particularly worried about the future of commercial real estate.

“The long-term demographic trends are so profound that they will have a stabilizing effect” on the sector, Mr. Cole said.

“The fundamentals are terrific,” he said.

Sichelman, Lew

Go See: Martin Creed Work No. 850 at Tate Britain, through November 16

Monday, July 14th, 2008

Running in the Tate via Bloomberg

Head’s up to visitors of the Tate Britain: from now until November 16, every thirty seconds from 10am – 6pm, an athlete will make a fast 85 meter dash from one end of Duveen Hall to the other. While running is not normally encouraged at the Tate, this particular athletic display is actually a commissioned artwork entitled Work No. 850 by British artist Martin Creed. Creed has instructed the runners, who he recruited from athletic magazines and are being paid an hourly wage, to “run like their life depended on it.” The artwork is part of an ongoing series of commissioned contemporary sculpture in the Duveen Galleries of Tate Britain, sponsored by Sotheby’s.

Tate Britain [Tate]
Martin Creed [Martin Creed]experience of life. The runners i
Dashing Through the Tate Britain [NY Sun]
Interview with Martin Creed [Bloomberg]
Duveen Commission 2008 [ArtDaily]
An Idea with Legs [Guardian UK]
Sprinting Runners by Martin Creed [Telegraph UK]
View video of the exhibit at Artreview.com

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AO Auction Results: Sotheby’s Old Master Paintings Evening Sale, Wednesday, July 9

Friday, July 11th, 2008

Portrait of Willem van Heythuysen, Seated on a Chair and Holding a Hunting Crop, Frans Hals (circa 1630) via Sotheby’s

Sotheby’s Evening Sale of Old Master Paintings in London on Wednesday attracted an international client base and managed to raise $101.5 million in overall sales, which is the second highest amount in the company’s history for an auction of this genre.

The sale included not only pieces of exceptional quality, but also a number of works which had previously been held in private collections and therefore had not been on the market for some time. A re-discovered painting by Frans Hals (Pictured above), which was heretofore believed to be a copy, sold for $13,995,067 which not only exceeded its pre-sale estimate of $6.0-$10.0 million, but which also was the second highest price ever paid for a work by the artist at auction.

There were numerous other auction records set that evening, including record sales by artists including Guido Reni, Jacobo Tintoretto, Taddeo di Bartolo, Frans van Mieris the Elder and Jan Brueghel the Elder. An impressive 58% of lots sold at the auction garnered bids in excess of their estimates, contributing to the sale’s success as a whole.

Sotheby’s Auction Results: Old Master Paintings Evening Sale [Sotheby’s]
Old Masters Perform at Sotheby’s London [NYSun]
Old Master Paintings Soar at Sotheby’s Realizing $101.5 Million [Artdaily]
At Sotheby’s, Exceptional Old Master Offerings Lead to Six Records [International Herald Tribune]
Old Master Paintings Soar at Sotheby’s Auction in London [News-Antique]
Old Master Paintings Realize $101.5 Million at Sotheby’s [AuctionPublicity]
Sotheby’s Week of Old Masters Realizes GBP45.2 Million [SGallery]

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Newslinks: Tuesday, July 8, 2008

Tuesday, July 8th, 2008

Olafur Eliasson, ‘Visualization of The Parliament of Reality’, Bard College via Artdaily

Bard College has Olafur Eliasson’s 1st permanent US installation [Artdaily]
MoMA purchases 23 photo works from eight Chinese artists controversially bought in bulk [Bloomberg]
Two Pulitzer Prize winning authors gain rights to new Francis Bacon biography [Bookseller]
Next-generation, under-30’s legacy arts patrons: on the scene [NYTimes]
Tracey Emin’s $122,000 4-inch bronze sparrow goes missing from public work and then is inscrutably returned (publicity stunt?) [BBC]