Sotheby’s has announced a major commission for its fall sale in New York, one of Andy Warhol’s iconic Mao works, estimated to sell for $40 million or more.  The work is the artist’s first in the series of Mao paintings, and came from an idea by dealer Bruno Bischofberger, who suggested Warhol paint the most famous person in the world.  “‘I was just reading in Life magazine that the most famous person in the world today is Chairman Mao. Shouldn’t it be the most famous person, Bruno?'” Interview editor Bob Colacello recalls the artist saying. (more…)

Anthony Caro, Sunshine (1964), via Sotheby’s

Curated by Royal Academy Artistic Director Tim Marlow, Sotheby’s  tenth edition of its outdoor sculpture exhibition at Chatsworth House in Derbyshire, titled Beyond Limits, swings for the fences with its studious and somewhat understated take on the impact and influence of Britain’s sculptural greats over the past 65 years.  Tracing lines of exchange and dialogue from the formal innovations of the 1950’s and 60’s through the irreverent inversions of the YBA’s during the 1990’s and on to the present, the exhibition is an intriguing examination on Britain’s own sense of the art historical as much as it is a review of its products. (more…)

Collector Audrey Irmas is selling an iconic Cy Twombly blackboard painting this fall at Sotheby’s, with $30 million from the sale proceeds going to fund a new Rem Koolhaas designed building for the Wilshire Boulevard Temple in Los Angeles.  “I hope this building will provide a gathering place for cultural life and social events in a very diverse neighborhood,” says Ms. Irmas. (more…)

Sotheby’s most recent S.E.C. filings indicate that the auction house has guaranteed nearly the full $500 million estimated from its sale of works from the Alfred Taubman estate.  “In the event that the property sells for less than the guaranteed price, Sotheby’s must perform under the auction guarantee by funding the difference between the sale price at auction and the amount of the auction guarantee,” the filing says. (more…)

Over $500 million in art from the Alfred Taubman estate will go on sale at Sotheby’s this fall, Bloomberg reports, including a special “Masterworks” sale that will include classic pieces by Picasso and de Kooning.  “He was a self-made man and his collection was put together with his own eye,” says Simon Shaw, co-head of Sotheby’s Impressionist and Modern Department. “While he is a very well-known figure, he is not known as a collector. It will be a surprise for people.” (more…)

Both Sotheby’s and Phillips have announced major steps this to strengthen their respective business plans, with Phillips appointing a new worldwide head of 20th century art, Hugues Joffre, and Sotheby’s announcing its previously reported first office in India.   (more…)

Sotheby’s is reportedly opening a new office in India, based in Mumbai, and headed up by chairman Edward Gibbs, and regional director of India Priyanka Mathew.  “By opening an office in India, the company will be able to increase the scale and scope of its activities in the country and support a full calendar of events, talks, exhibitions, and charity sales,” the auction house said in a statement. (more…)

As the art market continues to boom, the business of art lending is seeing an equally impressive bump, with early 2015 estimates by Skate’s noting that lending could top$10 billion in 2015, at least twice as much as its last survey in 2011, and may very well grow to $100 billion.  The statistics note a major impact from Sotheby’s, which recently spun off its finance wing and which claims it can lend up to £1.3bn against art. (more…)

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

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

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

Alfred Taubman, via Detroit Free Press

Alfred Taubman, the shopping mall developer and business mastermind who turned Sotheby’s from a private auction house to the publicly traded art market power it is today, has passed away at the age of 91.

Taubman earned his fortune during the years following World War II, re-engineering the American retail experience through his design and development of the modern shopping mall, and used his earnings to purchase Sotheby Parke Bernet for $130 million in 1983.  Within five years, Taubman had retooled its customer experience and sales strategies before taking the company public in 1988.   (more…)

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

Sotheby’s has named Tad Smith as its new company CEO, taking over from William Ruprecht.  Smith, formerly the CEO of Madison Square Garden and a professor at the NYU Stern School of Business, will look to calm some of the turbulence at the company between stockholders and its board. (more…)

Sotheby’s Investor Mark McGuire, who holds 9.5% of the company, has reportedly demanded that the auction house issue a $500 million stock buyback, appoint a new CFO, and further, accuses them of willful neglect and misguided policies.  McGuire’s letter to the company comes after Sotheby’s placed its new capital plan on hold until a new CEO was found, and places him in opposition to new investor Dan Loeb. (more…)

Sotheby’s CEO William Ruprecht has announced that he will be stepping down from his position at the auction house, following a nearly year-long battle over control against investor Dan Loeb.  “The last few years have been the most successful in the company’s history,” Ruprecht said in a statement.  “I am comfortable and confident saying Sotheby’s is well positioned for the next chapter of its success and I will do all I can to contribute to a smooth leadership transition.” (more…)

An article in the Wall Street Journal takes a closer look at how auction houses such as Christie’s and Sotheby’s vigorously recruit new collectors. Seeking fortunes large enough to sustain multi-million dollar sales, these auction houses keep a close eye on a new crop of billionaires that has been springing up over the past few years in areas like the Balkans and Central Asia. The courting ritual employed by the houses includes children’s parties, personalized tours, VIP passes, and, in one case, a hand-crafted needle-point pillow. (more…)

An article in the New York Times reports on a recent wave of high-profile announcements from some of the world’s most prominent auction houses in attempt to gain the upper hand in the upcoming fall sale season. Among these announcements is the news that Sotheby’s will partner with eBay while Christie’s will expand with a house in Shanghai and Phillips de Pury will unveil a impressive new space in Mayfair. While these announcements might project an attractive appearance of prosperity and growth, the article contrasts them against the inherent instability of public sales, comparing the auction market to a “Baked Alaska dessert — firm and shiny on the top, but soft in the middle and on the bottom.” (more…)

Jeff Koons, Popeye (2009-2011), via Sotheby’s

The Sotheby’s Contemporary Evening Sale wrapped this evening, with a number of impressive sales that did little to match the fireworks of Christie’s record-setting outing last night, but still managed to bring forth a number of impressive and noteworthy sales, as well as several new world records for artists at auction.  The auction capped a final sales tally of  $364,379,000 over 81 lots, with 12 of those works remaining unsold. (more…)

Following Daniel Loeb’s defeat in court last week, Sotheby’s and his company Third Point LLC  seem to have reached an agreement, with the auction house agreeing to add his three nominees to an expanded, 15-person board of directors, while allowing him a 15%  stake in the company.  “This agreement ensures that our focus is on the business and that we will benefit from five fresh voices and viewpoints,” says Sotheby’s head Bill Ruprecht. (more…)

In a recent investor presentation, Daniel Loeb outlined his five point plan for bringing Sotheby’s back to profitability, pushing his case for allowing Third Point a more vocal position in the company’s proceedings.  Loeb’s plan includes action points on curated auctions and private sales, attacks on the company’s planning on its S|2 Gallery, and inquiries into how to utilize the auction spaces during downtime.   (more…)

Sotheby’s saw impressive results this weekend at its Modern and Contemporary Asian Art auction in Hong Kong, with total sales topping $86 million.  World Record prices were achieved for 8 artists up for bidding that night, including a $12.1 price tag for Zhang Xiaogang’s Bloodline: Big Family No. 3. (more…)

New York Magazine has published a detailed summary of the current situation at Sotheby’s, including the departure of longtime auctioneer Tobias Meyer, the friction between Daniel Loeb and Sotheby’s head Bill Ruprecht, and most notably, Loeb’s often incisive perspective on dealing with companies he wants to turn around.  “Sometimes a town hanging is useful,” Loeb once told Bloomberg Markets, “to establish my reputation for future dealings with unscrupulous CEOs.”  (more…)

Daniel Loeb is pushing for three seats on the board at Sotheby’s, preparing for a proxy fight to wrest additional control of the company for his Third Point Hedge Fund.  “All shareholders will benefit from further depth of experience in Sotheby’s key business building block: luxury customer relationship development,” Third Point said in its regulatory filing this week. (more…)

A new project to reimagine the city flag for New York has drawn submissions from John Baldessari, Francesco Clemente, Tom Sachs and more, to be auctioned at Sotheby’s later this month to benefit the Fund for the City of New York.  “The idea is, in an increasingly virtual world in the 21st century flags are one of the remaining symbols of shared virtues and beliefs,” Barbaralee Diamonstein-Spielvogel, chairwoman of the alliance and of the Historic Landmarks Preservation Center said. (more…)