This week's Art Collecting and Investment News
Posted on May 25, 2008 at 7:42 PM.
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Sunday, 25th May 2008
The Week Ahead: May 25-31
On Friday the INSTITUTE OF CONTEMPORARY ART in Boston will open the first museum survey of Anish Kapoor's work in the United States in more than 15 years, with 14 works he has made since 1980 (10 of which have never been shown in the states before).
New York Times - United States
Playing to the gallery
For the first six months of its existence, Khumalo ran the gallery solely on sales profits. But after struggling to cover expenses, "I decided to add the restaurant and live poetry to draw in the people who wouldn't normally even consider going to a gallery. Since then, more people have been spending time here."
The Times -
London's St. Pancras station has a new interactive art 'gallery'
passengers get their last taste of British cultural life before boarding the high-speed train to
Los Angeles Times - CA,USA
New Peaks Reached in the American Art Market at Christie's New York
NEW YORK.- Christie's Spring 2008 Important American Paintings, Drawings and Sculpture sale totaled $72.6 million and set new records and established major new benchmarks across the category.
Art Daily -
Balancing Art and Business
In the last six months alone, there have been openings for directors at more than two dozen major American art museums, including theMOMA, the Dia Art Foundation in
New York Times -
Lynda Howitt - Wind Beneath My Wings Opens in New York
NEW YORK.-'Wind Beneath My Wings' is the first international exhibition featuring paintings by award winning Australian emerging contemporary artist, Lynda Howitt, offers New Yorkers an opportunity to experience the famed charms of the Australian landscape without leaving the city from June 17
Art Daily - USA
Saturday, 24th May 2008
Asian art records tumble at Christie's HK sale
HONG KONG - A work by Chinese artist Zeng Fanzhi sold for $9.5 million on Saturday, a new auction record for an Asian contemporary artwork, at auctioneer Christie's first evening sale of such art in Hong Kong.
Reuters -
Tom Thomson sketch sells for $1.15 million
A small Tom Thomson oil sketch sold for $1.15 million Thursday night at the Heffel Fine Art Auction House's spring sale at the Vancouver Convention Centre, the highlight of an $11.5 million auction.
Vancouver Sun - British Columbia, Canada
Art.view Klimt of the rubbish bin
AFRICAN contemporary art rarely comes up for sale at the big auction houses. However, Sotheby's achieved some success in 1999 when it sold a few treasures from Jean Pigozzi, who holds the world's biggest private African contemporary-art collection.
Economist -
Paintings by renowned Canadian artists net record prices at Heffel ...
Frederick Horsman Varley and A.Y. Jackson sold for more than half-a-million dollars each. Also "Norma," one of the largest works on sale at 101 by 83 centimetres, sold for $600,000, beating a previous Varley record of $550,000.
The Canadian Press -
Police seize 'child porn' art from Sydney gallery
Is it art or pornography to exhibit photographs of naked 12- and 13- year-old girls? That perennial debate was reignited in
Independent -
Saving art from the elite's clutch
Dubai-based Art Select works with the mission of taking art to the middle classes, an idea never explored before. "When we began to invest in art, we wondered why it had to be restricted to the domain of the high-end customer," says Amitabh Subberwal, founder and CEO of Art Select.
Times of Oman - Ruwi,Muscat,Oman
Rugged Cowboys, Vistas Fetch $64.2 Million in Western Art Sales
At Christie's, an 1878 Thomas Moran landscape, ``Green River of Wyoming,'' stunned the crowd, tripling a $5 million high estimate and selling for $17.7 million. It was the highest price ever paid for a 19th-century American artwork at auction, Christie's said.
Bloomberg -
It's a triumph of the philistines
BILL HENSON must bitterly regret his decision to use a photograph of a pubescent, bare-breasted girl on the invitation card for his exhibition at Roslyn Oxley9 Gallery. To the rest of the world Henson is not simply one of
Sydney Morning Herald - Sydney,New South Wales,Australia
Gallery Goers
David Ross, a former director of the Whitney Museum of American Art and the San Francisco Museum of Modern Art, has become a partner in Albion with Michael Hue-Williams, while Robert Fitzpatrick, most recently director of the Museum of Contemporary Art Chicago, has been named international managing director of Haunch of Venison.
ARTINFO -
Exhibition was art, not pornography
His images may take the viewer to an edge, to an uncomfortable place, like great music or great literature with a broad field of possibilities. Art and pornography are entirely separate things. It is an art gallery's job to deal with art, whether it is by Michelangelo, Caravaggio, or Bill Henson.
The Australian -
Investments: maritime art
The art market appears to be unaffected by the financial crisis gripping the nation. Perhaps it's because those with a higher disposable incomes can easily absorb the growing costs of fuel and food, or perhaps because in difficult times people draw comfort from beautiful things. Whatever the reason, returns in the maritime art market are expected to swell by 15 per cent on 2007. Telegraph.co.uk -
Friday, 23rd May 2008-05-25
What Does $33.6 Million Mean in the Art World?
Olav Velthuis, author of Talking Prices: Symbolic Meanings of Prices on the Market for Contemporary Art and David Galenson, University of Chicago professor of economics and author of Old Masters and Young Geniuses, about the sale and what it really means for the art world.
New York Times Blogs -
Stolen 'Scream' back on display
(CNN) -- Edvard Munch's masterpiece, "The Scream," went back on display Friday in
CNN International -
1 2 3 4, art is at your Gap store
Murakami has argued that the idea of authenticity in art, and the lines it draws between art and design, original and fake, are Western constructs, destined to lose place in an increasingly globalized art world.
Fresh off the boat
The key factor in this process has been scaling up the quality, diversity and pedigree of artists being brought over. Picasso, Freud and Bacon all came courtesy of
Livemint -
14 UAE students to visit 'Art Basel'
Selected from the Zayed University, the American University in Sharjah, the American University in Dubai, the Sharjah University, and the Dubai Women's College, the Emirati student delegation will leave for Switzerland on June 3.
Trade Arabia - Manama,Bahrain
daman commissions emirati and middle eastern art for 'the ...
Dubai: Daman Investments today announced that it has commissioned Emirati and Middle Eastern artists to create a significant number of artworks for its prestigious 'The Buildings by Daman' project at the Dubai International Financial Centre (DIFC).
Al-Bawaba -
Rachofskys to sell Koons sculpture to sharpen focus on core ...
Neo-pop American artist Jeff Koons' 6-ton sculpture Balloon Flower (Magenta), 1995-1999 will be auctioned June 30 in
WEBTV- Jeff Koons on the Roof http://www.newarttv.com/
Jeff Koons Sculpture May Fetch 12 Million Pounds at Christie's
May 23 (Bloomberg) - A Jeff Koons sculpture will be the most valuable work by the artist offered at auction in Europe when it goes on sale at Christie's International in
Bloomberg -
Georgia Artist's Work Takes Center Stage At New World Of Coca-Cola
His work has been commissioned by prominent corporate and private collectors around the nation, including The Coca Cola Company. Penley was selected as the official artist of the G-8 Summit on
The FINANCIAL -
Conversation with Clare McAndrew
Art has had a low correlation with other financial sectors and property, so the art market should stay buoyant in coming years, despite what's happening in other markets. An important point, given the credit squeeze, is that art is probably the least leveraged of all the asset classes. People don't generally go out and get a loan to buy art.
ARTINFO -
The Art Trading Fund: Getting Desperate
" I buy new art and 90 percent of the art I buy will probably be worthless in 10 years' time to anyone except me." He's right. Saatchi has certainly been a successful art collector. However, he would probably have made more money if he'd simply sat on the Warhols he bought with his ex-wife
African Artists Lure Collectors, Fail to Make Auction Circuit
``The market will develop eventually,'' Jean Pigozzi, the world's leading collector of African contemporary art, said in a telephone interview. ``But it really has to come from local collectors, or if rich African Americans start to buy this material, it could also become big.''
Bloomberg -
Record prices paid at Vancouver art auction
Globe and Mail - Canada
As Koons Prices Balloon, His Dallas 'Flower' Will Be Sold
Koons made five "Balloon Flowers," each in a different color. A blue one sits outside the headquarters of DaimlerChrysler in Berlin; a yellow version is owned by François Pinault, the luxury goods magnate and owner of Christie's and Koons himself owns a red one that has been on view since 2006 in a fountain in front of 7 World Trade Center in New York. A fifth, in orange, is in a private collection in
New York Times -
Art appreciation
Artlogic's Ross Douglas, who organised the Jo'burg Contemporary Art Fair in March, is developing SA's first art index to help investors evaluate purchases. "those who did best did not buy the artwork as an investment, they became interested in an art movement or genre. And what they did was collect comprehensively."
Financial Mail (subscription) - Johannesburg,South Africa
Five Musts If You Are in the Market for Art
Michael Moses, a former New York University professor who developed an art-price index with colleague Jiangping Mei, says that if the art market follows its historical pattern, it still has further to grow. During the last art boom, from 1985 to 1990, the market grew at a compound annual clip of 30%..
MainStreet -
Smiling Bombs, 101-Carat Diamond Lead Christie's Hong Kong Sale
May 23 (Bloomberg) -- A Yue Minjun painting on China's Tiananmen Square crackdown is among the top lots of Christie's International's spring auction in Hong Kong, starting tomorrow, which may tally HK$1.7 billion ($218 million).
Bloomberg -
Thursday, 22nd May 2008
Charles Saatchi to advise fine art hedge fund on investments
Livemint -
A painting in all their houses
Between today and next Tuesday, five works by the late pre-Group of Seven artist will be sold by the country's three largest auction houses, each trying to make the most of a Canadian art boom that shows no sign of slowing.
National Post -
Bernard Mendelman -- Rosy picture painted for Canadian art
In 2006-07, the Canadian market posted its most successful season ever, up an exceptional 30 percent over the previous outstanding season with sales of over $65 million. Averaged an annual rate of return of 20.34 percent over the past 10 years.
The Suburban -
Down-Economy Spending Habits Of The Rich
55% of the 5,000 wealthy men and women surveyed said that they had reduced or deferred expenditures in the past 12 months or would make a conscious effort to do so in the next 12 months.
Forbes - NY,USA
FIRE AND ICE
The second-ever Reykjavik Arts Festival, May 15-June 5, 2008, is a triennial celebration of visual culture in Iceland and a little gem on the international art circuit. Bjork was present in the form of cameo appearances at various
Artnet -
Economy paints a bleak picture for art market
ArtTactic's latest survey of the Indian art market shows a 13 percentage point dip in its Indian Art Market Confidence Index, a measure based on the responses of 80 experts to questions on the current and future prospects of the economy and the primary and secondary markets for art.
Livemint - Delhi,Delhi,India
Art Under the Hammer
It is no surprise, then, that Sotheby's has high expectations for it's next auction of Russian art, to be held in London on June 9 and 10. A total of 600 works will be on sale, including works by Faberge. Sixty of the most exciting pieces.
The
German gallery tries to block sale of works by Joseph Beuys
The Art Newspaper
Saatchi to Advise Art Fund on Deals
``We were approached by the Saatchi Gallery to become corporate patrons,'' said Williams. ``Being cheeky boys, we wanted something in return. The Saatchi team will bring global expertise to our plans to enter new markets.''
By DealBook
POST-WAR AND CONTEMPORARY ART EVENING SALE AT CHRISTIE'S NEW YORK ...
New York- Christie's highly anticipated Post-War and Contemporary Art Evening Sale totalled $348,263,600, marking the second highest total ever in auction history for the category. Eight new world auction records for Richard Prince, Sam Francis, Leon Gottlieb, and Lucian Freud
News-antique.com (press release) - Garden City,NY,USA
Liu Flops in Beijing as Quake Damps China Art Auction (Update1)
May 22 (Bloomberg) - Liu Xiaodong, who last month set mainland China's top contemporary-art auction price, failed to sell an oil painting at an auction in Beijing today, as the nation's worst natural disaster in three decades sapped interest.
Bloomberg -
"Art Connection Group's 2008 Art Investment Conference"
Art Connection Group proudly announces the 2008 Art Investment Conference at
Absolutearts.com -
Christie's to Hold Inaugural Evening Sale of Asian Contemporary ...
HONG KONG.- Christie's, the world's leading art business, will present a two-day series of sales devoted to unrivalled examples of Asian Contemporary Art on May 24 -25 in Hong Kong, opening with the first-ever Evening Sale for the category.
Art Daily - USA
SCOPEBasel June 3-8 2008
Basel - SCOPE, the cutting-edge contemporary art fair, returns for the second year to Basel in a new venue, a 60,000 square foot glass pavilion situated on the Rhine. Within walking distance of Art Basel 39, showcasing 85 galleries from all over the world.
By e Art fair .com
Why we must think of design as art
A month ago, Phillips de Pury & Co's first foray into "design art" sales took place at its
Telegraph Blogs - http://blogs.telegraph.co.uk/
Gallery's cruise ship strategy makes splash with art sales
The globally-renowned art dealer/gallery is the world's largest in terms of unit sales, based largely on the strength of its "cruising" strategy. Park West has sold thousands of works of art on 85 cruise ships and eight cruise lines.
Michigan Business Review - MLive.com - Ann Arbor,MI,USA
an artful summer
IF you fancy getting your hands on a piece of Ginger Rogers' jewellery or a signed Willy Rizzo picture, then there's only one place to go this summer: the Olympia International Art & Antiques Fair, which opens on June 5.
Vogue.com -
Bold bid for dock art mecca
New $70 million
NEWS.com.au - Australia
Debut Hong Kong Fair Makes Its Mark
HONG KONG--The inaugural edition of the Hong Kong International Art Fair, also called ART HK 08, marked a high point in the city's increasingly important spring sales season, coming after the blockbuster Sotheby's auctions in early April and just days before the gavel falls at Christie's on May 24.
ARTINFO - New York,NY,USA
New York Tribal Arts Show Returns to Its Downtown Roots
NEW YORK--The New York International Tribal & Textile Arts Show, which took place May 15-18, has been around under various names since 1995.
ARTINFO - New York,NY,USA
Christie's to Offer The Niall Hobhouse Collection in London
The collection, offers works of art that epitomize the captivating taste of Niall Hobhouse, whose family has had strong links with India since the 19th century. Individual estimates range from £500 to £300,000 and the sale is expected to realise in excess of £1.5 million.
Art Daily -
Can Berlin's biennial answer the city's old questions?
International exhibitions are trying to connect with the communities around them, but the Berlin Biennial raises questions of loss, memory and identity with no easy answers
guardian.co.uk -
Colin Gleadell rounds up the latest developments in the art market
Do New Yorkers have something against Banksy? At Sotheby's last week, there were cheers when the British graffiti artist's painting Sale Ends Today, estimated to fetch $600,000, failed to sell.
Telegraph.co.uk -
Freud, Bacon Works May Fetch $19.6 Million at London Auction
``Bacon and Freud have always been expensive because their works are actually quite rare,'' said Gerard Faggionato, the London-based dealer who represents the Bacon estate. ``Russians are interested in them and there are far more American collectors than there were five years ago.''
Bloomberg -
Scaled-Down Art Moscow Draws No Shortage of Wealth
ARTINFO - New York,NY,USA
Muslim Modern Masters Bring Bahrain to Florida Engaging Sharif
``We need to do more of this,'' the Bahraini banker adds as the aircraft laden with modern and contemporary Islamic art makes its final approach on a family expedition to convince Americans that the Middle East is more than a terrorist hatchery.
Bloomberg -
The "afternoon effect" for artworks
In light of this controversy, it is of interest to investigate whether or not Latin American art auctions are also subject to the declining price anomaly or the so-called "afternoon effect" . Mostly neuroeconomics at work, namely that we are more excited by new offerings than by familiar offerings.
Marginal Revolution
Osian's and Citibank join hands to offer Art Advisory Services
Osian's Connoisseurs of Art, India's pioneering art and cultural institution has joined hands with Citibank (India), one of the world's leading international banks, to offer Art Advisory Services to their clients.
Equity Bulls - Chennai,Tamil Nadu,India
The Modern Gets a Trove From Corporate Collection - New York Times
The corporate collection has been assembled over 30 years by Donald B. Marron, chairman of UBS America. He is a passionate collector who spends considerable time scouring galleries, auction houses and artists' studios.
Tuesday, 20th May 2008
Art sales: super-rich send prices soaring
The contemporary art market looked stronger than ever at the New York sales last week. Overall, Sotheby's, Christie's and Phillips de Pury & Co generated just over $980 million (£502 million), which is the highest total for any series of auctions.
Telegraph.co.uk -
Collecting Contemporary Chinese Art
28th May talk by MOCA Assistant Curator Rebecca Morse.
UCLA International Institute -
Monday, 19th May 2008
Global economy faring better than widely feared, but dark clouds ...
"Any blue skies you see are likely to be short-lived," said Paul Kasriel, director of economic research at Northern Trust in
International Herald Tribune - France
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