This week's Art Collecting and Investment news...
Posted on May 18, 2008 at 3:48 PM.
Sunday, 18th May 08
You're the Top
But the air is thin up there. Few artworks had multiple bidders, indicating that the auctioneers had aggressively presold the works to interested parties, but that there's not a broad underpinning of the market at these lofty levels.
Conde Nast Portfolio, NY
Osian's, Citibank join hands to offer art advisory services
MUMBAI: 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.
Economic Times, India
Art market faces jittery times
Art, he says, particularly the blue chip art from the auction houses, can offer investors a measure of stability not easily found in fly-by-night tech stocks or risky derivatives."Title is clear, ownership is clear, what you have is clear. How one sells it is clear.
International Herald
Saturday, 17th May 08
Roman Abramovich brings home the $86.3m Bacon and the $33.6m Freud
London-based Russian billionaire Roman Abramovich is the mystery buyer of Francis Bacon's Triptych, purchased from Sotheby's at $86.3m, as well as Lucian Freud's Benefits Supervisor Sleeping, 1995, from Christie's at $33.6m.
The Art Newspaper
16th May 08
With record Sotheby's sale, art market keeps booming
"The secondary art reaffirms how the art market is doing overall," said Aldo Castillo, 51, a Chicago art dealer. Sotheby's results show that art has kept its value even as times are bad, he said, with buyers likely seeing it as a better investment as the real estate and stock market suffer losses.
CNNMoney.com
History Repeating?
Own your space, as Cooper, Andrea Rosen, Larry Gagosian, Lawrence Luhring and Roland Augustine and others in
Art meet brings fraternity together
India 's first art summit is happening in
Economic Times,
15th May 08
Sotheby's red-hot auction
May 15 - Francis Bacon's "Triptych" sold for $86 million, a
record for an auctioned contemporary work of art. Wednesday's auction
was the best sale ever in the history of Sotheby's in any category worldwide.
Fred Katayama reports from New York.SOUNDBITE: Tobias Meyer, Sotheby's
After Tate dispute, graffiti artist makes the capital his canvas
For his
Independent -
Art market faces jittery times, despite Monets
ArtTactic Ltd., an independent art market research company, has found a troubling sign. Its data shows confidence in the art market fell by 37 percent between May 2007 and November 2007, the most recent data available. The biannual survey is based on the perceptions of about 160 art professionals.
cbs4denver.com, CO
Indian art not yet a global brand
Ministry of culture and government-backed art institutions have ignored opportunities for Indian art to be showcased at art events globally. One example being the Venice Biennale 2007 where
Economic Times - Gurgaon,
$25 Billion and Counting
Auction sales are what one dealer calls the "visible part of the iceberg." But how big is the rest of it? According to dealers, auction house experts, and other advisers, the private art market is exponentially larger--fueled by increasing demand from the emerging markets.
ArtNewsOnline
Bacon Triptych Auctioned for Record $86 Million
A 1976 triptych by Francis Bacon brought $86.3 million on Wednesday night at Sotheby's, becoming the most expensive work of contemporary art ever sold at auction and a retort to doomsdayers predictions.
New York Times -
From Berlin to Miami, the world's best cities to buy art
Welcome to Art Basel, the prestigious contemporary art fair that, on June 4, will open its doors to inaugurate its 39th year. Each spring a who's who of art world movers and shakers descends on
National Post,
May 14 2008
Contemporary Art: As Strong as Ever
Bursting art bubble? What bursting art bubble? The Christie's sale last night looked for all the world as though it was taking place at the height of the party: not only did it bring in a very impressive $348 million, but 70% of the buyers were American.
Conde Nast Portfolio - New York ,NY ,USA
Biennial of Contemporary Art at La Criée Centre for Contemporary Art
Art Daily - USA
Fontana, Manzoni & Burri in the Milan Modern & Contemporary Art ...
MILAN- Following the extraordinary success of Milan Sotheby's auction on 8th April, with the complete sale of the 146-lot private collection of contemporary art from 1953 to 2003, the next auction, scheduled for the 27th May in Milan, offering among others, a beautiful group of works by 'Post War' artists.
Art Daily -
Modern-day dandy (and his associate Felix the Cat) is Turner prize ...
Judges for the Turner prize, the UK's most important contemporary art award, yesterday revealed this year's four shortlisted artists as Runa Islam, Goshka Macuga, Cathy Wilkes and Mark Leckey. None of the artists is very well known and none can be easily compartmentalised.
guardian.co.uk -
A defier of convention
Robert Rauschenberg, the multifaceted artist who pioneered a new sense of openness and unlimited possibility in American painting, sculpture, photography and printmaking, died Monday at his home in
Artist Robert Rauschenberg dies at 82
Rauschenberg was widely regarded as a principal bridge between Abstract Expressionism in the 1950s and Pop art in the 1960s, but he did not subscribe to any narrow doctrine. His work also influenced the emergence of Neo-Dada, Minimal, Conceptual, Post-minimal, Process and performance art.
Memories of Rauschenberg: 'A giant among artists'
"He was one of the great artists of our century, and he opened art to all the other artists," Elyse Grinstein said. "He gave them permission to use everything in the world. Everything they saw around them could be part of the art."
. . . But Will His Market Hold Up?
"generally speaking, there is no direct surge in prices immediately after an artist's death. In fact, I recall when Warhol passed away his market froze. Collectors held onto his works and galleries stopped their shows," says Laura Paulson.
Wall Street Journal -
Block party: Broad Contemporary Art Museum
LOS ANGELES - All the stars turned out for the official opening of
Independent -
US buyers drive Christie's $350 million modern art sale
NEW YORK (Reuters) - A Lucian Freud painting sold for $33.64 million at Christie's art auction on Tuesday, shattering the record for a piece by a living artist.The British painter's 1995 portrait of a nude woman sleeping on a sofa, "Benefits Supervisor Sleeping," sold for just under its high presale estimate of $35 million.
Reuters -
Contemporary art sale nets $348.26 million
A close-up painting of a ring by Roy Lichtenstein which suffered from a double handicap for a Pop Art work - it was small and it was painted in black instead of being highly colored - graciously managed a whopping $3.4 million.
International Herald Tribune -
Lucian Freud nude sets new world record at auction
A 1952 Mark Rothko painting sold for more than 50 million dollars (32 million euros). Several works by Andy Warhol sold well, notably "Double Marlon" (1966), that fetched over 32 million dollars (21 million euros).
AFP
Gap turns T-shirts into an art form
Poland gets its first contemporary collection
Cologne-based, Polish-born art dealer Rafael Jablonka. Mr Jablonka has loaned the 50 works for 18 months, with a view to lending them permanently to the museum. The works will remain Mr Jablonka's property during his lifetime and no payment has been made by the museum.
Art Newspaper -
No Slowdown Evident at Christie's Art Auction
Perhaps the week's biggest seller is Peter Brant, the newsprint magnate. Seeking funds to buy a paper mill, he consigned works to both Christie's and Sotheby's and in return received about $100 million guarantees
