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Nic’s Top Ten Photos from PurePhoto – artmarketblog.com

admin — Fri, 16 Sep 2011 19:35:17 +0000

Nic’s Top Ten Photos from PurePhoto – artmarketblog.com

Being the big fan that I am of photography and of the online fine art photography marketplace, PurePhoto.com, I thought I would tempt fans of the Art Market Blog with my top ten favourite photos from PurePhoto. If you like what you see then check out http://www.purephoto.com where you can see more great photos.

Hope you enjoy !!!

Concrete Tree by Jeremy Cowart

My 2011 New Years resolution was “more personal work”. Little did I know it would be with an iPhone. I went on a volunteer trip with Hope International during the 1-year anniversary of the Haiti earthquake. In between shoots for Hope, I randomly started shooting with my iPhone and quickly became interested in the possibilities. I found that the iPhone gave me better access to my surroundings. Sometimes a big DSLR can intimidate people or draw a scene so the idea was to document everything in a subtle, respectful way and the iPhone allowed for just that.

View here:

http://jeremycowart.purephoto.com/#/image/262/3031

life.despite by Katerina Bodrunova

life’s everywhere. even if it shouldn’t be. even if you don’t expect it somewhere. even death somehow could be a start for the new life.

View and purchase here:

http://bodrunova.purephoto.com/#/image/370/4020

Quarter Horse by Ryan Phillips

I shot this image at Long Hollow Ranch in Terrebonne, Oregon in the winter of 2009. I had never seen freezing fog before and it doesn’t happen often. It is simply amazing!

Everything is covered in white but you can still see the organic shape and structure of the ground and trees as it is covered in fog not snow. Fog comes into the low lying valleys and if the temperature drops below freezing while that thick layer of fog is hanging, it just freezes and sticks to everything.

This print was recently printed 14 feet across by 7 feet high and hangs in the home of Wayne and Janet Gretzky. The print is face mounted to glass and backed with 1/8 inch aluminum di-bond. It is the only printed piece of this image currently in existence.

View here:

http://ryanphillips.purephoto.com/#/image/55/9916

Pool – Durango, Co. by Tom Fowlks

digital C-print

40″ x 51.5″ ed. of 9
30″ x 38.6″ ed. of 12
20″ x 25.7″ ed. of 25

These photographs were made while wandering throughout the often untraveled backroads of the west, in search of a more real America than the one most of us are familiar with. By taking smaller highways and exploring forgotten towns, I found that America is a place with a sense of poetic beauty and grandeur. Perhaps these photographs will serve as a vehicle for a type of cultural self reflection, to know that our country has more than golden arches, strip malls and track homes. America has character and lots of it!

View and purchase here:

http://tomfowlks.purephoto.com/#/image/430/4589/store

Flash-Lit Portrait of Cheetah by Paul Souders

Africa, Kenya, Masai Mara Game Reserve, Flash-lit portrait of Adult Female Cheetah (Acinonyx jubatas) resting on savanna.

View and purchase here:

http://paulsouders.purephoto.com/#/image/407/4357

Hospital Ward II by Yuri Mader

Ellis Island Selected Works : Artists Statement

Objects of dreams and desires, I had long hoped to photograph there. When the chance came, the crumbling ruin was more daunting than I imagined, an endless maze of dank and decay, dead birds, musty smells, and asbestos dust. Yet it is beautiful, filled with strange objects, ghosts flickering in windows and on the walls. A museum of dust.

My photographic work explores issues of race, exile, and American identity. The child of European refugees, I was inspired by my family tragedies to search for universal meaning in stories that often divide more than they unite. Language and self-knowledge, patriotism and shame, timelessness and mortality; all are concurrent themes that run through my work.

View and purchase here:

http://yurimarder.purephoto.com/#/image/126/1401

Monk of Abuna Yemata Guh by Joel L.

Abuna Yemata Guh, Ethiopia

View here:

http://joeyl.purephoto.com/#/image/141/1818

6 1 by Andrei Baciu

This photo belongs to my Winterly Haiku series. This group of photos won a highly commended distinction in Digital Camera Photographer of the Year 2010. The motto of the series reads as follows: “Maybe sometimes the meaning of a photograph doesn’t reside in transcending the one thousand words’ border. Not at all, but, exactly on the contrary, a photo may well fulfill it’s goal by simply suggesting that, be it from time to time, moving closer to the gentle fields of silence represents a higher wisdom. By taking and, especially, making the photos above, their author began to remember. He began to remember that, in order to hear properly, what he needed first was a fruitful quietness.”

View and purchase here:

http://andreibaciu.purephoto.com/#/image/105/1131

jacob_hessler-5 by Jacob Hessler

View and purchase here:

http://jacobhessler.purephoto.com/#/image/2170/19755

Encrucijada by Juan Baraja

View and Purchase here:

http://baraja.purephoto.com/#/image/241/2747

**Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of http://www.artmarketblog.com, writes the art column for the magazine Antiques and Collectibles for Pleasure and Profit and contributes to many other publications.

Exposing the Chinese Art Market With 6 Questions Pt. 1 – artmarketblog.com

admin — Fri, 01 Jul 2011 01:59:46 +0000

Exposing the Chinese Art Market With 6 Questions Pt. 1 – artmarketblog.com

Q1. The records from the recent Christie’s fine modern paintings sale (31 May), along with records from China Guardian Auctions Co. from the 2009 Autumn sale onwards, show that auction house estimates have become little more than conventional additions rather than indicative price guides. Your thoughts? Are price estimates for works being suppressed and, if so, why do you think this is the case?

Nic’s Answer: Estimates are a tricky affair. An estimate that is too high will put buyers off and an estimate that is too low will cause buyers to wonder why the estimate is so low. Even though an estimate is nothing more than an educated guess as to what the object might be likely to fetch, the psychology is similar to that of retail pricing. If a customer goes into a shop and the price appears too high for a product they will likely look for a different product that offers better value for money or look elsewhere for a better price for that product. If the price is too low the customer will likely become suspicious as to why the price is so low and will either question the quality and condition of the object to ensure it is worth buying before they make the purchase, or will avoid the product all together.

Although the estimate will often have very little or no bearing on the price that people can bid and subsequently purchase the work for (ie. bidding much lower than estimate and purchasing the object for much lower than the estimate), the psychology of the art auction is such that the estimate is often viewed as much more of an indicator of value than it really is. The problem this creates is that auction houses are therefore able to use the estimate as a powerful and influential marketing tool that has the potential to seriously affect the perception that potential bidders have of a particular work of art and influence the way they bid.

One of the main problems with the explosion in demand for the work of many contemporary, modern and historical Chinese artists is that interest (or the level of interest) in their work from a market perspective is relatively new and without precedent. What this means is that there is very little or no past data (ie. gallery prices, auction prices) to use as a basis for the creation of estimates for many of the artists whose work is appearing at auction. Looking at the work of ZHANG DAQIAN, for example, artprice.com shows that 3578 of his watercolour paintings have been auctioned since 1991 with almost half of those works appearing at auction since the beginning of 2009. That means that the same number of works by ZHANG DAQIAN were auctioned in the last two and half years as were auctioned in the 18 years prior to 2009. Such an unprecedented level of demand generated in such a short time period is bound to cause problems for the auction market of an artist’s work. Considering that some contemporary artists who have no auction track record at all are achieving prices at auction that are usually the sole domain of famous master artists, the inaccuracy of auction estimates is hardly surprising.

It is always in the best interest of auction houses to keep estimates lower rather than higher to encourage competition and bidding but I do not think that auction estimates are being suppressed any more than they usually are. At the end of the day auction houses are businesses whose primary goal is to make money and as such they really have no obligation to present accurate estimates. The use of auction estimates as a marketing tool is something that has been going on for a long time and is perhaps just more apparent due to the media scrutiny of the prices being paid for works of art by Chinese artists.

Q2. (A tricky one..) Are the works themselves worth the prices being paid?

Nic’s Answer: The true “value” of an artist’s work is something that is developed over a long period of time and is primarily a reflection of – among other things – their cultural and art historical importance, the influence that they have had on their chosen genre and medium, and the results of critical review. As an artist’s career progresses through the various stages of development the dollar value of their work also develops and progresses. Prior to appearing at auction, artists usually sell their work through private commercial galleries which helps create a stable and justifiable price point for their work. One of the problems facing the Chinese art market is that China has an underdeveloped private gallery system that cannot support the number of contemporary artists being thrust into the limelight at such a rapid rate. Many Chinese contemporary artists are skipping the private gallery stage of their career and going straight to auction which makes the value of the work much more unstable and unjustifiable over the long term.

What makes valuing works of art so difficult is that there are two types of value that are especially relevant to the Chinese art market. The first value is the true artistic value of the work of art and the second value is the prestige and social status that comes with owning a piece of expensive fine art. Are the works of art being sold worth what people are paying for them from a market/artistic value? The answer would have to be no for two reasons, the first of which is that many Chinese buyers are being driven by a desire for social status and prestige. Secondly, many of the artists whose prices are being driven to extreme heights do not have the career credentials to justify the prices being paid. Are the works of art being sold worth what people are paying for them from a social status/prestige perspective? The answer to the question would depend on what effect the work of art has had on the social status and prestige afforded to the owner. Only the owner can answer this question as there is no way of qualifying or quantifying the value of social status and prestige.

Because the value of social status and prestige cannot be qualified or quantified, and because such value is in no way inherently attached to the work of art, the likelihood of the massive prices being paid for works of art by Chinese artists remaining at the level they are currently at is very low.

To be continued…….

Greek Financier Wins Picasso’s Lover in Art Auction Stoush – artmarketblog.com

admin — Mon, 27 Jun 2011 19:21:33 +0000

Greek Financier Wins Picasso’s Lover in Art Auction Stoush – artmarketblog.com

Greek financier Dimitri Mavrommatis added to his already impressive art buying history on the 21st of June when he purchased Picaso’s Femme assise, robe bleue at Christie’s London Impressionist and Modern Art sale for £17,961,250 against an estimate of 4,000,000 – 8,000,000. Bidding like a man yet to be informed of the Greek economic crisis, Mavrommatis held off several other determined bidders to come out the victor taking Picasso’s mistress as his spoils of war. Not the first time that he has made a move on one of Picasso’s women, Mavrommatis purchase a painting of Picasso’s wife Jaqueline from Christie’s New York in May last year (2010). Again paying well over the expected price, Mavrommatis took home Picasso’s Femme au chat assise dans un fauteuil for $18 million against an estimate of $10-15 million. Considering that Macrommatis is a member of rival auction house Sotheby’s advisory board, he has sure spent a lot of money at Christie’s. Again feeding what appears to be a penchant for anatomically askew females, Mavrommatis plonked down 11.8 million pounds at Sotheby’s in June of 2010 for Matisse’s 1928 Moroccan interior Odalisques jouant aux dames which had an estimate of 10-15 million pounds.

Having amassed a great collection of old master and modern paintings from the early 1990′s onwards, many of which were purchased from London dealer Richard Green, Mavrommatis sold 17 paintings from his collection in 2007 through Sotheby’s who sold them for just over 8 million pounds against an expected total of only 3 million pounds. Again employing the services of Sotheby’s to sell items from his collection of important french furniture and Sèvres porcelain that was housed in his Chester Square, London house – the sale of which prompted the clear out – Mavrommatis once again profited substantially from the sale. According to Sotheby’s :

“Furniture and Works of Art from the Collection of Dimitri Mavrommatis on July 8 (2008) in London attracted strong competition from the all corners of the globe, realizing the extraordinary sum of £10,410,600 ($20,535,950) against a pre-sale estimate of £5.5/ 8.7 million. No fewer than 80 of the 85 lots offered found buyers, with the majority of lots sold achieving prices well in excess of the pre-sale high estimate. The top lot in the sale was an Important and Rare Large Gilt-Bronze-Mounted Chinese Black and Gold Porcelain Pot-Pourri Vase and Cover (the Gilt-Bronze Louis XV, circa 1745, the Porcelain Qianlong, 1736-1795), which sold for £2,169,250 ($4,279,063) – far exceeding its pre-sale estimate (“in excess of £1 million”), and establishing a new auction record for a piece of mounted porcelain.”

Studying the habits of connoisseur collectors such as Mavrommatis is a great way of learning how to develop a collection. Mavrommatis is a man who obviously knows what he wants and makes sure that he gets it as long as the spoils are top quality works by famous artists. By focusing on the very best examples of the artists and artisans that he is interested in, Mavrommatis has been able to profit significantly from his collecting efforts over the last few decades.

Images:

1. Femme assise, robe bleue by Picasso

2. Femme au chat assise dans un fauteuil by Picasso

Towards a False Art Market Globalisation pt. 1 – artmarketblog.com

admin — Thu, 17 Mar 2011 13:46:33 +0000

Towards a False Art Market Globalisation pt. 1 – artmarketblog.com

One of the things that I find particularly interesting about the current progression of the art market is that although it is often said that the internet has globalised the art market, I often come across circumstances where geographical and cultural boundaries still have a major impact on the way people perceive and interpret the value of an artist’s work. One such artist whose work appears to have been affected by such boundaries is the now deceased German artist Hannah Hoch. The event that alerted me to this issue was the March 9 2011 Impressionist and Modern Art auction held by Christie’s in New York where two works by Hannah Hoch achieved prices that were way above the estimates. The first work, a paper collage titled ‘Konstruction’, fetched a massive $104,500 against an estimate of $10,000-15,000 and was also the highest price of the auction. Another Hoch work in the same auction titled ’5 + 6′ also blitzed its $4,000-6,000 estimate finally selling for $68,500. These phenomenal results really piqued my interest in Hoch’s work, which led to me conducting further research into Hoch’s auction price history. What I found was particularly interesting and led me to make some rather interesting conclusions about the art market that I will reveal later.

If the two Christie’s results had been random anomalies there would not be anything to write about, however, there is a clear trend of estimate busting prices. But this is no ordinary trend. This is a trend that is very much a result of geographic and cultural boundaries. You see, very few works by Hoch appear at auction outside of Germany compared with the number of works that appear at auction within Germany. When works by Hoch do appear outside Germany in one of the major English speaking Western art market centres such as America or England, there is bound to be considerable interest. Christie’s have a record of having sold a total of 19 works by Hoch since 1991. Of those nineteen, five have sold for well over the assigned estimate. The most recent two are those that I mentioned above. Previous to those there was a new auction record set for Hoch by Christie’s in 2007 when ‘Mechanischer Garten’ sold in New York for $824,000 against an estimate of $8,000 – $12,000. Another work sold by Christie’s during 2007 fetched $217,000 against an estimate of $120,000 – $160,000. Going further back, Christie’s sold a work by Hoch for £22,000 in 1992 against an estimate of £10,000 – £15,000. Sotheby’s have sold even fewer works by Hoch than Christie’s with records showing a total of two works passing through their auction rooms. Of those two, one was a collage titled ‘Portrait Gerhard Hauptmann’ which sold for £67,200 against an estimate of £8,000—12,000 in London on the 18th of October 2000.

To be continued………..

image:

Hannah Hoch (1889-1978)
Konstruction
signed with initials and dated ‘H.H. 21′ (lower right)
paper collage on paper
10 1/8 x 13½ in. (25.6 x 34.2 cm.)
Executed in 1921

Avoiding a 2011 Art Market Armageddon – artmarketblog.com

admin — Sun, 13 Feb 2011 13:14:43 +0000

Avoiding a 2011 Art Market Armageddon – artmarketblog.com

Don’t get me wrong, I am very glad that the art market has rebounded so quickly, but I am also extremely concerned about the way the art market is progressing. As I have mentioned many times before, the long term stability and viability of the art market is dependent upon the existence of a certain level of connection and interaction with the cultural sector, as well as certain level of participation from connoisseurs and collectors (as opposed to trophy hunters). Time and time again we see the art market take a dive when the value of art becomes so disconnected from the cultural and art historical value of the artists and their work that the only justification for the prices being paid is related to social status and egotism. At some point in the progression of an art market boom the purchase of fine art turns into nothing more than a game of one-upmanship – a game where a group of the super wealthy compete with each other to see who is ultimately going to be the biggest fool. As much as the super rich like spending money, there is always going to be a point in time when even they think that the prices are too high and have to pull out leaving one lucky punter with the “biggest fool” award.

Although the internet has had a positive effect on the art market, there is also the potential for the internet to further distance the connection between the cultural/art historical value of a work of art and the price being paid for a work. Think of it this way: the less exposure and interaction one has with the work they are purchasing, the less opportunity there is to analyse, assess and criticise those works. This leads to a very concerning situation where mediocre works by well known artists are being sold for prices that are way too high – a situation that I am all too familiar with. An indicator of the increasing level of disconnection between the buyer and the object is the reported increase in online bidding by Christie’s. According to a recent Christie’s press release:

“In 2010 online bidding via Christie’s LIVE^TM continued to deliver a large number of winning bids and new registrants. Over a quarter (28%) of Christie’s clients now bid online, a 5% increase on 2009 and the total value of lots sold online rose 69% to $114.4 million including premium.”

Add to this the recent launch of the first major online only art fair, the VIP art fair, and the new record for a work of art sold at any online art auction set by Saffronart in December 2010 with Arpita Singh’s ‘Wish Dream’ which fetched an extraordinary $2.24 million, and one can begin to see the impact that the internet is having on the art market. 2010 was a big year for the online art market that saw investors and collectors make progress into unchartered territory where they had previously feared to tread. That final leap of faith that had previously prevented the purchase of big ticket items online has finally been taken, and has really opened the flood gates. But at what cost?

Even more of a concern is the recent launch by a Chinese organisation of an online exchange for trading shares in works of art. Although many have talked about starting such a venture, no-one has been able to come up with a successful model – up until now. The market, operated by the government-backed Tianjin Cultural Artwork Exchange, is considered a financial innovation by the Tianjin municipal government. According to a Chinese government website:

“As we are told, the greatest highlight of TCAE is “trading of artwork shares”, namely public market trading based on the shares of the property right owned after the subject matter is evenly divided into certain shares. The cultural artwork can be traded through the e-platform of the exchange after being divided into shares. Investors can extend investment channels through investment in artwork shares.”

Also getting on the fine art share stock exchange bandwagon is a French company called A&F Markets who launched their exchange in January of this year. According to a press release:

“As of today, our clients will be able to see the first selection of artworks on the market, the price and volume of the shares available, discover how the marketplace works and what it offers and finally open an Art Exchange account in order to be the first to buy shares,” confirmed Pierre Naquin, founder of A&F Markets.”

Continuing on the subject of art investment, another sign that the art market is regaining its boom time momentum is the emergence of a new art investment fund. Emirates NBD, the UAE’s largest bank, announced at the beginning of February that they would be starting a new art investment fund as a means of tapping into the $10 billion Middle East art market. Clients will also be offered art investment advice from London based The Fine Art Find Group who have partnered with Emirates NBD.

Another worrying trend that has emerged during the first round of 2011 major art auctions is a noticeable resurgence in the interest of the work of artists who are boom time trophy hunter favourites such as Francis Bacon, Bridget Riley, Damien Hirst, Chris Ofili and Lucien Freud and others. Although it appears that buyers are remaining relatively conservative when it comes to purchasing works by these less “secure” artists, it is likely that it will not be too long before those irrational and indiscriminate demons rear their ugly heads. I also start to get worried when Surrealism takes centre stage because of the way the market approaches surrealist art. You see, Surrealism has become a sort of novelty movement that people like because it is unusual and intriguing. Unfortunately, few people understand Surrealist art and even fewer people want to understand it. Although the Surrealist art movement is a very intellectual movement, the complexity of the philosophies behind it tend to put most people off trying to understand the meaning behind Surrealist works of art.

When demand for Surrealist works increases dramatically I tend to think that the market is once again seeking trophy works of art that provide that instant visual gratification as opposed to an approach to the purchase of works of art that focuses more on scholarly and connoisseurial factors. Both Christie’s and Sotheby’s held sales during February that included a strong contingent of Surrealist works with Christie’s going as far as to hold a separate “Art of the Surreal” sale alongside their February 9 Impressionist and Modern Art sale. Christie’s held their big sale the night before Sotheby’s and got the ball rolling with a new auction record set for a work by Pierre Bonnard and a new auction record for a work by Dali. Although Christie’s set the Surrealist bar very high, Sotheby’s replied with a new auction record for Dali with ‘Portrait de Paul Eluard’ thus beating the Dali record set by Christie’s the night before. The price paid for the ‘Portrait de Paul Eluard’ was also a new auction record for any Surrealist work of art which gives Sotheby’s Surrealism bragging rights over Christie’s.

I wish I could say that I have confidence in the direction that the art market is heading, but recent events just can’t be ignored. As long as buyers continue to buy discriminately, there shouldn’t be a problem. I somehow, however, doubt this will be the case.

The Top 2010 Art Market Trends – artmarketblog.com

admin — Thu, 03 Feb 2011 20:46:06 +0000

Due to overwhelming demand I have posted the entire Top 2010 Art Market Trends series in one post. Hope you enjoy !!!

Top 2010 Art Market Trends Pt. 1 – artmarketblog.com

‘Venus of the Rags’ by Michelangelo Pistoletto

1. Arte Povera: The Arte Povera trend that took hold in 2010 has more to do with the concept of “Arte Povera” as opposed to the actual artists involved in the movement. The trend also extends to the work of other artists whose work embodied the concepts of Arte Povera such as Art Brut artists and naive artists. Without a doubt this has been the most dominant and most visible trend of 2010.

According to the Tate Modern website:

“The name (Arte Povera) means literally ‘poor art’ but the word poor here refers to the movement’s signature exploration of a wide range of materials beyond the quasi-precious traditional ones of oil paint on canvas, or bronze, or carved marble. Arte Povera therefore denotes not an impoverished art, but an art made without restraints, a laboratory situation in which any theoretical basis was rejected in favour of a complete openness towards materials and processes”

The glossy, blingy art that has dominated the market for years has given way to a desire for the more gritty and raw work of artists such as Lucio Fontana, Helio Oiticica, Michelangelo Pistoletto, Jean-Michel Basquiat, Alighiero Boetti, Piero Manzoni, Jean Dubuffet etc. The un-primed slashed canvases of Fontana, the graffiti style of Basquiat, the artist’s shit of Piero Manzoni and the unusually textured canvases of Dubuffet all represent artists who took a stand against the commercialism of the art market – a stand that collectors have taken up as they turn their back on the current commercialism of the art market.

Interestingly, the Tate Modern opened galleries dedicated to the Arte Povera movement in May 2009. According to a Tate press release “The central space of the new Energy and Process wing will be devoted to a selection of works made by artists in the 1960s and 1970s. The term Arte Povera was coined by the art critic Germano Celant to describe the activities of Italian artists who used the simplest means to create poetic statements based on everyday life. Seen as a reaction against the commercialism of the art market, the work demonstrated a keen appetite to use commonplace or ‘poor’ materials and new processes.”

2. Naive Art: The naive art trend is closely related to the Arte Povera trend with work produced by “naive” artists often resembling the work of Arte Povera artists. The work of artists who produce work in a naive style such as Basquiat, Dubuffet and Antonio Ligabue has proven to be extremely popular of late with many auction records being broken. A new auction record for Ligabue, one of the most famous 20th century naive artists, was set on the 24th of November 2010 when his ‘Autoritratto, olio su faesite’ sold for €152,000 against an estimate of €50,000-70,000.

3. Latin American Art: Although there was a general trend towards nationalistic and culturally representative art, there has been a particularly strong global increase in the popularity of Latin American art. Funnily enough, many of the artists that I associated with the concept of Arte Povera also have connections with Latin America such as Basquiat who has Haitian roots, Fontana who was born in Argentina, and Oiticica who was born in Brazil. What is also interesting is that many of the world’s most popular and influential naive artists also have a connection with Latin America.

A good example of the growing interest in the work of Latin American artists of both the past and present is the continuing success of the PINTA Latin American art fair. Although 2010 was only the fourth edition of the fair there was plenty of evidence to suggest that there is more than enough demand to support a dedicated Latin American art fair. Auction wise, 2010 saw new auction price records for many Latin American artists including: Jorge Jiminez, Helio Oiticica, Adriana Varejao, Julio Galan, Omar Rayo, Julio Le Parc, Wilfredo Lam, Alejandro Otero, Alfonso Michel and many others.

4. Sculpture: The resurgence in the interest of the work of classical style and modernist bronze sculptors, particularly those who work in metal, is somewhat of an odd and puzzling trend. There is, however, an increasing interest being shown in the work of sculptors such as Barbara Hepworth, Rembrandt Bugatti, Alberto Giacometti, August Renoir and Matisse. Christie’s set the benchmark at the beginning of 2010 when they set a new auction record for Giacometti, and a new record for a work of art sold at auction, when they sold the Alberto’s life-size bronze sculpture titled ‘L’Homme Qui Marche I’ for 65 million pounds. Proving that the Giacometti record wasn’t a fluke, Christie’s again made headlines in June when they sold Modigliani’s modernist sculpture titled ‘Tête’ for 43.2 million euros in Paris – an auction record for the artist. In November a new auction record was set for Matisse when Christie’s sold the artist’s ‘Nu de dos, 4 etat (Back IV)’ bronze sculpture for a $48.8 million. Although Christie’s appeared to dominate the metal sculpture trend, Sotheby’s also made some significant contributions with outstanding prices achieved for a range of bronze sculptures by Dame Barabara Hepworth and Rembrandt Bugatti.

5. Nationalistic Art: The beginning of the sentimental art market era, which I have written about extensively on my blog, has influenced a shift of focus towards the work of artists whom collectors can relate to on a cultural or generational level. Artists whose work is iconically representative of a particular era or culture are being pursued by collectors of that culture or era. The stark and sterile work of the contemporary art market boom combined with the faceless commercialism of the modern world is heavily responsible for what I believe to be a yearning that many art collectors and investors have to revive in themselves a sense of culture and place. As I wrote in my previous post “When art collectors or investors seek safety and familiarity they are most likely to gravitate towards works by artists from the era and culture that they have the greatest connection to. This would explain the large number of seemingly unrelated trends that emerged during 2010 many of which involved previously unfashionable styles and movements that are distinctly associated with a particular era or culture.”

Top 2010 Art Market Trends Pt. 2 – artmarketblog.com

There is really not just one dominant “art market” that one can refer to anymore. Once upon a time when one referred to the art market they were generally referring to the global leaders England and the USA, with perhaps the French market included depending on who you talked to and what their allegiances were. Now, however, there are so many more highly influential markets emerging on a regular basis that it has become extremely difficult to trace, track and predict art market movements – not totally impossible though. My last post focussed on the art market trends that I have seen emerge during 2010, which were identified primarily from observing auction sales throughout the year. With this post I want to look a bit further into those trends and the reasoning behind them.

The arte povera trend that I mentioned in my previous post on art market trends is not exclusive to the auction world. Some of the world’s top contemporary galleries are exhibiting works that have obvious ties with the concepts and characteristics that one associates with the Arte Povera movement – in particular the use of found objects. For instance, the Barbican Gallery recently held a special exhibition of work by Damian Ortega, a Mexican artist who has strong associations with the White Cube gallery, which consisted of a number of installations using found objects. New York’s Gagosian Gallery chose to use one of Rauschenberg’s ‘Combine’ paintings, a series of works that incorporate found objects and reproduced images, as the feature image of their Rauschenberg show that finished in November 2010. In fact, the first three works of the exhibit were from the artist’s ‘Combine’ series. Since September Hauser and Wirth have exhibited a sculpture by Martin Creed titled ‘Work No. 700’ (2007), three progressively slimmer steel I-beams balanced on top of each other. Creed’s steel girders are left in their used, practical state, which once again fits in with the “found object” trend.

If I can divert back to the auction market for a moment, the January 11-12 2011 Christie’s sale of items from the estate of Dennis Hopper included a particularly interesting array of works that perfectly reflect the current market trends that I have been talking about. A range of junk assemblages by George Herms, an artist who many consider to have been overlooked by the art world, attracted a particularly high level of attention and sold for several times the estimate. The Hopper sale also included a noticeably high number of collage works – another trend that I consider an extension of the “found object” trend. A “found object” collage by Bruce Conner titled ‘Picnic on the Grass’ took the third highest price of the auction reaching a fantastic $96,100 against an estimate of $10,000-$15,000. According to the Christie’s press release “Conner was a key artist in the development of assemblage art, a movement of found-object sculpture that critic Peter Plagens defined as “the first home-grown California modern art.” Hopper’s collection boasts several Conner works, including this multi-layered work that employs fabric, printed paper, plastic, string and even an acorn”. A verifax collage by Wallace Berman proved popular finding favour with a US buyer who paid $42,500, going well beyond the $12,000 to $18,000 estimate. Also included in the sale were collages by Viggo Mortensen and Llyn Foulkes; a collage by Lyn Foulkes titled ‘The Scene that is God’s Mouth’ was purchased by the Hammer Museum in Los Angeles.

Collages also proved popular on the gallery side of the market during 2010 with Gagosian Gallery holding an exhibition of discarded object sculptures and photographic collages by Nancy Rubin from June to July. Victoria Miro extended their exhibition of renowned collage artist Tom Lubbock who passed away less than a month after the exhibition closed. According to the gallery website, “Tom Lubbock died on Sunday 9 January 2011. In tribute to him Victoria Miro Gallery will reopen his exhibition on Saturday 15 & Saturday 22 January. This exhibition of beautifully crafted paper collages, provides the first opportunity to see a small selection of works made weekly by Tom Lubbock for the Saturday edition of The Independent between 1999 and 2004”.

The current fascination and focus on the 2D and 3D versions of “found object” assemblages tells us more about the market than you may realise. Erik Davis gave an excellent explanation of the allure of found objects in an article he wrote titled ‘The Alchemy of Trash, the West Coast of Spiritual Collage’. According to Davis:

“Duncan (Robert Duncan) praises the outsider artist, who goes against the grain, risks height, ignores dogma. This is all part of our “alternative” myth these days, but it remains to be seen whether the margins still exist — culturally, economically, spiritually — that could allow such creative feats to flourish. Juxtaposition has become an advertiser’s art. Trash is not the same thing today, in our belated self-conscious world of thrift-store savvy, mediated hipster rebellion, and omniverous collector mania. Before you know it, it’s on Ebay. Many of us still hear the spiritual call of redemptive refuse, of glimmers, junk, and “bits of beauty.” But it remains to be seen whether we can join the ranks of those who, in Ginsberg’s howling words, “dreamt and made incarnate gaps in Time & Space through images juxtaposed…”.

In a world that is so obsessed with material possessions, and that is so influenced by commercialism, it is inevitable that there will be times when the world becomes disillusioned with this particular path of progression and the objects associated with it. In my opinion the false, shallow and impersonal nature of the material world we live in is more than enough reason for collectors to want to seek works of art that represent a more idealistic and romantic approach to life. The familiar nature of works that are constructed of “found objects” is one reason that such works have greater appeal during times of disillusionment and disenchantment. As far as I am concerned it makes sense that a work constructed of familiar “found” objects would quite easily evoke a sense of nostalgia and sentimentality in many people and, as I have mentioned in previous posts, the familiar brings a sense of comfort and confidence to people during times of uncertainty.

The work of artists who are influenced by, or who produce work in line with, the concepts adopted by the Arte Povera movement, can also act as a sort of escapism that transports the viewer to another world that Erik Davis describes in his article ‘The Alchemy of Trash, the West Coast of Spiritual Collage’ as:

“a life authentically rooted in the noncommercial margins of bohemia, a magic circle of art and fellowship and esoteric romanticism that transmuted the objects and images it embraced”.

The inauthentic, sterile and commercialistic path that the art market tends to take during heady times of blissful ignorance will always come to a grinding halt when people are forced to face facts and return to reality. Works that embody the concept of arte povera, such as “found object” collages and sculptures, have an authenticity and spirituality that is extremely difficult to ignore unless one has been blinded by the glitz, glamour and sheen of the modern material world. Thankfully, the veil of commercialism and materialism has been lifted allowing these often shunned works to be experienced in all their glory – if only for a short period of time.

To be continued…………

image:

George Herms
Song for Hope
ca. 1986

Top 2010 Art Market Trends Pt. 3 – artmarketblog.com

Although 2010 saw a plethora of cities all over the world emerge as centres of cultural and artistic production, one of the most interesting locations of art market growth during 2010 was none other than the city of Los Angeles. The opening of a new building at the LACMA, the naming of Jeffrey Deitch as the new head of the LA MOCA, the sale of the LA based Dennis Hopper estate and other major events that took place during 2010 have taken the LA art scene to new heights – a climb that some say will soon elevate the LA art scene above the NY art scene.

If you have read my last couple of posts on the art market trends of 2010 you will know that one of the strongest trends that I identified from 2010 was a focus on work that was clearly influenced by the concepts and characteristics of arte povera. One of the most significant auction sales of arte povera style work in 2010 was the sale of the Dennis Hopper estate which, as I mentioned above, was an LA based estate. Ïnterestingly, we already we have a connection between the arte povera trend and the LA art scene. To explain the connection between the LA art scene and the arte povera trend further I need to take a slight detour and take a look at the different ways that dealers can approach the sale of fine art.

When a dealer decides to open a new gallery or take on a new market, there are several options that they have when it comes to deciding how they are going to approach that market. The options are:

A. Discovering and promoting emerging young talent

B. Selling the work of well established and highly recognisable artists

C. Reviving and promoting the work of artists from the past who were either overlooked or just not considered worthy at the time they were most active.

The market for emerging talent in LA is obviously flourishing, as is the market for the work of famous LA artists such as Hockney and Ruscha, which leaves option C as the option with the most potential for dealers. Art critic Mat Gleason recently wrote a piece for the Huffington Post titled ‘The Ten Most UNDERRATED Los Angeles Art World Stars’ ( see article here: http://www.huffingtonpost.com/mat-gleason/the-ten-most-underrated-l_b_684359.html ). What made me particularly excited to find this article was the fact that three of the artists were artists that produced work that fits in perfectly with the arte povera trend; the second connection between the LA art scene and the arte povera trend. The current progression of this trend suggests that these three artists – George Herms, Lynn Foulkes and Michael C. McMillen – will begin to get the recognition they deserve as dealers continue to look for “new” artistic talent to promote in the form of overlooked artists from the past.

One of the reasons that LA is such an important location for the arte povera trend is the strong connection that LA has with artistic movements and cultural trends that relate strongly to the concepts and characteristics of arte povera. An influential beatnik trend that emerged in LA during the 50’s and 60’s was partially responsible for one of the most significant arte povera related (even though it appears to have predated arte povera) art trends to emerge in LA – the California Assemblage movement. According to the Laguna Art Museum website:

“Historically speaking, California Assemblage art was most prominent in the 1950s and 60s. The California Assemblage movement was born out of the Beat Generation of artists and poets, and George Herms was an active participant. Herms, whose work dates back to the early 1950s, is seen as one of the last living luminaries of the California Assemblage movement. Herms’ reclamation and reverence for the found object, along with his appreciation and use of entropy as an active and constant force operating on it, are the tools he uses to transform the detritus of our society into his artworks.”

The connections that I have made over the last few posts between arte povera, assemblage, collage, Latin American art and the LA art scene show that art market trends are more than just random coincidences. This particular trend has become so influential because of the strengthening and emergence of several markets around the world that have a strong connections with cultural and artistic traditions that can linked to the concepts and influences that resulted in the emergence of the arte povera movement and associated styles.

image:

Llyn Foulkes
Dali and Me, 2006
Mixed media
33 x 26 in. (83.8 x 66 cm)
Hammer Museum, Los Angeles

Top 2010 Art Market Trends Pt. 1 – artmarketblog.com

admin — Fri, 07 Jan 2011 21:23:29 +0000

Top 2010 Art Market Trends Pt. 1 – artmarketblog.com

'Venus of the Rags' by Michelangelo Pistoletto

According to the Tate Modern website:

The Most Revealing Art Auction Investigations – artmarketblog.com

artforprofits — Sun, 26 Dec 2010 22:30:21 +0000

The Most Revealing Art Auction Investigations – artmarketblog.com

Over the years many very interesting and revealing investigations into the inner workings of art auction houses have been conducted by journalists. Having read most of the results of these investigations myself, I thought that it would be useful to provide a list of what I believe are the most informative and educational investigations to have been published in recent times. If you are wondering at this point whether I hold some sort of grudge against art auction house then I can assure you that I don’t. Most of the problems that have arisen with the art auction sector have originated from either one person or a small number of people who think that they are invincible and take things too far.

1. Halsey Minor, an internet tycoon and art collector, recently contacted me regarding a post I wrote on the sins committed by art auction houses. Minor contacted me to inform me that he had recently launched an appeal against the summary judgement ruling in favor of Sotheby’s in their breach of contract action against him. As well as informing me of the appeal, Halsey also provided me with a copy of the now publically available appellate brief for this case which you can view here:

https://docs.google.com/viewer?a=v&pid=explorer&chrome=true&srcid=0B8p8DAKg7zgqYjAyN2YwOGItNGY3My00YzNjLTkxMjEtZmI5NjdkMDQwYTBh&hl=en

You can also see the papers from the ruling in favour of Sotheby’s here:

http://www.scribd.com/doc/29409086/Sothebys-v-Minor-Judgment

Although I cannot comment on the appeal as it is still being processed, I would urge everyone to read both sides of the case and make up their own mind.

2. In 2008 an Australian television program called Four Corners conducted an investigation into the actions of several major Australian auction houses. Below is a link to a very interesting interview with Paul Sumner, the owner of Australian art auction house Mossgreen:

http://www.abc.net.au/4corners/content/2008/s2316296.htm

3. The biggest scandal to hit the art auction world was the commission fixing scandal involving Sotheby’s and Christie’s that surfaced in 2000. See a particularly revealing investigation by the NY Times here:

http://www.nytimes.com/2000/10/08/us/secret-partners-unraveling-conspiracy-private-files-fuel-art-auction-inquiry.html?pagewanted=1

4. In 2004, Forbes magazine published an article titled ‘Dirty Secrets of the Auction Houses’ which is well worth taking a look at:

http://www.forbes.com/2004/07/09/cz_mr_0709soapbox.html

5. The Wall Street Journal published an interesting article in 2008 that looked into the way auction houses report their results:

http://online.wsj.com/article/SB122670620372529693.html

6. The Economist published a particularly insightful article in November that investigated several issues with the November 2010 Phillips De Pury ‘Carte Blanche’ sale:

http://www.economist.com/node/17551930

No Related Posts

How to Avoid Dirty Art Auction Tricks – artmarketblog.com

artforprofits — Tue, 21 Dec 2010 04:14:39 +0000

How to Avoid Dirty Art Auction Tricks – artmarketblog.com

Having focused my last few posts on the issues surrounding the questionable practices of some art auction houses, I thought it important to let people know how they can avoid becoming a victim of dirty art auction tricks and tactics. The only real way to avoid becoming a victim of the art auction houses is to ask questions and to know which questions to ask. Below is a list of questions, and the reasoning behind each question, that will ensure that you know exactly where you stand.

Seven questions every buyer should ask before bidding on a work of art:

1. Does the auction house or anyone associated with the auction house have an ownership interest in the work of art I am thinking of purchasing?

(The reason you should ask this question is that if an auction house has an ownership interest in a work of art you should question whether this would have an effect on the way the auction house markets and presents the work of art in question – as well as the final price. Auction houses are required to indicate in auction catalogues when they have an ownership interest in a work of art.)

2. Is the auction house employee who is advising me on my purchases also representing the seller of the works they are advising me on?

(The reason you should ask this question is that it is not unknown for a specialist assigned to a particular client as an advisor to be representing the seller of the works they are advising the buyer to purchase. If you are assigned an expert advisor by an auction house make sure they are not representing the seller of the particular works you are interested in.)

3. Is there any doubt regarding the authenticity or provenance of the works of art I am interested in purchasing?

(The reason you need to ask this question is that auction houses are not always forthcoming with information regarding authenticity. It is worth while making sure that you are getting what you are paying for.)

4. Who has authenticated the works of art I am interested in purchasing, what qualifications do they have and what evidence was the authentication based on?

(The reason you need to ask this question is that auction houses have been known to justify the attribution they make using less than reliable information.)

5. When were the works of art I am interested in purchasing last consigned to an auction and what was the result?

(The reason that you should ask this question is that auction houses are not always forthcoming with information regarding the consignment history of a work of art. Auction houses have been known to sell the same work of art a number of times within a short period of time and not disclose this information to buyers. It is important to know this information as it is likely there is reason that this has occurred. It is also important to know this information because a work of art being passed in at auction can gain a stigma that can reduce the value.)

6. Does the auction house allow the auctioneer to bid in his own sale?

(It should be obvious why one needs to ask this question, and yes, some auction houses to allow the auctioneer to bid on their own sale.)

7. What is the condition of the works of art I am interested in purchasing and has a condition report been completed on each work?

(Auction houses are not always forthcoming with information regarding the condition of a work of art. It is generally expected that buyers will inspect a work of art themselves and will be aware of the condition of the work of art. If you are not able to assess the condition of a work of art then hire an expert.)

Halsey Minor Battles Sotheby’s Again – artmarketblog.com

artforprofits — Tue, 14 Dec 2010 12:10:31 +0000

Halsey Minor Battles Sotheby’s Again – artmarketblog.com

In my previous post I made reference to a court case involving CNet founder Halsey Minor who sued Sotheby’s in 2008 for allegedly failing to fully declare when they had an ownership stake in works that they sold him. Sotheby’s won the case and were awarded $6.64 million in outstanding debts. I mentioned that I was not aware of whether Minor had appealed the decision – well, just after publishing this post, I received an email from Halsey Minor to inform me that he had in fact made an appeal on the 24^th of November 2010. Minor will be hoping for another positive outcome like the one he received when he sued Christie’s in December 2008 for waiting too long to return some of his art after failing to sell the works on his behalf, and not returning the works when they said they would. Minor won the case against Christie’s and was awarded $8.5 million which was the calculated drop in value that the works in question experienced while in Christie’s possession. According to Minor in an email sent to myself: “in 8 hours a jury found Christie’s guilty of Fraud, Theft and Failure to Honor a Contract and awarded me $8.5 million”.

As the appeal against Sotheby’s is still being processed I cannot comment on the case, but I would like to revisit the case Minor won against Christie’s. The reasoning behind Christie’s holding the paintings by Richard Prince that Minor had consigned to Christie’s, but had failed to sell, was that Minor owed Christie’s $12 million at the time for works that he had purchased through the auction house. Christie’s essentially held the Prince paintings to ransom in the hope that they would be able to recoup some of the money that Minor owed them. Unfortunately for Christie’s, this was not an ethical means of encouraging Minor to pay them what he owed, and was what essentially won the case for Minor. Christie’s also had a $1.5 million breach of contract counterclaim for when Minor declined to pay for work that he had purchased at auction which Christie’s won. Mind you, the win for Christie’s was no-where near as significant as Minor’s win.

At the end of the day one expects a reputable and highly respected business like a major auction house to act ethically, morally and legally at all times regardless of how their clients act. Although I would never condone illegal or immoral action by a client of an auction house, considering the number of clients that the large auction houses deal with it is almost inevitable that some of them will not play by the rules. A major auction house, on the other hand, should never be seen to conduct their business in a way that breaches ethical, moral or legal boundaries – yet there is plenty of evidence that they have. What is even more disturbing is that the auction houses are so powerful that even the most discrediting mud seems not to stick.

To be continued……..

Art Market Blog - artmarketblog.com » art

Nic’s Top Ten Photos from PurePhoto – artmarketblog.com

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