Christie’s, Phillips de Pury and Sotheby’s have had a stellar few weeks producing new auction records for a long list of artists including Mark Rothko, Ai Weiwei, Roy Lichtenstein, Edvard Munch, Alexander Calder, Jackson Pollock, Yves Klein, Gerhard Richter and Cy Twombly. Included in those artist auction records was the record price for any contemporary work of art at auction achieved by Rothko’s Orange, Red, Yellow which sold for close to $87 million at Christie’s as well as the $120 million auction record for any work of art set by Munch’s The Scream.

Amongst the hype surrounding the record prices achieved for the big names of the contemporary and modern sectors were records achieved for less well known artists that are actually more important and more revealing than those of the big name art market heroes. All the auction records achieved by big name artists reveal is that the art market is experiencing a boom period whereas the auction records achieved by lesser known artists give a more specific indication of current tastes and trends.

One of the most significant auction records for a lesser known artist was the new auction record set for Nigerian born artist El Anatsui during Bonhams 10 May 2012 5 p.m. New York Contemporary Part 1 auction. The record was achieved with the artist’s immense tapestry of flattened bottle caps titled Harbinger (found aluminum and copper wire 133 7/8 x 157 1/2in. 340 x 400cm) which sold for US$ 722,500 inc. premium against an estimate of $700,000-900,000. Harbinger was donated by Anatsui to the auction in aid of the Missing Peace Project as were a number of works by other artists. The previous auction record for El Anatsui was achieved by Sotheby’s in 2008 when a similar work to Harbinger titled Healer realised £349,250 ($605,180) against an estimate of £180,000-250,000.

The only other highlight of the Bonhams sale was the US$ 116,500 inc. premium achieved by a Vik Muniz print of Maria Callas from the artist’s Diamond Divas series. Another work from the same series this time depicting Ava Gardner was sold a day later by Phillips de Pury for the same amount. Apart from the record achieved for Anatsui, the Bonhams sale as a whole was pretty disappointing with 14 of the 22 works offered failing to sell.

The Anatsui record is one of a number of records that indicate the rise of a market for works by artists whose work is comparable to that of the most famous contemporary and modern artists but costs much less.  With prices for the world’s most desirable artists reaching ridiculous heights there is an opportunity for younger artists to be discovered by the market and older artists who have perhaps been overlooked by the market to experience the recognition they perhaps always deserved.

Anatsui’s work has that same decaying, fractured, brutalist aesthetic often seen in Anselm Kiefer’s large mixed media works.  At less than half the price that a major Kiefer mixed media work would fetch at auction, Anatsui’s work is a veritable bargain.

Fancy a Lichtenstein but don’t have a spare 10 million?  You could have bought a major work by Nicholas Krushenik – an undervalued one forerunner of the pop art movement – at Phillips de Pury’s 11th May Contemporary Art sale for a mere $86,500.  The $86,500 paid for Krushenik’s 60 Seconds, 1970 was an auction record for the artist.

Don’t want to pay millions for a Warhol painting?  Once again at Phillips de Pury’s 11th May Contemporary Art sale you could have bought  Study for Warhol Flowers, 1971 by Elaine Sturtevant for $278,500 against an estimate of $60,000-80,000.  Sturtevant is an American based artist who has achieved recognition for her works that consist entirely of copies of other artists’ works.

Not keen on paying several million for an Ed Ruscha painting?  Adam Mckewen’s Untitled (Dead), 2003 is a perfect substitute sold at the same Phillips de Pury sale for $164,500 (another artist auction record) against an estimate of $25,000-35,000.

images:

El Anatsui (born 1944)
Harbinger, 2012
found aluminum and copper wire
133 7/8 x 157 1/2in. (340 x 400cm)
Sold for US$ 722,500 inc. premium

NICHOLAS KRUSHENICK
60 Seconds, 1970
acrylic on canvas
50 x 40 in. (127 x 101.6 cm)
Signed and dated “Nicholas Krushenick, 1970″ on the reverse.
ESTIMATE $40,000-60,000
SOLD AT $86,500

ELAINE STURTEVANT
Study for Warhol Flowers, 1971
synthetic polymer paint and silkscreen ink on canvas
22 x 22 in. (55.9 x 55.9 cm)
Signed and titled “Study for Warhol Flowers, Sturtevant” on the reverse.
ESTIMATE $60,000-80,000
SOLD AT $278,500

ADAM MCEWEN
Untitled (Dead), 2003
acrylic and aluminum paint on canvas
29 x 41 1/2 in. (73.7 x 105.4 cm)
Signed and dated “A. McEwen 2003″ on the reverse.
ESTIMATE $25,000-35,000
SOLD AT $164,500

**Nicholas Forrest is a Sydney/London based art market analyst, art consultant and writer.  He is the founder of the Art Market Blog (artmarketblog.com) which offers independent commentaries as well as research and analysis on the current art market, and has recently been published in Fabrik magazine, Verve magazine, Visual Art Beat magazine, Australian Art Collector magazine, Art & Investment magazine and many others.  Nic has made several radio appearances (both nationally and internationally) as an art market expert and has received press from the likes of the New York Times, Conde Nast Portfolio and Times of London.

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I have written about self-taught of “outsider” artists before but was prompted to revisit the topic after sensing an increase in the attention being shown to a number of self-taught “outsider” artists from both an art historical/curatorial perspective and an art market perspective.

Just this week at the Armory art fair it was reported that Ricco/Maresca gallery sold a work by the late self-taught artist Martin Ramirez who spent most of his life in mental hospitals in California. The work in question, a 90-by-36 inch graphite, tempera, and crayon on brown butcher paper titled “Madonna”, is rumored to have sold for more than $400,000. Ricco/Maresca gallery has championed and showcased the art of self-taught masters working outside the art-historical mainstream since it was founded in 1979.

During Sotheby’s Paris Collection Florence Loeb ­- Sources et Affinités sale on the 5th of April a number of drawings by the crazy (insane asylum crazy) yet visionary French playwright, poet, actor, theatre director and self-taught artist Antonin Artaud sold for well above estimate. The top price of the sale went to an Artaud self portrait which sold for 2,136,740 EUR against an estimate of 500,000-700,000 EUR.

Phillips de Pury have championed the work of a number of self-taught artists including Phil Frost, a US based self-taught artist who emerged from an underground New York art scene in the 90′s.  Frost’s  Thunderwhisper, 2004 sold for a staggerint $116,500 against an estimate of $30,000 – 40,000 during the Phillips de Pury March 8 2012 Under the Influence sale of contemporary art.

According to Phillips de Pury:

“Self-taught artist, Phil Frost, harnesses aspects of urban culture, abstraction, tribalism, and modern design to fashion his unique portfolio of work. Incorporating painted walls, graffiti, and collage as well as found objects and imagery to craft his large scale pieces- Frost fuses many different mediums to create elaborate masterpieces for the Contemporary Art scene”.

During another recent Phillips de Pury sale a number of works by the self-taught Hungarian-born photographer André Kertész were offered for sale including the artist’s Fishermen Behind Notre Dame, Paris, 1925 which fetched $37,500 against an estimate of $30,000-50,000. As a self-taught photographer, Hungarian-born André Kertész mastered the art of photographing at a young age, claiming, “Instinctively I began to compose; I learned to perceive the moment”.

In his book ‘groundwaters: a century of art by self-taught and outsider artists’, published in 2011, Charles Russell states that there are “our understanding of self-taught and outsider art must account for two discordant facts: works of significant visual achievement and meaning are created by individuals who are not trained as artists and may not even consider their creations to be art; and that some viewers — usually those familiar with our culture’s “mainstream” tradition of art — see these unexpected objects as works of art but struggle to account for them within the customary artworld terms”.

image:

PHIL FROST
Thunderwhisper, 2004
mixed media on wood in 21 parts
96 x 229 in. (243.8 x 581.7 cm)
ESTIMATE $30,000-40,000

SOLD AT $116,500

**Nicholas Forrest is a Sydney/London based art market analyst, art consultant and writer.  He is the founder of the Art Market Blog (artmarketblog.com) which offers independent commentaries as well as research and analysis on the current art market, and has recently been published in Fabrik magazine, Verve magazine, Visual Art Beat magazine, Australian Art Collector magazine, Art & Investment magazine and many others.  Nic has made several radio appearances (both nationally and internationally) as an art market expert and has received press from the likes of the New York Times, Conde Nast Portfolio and Times of London.

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As I am writing this post I receive an email from Bonhams with the headline “BONHAMS OFFERS UNIQUE 17th CENTURY “MUGHAL MIRROR DIAMOND” NECKLACE FOR PRIVATE SALE – NECKLACE HAS ASKING PRICE OF US $20 MILLION”. According to the email “One of the most important and valuable pieces of Mughal jewellery ever seen on the market is being offered for private sale at Bonhams. The early 17th century Mughal Mirror Diamond necklace, made up of five pendant diamonds with emerald drops has an asking price of US$20m.”

Even more public is the Christie’s Private Sales website which can be found at http://www.christiesprivatesales.com. Featuring an online gallery of available works as well as details of selling exhibitions organised by Christie’s, the christiesprivatesales.com site is an impressive advertisement for Christie’s Private Sales. According to the website, “Private Sales has been an integral part of the Christie’s offering since 1766. Today, Christie’s Private Sales continues to provide out top global clients unparalleled service to meet their diverse and growing collecting needs. Our worldwide specialists, who are experts in their categories, will work one on one with you to advise on Private Sales strategies and your collecting needs.”

Both Sotheby’s and Christie’s have been focusing on increasing their share of private art sales over the last few years with both companies dabbling in the private gallery sector. Christie’s announced earlier this year that it sold $808.6 million of art and collectibles privately last year which is an increase of 44 per cent on the previous year.  Sotheby’s reported 2011 private sales of $814.6 million which was an increase of 65% over the previous year.

Phillips de Pury have a private sales section on their website and opened a New York retail shop at their flagship 450 Park Avenue galleries in March last year.  Another Phillips de Pury pop-up shop will open at the famous Claridge’s hotel in London which will sell unique works, limited-editions and prints by artists and designers such as Max Lamb, Martino Gamper, Michael Anastassiades, Tauba Auerbach, Faye Toogood, Bethan Laura Wood, David David, Snarkitecture, Brunno Jahara, Humans Since 1982, Victoria Wilmotte, Jonathan Muecke, Oevffice, and Ben Adams.  The shop will be open from the 11 May – 13 June 2012 and the 2-17 July 2012.

In an exciting move for the French art market the French government lifted their ban on private-treaty sales by auction houses last year after vigorous lobbying from Christie’s, Sotheby’s and others in the face of equally vigorous attempts to prevent the change by French art dealers who stand to lose sales.  The lift on the ban was effective as of September 2011.

**Nicholas Forrest is a Sydney/London based art market analyst, art consultant and writer.  He is the founder of the Art Market Blog (artmarketblog.com) which offers independent commentaries as well as research and analysis on the current art market, and has recently been published in Fabrik magazine, Verve magazine, Visual Art Beat magazine, Australian Art Collector magazine, Art & Investment magazine and many others.  Nic has made several radio appearances (both nationally and internationally) as an art market expert and has received press from the likes of the New York Times, Conde Nast Portfolio and Times of London.

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The number of websites that facilitate the online sale and purchase of fine art has increased significantly over the last few years as collectors and investors become more confident in the ability of online art sales portals to provide a sufficiently high level of service, quality art, security and peace of mind.

High-end online art sales portals such as Blacklots, Artnet Auctions, Christie’s, Paddle 8, Saffron Art and Artprice Auctions have emerged as leaders of the online art market due mainly to the reputation and influence of the people involved in the development of these websites.

In this series of interviews, Nicholas Forrest, owner of the Art Market Blog, talks to some of the most influential leaders of the online art market about the future of online art sales and the development of the online art market. In this, the fourth interview of the series, Nish Bhutani, COO of Saffronart, discusses the business of selling fine art online from India.

1.  Has the online market for fine art matured to a point where stand-alone ventures relying on the sale of online art are a viable option?

In our twelfth year of operation, having relied entirely on online sales of art, yes, we believe the market for fine art is mature enough for this to be a viable option. Recently, however, there have been several new entrants to the online art space, each with a unique business plan and model of operation. It will be interesting to see how the market supports these ventures – we are thrilled to see this level of activity in the space.

2. How would you rate your success?

Since Saffronart was founded in 2000, we have seen our online business expand and evolve considerably. In addition to auctioning several works of modern and contemporary Indian art online (sight unseen), we hold several artist auction records including those for works by Jehangir Sabavala, Arpita Singh and Subodh Gupta.

3. What has been the most significant sale for you to date?

At US$ 2.2 million, Singh’s record was also the global record the highest value for a single painting auctioned online and a global record for an Indian woman artist. In 2011 we received a bid for over US$ 1 million placed using our auction application for smart-phones, almost certainly a record for mobile commerce. To date, the highest value purchase via mobile has been US$ 235,000. In 2007 our unique online model was the subject of a case study at Harvard Business School, and continues to be taught to their MBA class there.

4. We already have online art fairs, galleries and auctions; what is the next step for online art sales?

Since art is a fairly social business, I would say the next step for online sales of art would be to leverage the social media revolution and use the applications and tools it provides to engage with existing and potential clients. Another step forward we have taken is to extend our auctions to mobile devices and tablets, with not only mobile catalogues but also the only live bidding application for smart-phones like iPhones and Blackberrys as well as for the iPad.

5. How do you attract and keep online buyers of fine art?

As with any business, we attract new clients, and maintain and grow our existing client base by building trust, offering unparalleled service (both online and offline), and providing products at appropriate values. We have also found that some buyers are entirely comfortable exploring and transacting online, whereas with others there is a fair bit of offline engagement, either privately or at the regular auction previews and events we host at our gallery spaces around the world.

6. What are the characteristics of the main buyers of fine art online?

Online buyers are generally comfortable with technology and the internet. Additionally, those that purchase high end works are familiar enough with the artists and with Saffronart to making a buying decision without physically seeing the piece. No matter what, they must trust you as a business to purchase art online.

7. Which countries are the most active with regards to buying art online?

For us the most active countries are India, the United Kingdom, the United States, UAE and South East Asian nations like Hong Kong and Singapore.

8. How would you describe the current environment for online art sales

Clearly a growth area, and with a number of interesting players jumping in and new business models coming up.  We see growing comfort each year amongst online buyers of art.

9. Which mediums are the most popular with online art buyers?

I don’t believe there is a thumb rule for this, but the easiest works to get a feeling for online, and therefore the most popular, are paintings on canvas and paper and sculptures. Although we have sold installations and even video-art online, they come up for online sale less frequently.

10.  How does your company best take advantage of the online market for fine art?

We tend to think of the overall art market, rather than the online market.  But the internet is a terrific medium for reaching a large yet well targeted audience.  We do it through a combination of our website, email lists, social media and offline engagement.  But most importantly through the service we deliver.

11. What are your plans for the future?

Currently we are expanding our online platform to sell rare and high-end collectibles in addition to art. We extended our platform to Fine Jewels & Watches in 2008, prime real estate in 2010, and Modern & Impressionist Western Art and Carpets & Rugs in 2012. We have also hosted auctions of antiquities.  Other than introducing new sale categories, we have developed a new brand of 24-hour theme and genre driven auctions, amongst which our 24-hour Absolute Auctions, where artworks are sold with no reserve prices, have proved extremely successful.

We need to do a lot more in social media – truly integrate it into our online experience, rather than viewing it as a separate tool.  We will be working hard at this.

**Nicholas Forrest is a Sydney/London based art market analyst, art consultant and writer.  He is the founder of the Art Market Blog (artmarketblog.com) which offers independent commentaries as well as research and analysis on the current art market, and has recently been published in Fabrik magazine, Verve magazine, Visual Art Beat magazine, Australian Art Collector magazine, Art & Investment magazine and many others.  Nic has made several radio appearances (both nationally and internationally) as an art market expert and has received press from the likes of the New York Times, Conde Nast Portfolio and Times of London.

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The number of websites that facilitate the online sale and purchase of fine art has increased significantly over the last few years as collectors and investors become more confident in the ability of online art sales portals to provide a sufficiently high level of service, quality art, security and peace of mind.

High-end online art sales portals such as Blacklots, Artnet Auctions, Christie’s, Paddle 8, Saffron Art and Artprice Auctions have emerged as leaders of the online art market due mainly to the reputation and influence of the people involved in the development of these websites.

In this series of interviews, Nicholas Forrest, owner of the Art Market Blog, talks to some of the most influential leaders of the online art market about the future of online art sales and the development of the online art market. In this, the third interview of the series, Hans Neuendorf, CEO of artnet AG, discusses the Artnet auction model and the state of the market for online art sales.

Hans Neuendorf is regarded as one of the most successful art dealers in the world. Already in the 1960s, he had a feel for the spirit of the age, and presented many modern masters at the beginning of their careers, including Georg Baselitz, Lucio Fontana, David Hockney, and Cy Twombly. The first Andy Warhol exhibition in Germany was held at his gallery. In 1967 he was one of the founders of the first international art exhibition, Art Cologne. The aim of the exhibition was to gather geographically-separated dealers and galleries in one place, and to provide an overview of the available works on the global art market.

With his experience, Hans Neuendorf has been shaping artnet AG since 1990, becoming its main shareholder in 1992 before being appointed CEO of the Company in 1995. In 2006, Hans Neuendorf was awarded the Medal of Honor for Visual Arts by the National Arts Club in New York, in honor of his services to the international art market.

1. Has the online market for fine art matured to a point where stand-alone ventures relying on the sale of online art are a viable option?
Definitely! The artnet auctions have reached the break-even point after only 3 years.

2. How would you rate your success?
Very encouraging! Strong growth!

3. What has been the most significant sale for you to date?
A flower painting by Andy Warhol sold last fall for $ 1.3 million.

4. We already have online art fairs, galleries and auctions; what is the next step for online art sales?
The online activities will continue to grow and become commonplace within a short period of time.

5. How does you attract and keep online buyers of fine art?
Artnet has relationships with galleries and collectors worldwide because of a multitude of information services that artnet is offering to the art market participants. That is the basis of our auction business.

6. What are the characteristics of the main buyers of fine art online?
Many are new buyers, unfamiliar to galleries and conventional auction houses or without easy access to them. They are also geographically widely distributed.

7. Which countries are the most active with regards to buying art online?
US customers are leading the list. The distribution is not unlike the conventional market as might be expected.

8. How would you describe the current environment for online art sales
Vibrant!

9. Which mediums are the most popular with online art buyers?
Photography is big and so are fine prints but original works are gaining ground fast.

10. How does your company best take advantage of the online market for fine art?
Artnet emphasizes customer service and our specialists are available on the phone. This is not a hands free Internet business but is built on trust based on personal relationships with repeat customers and expertise.

11. What are your plans for the future?
Continued growth and further expansion into the high end market.

12. Anything else you would like to add?
Turnaround at artnet online auctions is only 5 weeks compared to 5 months in conventional auctions and the cost is only half!

According to Hans:

“On July 21 2011, we recorded a record price of USD 1,322,500 (including purchaser’s premium) when Andy Warhol’s Flowers was auctioned on artnet’s platform. That is the highest price ever recorded for a picture from the Flowers series, and is also the best ever price for one of artnet’s Online-Fine- Art auctions.

After Warhol, we were able to enjoy additional successes with prominent representatives of contemporary art, including John Chamberlain, Nam June Paik and Yang Shaobin. We will consistently continue this series of auctions with major artists in 2012. Both the number of bidders at auctions and also visitors to our home page recently broke new records. artnet has long been a port of call for professionals and specialists in the art business. Now it is a platform for a broad audience interested in art and artists. As a result, we are opening up not only artnet, but also the entire art market to new target groups. All age groups, all levels of education, and people from all of the world now have access to art—without any fear of contact, resentment or restrictions on access. artnet offers art for everyone”

**Nicholas Forrest is a Sydney/London based art market analyst, art consultant and writer.  He is the founder of the Art Market Blog (artmarketblog.com) which offers independent commentaries as well as research and analysis on the current art market, and has recently been published in Fabrik magazine, Verve magazine, Visual Art Beat magazine, Australian Art Collector magazine, Art & Investment magazine and many others.  Nic has made several radio appearances (both nationally and internationally) as an art market expert and has received press from the likes of the New York Times, Conde Nast Portfolio and Times of London.

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The demand for art by Israeli artists has increased significantly over the last couple of years.  In a recent post, titled Israel Takes Art Investment Seriously, I wrote about the Israeli interest in art investment and the art market.  With this post I have chosen ten Israeli artists whose work has achieved exceptional prices at recent auctions as a representation of the ten Israeli artists most worth watching from an art market point of view.

MICHAEL GROSS B.1920 LANDSCAPE

Tiroche Auction House Auction No. 144 – Israeli & International Art.

Part A- 28/01/12 at 18:30.
Including 100 Paintings from the Collection of Gaby and Ami Brown

Nachum Gutman 1898 – 1980
The Kiosk in Neva Sha’anan, 1930,
Oil on canvas, 54X65 cm.
Signed and dated.
The authenticity of the painting has been confirmed by Prof. Hemi Gutman, the artist’s son.
Estimate: $100,000-150,000
Sold: $178250

Reuven Rubin 1893 – 1974 The Way to Safed,
Oil on canvas, 60X73 cm.
Signed.
The authenticity of the painting has been confirmed by Ms. Carmela Rubin, Reuven Rubin Museum, Tel-Aviv.
Estimate: $60,000 – 45,000
Sold: $101200

Nachum Gutman 1898 - 1980 The Kiosk in Neva Sha’anan, 1930, Oil on canvas, 54X65 cm. Signed and dated.

Bonhams 29 Feb 2012 2 p.m. London, New Bond Street
Israeli Art and Judaica
Auction 19622

Ahuva (Huvy) Elisha (Israeli, born 1927)
Jerusalem wedding
signed ‘Huvy’ (lower right)
oil on canvas
100 x 200cm (39 3/8 x 78 3/4in).
Estimate: £20000 – 30000 GBP
Sold for £63,650 inc. premium

Ludwig Blum (Israeli, 1891-1975)
The Western Wall
signed, inscribed and dated ‘L. Blum Jerusalem 35′ (lower left); further signed, inscribed and dated in Hebrew (lower right)
oil on canvas
50 x 61cm (19 11/16 x 24in).
Sold for £31,250 inc. premium

Montefiore Auction House Israeli and International Art 27 March ,2012 at 20:00

ORI REISMAN 1924 – 1991
House on a Hill, 1970′s
Oil on canvas
Signed.
116X81 cm
$150000 – 200000
Sold for: $166750

MORDECHAI ARDON 1896 – 1992
Movement, 1970
Oil on canvas
Signed.
54X65 cm
$100000 – 150000
Sold for: $120750

Matsart Auctions SALE 121 ISRAELI FINE ART 28 Dec 2011 19:30

Arie Aroch
1908-1974 (Israeli, Russian)
Painting, 1964
oil on canvas
h:80 w:130 cm.
signed and dated lower center

Provenance: Collection of Yehudit Shaltiel, Israel.
Exhibited: Arie Aroch, Tel Aviv Museum of Art, 27 February – 24 May 2003.
Literature: Mordechai Omer, Arie Aroch, Israel, 2003, p.231, pl. 7 (illustrated).
Estimate $ 120,000-180,000
Sold for $ 168,00

Yosl Bergner
b.1920 (Israeli)
Village band
oil on canvas
h:92 w:72 cm.
signed lower right, signed and titled on the reverse
Estimate $ 22,000-26,000
Sold for $ 24,000

Sotheby’s Israeli & International Art
New York | December 14, 2011

YAACOV AGAM
B.1928
THE EIGHTEEN LEVELS
signed and dated 1972
Inconel steel
108 by 144 in.
274.3 by 365.7 cm.
Executed circa 1971-1972. ESTIMATE 80,000-120,000 USD
Lot Sold: 77,500 USD

MICHAEL GROSS
B.1920
LANDSCAPE
signed in Hebrew (lower left)
oil on canvas
78 3/4 by 47 1/4 in.
200 by 120 cm.
Painted in 1961.
ESTIMATE 40,000-60,000 USD
Lot Sold: 104,500 USD

images:

PROPERTY OF A PRIVATE COLLECTOR IN ISRAEL
MICHAEL GROSS
B.1920
LANDSCAPE
signed in Hebrew (lower left)
oil on canvas
78 3/4 by 47 1/4 in.
200 by 120 cm.
Painted in 1961.

Nachum Gutman 1898 – 1980

The Kiosk in Neva Sha’anan, 1930,
Oil on canvas, 54X65 cm.
Signed and dated.

**Nicholas Forrest is a Sydney/London based art market analyst, art consultant and writer.  He is the founder of the Art Market Blog (artmarketblog.com) which offers independent commentaries as well as research and analysis on the current art market, and has recently been published in Fabrik magazine, Verve magazine, Visual Art Beat magazine, Australian Art Collector magazine, Art & Investment magazine and many others.  Nic has made several radio appearances (both nationally and internationally) as an art market expert and has received press from the likes of the New York Times, Conde Nast Portfolio and Times of London.

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The number of websites that facilitate the online sale and purchase of fine art has increased significantly over the last few years as collectors and investors become more confident in the ability of online art sales portals to provide a sufficiently high level of service, quality art, security and peace of mind.

High-end online art sales portals such as Blacklots, Artnet Auctions, Christie’s, Paddle 8, Saffron Art and Artprice Auctions have emerged as leaders of the online art market due mainly to the reputation and influence of the people involved in the development of these websites.

In this series of interviews, Nicholas Forrest, owner of the Art Market Blog, talks to some of the most influential leaders of the online art market about the future of online art sales and the development of the online art market. In this, the second interview of the series, Michael J. O’Neal, Senior Vice President and Digital Media Director, discusses the Christie’s Live auction model and the state of the market for online art sales.

Background: Christie’s LIVE™, our proprietary online bidding platform. was first launched in July 2006. Since that time, online bidding has become completely integrated into the Christie’s sale process so that clients can select from one of four ways of bidding with Christie’s at any time: in person in our salerooms, on the phone, by absentee bid, or by online bidding in real-time. Adoption of online bidding has risen steadily since its introduction, and we find that many of our clients will switch seamlessly between online and off-line bidding channels, depending on what is most convenient to them at any given moment. With the introduction of our mobile apps in 2009, Christie’s has added another level of convenience for clients who wish to preview property via their mobile phones or iPads or register to bid.

How would you rate your success?

In 2011, the online channel continued to attract new clients and prompt greater interactive engagement. Our website, www.christies.com, welcomed 77% more unique visitors than the previous year. In total 29% of Christie’s bidders transacted online (not including the online-only auction of the Elizabeth Taylor Collection). Christie’s LIVE™ drew 25% more bids than the previous year with two works of art selling online for over the $1 million mark. I think that these statistics are very indicative of the level of success we are currently experiencing.

What has been the most significant sale for you to date?

On September 16th, 2010 Christie’s sold An important and rare bronze wine vessel and cover, Fangyi, late Shang Dynasty, Anyang, 12th-11th century BC from the sale of Sze Yuan Tang Archaic Bronzes from the Anthony Hardy Collection for $3,330,500. Additionally, in December as part of the sales series dedicated to the Collection of Elizabeth Taylor, Christie’s held the company’s first ever Online-Only sale which ran in parallel to the live auctions at Christie’s New York. The two-week time-based auction was hugely successful with over $9.5 million in total sales and bidders from 25 countries around the world who competed for 973 additional items from Miss Taylor’s personal collection. In total, more than 57,000 online bids were received, as collectors rapidly drove prices from the $50 starting point up into the thousands.

How does you attract and keep online buyers of fine art?

Christie’s is a place that holds true to its traditional values while embracing innovation – all the time serving the needs and wants of collectors around the world. In the 21st century, Christie’s has lead the way for innovative auctioneering, working to ensure Christie’s expertise and sales are accessible to anyone, anywhere. In July 2006, Christie’s was the first international auction house to give clients worldwide access to bidding in its sale room over the Internet, via Christie’s LIVE™; by 2007 the system was available across all Christie’s salerooms worldwide. Since then, Christie’s have continued to invest in their digital assets, leading to the redesign of Christies.com, the launch of Christie’s iPhone and iPad apps in 2009 and 2010 — as well as Mobile website and Android app in 2010, Social media is also playing an increasingly large part in Christie’s activity, with Facebook, Twitter and Tumblr feeds attracting an ever-increasing number of followers.

What are the characteristics of the main buyers of fine art online?

Our online bidders are an extremely diverse group, including everyone from longtime clients to beginning collectors to some of the trade’s most respected dealers. Many buyers choose online participation due to the convenience of the channel as well as anonymity associated with remote bidding alongside the excitement of the virtual saleroom .

Which countries are the most active with regards to buying art online?

Part of the beauty of buying art online is presenting people from all over the world with the opportunity to bid live in Christie’s salerooms. For that reason, we are proud to have active bidders from a great range of countries, from the United States and the United Kingdom, to quickly growing markets in Brazil, Russia, India and China.

How would you describe the current environment for online art sales?

The current environment for online bidding is hotter than ever, 2011 was a record breaking year in terms of the number of online registrants, which increased 17% on 2010 and the number of LIVE bids, which increased 25% year over year. These numbers represent an actively increasing interest in this platform, which just continues to increase in popularity with every year.

Which mediums are the most popular with online art buyers?

We have active participation in all of our 80 categories, but Watches, Wine, Fine Art, Furniture and Jewelry remains some of our most popular sales for online bidders.

What are your plans for the future?

We look forward to another year of innovation around our existing web and mobile platforms, as well as continuing exploration into ecommerce and social media.

For more information on Christie’s live visit https://www.christies.com/LiveBidding/index.aspx

**Nicholas Forrest is a Sydney/London based art market analyst, art consultant and writer.  He is the founder of the Art Market Blog (artmarketblog.com) which offers independent commentaries as well as research and analysis on the current art market, and has recently been published in Fabrik magazine, Verve magazine, Visual Art Beat magazine, Australian Art Collector magazine, Art & Investment magazine and many others.  Nic has made several radio appearances (both nationally and internationally) as an art market expert and has received press from the likes of the New York Times, Conde Nast Portfolio and Times of London.

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Not since the heights of the 2007/8 art market boom have we seen the sort of prices being paid for contemporary Asian art and Korean auction houses are at the forefront of the revival.  The prices being achieved in Korea, particularly for Korean artists, signals an exciting revival of the market for works by modern and contemporary Asian artists.  Whether the revival can rival the boom of 2007/8 remains to be seen.

Korean auction house K-auction achieved the second $1,000,000 USD plus price for a Yayoi Kusama painting this year with the artist’s Infinity stars which sold for a hammer price of $1,061,897 USD at the auction house’s Wednesday, March 21, 2012 Spring sale.

Top prices were also received for:

lot# 145
Artist Zeng Fanzhi
Title Portrait
Medium oil on canvas
Size Height 59.1 in.; Width 86.6 in. / Height 150 cm.; Width 220 cm.
Year 2006
Estimate 1,000,000,000 – 1,500,000,000 KRW (884,914 – 1,327,371 USD)
Sold For 950,000,000 KRW (840,668 USD) HAMMER

lot# 29
Artist Kim Whanki
Title L’oiseau à la soirée
Medium oil on canvas
Size Height 17.7 in.; Width 33.5 in. / Height 45 cm.; Width 85 cm.
Year 1966
Estimate 500,000,000 – 700,000,000 KRW (442,457 – 619,440 USD)
Sold For 510,000,000 KRW (451,306 USD) HAMMER

lot# 30
Artist Kim Whanki
Title Untitled
Medium oil on canvas
Size Height 49.2 in.; Width 31.9 in. / Height 125 cm.; Width 81 cm.
Year 1968
Estimate 500,000,000 – 600,000,000 KRW (442,457 – 530,948 USD)
Sold For 500,000,000 KRW (442,457 USD) HAMMER

Seoul Auction also produced some fantastic results with their Tuesday 20th March 2012 Modern and Contemporary art auction at their SeoulAuction Space in Pyeongchan. Leading the way were works by Korean artists Park SooKeun, Kim WhanKi and Yoo YoungKuk. The top price of the sale went to Park SooKeun’s Women on Roadside which achieved a hammer price of $547,540.78 USD (KRW 620,000,000) against an estimate of $357,000 ~ 446,000 USD. Another work by the artist titled Mother and Son, Two Women fetched the second highest price of the sale with a hammer of $441,392.42 USD (KRW 500,000,000).

Kim WhanKi’s Untitled (1970) was another highlight of the Seoul auction sale bringing in $353,144.26 USD (KRW 400,000,000) while the $309,157.79 USD (KRW 350,000,000) achieved by Kim TschangYeul’s Waterdrops was the highest auction price achieved for the artist’s work since 2008.

images:
1. Yayoi Kusama
Title Infinity stars
Medium acrylic on canvas
Year of Work 1995
Size Height 114.2 in.; Width 205.9 in. / Height 290 cm.; Width 523 cm.
Sale of K Auction: Wednesday, March 21, 2012 [Lot 00131]
Spring sale
Estimate 1,200,000,000 – 1,500,000,000 KRW (1,061,897 – 1,327,371 USD)
Sold For 1,200,000,000 KRW (1,061,897 USD) HAMMER

2. Kim TschangYeul (1929~ )
Waterdrops
Oil on hemp cloth
196.2×130cm (120) (77.2×51.2in) | 1975
signed on the lower right

**Nicholas Forrest is a Sydney/London based art market analyst, art consultant and writer.  He is the founder of the Art Market Blog (artmarketblog.com) which offers independent commentaries as well as research and analysis on the current art market, and has recently been published in Fabrik magazine, Verve magazine, Visual Art Beat magazine, Australian Art Collector magazine, Art & Investment magazine and many others.  Nic has made several radio appearances (both nationally and internationally) as an art market expert and has received press from the likes of the New York Times, Conde Nast Portfolio and Times of London.

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The number of websites that facilitate the online sale and purchase of fine art has increased significantly over the last few years as collectors and investors become more confident in the ability of online art sales portals to provide a sufficiently high level of service, quality art, security and peace of mind.

High-end online art sales portals such as Blacklots, Artnet Auctions, Christie’s, Paddle 8, Saffron Art and Artprice Auctions have emerged as leaders of the online art market due mainly to the reputation and influence of the people involved in the development of these websites.

In this series of interviews, Nicholas Forrest, owner of the Art Market Blog, talks to some of the most influential leaders of the online art market about the future of online art sales and the development of the online art market.  In this, the first interview of the series, Minor Childers, the co-founder of online art auction site Blacklots*, discusses the Blacklots.com auction model and the state of the market for online art sales.

Nicholas Forrest: Has the online market for fine art matured to a point where stand-alone ventures relying on the sale of online art are a viable option?

Minor Childers: There are few industries left with the kind of inefficiencies that exist in this market — It’s inevitable. I hope we are the ones to do it. We launched Blacklots in April of last year. From the moment we started we have gotten a positive and engaged reaction from collectors. The global “art market” is huge and roughly 90 percent of the works out there are sold across 3600 auction houses — it’s a very segmented market. It’s an inefficient market, one of the last industries with these kind of inefficiencies — we created Blacklots in response to this.

How would you rate your success?

Since launching in April 2011, we have maintained a sell through rate consistent with the Brick + Mortars. We achieved a record price for an Elad Lassry. See our sold lots section. The response has been amazing from sellers — we receive many unsolicited consignment inquiries a day. Buyers have been surprised about how easy the post sale process is, within a short time their purchase is at their door regardless of where they or the seller is located.

What has been the most significant sale for you to date?

We have had a record sale for a single piece by Elad Lassry (see sold lots section).

We already have online art fairs, galleries and auctions; what is the next step for online art sales?

A platform that serves both the primary and secondary markets.

How does you attract and keep online buyers of fine art?

We have relied on word of mouth to this point.

What are the characteristics of the main buyers of fine art online?

Nothing consistent. We have new collectors and major collectors selling and buying on Blacklots. Collectors who want to sell their contemporary art and both new and existing collectors that want to buy contemporary art. Really on the buy side it is much broader, we are connecting not only with people familiar with this world but also people that are just getting interested and professionals like decorators that need to source multiple works quickly. The whole point of Blacklots is to be a tool, something that makes our lives easier. Blacklots allows many users access to these works that for one reason or another they do not have.

Which countries are the most active with regards to buying art online?

We have have had consignors and buyers from all over the world, but our focus has been the US. We have plans of moving into the UK and Hong Kong markets.

How would you describe the current environment for online art sales?

We are currently selling lots in the $25K and less range, however I think that there is an opportunity to sell higher priced lots. I think the current environment is full of opportunity.

Which mediums are the most popular with online art buyers?

We have sold a variety of mediums. I think types of art like urban art are more accessible for new collectors.

How does your company best take advantage of the online market for fine art?

All the new online art businesses are working in the online space but fundamentally everyone else is focused on the primary market or the gallery system. We are the only one with an auction platform solely focused on the secondary market. We offer collectors the opportunity to sell their lower priced (less than $25K) quality works. As you know, the larger B&M’s would prefer not to consign lots in this price range — It doesn’t make sense for them but it does for us.

What are your plans for the future?

Expanding the price range of our lots, moving into design and getting into the Asia Pacific and UK markets.

*Blacklots is a curated art auction platform for the resale and acquisition of contemporary art. They facilitate art transactions by providing resellers and buyers the means to find and deal directly with one another — in an expedited manner, at lower rates and with a far broader audience than traditional auction houses and dealers. Blacklots is quick, convenient, efficient, and secure — the new way to resell and purchase quality contemporary art

According to the Blacklots website, Minor Childers is an operations specialist with extensive experience in the Internet and film businesses. Most recently, as co-founder and President of Dot Eco, Childers created a partnership with Al Gore, the Sierra Club and other prominent individuals and organizations to acquire the new environmentally focused top-level domain and direct a majority of it’s profits towards fighting climate change. In conjunction with this initiative, Minor also founded the World Carbon Database, a nonprofit open resource which indexes carbon offsets and supports related offset-funded projects.

The Blacklots website can be found at http://www.blacklots.com

**Nicholas Forrest is a Sydney/London based art market analyst, art consultant and writer.  He is the founder of the Art Market Blog (artmarketblog.com) which offers independent commentaries as well as research and analysis on the current art market, and has recently been published in Fabrik magazine, Verve magazine, Visual Art Beat magazine, Australian Art Collector magazine, Art & Investment magazine and many others.  Nic has made several radio appearances (both nationally and internationally) as an art market expert and has received press from the likes of the New York Times, Conde Nast Portfolio and Times of London.

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Estimated to have an annual turnover of US$50 million dollar, the Israeli art market is fast becoming a serious player on the global art market stage. There is obviously a growing interest in the art market as evinced by the ArtFi fine art and finance conference being held in Tel-Aviv on the 21st of March as part of Tel-Aviv Art Week.

The brainchild of Tel-Avid based Art Station Gallery co-owners Shiri Benartzi and Aya Shoham, Artfi will focuse on the financial aspects of art and invites the public to experience the passion of collecting art, become acquainted with the latest financial tools available for investing in art, and gain knowledge before starting to engage in this special field.

According to the conference website, “for first time in Israel, Artfi – The Fine Art & Finance Conference, provides an arena where the burgeoning Israeli art crowd can gain an in-depth knowledge on the art world, the global trends that dominate it, and its financial aspects”.

Further evidence of Israel’s appetite for art market information comes in the form of Artrustee, a Tel-Aviv based art market analysis and research company. Founded by Dani Koren, Artrustee bridges over the art and financial worlds by increasing market transparency and providing art market intelligence through in-depth reports, analysis and today’s most updated art indexes.

According to an article written by Koren, “The passing decade brought with it important developments, such as a hike in the number of international events held here, record sales auctions and growing global recognition of Israeli art and artists”.

For further information about Artfi 2012 see:

http://artfi.co.il/en/conference.html

and for more information about Artrustee see:

http://www.artrustee.com

**Nicholas Forrest is a Sydney/London based art market analyst, art consultant and writer.  He is the founder of the Art Market Blog (artmarketblog.com) which offers independent commentaries as well as research and analysis on the current art market, and has recently been published in Fabrik magazine, Verve magazine, Visual Art Beat magazine, Australian Art Collector magazine, Art & Investment magazine and many others.  Nic has made several radio appearances (both nationally and internationally) as an art market expert and has received press from the likes of the New York Times, Conde Nast Portfolio and Times of London.

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