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Sotheby’s London Confirm Private Sales Gallery – artmarketblog.com

admin — Sat, 11 May 2013 19:56:14 +0000

Sotheby’s London Confirm Private Sales Gallery – artmarketblog.com

The Art Market Blog has obtained confirmation that Sotheby’s London will be taking a space at 31 st George Street in London that will be dedicated to hosting private selling exhibitions. In the Autumn of 2011, Sotheby’s New York launched a newly-constructed gallery space within their York Avenue headquarters, called S2.

At the time of the NY opening, Alex Rotter, Head of Sotheby’s Contemporary Art department in New York, said: “We conceived of S2 in response to frequent requests from our clients to see works at Sotheby’s for private sale as well as for auction. S2 can show works of art ranging from large-scale installations to more intimate objects, and will offer a new and exciting dimension to the Sotheby’s experience that will help us to meet this growing demand.” According to a Sotheby’s spokesperson, Sotheby’s New York has had about six shows a year since the launch.

Sotheby’s have also found success with private selling exhibitions held in Hong Kong s in their new gallery space on the fifth floor at One Pacific Place. A show of Modern Masters which included works by Picasso, etc. was well received and an exhibition of works by Yayoi Kusama held in May 2012 was nearly sold out.

**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.

Ex-Sotheby’s Heavyweights Launch New Online Art Auction Site – artmarketblog.com

admin — Sun, 05 May 2013 17:21:55 +0000

Ex-Sotheby’s Heavyweights Launch New Online Art Auction Site – artmarketblog.com

Two former high-ranking Sotheby’s employees have joined forces to launch a the online art auction venture The Auction Room, a middle-market venture catering to buyers and sellers of antiques, paintings, and other collectible items.

Founded by George Bailey and Lucinda Blythe, The Auction Room (http://theauctionroom.com) is the latest of a number of recently launched online art and antique sales sites such as Auctionata (http://auctionata.com), The Spotlist (thespotlist.com), Art Viatic (http://artviatic.com) and Blacklots (which was taken over by VIP Art) that have been developed with a focus on combining the benefits of the big name bricks and mortar auction houses and galleries with the convenience of an online buying platform.

Key characteristics of these new hybrid ventures include access to highly regarded specialists from the auction world, guarantees of authenticity, in-the-flesh preview facilities and detailed condition reports – all the services and peace of mind you would expect from a traditional auction house or gallery but with sales conducted solely online.

According to George Bailey, founder of The Auction Room, “The Auction Room is launching with a mission to provide the best possible full service auction experience to its clients. By combining cutting-edge technology with our knowledge of the traditional auction market, we are confident we can provide a new and exciting platform for specialist auction sales. We will be able to deliver real value to our clients through our ability to offer shorter auction deadlines, competitive fees, faster settlement dates, and an efficient after-auction service. Our specialist team will inspect and catalogue all the lots we offer which will be sold with our guarantee of authenticity”

To confirm identity and ensure only reputable buyers and sellers take part in sales, The Auction Room requires that identification documents be submitted upon registration. This is a smart move as it will encourage greater confidence in the security and reliability of the site and the objects being sold.

Bids will be able to be placed online for a period of 48 hours before the day of the sale following which each lot will be the subject of a 40 second real time auction on the day of the sale when further bids can be placed.

The Auction Room site is well designed and well presented and has every chance of succeeding as long as they can encourage enough bidders to take part in their sales. A slick mobile phone and tablet platform will add to the usability of the site and encourage greater interaction.

Their first sale will be a sale of Jewellery, Watches and Wristwatches, Silver and Objects of Vertu due to be held on 4th, 5th and 6th June, 2013 followed by a sale of Chinese Ceramics and Works of Art as well as Middle Eastern Contemporary Art taking place on 24th June, 2013.

In other news, Paddle8 have developed a new silent auction platform that they claim enhances and streamlines the live auction experience. The platform will provide attendee registration with bidding paddles, silent auction bidding using our beautiful iPad app, and a sophisticated post-auction dashboard for collecting payment and arranging shipping.

Christie’s Claims First Independent Art Auction in Mainland China – artmarketblog.com

admin — Tue, 09 Apr 2013 09:10:07 +0000

Christie’s Claims First Independent Art Auction in Mainland China – artmarketblog.com

Christie’s will become the first international art auction house to operate independently in China when they hold their first auctions in Shanghai beginning autumn 2013. The announcement by Christie’s comes six months after Sotheby’s were granted a license to conduct auctions in China in conjunction with the state-owned Beijing GeHua Art Company.

Steven P. Murphy, Chief Executive Officer of Christie’s says, “This development makes Christie’s the first international auction house able to directly conduct auctions in China under its own brand, and will offer collectors a more direct access to our global network and expertise. The art market continues to grow at a tremendous rate due to the burgeoning interest in art particularly in Asia and China; now Christie’s will be able to engage with our clients in Shanghai in the same way that we have done over many years in London, Paris, New York and Hong Kong.”

Christie’s has had a presence in Mainland China since 2005 when Beijing based Forever International Auction Company Limited (“Forever”) was granted a license to use the Christie’s name. Christie’s established a further presence in Mainland China in December 2012 with the launch of an art market education program in conjunction with the Shanghai based China Europe International Business School (CEIBS).

Sotheby’s to Help TEFAF Launch China Art Fair – artmarketblog.com

admin — Tue, 19 Mar 2013 19:05:50 +0000

Sotheby’s to Help TEFAF Launch China Art Fair – artmarketblog.com

How does a global art fair infiltrate a notoriously insular art market without appearing to tread on the toes of local businesses? Develop an initiative with a business that has already developed a presence in China, that’s how. World renowned art fair TEFAF have just announced that they are in discussions with Sotheby’s to explore the possibilities of developing a high-end art fair for China through Sotheby’s Joint Venture in Beijing with GeHua. According to TEFAF, “‘TEFAF Beijing 2014′ would represent a ground-breaking collaboration between a leading international auction house and the world’s most important art and antiques fair.”

The announcement by TEFAF follows the 2012 launch of a 10-year joint venture between Sotheby’s and the Chinese state-owned Beijing GeHua Art Company allowing Sotheby’s become the first international auction house to operate in mainland China. Exactly what Sotheby’s would bring to the China art fair collboration, other than an inroad into the Chinese art market, is as yet unclear.

Commenting on the announced discussions, Ben Janssens, Chairman of TEFAF’s Executive Committee, said: “It has always been TEFAF Maastricht’s aim to be responsive to global trends in the art market. We feel now is the time to further develop our presence in China, one of the most important art markets. As TEFAF has in recent years made great efforts to explore the market in China, we are excited to have agreed with Sotheby’s exclusively to explore the possibilities of a partnership with Sotheby’s Joint Venture to establish “TEFAF Beijing”. TEFAF is committed to contribute to the further growth of the market for European Art in China by facilitating a high end art market platform for Chinese collectors and international art dealers.”

Christie’s have also attempted to make inroads into the Chinese art market with the launch of an art market education program in partnership with the China Europe International Business School (CEIBS). Jointly developed and designed by CEIBS and Christie’s, The Global Art Market program will “allow participants to explore both the theoretical and practical sides of the art world by utilising a variety of teaching methods. It will provide participants with opportunities to visit world famous museums, artists’ studios and private collection rooms, and to interact with experts as they explore all facets of the art world.”

Istanbul Leads Turkish Art Market Explosion – artmarketblog.com

admin — Sun, 03 Mar 2013 18:39:49 +0000

Istanbul Leads Turkish Art Market Explosion – artmarketblog.com

Considering that Forbes magazine reports that there are 35 billionaires in Turkey (2012), it is perhaps no surprise that the Turkish art market and the market for Turkish art is developing at a rapid pace. Take, for instance, the painting by Turkish “Ecole de Paris” artist Mubin Orhon which was sold by Fine Art Auctions of Miami on the 23^rd of February 2013 for US$242,500 against an estimate of US$60,000 – 80,000 – not a record for the artist but a good result none the less.

The Turkish art market has been undergoing a transformation for the last 10 years but is has only been during the last few years that it has really emerged as an internationally significant art market. Serviced by many auction houses and art galleries, the Turkish art market is centred in the largest city in Turkey, Istanbul, which is home to the three main Turkish auction houses: Antik A.S., Bali Muzayede and Macka Mezat. The most prominent auction house is Antik A.S., a family-owned auction house founded in 1981 and run by CEO Olgac Artram.

Although Antik A.S. is by far the most revered Turkish auction house, it was a sale conducted by Macka Mezat auctions that has made headlines over the past few months. The sale in question took place on February 17 and featured works from the collection of the Istanbul Bilgi University which has been pilloried for an apparent lack of transparency regarding the sale and for not being forthcoming with details of its collection.

According to Macka Mezat auctions, “The auction dated February 17th, 2013 will offer 145 lots for sale, 69 of which belong to the collection of Istanbul Bilgi University. Out of these 69 lots, all of the 65 works of art have entered the collection of the University by direct purchase and the remaining four (lot no.1 and 22 drawings by Y.Arslan), lot no.98 Nil Yalter’s A/P edition video dated 1974) and lot no.102 an abstract composition by H.Anlı) are donations.”

Despite the controversy and the withdrawal of three works from the sale, the auction still went ahead and was a great success. The works that were of most interest to collectors were works by members of the “Ecole de Paris” group, namely Nejad Devrim, Selim Turan, Fikret Mualla, Mubin Orhon, Hakkı Anlı and Yuksel Arslan.

The top lot of the sale was Nejad Devrim’s “Abstract Composition” which sold for 1.4 million Turkish Liras (US$780,000 approx). Top prices were also achieved for a work by Yuksel Arslan which sold for 500,000 Liras (US$280,000 approx), Fikret Mualla’s “Retrospective” which sold for 160,000 Liras (US$90,000 approx) and Canan Tolon’s “Abstract Composition” which fetched 95,000 Liras (US$52,000 approx).

The next major sales of Turkish art are being held by Sotheby’s and Christie’s in April.

image: “Composition” by Mubin Orhon

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Why Works on Paper Sparked Bidding Frenzy – artmarketblog.com

admin — Fri, 22 Feb 2013 10:42:08 +0000

Why Works on Paper Sparked Bidding Frenzy – artmarketblog.com

Looking back over auction records there is a very distinct trend that links increased demand for works on paper with the peak of an art market boom. This makes sense because prices for major works by the most highly sought after artists reach a point where they are perceived as being too expensive. At this point a less expensive work on paper seems like a good alternative.

There are, of course, other factors that can influence the desirability of works on paper such as a reduction in the number of major works on the market, but the “less expensive alternative” argument is quite convincing. This does not necessarily mean that the art market is poised for a correction, but prices can only escalate at a rapid rate for a certain period of time.

The Christie’s New York 31st January Old Master Drawings auction was the most revealing sale with regards to the market for works on paper. A new outright auction record for Claude Gellée, called Claude Lorrain, was achieved with a pen and ink drawing of a wooded landscape which sold for US$6,130,500 against an estimate of US$500,000-800,000. First published in 1973 by Marcel Roethlisberger who considers it “…one of the most ravishing examples from what we call Claude’s nature drawings…” (correspondence, 3 October 2012), it was once part of the so-called Wildenstein Album which included some of the finest drawings in Claude’s oeuvre

During the same sale auction records for a work on paper were also achieved for Thomas Gainsborough, R.A, whose Portrait of Caroline, 4th Duchess of Marlborough sold for US$2,434,500 against an estimate of US$400,000-600,000; Jean-Auguste-Dominique Ingres, whose Comtesse Charles d’Agoult, née Marie d’Agoult, and her daughter Claire d’Agoult sold for US$1,930,500 against an estimate of US$1,500,000-2,500,000; Giovanni Battista Tiepolo, whose Punchinelli preparing a meal of gnocchi and parmesan cheese fetched US$542,500 against an estimate of US$300,000-400,000; and Adriaen van de Velde, whose A seated female nude made US$230,500 made against an estimate of US$120,000-180,000.

A week later during their 8 February London Impressionist/Modern Works on Paper sale, Christie’s set a new record price for a work on paper by Oskar Kokschka, with Tochter des Gauklers fetching £265,250 against an estimate of 120,000 – 180,000. A collection of Emil Nolde watercolours also far exceeded their collective pre-sale estimate.

Sotheby’s also achieved high prices for a number of works on paper. During their 5 February Impressionist & Modern Art Evening Sale in London, Sotheby’s sold a gouache and pencil on paper by Egon Schiele titled Liebespaar (Selbstdarstellung mit Wally) which set a new auction record for a work on paper by the artist with a final price of £7,769,250 against an estimate of £2,500,000 – 3,500,000. Another work on paper by Schiele sold for £5,081,250 against an estimate of £1,800,000 – 2,500,000. Both Schiele works were from the Leopold Museum, Vienna.

Sotheby’s also achieved high prices for two works on paper by Degas. A pastel on paper laid down on board titled Après le bain, femme s’essuyant fetched £7,769,250 against an estimate of £2,500,000 – 3,500,000 followed a few lots later by the artist’s Danseuse rajustant son chausson, also a pastel on paper, which sold for £4,521,250 against an estimate of £3,000,000 – 5,000,000.

image: Egon Schiele 1890 – 1918 LIEBESPAAR (SELBSTDARSTELLUNG MIT WALLY) (LOVERS – SELF-PORTRAIT WITH WALLY)

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20×200 Suspended and Haunch of Venison Abandoned – artmarketblog.com

admin — Thu, 07 Feb 2013 18:04:08 +0000

20×200 Suspended and Haunch of Venison Abandoned – artmarketblog.com

Well, what a week it has been. First of all, art dealer extraordinaire Jen Bekman is rumoured to be in the process of disconnecting herself from the online limited edition print sales website 20×200 she founded in 2007. Visiting the 20×200 reveals a message that says “we’re taking stock & making updates.” The 20×200 people refused to comment when contacted by the Art Market Blog but an email from Jen Bekman posted online by arts writer Felix Salmon reads:

“I wanted to write and give you a quick update about the changes happening at 20×200. I’m working with the board to plan the path forward and while we work out the details, we’re temporarily suspending operations. We’ll regroup + staff up again shortly, but in the interim we’ll be operating with just a few people on the team.

The second big announcement was made by gallery powerhouse Haunch of Venison who will be closing their gallery in March. An official gallery spokesperson told Art Market Blog that:

“Haunch of Venison has operated as a successful, independently managed subsidiary business since it was acquired by Christie’s in 2007. The focus for Haunch of Venison going forward will be exclusively on sales in the secondary market, and we will cease to represent artists following the close of current exhibitions in New York and London in March 2013.

“It is proposed that the gallery will amalgamate with Christie’s Private Sales, combining our strengths in the secondary market to offer clients the benefit of our combined global reach and expertise.”

What do Christie’s have to say? Well, “Following a careful review, Haunch of Venison will focus exclusively on sales in the secondary market and will cease to represent artists following the close of its current exhibitions in New York and London in March 2013,” a Christie’s spokesperson told Art Market Blog.

“Christie’s is proposing to combine the strengths of Haunch of Venison and Christie’s Private Sales in the secondary market to offer clients the benefit of our combined global reach and expertise. As a result of this proposal, the gallery in New York will close in March 2013, and the The Yard in London will become a permanent exhibition and sales space for Christie’s Private Sales.

“We have not formulated these plans lightly and unfortunately this proposed restructure will affect a number of employees at Haunch of Venison, as well as some artists represented by the gallery. We are making every effort to assist and support our colleagues, artists and friends at the gallery who may be affected during the transition.”

Stay tuned for more info!

*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.

Paddle8 Launch Changing The World Through Art Auction – artmarketblog.com

admin — Tue, 05 Feb 2013 18:26:47 +0000

Paddle8 Launch Changing The World Through Art Auction – artmarketblog.com

Changing The World Through Art is the single most important source of funding for the life-changing opera & art programming that The Time In Children’s Arts Initiative provides to some of the country’s youngest and most at-risk children as part of their regular school day. Online bidding begins Feb 4th and ends at 12 PM, Feb 18. All bids will transfer to the live event that evening at Marianne Boesky Gallery in Chelsea.

The Time In Children’s Arts Initiative brings some of the city’s youngest, most at-risk public school children out of classrooms in the South Bronx and Harlem and into the world of the living arts as part of their regular school day. A unique, off-site arts immersion combining opera, ballet, & the visual arts with museum visits, Time In’s Opera ‘N Art program fuses artistic, intellectual and emotional learning in a safe, supportive environment ensuring expression, questioning and enrichment.

Time In Children’s founder Cyndie Berthezene identifies the Jake and Dinos Chapman’s Birth of Ideas as her favourite work in the sale. “It’s so extraordinarily intricate and beautiful,” says Berthezene, “and I was blown away by their incredible generosity - I’ve never met them before. They’re not New York artists, so it really touched me that they would offer us something so extraordinarily big and beautiful. On a personal level, my heart is also very touched that Inez & Vinoodh have offered to do a photo sitting for us again as part of the auction. I was one of the leading photographers’ agents in New York in the infamous 80s, so I know my photography, and I & V are simply the best, most imaginative photographers out there.”

The about-to-finish FORECAST 13 auction is also worth a look. Their third themed auction, FORECAST 13, runs until February 6th at 5 pm EST. The sale is a nod to the year ahead on Paddle8, with works offered from the categories of contemporary art, photography, neo-pop, post-war editions, and works by today’s leading Indian and Chinese artists. The auction is a collaboration with the Brooklyn Academy of Music (BAM), to which Paddle8 will donate a portion of its commissions from sales. Included in the sale are works by Richard Prince, Damien Hirst, Franz West, and Diane Arbus.

image: The Birth of Ideas, 2012/2013 by Jake and Dinos Chapman

A More Mature American Art Market Emerges, Pt. 2 – artmarketblog.com

admin — Wed, 30 Jan 2013 18:00:15 +0000

A More Mature American Art Market Emerges, Pt. 2 – artmarketblog.com

As I wrote in my last post, over the last year or so the American art market has shown significant signs of development and maturation evinced by a greater focus on the work of artists (painters mainly) active during the early to mid 20^th century whose work is characterised by patriotic subject matter and a more traditional and poetic aesthetic.

Further evidence of this significant market shift took place throughout 2012. One of the most significant examples of this trend was the new record for the most expensive item sold to an online bidder at any international auction house recently set by Christie’s with American realist painter Edward Hopper’s October on Cape Cod which sold for $9.6 million.

During the same November 2012 American Art sale Charles Ephraim Burchfield’s Golden Dream sold for $1,202,500 against an estimate of $300,000 – $500,000 and an early Ashcan-style realist painting by Stuart Davis titled City Snow Scene sold for $1,202,500 against an estimate of $400,000 – $600,000.

Yet another painting by Charles Ephraim Burchfield – a noted watercolour artist who is relatively unknown outside of America – sold at Christie’s in May 2012 for $206,500 against an estimate of $100,000 – $150,000. Small New York-based auctioneers Swann Auction Galleries also found success with Burchfield, selling a small painting by the artist titled Hot Morning for $42,000 against an estimate of $15,000 – 20,000 during their 15 November 2012 American Art/Contemporary Art sale.

The patriotic paintings of Norman Rockwell have also proven popular over recent months. During Sotheby’s 20 November 2012 American Art sale the artist’s The Muscleman sold for $2,210,500 against an estimate of $600,000 – 800,000. Another painting by the artist titled Doctor and Doll fetched 1,874,500 against an estimate of $500,000 – 700,000.

All the above auction sales confirm that the American art market is undergoing a metamorphosis characterised by an increasingly visible group of collectors and investors who eschew the big name contemporary art market juggernauts in favour of patriotic and USA-centric works of art. The emergence of a more “traditional” base of collectors and investors is a sign that the hype of the contemporary art market is slowly being replaced by rationality and reason.

image: Doctor and Doll by Norman Rockwell

A Period of Maturation for the American Art Market, Pt. 1 – artmarketblog.com

admin — Fri, 25 Jan 2013 18:14:24 +0000

A Period of Maturation for the American Art Market, Pt. 1 – artmarketblog.com

Although the art market in America has showed signs of strength and resilience over the past couple of years, the focus has been mainly on the sort of globally fashionable contemporary art that is typically pursued by wealthy socialites and celebrities. One of the signs that a regional art market is maturing and becoming more rational is a move towards less fashionable, more traditional art – particularly works by artists who have a more localised market as a result of region-specific subject matter or style.

Over the last year or so, the American art market has shown significant signs of development and maturation evinced by a greater focus on the work of artists (painters mainly) active during the early to mid 20^th century whose work was characterised by patriotic subject matter realised in more traditional and poetic styles. The artists I am referring to are those associated with Social Realism and American scene painting such as the artists of the Ashcan school.

The event that really confirmed my suspicions that the American art market was beginning to enter a phase of strength and rationality was the sale of Charles Ephraim Burchfield’s “Cicada song in the woods” for $70,000 against an estimate of $20,000 – 30,000 by the small regional Detroit-based auction house DuMouchelles Fine Arts Auctioneers and Estate Appraisal. The small watercolour and crayon painting is a lovely example of the romantic depictions of nature that the artist was best known for.

It wasn’t just the price achieved for this painting that made the event so significant. The fact that a relatively insignificant work of art by a lesser-known (internationally and in the context of the wider art market) artist was sold for such a high price by a small regional auction house is evidence that the more discerning and scholarly collectors and investors are becoming more active. The high price achieved for Burchfield’s “Cicada song in the woods” suggests that a number of collectors or investors bid on the work and drove up the price. Because the work was sold by such a small auction house, buyers not from the local area would had to have been alerted to the sale through their own research or by another collector.

to be continued……..

image: “Cicada song in the woods” by Charles Ephraim Burchfield

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