From Van Gogh to Richter—what happens when bidders fail to pay up at auction?

Flaky winning bids are knocking the gloss off record-breaking sales. Shortly before Christie’s sale of post-war and contemporary art in New York on 15 November 2017, the auction house learnt of a potential new bidder: a little-known Saudi prince, Bader bin Abdullah bin Mohammed bin Farhan al-Saud. According to the New York Times, a scramble […]

Andreas Gursky review – godlike visions from the great chronicler of our age

Hayward Gallery, London From raves to road trips, from the icecaps to the trading floor, from Amazon to the Rhine, these breathtaking panoramas take aim at globalism – and reinvent the very notion of photography. Over the last two decades, Andreas Gursky has become the most significant image-maker of our time. Not just for the […]

How to sell a billion worth of art

This is Masters in Business with Barry Ritholtz on Bloomberg Radio.   BARRY RITHOLTZ, ANCHOR, BLOOMBERG:  This week on the podcast I have a special guest.  Her name is Brooke Lampley.  She was the former head of impressionist and modern art at Christie’s.  She is the incoming Chairperson of Fine Art Sotheby’s and this is a […]

The Kippenberger Conundrum: How the Wildly Prolific Artist’s Artist Became an Eight-Figure Auction Darling

It was the peak of the 2014 fall auction season in New York, and though nearly two decades had gone by since Martin Kippenberger’s death of liver failure in 1997, the artist’s market had never been hotter. Prior to its bellwether postwar and contemporary evening sale, Christie’s had set the estimate for a prized 1988 […]

Galleries hit by cyber crime wave

Hackers are stealing large sums of money from art galleries and their clients using a straightforward email deception. The Art Newspaper has so far identified nine galleries or individuals targeted by this scam. They include Hauser & Wirth, the London-based dealers Simon Lee, Thomas Dane, Rosenfeld Porcini and Laura Bartlett and, in the US, Tony […]

Art-Fair Economics: Why Small Galleries Do Art Fairs Even When They Don’t Make Money

As the middle market shrinks, many dealers are finding they can’t afford to do fairs—but they can’t afford not to, either. Think art fairs are all about sold-out booths, comfortable shoes, and exclusive dinner invitations? Think again. For many small to mid-size galleries, fairs—like Art Basel in Basel, which opens to VIPs today—are an increasingly […]

Art is not a luxury product like Hermes bags: Larry Gagosian (Video)

Gagosian Gallery owner Larry Gagosian on Friday explained why he doesn’t consider art to be a “luxury good” and how the art world has benefited from globalization. “It’s not a luxury good. It’s not a luxury product. I mean it may appear to people who buy Hermes bags, but it’s not a Hermes bag. Sometimes […]

Passion, Not Profit, Is the Biggest Motivator for Collectors, a New Study Says

The surprising results from a new study by Swiss bank UBS suggest that profit is rarely a driving factor. With the 2017 edition of Art Basel in Miami Beach—also known as the art world’s Black Friday—in full swing, Swiss bank UBS has released an extensive survey of art collectors that explores what motivates them, how […]

The State of Cool Britannia: Art Market in Review

When in the late 1980s and early 1990s, the Young British Artists announced themselves in an alcohol-fueled cacophony of controversy it looked as though the British art scene would never be the same again. Here was a media-savvy group untrammeled by artistic or behavioral politeness. Shock and outrage were a key part of their modus […]

Why Would Anyone Pay $450 Million for the ‘Salvator Mundi’? Because They’re Not Buying the Painting

An attempt to psychoanalyze the buyer of Leonardo da Vinci’s ‘Salvator Mundi.’ Every May and November, many around the art world wonder aloud—with varying degrees of frustration—why so much of the media fixates its auction coverage on star lots and gaudy prices. The 36-hour frenzy following Christie’s sale of Salvator Mundi (circa 1500), the so-called “Last da […]

The Art Market Moves East: How Gagosian, David Zwirner, and 14 Other Western Art Businesses Are Trying to Expand to Asia

China has been described as “the largest growth market for the art business, anywhere.” See how auctioneers and dealers are tapping into it. In the past year alone, no fewer than six galleries have opened or announced plans to open an outpost or office somewhere in Asia. Amid announcement after announcement, it may feel like […]

Yayoi Kusama and the Amazing Polka-Dotted, Selfie-Made Journey to Greatness

The artist of “Infinity” rooms has become an Instagram darling.  But two new gallery exhibitions in New York show that she’s much more than that — an almost frighteningly fertile talent. Sometimes I think Yayoi Kusama might be the greatest artist to come out of the 1960s and one of the few, thanks in part […]

Why Have There Been No Great Women Artists? (Linda Nochlin, From 1971)

Implications of the Women’s Lib movement for art history and for the contemporary art scene—or, silly questions deserve long answers. A version of this story originally appeared in the January 1971 issue of ARTnews. While the recent upsurge of feminist activity in this country has indeed been a liberating one, its force has been chiefly emotional—personal, […]

An Eye-Popping Mid-Century Apartment Filled With Pollocks, Klines, and de Koonings

If you had Ben Heller’s eye, you’d have picked 50 straight Derby winners, or signed 100 future Hall of Fame ballplayers when they were 17. “When I think of my old apartment on the Upper West Side,” says the tall, spry Heller, who is 91, “even I’m shocked.” In the mid-1950s, the talent he was […]

What It’s Like to Live With Art That Doesn’t Love You Back

At a time when art is as commodified as oil, a few collectors have chosen to buy works that are messy, perishable and threaten to take over their lives. PAUL LEONG, A YOUNG banker who lives in downtown Manhattan, spends an unusual amount of time thinking about square watermelons. He wonders where to get them, […]

Does Monet Beat the Dow? How Artworks Perform as an Investment

Everyone loves a story about collectors who bought art for a song and sold it for a million. Once in a blue moon, that actually happens. In the case of Impressionist art, though, dappled landscapes and dreamy portraits by Monet, Renoir, and Degas were oftentimes considered investments before the paint on the canvas had dried.   For answers, we […]

The Gray Market: Why Museums Can’t Compete With Private Collectors (and Other Insights)

FALSE EQUIVALENCE: Although I always advise caution about these reports, sales at this year’s freshly entombed Frieze and Frieze Masters were allegedly strong from the jump. Numerous exhibitors were eager to broadcast their results (or at least, pretend to) on VIP preview night. But rather than resurrect the issue of dubious honesty from self-interested actors in a consequence-free […]

What Is the Most Iconic Artwork of the 21st Century? 14 Art Experts Weigh In

How do you choose one defining artwork for a century still in its adolescence? Some of the art world’s leading figures take their best shot. Want to make an art historian laugh? Ask them to name the most iconic artwork of the 21st century. Turns out, it’s not so easy to single out the most […]

Dick Bellamy: The Man Hiding at the Center of Everything

He was slight and unassuming with a bushy mop of dark hair and deep circles under his eyes hinting at the alcoholic dissipation of a poète maudit. His voice was a suggestive murmur, both musical and raspy from smoking too much. Most people called him Dick. To friends he would announce himself as George, a […]

When Dealers, Too, Were Romantics

“Dealers are as important as the artists themselves,” the gallery owner Leo Castelli once said. “Hecannot exist without us, and we cannot exist without him.” Gendered language aside, Castelli’s remark captures the fragile symbiosis between those who make art and those who sell it. Lately, however, dealers have been having trouble keeping up their end of […]