Business, But Not As Usual

Tension in the Tectonic Plates Underlying the Market.  Everything you ever wanted to know about the art market but didn’t know who to ask The good news: the figures are big, demand is deep and there are more collectors buying art than ever. Meanwhile, there is real tension in the tectonic plates underlying the market. This […]

Sotheby’s Shares Rise on its Acquisition of Art Agency, Partners

In a dramatic development for the auction industry, Sotheby’s announced on Monday that it had acquired Art Agency, Partners, a two-year old, New York-based art advisory company, for $50 million plus built-in performance fees that could elevate that number to $85 million over the next four years. “AAP’s profitable business helps drive initiatives that are […]

Sotheby’s Acquires Art Advisory Firm Art Agency, Partners

In a somewhat surprising move, Sotheby’s announced today it will pay $50 million in cash to acquire the art advisory firm Art Agency, Partners and create a new Fine Art Division run by AAP’s Amy Cappellazzo and Allan Schwartzman. The deal could reportedly total $85 million if the performance benchmarks over the next five years. The left-field […]

Art World Places Its Bet

LONDON — Before a standing-room crowd at Christie’s here last month, the bidding opened on an abstract painting filled with black scratching, “Burrito” scrawled across the top in bright yellow. The auctioneer announced that there were already 17 telephone and absentee buyers vying for the canvas, made three years ago by Oscar Murillo, who just […]