When a local artist intentionally shattered a vase, last week, at the Pérez Art Museum Miami’s ongoing Ai Weiwei retrospective, most journalists predictably focussed on the price of the destroyed work, which was said to be a million dollars. CNN’sheadline was typical of the coverage: “MIAMI ARTIST DESTROYS $1 MILLION AI WEIWEI VASE IN PROTEST.” Variations […]
I have been an invited interloper in the fiefdoms of the decimal-pointed rich long enough now to know that when rich men want to distinguish themselves from other rich men they buy art. Among practitioners of modern-day social one-upmanship this is hardly new. The nouveaux riches of the Gilded Age were the first Americans to […]
A study reveals troubling import/export anomalies between China and the US. Money-laundering, tax evasion and the illicit transfer of cultural heritage objects could be factors explaining large discrepancies that have emerged in an analysis of art shipments between China and the US. Read on …
Back in 2012, I wrote a post with the headline “How Larry Gagosian is like Goldman Sachs”. The general idea was that both of them use their relationships and their balance sheet to make money off and/or with their clients. Since then, as Christian Viveros-Fauné says, the art world has become even more coterminous with the art market: “Business […]
Christie’s and Sotheby’s Woo Big Sellers With a Cut When Christie’s sold Jeff Koons’s “Balloon Dog (Orange)”for $58.4 million in November, it seemed as if the auction house had just earned a pretty penny. After all, Christie’s, like other auction houses, typically charge commissions to buyers and sellers, which for high-priced works might be an […]
Handicapping 2014, maybe I see up to a 10% gain for the S&P 500 Index, refusing to anticipate the death toll of rapidly escalating interest rates or inflation. The market can sell at a high teens price-earnings ratio, even with earnings rising mid-single digits. Speculation is in the air so good stock pickers can do […]
The international art market is having its time in the sun: auction records keep tumbling, living artists have become superstars, and their punchy paintings and shiny sculptures have become the billionaire’s playthings of choice. Amid all this noise, however, it is time to question the much-touted belief that art is also an investment-grade asset.
Will 2013 go down in art market history as the peak of a boom, or the beginning of a new world order for art sales?
The other day at a Christmas party, an artist told me an art dealer joke. Here’s the short version: Devil goes to an art dealer, promises him wealth, success, everything, in return for his soul. Art dealer says, “What’s the catch?”
The super-rich have grown in number since 2008, adding the feel-good factor to this year’s fair. Millions of dollars have been spent on art, parties and hotel rooms this week as the circus surrounding Art Basel Miami Beach rolled into town. Given such conspicuous consumption, it is, perhaps, hard to remember that the art market […]
Art created to be unveiled at the fair proves popular in Miami— but not everyone is impressed. Be careful not to stand too close to the works on show at Art Basel Miami Beach—the paint may not yet be dry. Dozens of artists including Marilyn Minter, Luis Gispert, Ryan Trecartin and Lizzie Fitch have created […]
Wealthy Chinese collectors are increasingly buying up western art as their tastes move beyond the traditional confines of Chinese ceramics and paintings.
The man behind the World’s Most Expensive Painting
Art fairs have their dos and don’ts. If you Google “negotiating at art fairs,” few results come up; it may be a taboo subject—and a common pratfall for beginner collectors—but haggling happens, and it’s a veritable part of the art-buying game, for better or worse.
The art world has officially joined the rest of the world in a maniacal obsession with celebrity culture. Sure, Warhol did it long ago with his 1960s “screen tests” of Warren Beatty and Dylan, and by hosting the likes of Mick Jagger, Jackie O, her son John John and sister Lee Radziwill in Montauk in […]
Is the Art Market Due for a Correction? Maybe Not. Is the art market experiencing a new boom, or is it all just another bubble destined to burst? With artists seemingly setting benchmarks at auction on a monthly basis and prices at fairs for pedestrian artworks pushing into the millions of dollars, there are fears […]
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How many times do I have to read about the fact that Teri Horton, the owner of a Jackson Pollock painting with disputed authenticity, only has an eighth grade education?