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 […]
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 […]
The contemporary art market settled down to a steadier pace at Sotheby’s New York Wednesday evening, turning in a solid and respectable $294,850,000 sale for the 44 lots that sold. Ten of the 54 lots offered failed to sell for a trim buy-in rate by lot of 18.5 percent. Five works sold for more than $15 […]
Amedeo Modigliani’s Nu Couché (1917–18) soared past its already astronomical $100 million on-request estimate en route to a record-smashing price of $170.4 million at Christie’s Monday night, making the magnificent nude portrait the second-most-expensive painting ever sold at auction—and, in a twist, a high point in an otherwise surprisingly tepid evening. The Artist’s Muse, the auction house’s […]
Think of an auction house, and centuries-old institutions like Sotheby’s and Christie’s probably spring to mind. But a four-year-old start-up believes that it can become something of an online equivalent to those companies — and it has drawn big-name backers from the art world along the way. The venture, Paddle8, plans to announce on Wednesday […]
“No one wants to be a market darling,” an art dealer once told me. It’s the art world equivalent of a one-hit wonder, where sudden stardom and outsize demand for a particularly hot artist creates intense pressure, and has the potential to create unsustainable spikes in his or her market and career. Notwithstanding the fact that the […]
Art auctions used to be a gentlemen’s business. Now the gloves are off. As art sales face their first major test since the August financial market rout, auction houses are jockeying not only for trophy artworks but also for the best positions to highlight them at the November auctions in New York. The result is […]
LONDON — The art market is a notoriously opaque business. And over the past couple of years the highly speculative trade in emerging artists has given off plenty of heat. In 2014, recently made works by young abstract painters like Oscar Murillo, Lucien Smith, Alex Israel, Mark Flood and Christian Rosa were being “flipped” at […]
LONDON — The international art market is gearing up for a hectic autumn of auctions and fairs. Trading conditions could be challenging. Shanghai’s Composite Index of Shares has lost more than 35 percent of its value since June, destabilizing stock markets across the world. Slowing growth in China has depressed oil and commodity prices, tipping […]
For decades, art advisers were a small club of professionals who personally helped build collections for clients, using their scholarship and connoisseurship. Their role was to consult and offer expertise, rarely to make deals. But the rapidly changing art market — characterized by soaring prices, high fees and a host of wealthy new buyers from […]
LOS ANGELES – Eli Broad is a man with a reputation for getting things done. After building two Fortune 500 companies from the ground up, he transferred his drive to philanthropy about fifteen years ago; his achievements have since included almost single-handedly creating a cultural centre for downtown Los Angeles, including its monumental anchor – the Frank […]
The art market is going from record to record, so why aren’t the auction houses making more money? Sotheby’s reported an unexpected second-quarter decline Friday in part because it lost money on a painting that sold for less than anticipated. The news sent its shares down 7.5 percent to $37.49 in New York on Friday, […]
Life has been happier for many of us in the art world since we stopped caring about runaway commerce in art, which has seemed—but only seemed—to reduce all measures of aesthetic value to raw price. Sure, the billion-plus dollars shaken loose, since May, at three New York and London auctions of modern and contemporary works—with […]
Unease grows as it gets harder for artists to resist servicing a booming market The art market appeared to be in rude health as 2014 drew to a close. More money was spent on blue-chip and emerging art last year than at any other point in history, and the trade has been in rapid expansion […]
2014 has been a year of increasing disruption in the art market. While its vastly increased value over the past ten years (€47.4bn in 2013 compared to €18.6bn in 2003, according to the latest Tefaf report by Clare McAndrew) has inevitably brought change, 2014 has seen those changes magnified and evolving in directions that were not […]
With his trademark style, Robert Hughes explores how museums, the production of art and the way we experience it have radically changed in the last 50 years, telling the story of the rise of contemporary art and looking back over a life spent talking and writing about the art he loves, and loathes. The video […]
Phillips announced the opening of a new auction house and exhibition space in the exclusive address of Berkeley Square, London, on Monday. The official opening will take place during October’s buzzing Frieze Art Fair week. The relocation is part of an ambitious plan to propel Phillip beyond its long-standing third-place position in the auctioneering game (“Ostrowski […]
LONDON — Sometimes art can be difficult to understand. Sometimes the art market can be even more baffling. Back in December, the contemporary dealer David Zwirnersaid in a New Yorker profile that art was “an industry in its golden age.” His point seemed to have been proven during the June 17 preview of the Art Basel fair in […]
In early May, Christie’s invited a group of 18 new collectors from China to visit New York. The auction house escorted the guests on guided tours through the Museum of Modern Art, arranged VIP tickets to a local art fair and threw a lavish dinner in the Rockefeller Center ballroom of Christie’s. Auctioneers also reserved […]
When artists agree to be represented by a gallery, they usually work out with the gallery owner such matters as the amount of the dealer’s commission; how often their work will be exhibited in solo or group shows; the price of their artworks; that sort of thing. Another expectation, usually not as explicitly stated but increasingly […]