Colin Gleadell uses the upcoming exhibition of Spanish collector Alicia Koplowitz, combined with his deep knowledge of the art market, to offer a portrait of a collection as it was amassed:Continue Reading
With a little more than two weeks to go until their Contemporary Evening sale in London, Sotheby’s drops a Jean-Michel Basquiat work along with the catalogue:
Sotheby’s Contemporary Art Evening Auction on 8 March will be led by Untitled (One Eyed Man or Xerox Face), one of Jean-Michel Basquiat’s finest full-length male figures from his series of grand-scale paintings that took the art world by storm in the early 1980s.
Now estimated at £14-18 million, Untitled (One Eyed Man or Xerox Face) last appeared at auction in 1987, the year before the artist’s death, when it sold for $23,100. This was among the highest prices ever paid for the artist at the time.
Artnet asks the eternal question: will the big show of Raymond Pettibon’s work add fuel to his market. The answer seems to be ‘not really.’ That’s because the market for Pettibon’s most sought after work is already on fire and has had strong support from dealers like Adam Lindemann and David Zwirner.
As the rest of the show reveals, much of Pettibon’s work is aggressively challenging and may be more confrontational than many collectors wish to live with. Christie’s Alex Berggruen answers some of artnet’s questions:Continue Reading
The Telegraph compiled a list of the top ten prices paid publicly for works by Pablo Picasso as part of a story on Sotheby’s upcoming sale in London of a painting depicting a tomato plant that sat on Picasso’s windowsill in Paris during the second world war.
That picture is not expected to come anywhere near this list. Nonetheless, the current top ten makes interesting reading. Notice the four sales from the height of the boom in the 1980s remain on the list in positions 6 through 9.:Continue Reading
Read this William Grimes obituary on the life of Saloua Raouda Choucair, one of the clutch of women abstract artists who were only recognized quite late in life. Like Carmen Herrera and Etel Adnan, Choucair worked compulsively for a lifetime without worldly reward until Jessica Morgan, now the director of Dia in New York, chanced upon her work and organized a retrospective at the Tate.
Beyond the compelling personal story, the obituary serves as a reminder for all who worry about the supply of art on the market that there remains a substantial amount of unrecognized art that needs the armature of institutional support to advance in value.
Here’s Grimes quoting her daughter:Continue Reading
The New York Times has a terrible habit of going after the art market with thin arguments and weak evidence. Yesterday’s store threading together three very well known—but unrelated—cases into a story questioning the practice of not revealing the identity of sellers is a case in point.
The problem isn’t their argument that seller’s should reveal themselves. It’s the slapdash evidence and flawed logic they use. The story’s biggest problem begins with the lede where it is argued that real estate sellers are transparent. Several graphs deeper in the story it is revealed that real estate transactions that are on a par with major art transactions are, in fact, not transparent. How do we know that? Because the Times tells us about a pilot program that requires transparency. Here’s the opening graph:Continue Reading
In its latest 13F filing with the SEC, Richard McGuire’s activist hedge fund—which originally put Sotheby’s in play in the Summer of 2013 when the stock price was in the mid- to high thirties—shows that the firm continues to significantly reduce its stake in the company.
Marcato now owns 2.6m shares of BID which brings its stake under 5%. The value is still a hefty $100m but nothing near what the firm once held. In November of 2015, Marcato held twice the stock in BID that it does now. Since that time, the shares have consistently traded above $38 making it hard not to conclude that Marcato is reclaiming its underperforming capital for other trades. Continue Reading
Sotheby’s continues the auction gimmicks with a sale around the theme of eroticism. The results were noteworthy primarily because of the huge price paid for Jacques Loysel, La Grande Névrose. Estimated at between £120-180k, the marble sculpture (above) was gaveled down for £1.8m. That lot accounted for a full third of the sale’s value. (results after the jump) Continue Reading