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What is the Future of Art?

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Portrait of Hans Ulrich Obrist at Serpentine Galleries by Kate Berry for Artsy.

What Is the Future of Art? by Hans Ulrich Obrist for Artsy

There are few in the art world that see more, write more, or speak to more artists than Serpentine Galleries co-director Hans Ulrich Obrist. And, having literally written the book on curating, there are few better positioned to see what shape art will take in the future. So, what is the future of art according to Hans Ulrich Obrist? As he describes below: The Extreme Present.

 

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Will Art Continue to Be a Reserve Currency in 2016?

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Gilles Dyan

“Will Art Continue to Be a Reserve Currency in 2016, Gilles Dyan Is Banking On It” by Marion Maneker for Art Market Monitor.

As markets continue to roil with fears over falling asset prices and pervasive global weakness, the question emerges of where the wealthy will store the excess cash they have generated in the last year or two.

Most financial instruments have clouds around them. Since art is denominated in dollars and there are persistent fears that the dollar will continue to appreciate, there’s a good chance 2016 will see more buyers from emerging markets convert their cash into art.

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Predictions for 2016: A Tale of Two Art Worlds

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Joel Wachs

Blouin ARTINFO

The following essay is by Joel Wachs, president of the Andy Warhol Foundation for the Visual Arts.

Looking around today it can seem as if there are two parallel art worlds. A small number of artists are able to show in galleries and make a good living. But even if a few of them are making more than they ever dreamed possible, the vast majority of artists—and a large network of organizations that serve them—are not part of that system. They play critically important roles in their communities, yet they operate largely off the radar of the mainstream markets and traditional funding sources.

The good news is that artist foundations have been stepping up to support such individuals and groups, and we are seeing tremendous growth in artist-funded nonprofits. Such foundations don’t rely on the government and don’t have to worry about political interference. Read More

The 20 Most Expensive Artworks Sold at Auction in 2015

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Christie’s set a new world record in 2015 for the most expensive work of art sold at auction, with Picasso’s “Les femmes d’Alger, Version O,” 1955, bringing $179,365,000. (Christie’s)

“The 20 Most Expensive Artworks Sold at Auction in 2015” by Nicholas Forrest for Blouin ARTINFO

As the global art market pauses for breath after a year of records and prepares for 2016, ARTINFO takes a look at the past 12 months through the lens of the auction market, in particular the 20 most expensive works of art sold at auction (click the slideshow to see the works).

Dominated entirely by Christie’s and Sotheby’s, with Christie’s taking the first five spots and six of the remaining 15, the list has a combined value of $1,484,502,719. Taking a closer look at the top 20 reveals a total of 14 different artists, all of whom are Caucasian and male. It is also interesting to note that all but one of the sales took place in New York, with the exception being the Cy Twombly 1968 blackboard painting, which sold at Sotheby’s London. Read More

What the Riskiest Art Buys Tell Us About Collecting Today

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Damien Hirst’s Leviathan (2006–2013), one of a series of artworks in which the artist submerged a shark in formaldehyde. Image: Courtesy of DamienHirst.com

“What Five of the World’s Riskiest Art Buys Tell Us About Collecting Art Today” by Eileen Kinsella for artnet News

As the art world braces for an estimated $2 billion fall auction season in the next few weeks, it’s no secret that the global art market is moving ahead at a rapid-fire pace. The stakes appear higher than ever with an unprecedented number of seven-, eight-, even nine-figure works on the auction block. While headlines frequently trumpet enormous prices for masterpieces that appreciate at stunning rates over years or decades, there are also plenty of inherent risks involved when dealing with such pricey individual objects. Read on for our rundown of  some of the biggest pitfalls and common risks facing art buyers today.

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The Collector’s Guide to Buying Art at Auction

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Sotheby’s New York Contemporary Art Evening Auction, 12 May 2015. Works shown: Christopher Wool, Untitled (Riot), 1990; Mark Grotjahn, Untitled (Into and Behind the Green Eyes of the Tiger Monkey Face 43.18), 2011; Roy Lichtenstein, The Ring (Engagement); Andy Warhol, Superman, 1981. Photo courtesy of Sotheby’s.

“The New Collector’s Guide to Buying Art at Auction” by Meredith Mendelsohn for Artsy Editorial

For new or aspiring art collectors, auctions can provide an excellent point of entry into the marketplace. Auction salerooms are open to the public and new bidders are always welcome. And with the increasing number of well-conceived digital auction platforms out there, it has never been easier to bid online. One of the best things about buying at auction is the wealth of information that is made accessible via catalogues and online resources such as this one: details about provenance, exhibition history, condition, and, of course, price. But collecting work via the secondary market also takes some know-how. We compiled some guidelines, with insights from Sotheby’s Contemporary Art specialists Head of Morning Sale Courtney Kremers and Head of Afternoon Sales Charles Locke Moffett, to help auction newcomers act like seasoned collectors.

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Artist Reception for “My Montana” on Thursday, May 21st

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Stremmel Gallery presents My Montana featuring artists Jerry Iverson and Gordon McConnell. As McConnell has become a familiar name at Stremmel Gallery, it will be the first time Iverson is exhibiting his work in Reno. The opening reception is 5:30 to 7:30 p.m., Thursday, May 21, 2015 and the exhibition will continue through June 30, 2015. Both the opening reception and exhibition are free to the public. RSVP to this event on Facebook.

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ART WORD – MORE ON LES FEMMES D’ALGER, NOT JUST A VALUABLE ABSTRACT

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Les Femmes d'Alger

Picasso’s “Les femmes d’Alger (Version O)”

 

“Picasso is Not Just a Valuable Abstract” By John Grapper (john.gapper@ft.com) for the Financial Times

When a group of wealthy investors compete with each other to buy an asset, surely they have a clear idea of its financial value? Jussi Pylkkänen, president of Christie’s, who on Monday night auctioned Picasso’s “Les Femmes d’Alger” (Version O) to an anonymous buyer for $179.4m, thinks they do.

“People sometimes think of buying art as a frivolous occupation but these bidders are very conscious of what the object is worth, and they make decisions in an extremely considered way,” Mr Pylkkänen assured me afterwards. He emphasised that the final bids for the Picasso, in a New York auction that raised $706m for 34 works of 20th-century art, proceeded in careful, $500,000 increments.

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Art Word: A Poor Collector’s Guide to Buying Great Art

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Erling Kagge's new book "A Poor Collector's Guide to Buying Great Art"

Erling Kagge’s new book “A Poor Collector’s Guide to Buying Great Art”

By Henri Neuendorf for news.artnet.com

Erling Kagge is a Norwegian art collector, explorer, mountaineer, publisher, and lawyer. He gained fame for being the first person to walk to the South Pole alone, and he has also climbed Mount Everest. Today, he runs the publishing company Kagge Forlag, which he founded.

One of his most recent releases is the book A Poor Collector’s Guide to Buying Great Art, in which Kagge narrates how he built his impressive art collection—which includes works by Wolfgang Tillmans, Raymond Pettibon, Richard Prince, Tauba Auerbach, and Urs Fischer—despite having a limited budget.

Kagge’s book offers advice through 24 tips, of which we have distilled the 10 most useful pearls of wisdom for the burgeoning collector with limited resources.

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Art Word – Everybody Hates The Art Market

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Vincent Van Gogh's "Portrait of Dr. Gachet" and "Vase with Fifteen Sunflowers". Two paintings that were considered auction highs when they were purchased through Christies in 1990 and 1987.

Vincent Van Gogh’s “Portrait of Dr. Gachet” and “Vase with Fifteen Sunflowers”. Two paintings that were considered auction highs when they were purchased through Christies in 1990 and 1987.

By Marion Maneker for the Art Market Monitor

One of the more curious aspects of today’s art market is the way so many long-time art dealers seem to have a high level of disdain for buyers in the market. Is this merely a way to flatter their own customers by rubbishing other buyers or is it a sign of growing frustration and disenchantment?

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