The Spectacle of the Art Market Pt. 4 – artmarketblog.com

Posted on December 22, 2009 by artforprofits

The Spectacle of the Art Market Pt. 4 – artmarketblog.com

Andy Warhol, 200 One Dollar Bills, March-April 1962, est. $8/12 million

This is the final post in the four part series on the “Spectacle of the Art Market” – a topic that I believe to be extremely relevant and very important. As I expected there were some people who did not believe the buying trend I wrote about in part 2 which suggests that there is a connection between the sentiment/mood of buyers and the type of works that they buy. I looked for further information that supports my theory that happier and more cheerful works (brighter and shinier) are more popular during boom times when the mood and sentiment is positive, and that people take more notice of the more subdued and less visually spectacular works during market downturns when the mood and sentiment is less positive. Not only did I find some evidence that supports my theories but I also found evidence that I am not the only one who has noticed the buying trends that led me to develop the concepts that I have written about.

During my search I came across a statement by a Sotheby’s specialist who was commenting on the sale of Warhol’s “200 One Dollar Bills”. The Sotheby’s specialist suggested that a less striking and visually spectacular work such as the grey and black “200 one dollar bills” would not have received the attention that it did, and would most likely have been overshadowed by other more visually striking works had the contemporary art market boom still been in full swing and levels of conspicuous consumption were elevated. The $43,762,500 paid for Warhol’s “200 One Dollar Bills” was the highest price paid for a work of art at Sotheby’s November 11 contemporary art auction but what is interesting is that the second most expensive work of art was very similar in appearance to the Warhol. Jasper John’s “Gray Numbers” is another work that perhaps would not have attracted so much attention had the market been under a greater influence of trophy hunters and indiscriminate buyers.

Jasper Johns’ Gray Numbers

If you haven’t seen the Tate Modern’s exhibition “Pop Life: Art in a Material World” then you should go and see it because this exhibition is essentially a display of what is wrong with the contemporary art world and the contemporary art market. According to the exhibition press release “Pop Life: Art in a Material World argues that Warhol’s most radical lesson (Warhol’s notorious provocation that ‘good business is the best art’) is reflected in the work of artists of subsequent generations who, rather than simply representing or commenting upon our mass media culture, have infiltrated the publicity machine and the marketplace as a deliberate strategy.” This could well be a correct statement if the strategy they are referring to is a strategy to make money and become famous by taking advantage of the consumerism and mass culture that are so influential in modern society. The press release goes on to say that: “The conflation of culture and commerce is typically seen as a betrayal of the values associated with modern art; this exhibition contends that, for many artists working after Warhol, to cross this line is to engage with modern life on its own terms.” Referring to the conflation of culture and commerce as a result of artists attempting to engage with modern life is, in my opinion, a flimsy excuse that an artist would use to surrender to the powers of popular and commercial culture. The fact that contemporary art is often so ambiguous means that it is quite possible for an artist to give a work the identity of their choice regardless of whether or not the basis of that identity has anything to do with the reality of the work and the artists intentions. I think that it is quite obvious that in the contemporary art market there is a significant level of value put on the visual impact of a work of art and artists are well aware of this.

The concepts that I have written about in the “Spectacle of the Art Market” series of posts are by no means flawless or bulletproof. I am not aware of any intensive studies that have been carried out on these concepts but the research that I have conducted has left me with no doubt that there the concepts that I have written about are valid and have at least some impact on the art market.

**Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of http://www.artmarketblog.com, writes the art column for the magazine Antiques and Collectibles for Pleasure and Profit and contributes to many other publications

Filed under: art market | 1 Comment »

The Spectacle of the Art Market Part 3 – artmarketblog.com

Posted on December 15, 2009 by artforprofits

The Spectacle of the Art Market Part 3 – artmarketblog.com

Natalya Goncharova's Linen

I am sure that many of you would agree that it has become the norm for people to approach fine art as consumers instead of as scholars or connoisseurs. If you were to ask me whether there is anything wrong with this I would say that there definitely is. Don’t get me wrong, I am obviously a strong supporter of the art market, but also recognise the need for a balance between the commercial and the cultural. Without that balance the art market becomes unstable and the art world becomes too closely connected to the art market. Whether you realise it or not, the art market requires a certain level of “infiltration” by scholars and connoisseurs. It is the scholars and connoisseurs who add value to works of art by generating information and knowledge that make works of art historically and culturally more significant. It is this information that is generated by scholars and connoisseurs that we should be using to justify the dollar value of a work of art because this information is usually based on intrinsic characteristics of the work of art that cannot be disassociated from the work of art or become obsolete, and therefore encourage more stable long term values. The contemporary art market, on the other hand, often relies on factors that have very little to do with the work of art its self such as social status, economic status, popular trends and financial gain. These factors can become obsolete very quickly which usually means that the dollar value that these factors generated also disappears causing the sort of correction that we have just experienced.

In February of 2008 Nicholas Penny, the curator of the British National Gallery, made a statement that he was going to put an end to the gallery’s blockbuster exhibition days. According to an article in the Guardian Newspaper, Penny said “The responsibility of a major gallery is to show people something they haven’t seen before. A major national institution should be one that proves a constant attraction to the public. What is important is encouraging historical and visual curiosity in the general public.” Ralph T. Coe, the former director of the Nelson Gallery-Atkins Museum in Kansas City, Mo., a former president of the American Association of Art Museum Directors and a former chairman of the Museum Committee of the National Endowment for the Arts, put the problem in even simpler terms when he said: “One of the saddest things museum connoisseurs like me have had to observe is the substitution of entertainment values for the intrinsic values incarnate in great works of art that alone can confer aesthetic authenticity.” This problem of the substitution of entertainment values (the spectacle) for intrinsic values that the cultural sector is experiencing is also a big problem for the art market as I have shown above. We need to stop the spectacularisation of the contemporary art market if we want to have a more culturally and historically significant period of art production. I believe that we need to be asking the following question on a far more regular basis: in one hundred years time will this work be able to be exhibited in a museum, and will people consider the work to be culturally significant and be historically important?

**Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of http://www.artmarketblog.com, writes the art column for the magazine Antiques and Collectibles for Pleasure and Profit and contributes to many other publications

Filed under: art, art auctions, art market, artist, collecting, fine art | Tagged: , , , , , | 2 Comments »

Saffronart’s Winter Online Auction 2009 – artmarketblog.com

Posted on December 10, 2009 by artforprofits

Saffronart’s Winter Online Auction 2009

Modern and Contemporary Indian Art

December 9-10, 2009

· 100 works of art by 51 Modern and Contemporary Indian artists with a total low to high estimate of approximately Rs. 15 crores (US$ 3.2 million) to Rs. 19.4 crores (US$ 4.2 million)

· Attractively estimated works by renowned modernists and popular contemporary artists, of exceptional provenance and quality

· Auction highlights include important modern works by Manjit Bawa, F.N. Souza, S.H. Raza, Akbar Padamsee, Tyeb Mehta and Jagdish Swaminathan

· Prominent contemporary artists featured in the sale include Subodh Gupta, Anju Dodiya, Raqib Shaw and Jagannath Panda

Mumbai, November 27, 2009: Saffronart, India’s leading auction house for Modern and Contemporary Indian Art, will host its annual Winter Online Art Auction on December 9-10, 2009. Presenting 100 lots of exceptional quality and provenance by 51 leading modern and contemporary Indian artists, the sale will take place online at www.saffronart.com.

The auction catalogue includes paintings, drawings and sculptures by celebrated modern artists Manjit Bawa, F.N. Souza, S.H. Raza, Akbar Padamsee, Tyeb Mehta and Jagdish Swaminathan among others. Notable contemporary artists in the sale are Subodh Gupta, Anju Dodiya, Raqib Shaw and Jagannath Panda among others. With a strong focus on aesthetically significant works, this sale promises to generate great interest and demand from collectors across the globe.

Featured on the front cover of the catalogue, is an untitled canvas of epic proportions by Manjit Bawa. The artist’s men, women, gods and animals, suspended wondrously in colourful space, are rendered with a simple fluidity that borders on the abstract. Rather than brushstroke and texture, Bawa relies on chiaroscuro and subtle shading to deliver depth to his canvases; and rather than developing a narrative, the artist focuses on perfecting form by paring it down to its most basic essence. Together, these characteristics give the artist’s paintings an arresting luminosity, and his characters a dreamlike presence.

Another important lot is Jagdish Swaminathan’s untitled canvas from 1975, which was formerly in the collection of World Bank director William Diamond. Swaminathan, in his quest for this new modernist ‘Indian’ vocabulary, turned to the local, exploring not only the folk art of varied regions, but also the historically significant miniature traditions of North-Western India. The Bird, Tree, Mountain series of canvases, to which this lot belongs, stands testimony to his attempts at instituting a new idiom for modern Indian art, and is inspired by both the simplicity of Indian folk art, and the intensity of Indian miniatures.

Among the contemporary lots on offer, Subodh Gupta’s 2005 untitled work, a shimmering theatre of polished stainless steel pots and pans, is featured on the back cover of the catalogue. Gupta’s main concerns have been subjective value and material production and consumption. In charting and presenting India’s unique developmental path, the artist creatively draws attention to the present interdigitation of tradition and modernity in the country, and the distinct social realities that emerge from this interface. In doing so, Gupta effectively communicates the impossibility of capturing the intricacies of the developing world through a developed world lens.

Featuring for the first time at a Saffronart auction is Raqib Shaw, whose work has been celebrated in prestigious solo exhibitions at the Metropolitan Museum of Art in New York and the Tate Britain in London. Drawing from various disciplines including literature, zoology and art history, Raqib Shaw’s body of work is a dizzying amalgamation of influences, including the work of old Masters like Bosch, Holbein and Piranesi, Mughal miniatures, the Romantic works of Wordsworth, Byron and Coleridge, Japanese decorative arts, Kashmiri shawls, and various specimens and images drawn from natural history museums, medical journals and popular culture, to name only a few.

Speaking about the auction, Dinesh Vazirani, CEO and Co-founder of Saffronart said, “The success of our recent auctions has proved that collectors around the globe continue to show great demand for rare and exceptional works with impressive quality and impeccable provenance, which this auction offers. Strong results, record prices, and increased international interest illustrate that there is renewed strength in the market as a whole. It is on this positive note that we look forward to strong interest in this auction.”

The total lower and higher estimates for this auction are Rs. 15 crores (US$ 3.2 million) and Rs. 19.4 crores (US$ 4.2 million) respectively. The sale will be accompanied by an illustrated print catalogue, also available online at www.saffronart.com, and preview events at Saffronart’s gallery spaces in Mumbai and New York.

Highlights from Saffronart’s Winter Online Auction 2009:

Manjit Bawa
Untitled
Rs. 70,00,000 – 90,00,000
$ 152,175 – 195,655

F.N. Souza
Mr. Sebastian (1956)
Rs. 55,20,000 – 82,80,000
$ 120,000 – 180,000

Subodh Gupta
Untitled (2005)
Rs. 70,00,000 – 90,00,000
$ 152,175 – 195,655

Akbar Padamsee
Untitled (2007)
Rs. 45,00,000 – 55,00,000
$ 97,830 – 119,570

About Saffronart

A global company with deep Indian roots, Saffronart was founded in 2000 on the strength of a private passion. Remaining committed to this passion and personal values, today Saffronart is a strong and successful international business that both embraces and drives change.

A pioneer of online art auctions, Saffronart has set global pricing benchmarks and transformed the landscape of Modern and Contemporary Indian Art, making it accessible to connoisseurs and collectors around the world. Its robust online auction platform and secure technology offers a personal, intuitive and effortless bidding and buying experience for clients.

With its online presence, and offices in Mumbai, New York and London, Saffronart has broadened and simplified access to Indian art and jewelry. Responding to the needs of today’s collectors, Saffronart also offers services such as art advisory, private sales, appraisals and valuations, and specialized art storage.

For further details on the auction, please contact:

India: Punya Nagpal, Nishad Avari or Dhanashree Waikar

Tel: (91 22) 2432 2898 / 2436 4113 or Email: auction@saffronart.com

USA: Anu Nanavati Chaddha

Tel: (212) 627 5006 or Email: newyork@saffronart.com

UK: Abha Housego

Tel: 44 (0) 20 7409 7974 or Email: london@saffronart.com

Media Contact: Malika Bhavnani, CMCG India Pvt. Ltd.

Tel: (91-22) 24450991/2/3, (91) 9820496099 or malika.bhavnani@cmcgindia.com

Filed under: art, art auction, art market, indian art, indian art market | Tagged: , , , , | Leave a Comment »

The Spectacle of the Art Market Pt. 2 – artmarketblog.com

Posted on November 29, 2009 by artforprofits

The Spectacle of the Art Market Pt. 2 – artmarketblog.com

If you read my last post (which is the introduction to this post) then you may be asking yourself whether art market trends can really be dictated to a certain extent by such a simple and primitive human instinct.  The evidence that I have come across suggests that it can.  In fact, a recent study linked the human attraction to shiny objects with a primitively instinctual attraction to, and desire for, sources of water.  I would would like to believe that my decision to purchase a work of art is primarily based on some highly complicated thought process or a  highly developed taste for art and sense of style, and not on some primite instinct that we really don’t understand or have any control over.  But we are all only human after all.  And humans are highly complex and emotional creatures who are susceptible to those emotions that make us human.  When you think about it, it is really not that bizarre to suggest that art market trends can be dictated by an instinctually emotion judgement as opposed to a complex process of reasoning.

Charles Saatchi is the undoubtedly the quintessential purveyor of shiny objects and is known to be particularly fond of highly visual, high impact works of art such as those produced by Jeff Koons and Damien Hirst who are both products of the Saatchi empire. Therefore, if I was going to use anyone as an example of the human attraction to bright,  shiny works of art then it would have to be Saatchi.  Interesting, it is a well known fact that Charles Saatchi is NOT so keen on photography or video art.  Why is this interesting I hear you ask? Well,  of all the different mediums that come under the banner of art it would have to be photography and film that are the least likely to incorporate the bright and shiny elements that are present in the type of works that I have been referring to.  Bright colours and shiny elements are usually absent from video and photographic works of art thus making these two mediums less likely to evoke that instinctual attraction that humans have to bright and shiny objects.  Video art in particular is a medium that cannot rely on high impact, instantly attractive elements to engage viewers.  To appreciate and interact with a work of video art usually requires that the viewer to spend a considerable amount of time watching the video and thinking about what is happening.

When it comes to the impact that instinct and emotion can have on the art market it is interesting to compare the current art market buying trends with the state of the global financial sector.  As I said in my last post,  one of the interesting trends that has been particularly noticable during the recent current art market correction is that works that have less visual impact and are not as flamboyant are experiencing competitive bidding and high prices.  This trend is the opposite to the popularity of high impact, bright and shiny works of art that was evident during the playful and heady days of the art market boom when the global economic outlook was far more positive.  Just a coincidence?  I don’t think it is.  To me it would make sense that people would purchase works of art that coincide with their state of mind and the emotions produced by the circumstance that they are in at the time.

There have been studies that show that different types of perfume are purchased according to the state of the economy.  A recent article featured in the Financial Times ‘How to Spend it’ magazine mentioned  that “floral fragrances – the safest, least challenging perfume category – have historically flourished in a recession”.  In his book ‘Why Yesterday Tells of Tomorrow: How the long waves of the economy help us determine tomorrows trends’ of 2001, Helmut Gaus used womens fashion trends as an example of anxiety and functional anxiety-driven behaviour.  According to the statistics compiled by Gaus, during periods of high anxiety women wear fewer patterns, darker colours, clothes with lower necklines and skirts that are longer.  During periods of less anxiety women wear more patterns, brighter colours, clothes with higher necklines and skirts that are shorter.  From these two sets of data it seems that during periods of high anxiety the less complicated, less flamboyant and less colourful become more popular and the reverse during periods of less anxiety when times are good.  I see no reason why the art market shouldn’t experience a similar trend.

to be continued……….

**Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of http://www.artmarketblog.com, writes the art column for the magazine Antiques and Collectibles for Pleasure and Profit and contributes to many other publications

Filed under: art, art auction, art market, collecting, contemporary art, modern art | Tagged: , , , , , | 1 Comment »

The Spectacle of the Art Market Pt. 1 – artmarketblog.com

Posted on November 25, 2009 by artforprofits

The Spectacle of the Art Market Pt. 1 – artmarketblog.com

One of the interesting trends that has been particularly noticable during the recent current art market correction is that works that have less visual impact and are not as flamboyant are experiencing competitive bidding and high prices. Works of art that would perhaps have been overshadowed by their more visually stunning siblings are now coming to the forefront as collectors and connoisseurs approach what is on offer from a more scholarly, connoisseurial and art historical perspective. I also believe that the more sombre mood caused by the financial crisis has made people less likely to purchase overtly cheerful works of art and more likely to obtain objects that reflect the more philosophical and reflective mood that many people are currently experiencing.

When the global economy has gone to the dogs, and a large number of people are in a financially difficult position, the purchase of those shiny works of art that are typically seen as status symbols and flamboyantly excessive trophies of one’s wealth just doesn’t seem right. One may expect the opposite situation to arise where people purchase bright and cheerful works of art to make themselves happier, but this just doesn’t seem to be what happens. It seems that it is extremely difficult to justify the purchase of one of many of these “bright and shiny” trophies when one’s financial situation comes into question, which suggests that the purchase of such a work would be a bad investment (as we know so many of them are).

The contemporary art market tends to rely on immediate visual impact and instant gratification to entice people to get out their wallets. With so many artists vying for the attention and patronage of a relatively small number of collectors and investors it is not surprising that the visual impact and attractiveness of an artist’s work becomes such an important factor. The Frieze art fair is a good example of the way an artist’s work looks can have a major effect on its ability to get noticed. Not unlike a supermarket, the Frieze art fair is filled with aisle after aisle of products vying for the attention of the waves of shoppers that pass by. The dizzying array of goods on offer means that it is very easy for a particular atist’s work to get lost in the crowd. And many do. In such an environment it is undoubtedly beneficial for an artist to present their most high impact and visually stunning work as anyone who has visited a fair such as Frieze would know.

To suggest that the path that the art market can be affected to such a degree by the instinctual human attraction to bright shiny objects may sound bizarre at first but if you take some time to ponder the concept I think you will find it is not as silly as it may seem.

To be continued……….

**Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of http://www.artmarketblog.com, writes the art column for the magazine Antiques and Collectibles for Pleasure and Profit and contributes to many other publications

Filed under: art, art auction, art collector, art investment, art market, artist | Tagged: , , , , , | 1 Comment »

Christmas Gifts for Art Lovers 09 – artmarketblog.com

Posted on November 19, 2009 by artforprofits

Christmas Gifts for Art Lovers 09 – artmarketblog.com

Limited Edition Photo by Youngsuk Suh from Humble Arts

Limited edition print from Humble Arts
Youngsuk Suh
Boating, Idaho, 2009, from Instant Traveler
Archival Pigment Print on Rag Paper, 16 x 20 in.
Signed and numbered, Special Edition of 3
$375
Buy Here: http://hafny.org/editions/youngsuk-suh-limited-edition-print/

The Great Contemporary Art Bubble DVD by Ben Lewis
Art critic and film-maker Ben Lewis spent 2008 following the contemporary art market; travelling to art fairs, auctions, museums and the offices and homes of billionaire art collectors. He spoke to dealers, auctioneers, gallery-owners, art market analysts and art collectors trying to find out the reasons behind the greatest rise in the value of art in history.
Buy Here: http://www.benlewis.tv/?cat=22

Adopt a painting with the Fine Art Adoption Network
FAAN is an online network, which uses a gift economy to connect artists and potential collectors. All of the artworks on view are available for adoption. This means acquiring an artwork without purchasing it, through an arrangement between the artist and collector.
More info here: http://www.fineartadoption.net/

John Baldessari edition from Parkett Art
Edition for Parkett 86
Raised Eyebrows / Furrowed Foreheads: Crooked Made Straight, 2009
9-color silkscreen print (front and back) on Plexiglas, 5 x 12 x 1/8″ (12,5 x 31 x 0,4 cm), printed by Atelier für Siebdruck, Lorenz Boegli, Zurich, Ed. 45/XX, signed and numbered certificate
$ 2400.00
Euro 1700.00
Buy Here: http://www.parkettart.com/qwr/edition_info2.php3?edition_nr=198

Baldessari Print

Teacup by Robert Lazzarini
Designed to be viewed from all angles, Teacup becomes a visual anomaly placed among everyday items, evoking a melancholic, otherworldly quality. Although challenging to drink from, it can be used.
$250.00
$200.00 Members
Buy here: http://www.momastore.org/museum/moma/ProductDisplay_Teacup_10451_10001_62512_-1_11595_11595__feature

Gift membership for The Fine Art Fund (UK)
Art Fund membership is the perfect present for an art-lover. With benefits including 50% off tickets to exhibitions as well as free entry to over 200 fascinating art collections, historic houses and beautiful gardens, you’ll be giving the gift of hundreds of enjoyable days out.
Single membership: 33 pounds
buy here: https://www.artfund.org/join/join_gift_membership.html?recipient=gift&intro=submit

Limited Edition t-shirt from Common Threads
THE BEST $38+ YOU EVER SPENT ON T-SHIRTS FOR A PRESENT!
Looking for a great present idea? Look no further! We have a very unique, cool and unusual gifts for you to give to loved ones. A tremendous amount of care goes into each t-shirt, rendering unique hemlines, detailed stitching, and precise cuts and a unique birthday gift for him or her. All our products are garment washed, yielding super-soft fabrics with a vintage feel. Our lightweight, fine gauge and innovative fabrications are combined with sleek, modern silhouettes, and the result is a collection of apparel as unique as the individuals wearing them. In addition, all of our designs are donated from leading artists and we print only 250 of each design. Given the fact that we give a school uniform to a child in need as well, it’s $38 well spent.
Buy Here:
http://www.commonthreadz.org/shop/index.php

Art and Auction magazine subscription
Subscribe to Art and Auction magazine and give a gift subsctiption free or treat yourself to two years for the price of one,
simply fill-in your name and address twice.
$79.97
Buy here: http://www.artinfo.com/artandauction/

Childrens Felt Wall Clock from etsy
Beautiful, stylish and trendy felt clock for Child’s Bedroom or Nursery Wall designed to give kids another fun point of interest in their rooms.
The color of your choice.
Handcrafted, made of felt and measures 9.5-inch diam.
Requires 1 AA battery
$42.00
Buy here: http://www.etsy.com/view_listing.php?listing_id=31865886

Gold and Tourmaline Ring by B. Weckstrom for Lapponia,1974

Limited Edition Photo from Troika Editions
The artworks on this site are our recommendations and they are not available anywhere else. Every artwork will be offered in the same three sizes, small, medium and large; in the same three edition runs of 300, 30 and 3; at the same price points £35, £350 and £3500. All you have to do is decide which one you like.
Buy Here: http://www.troikaeditions.co.uk/photographs

Artist iPhone Skin from Infectious
Paulo explains about his Firefox artwork: “the organic forms express interaction and connection. The hairy, fox-like elements are symbolic of nature’s speed. The hands and feet convey the need to reach everywhere and the eyes are like mirrors that reflect the global interaction, being in one place but connected to anywhere”.
iPhone Skins
$14.99
Buy Here: http://www.infectious.com/iphone-skins/YUPpauloarraiano/intotheforest/910

Wearable Art from 1stdibs.com and

Finland c1970
Price: $1,850
Buy Here: http://jewelry.1stdibs.com/jewelry_item_detail.php?id=3721

Art:21 – Art in the Twenty First Century 5 (Hardcover)
Mirroring the unique strengths of the Peabody Award winning television series broadcast on PBS, Art:21 Art in the Twenty-First Century 5 presents 14 contemporary artists speaking directly and in their own words. The artists’ reflections on their processes and inspirations are juxtaposed dynamically with lush, full-color images of their work. The book also includes an introductory essay by Susan Sollins as well as artist biographies and production stills from the series. The artists featured, include Cao Fei, Mary Heilmann, Jeff Koons, Florian Maier-Aichen, William Kentridge, Doris Salcedo, Carrie Mae Weems, John Baldessari, Kimsooja, Allan McCollum, Julie Mehretu, Paul McCarthy, Cindy Sherman, and Yinka Shonibare MBE.
$36.52
Buy Here: http://www.amazon.com/Art-21-Twenty-First-Century/dp/0615308368

**Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of http://www.artmarketblog.com, writes the art column for the magazine Antiques and Collectibles for Pleasure and Profit and contributes to many other publications

Filed under: antiques, art, art gifts, art market, christmas gifts, prints | Tagged: , , , , , | 1 Comment »

Greek Art Reaches Giddy Heights at Bonhams – artmarketblog.com

Posted on November 12, 2009 by artforprofits

Greek Art Reaches Giddy Heights at Bonhams – artmarketblog.com

erez

Lot No: 23 Spyros Papaloukas (Greek, 1892-1957) Mt. Athos, skete of the Three Hierarchs and the Holy Trinity signed in Greek (lower right) oil on cardboard 54 x 50 cm. Sold for £168,000 inclusive of Buyer's Premium

Bonhams UK have been promoting themselves as the gods of Greek art for quite a while now and have claimed market dominance in the UK when it comes to selling Greek art on more than one occasion.  I am not entirely sure what brought about Bonhams’ fascination with Greek art, but whoever is responsible for the assault on this region should be congratulated for what has proven to be, and continues to be, a shrewd move for Bonhams.  Bonham’s most recent sale of Greek art held on the 10th of November was a good indication that the market for Greek art is extremely buoyant and also that Bonhams continue to maintain a dominant position in what is a competitive niche.  A total of £3.5 million worth of art was sold and a number of significant prices were achieved including:

- Spyros Papaloukas (Greek, 1892-1957) ‘Mt. Athos, skete of the Three Hierarchs and the Holy Trinity’ which sold for £168,000 (auction record for artist) inclusive of Buyer’s Premium

- Constantinos Maleas (Greek, 1879-1928) ‘Acropolis / Acropole vue entre des pins et aloès’ which sold for £311,200 (2nd highest price achieved at auction for artist) inclusive of Buyer’s Premium

-Nikos Hadjikyriakos-Ghika (Greek, 1906-1994) ‘Calligraphy of a town’ which sold for £264,000 (3rd highest price achieved at auction for artist) inclusive of Buyer’s Premium

As a side note I am hesitant to refer to 2nd and 3rd highest auction prices for an artist as ‘world records’ as Bonhams have done and consider the practice of doing so to be dishonest.  Is the 20th highest auction price for an artist a world record too?  Bonhams went as far as to list the fifth highest auction price for an artist as a ‘world record’ which I think is rather cheeky. Anyway, back to the action.

Bohnams have a good record with the Greek art auctions that are held in the UK. In November of 2008, Bonhams’ sale of Greek art held at their Bond St. Saleroom brought in a total of 3.8 million pounds and resulted in fourteen artists’ auction records being broken.  According to Bonhams, a large majority of the buyers were Greek.  Moving on to May 2008 and once again Bonhams made headlines with their Greek art sale when they managed to shift 3.6 million pounds worth of art with and sell a record 90% lots offered.  Bonhams also reported 17 new world record prices which, as per above, should be taken with a grain of salt.

The Greek art market is quite unique because of the history of Greek art which basically revolved around the creation of religious icons until the start of the 19th century due to the fact that Greece was essentially shielded from the Renaissance by the ruling Ottoman empire .  “Modern” art is therefore a relatively new concept to the Greeks and represented a relatively untapped market that the three major auction houses were quick to take advantage of.  There are several reasons that the opportunity to dominate the market for Greek art became available to an organisation outside of Greece.   The main reason is that  much like the Indian art market, the Greek art market is relatively un-regulated and there is also a severe lack of infrastructure relating to authenticity, valuation and art market expertise that would be required to support the development of a free market in Greece.  An opportunity was therfore available to an international organisation that could supply what the Greek art market lacked and to satisfy the needs of those rich Greeks who have a passion for art.

Although the market for Greek art has proven to be very strong even during the recent financial crisis, investors and collectors should be extremely wary of the hype surrounding Greek art and should be extremely cautious with their purchases.  My reason for suggesting caution is that the Greek art world lacks the cultural sector infrastructure that is so important to the long term stability of an art market and the buoyancy of the prices being paid for the work of that market’s artists.  The contemporary Indian art market has suffered during the financial crisis due to the same lack of infrastructure that the Greek art market suffers from.  Greek art, especially the work of contemporary artists, has plenty of potential for investors but is also fraught with potential traps and problems that could have a major effect on the price of the work of many artists.

Although Bonham’s quip that “Interest in Greek art is more than just a myth at Bonhams 15th Greek Sale” does ring true, the market for Greek art is in it’s infancy and is at a relatively high risk of becoming a very fragile bubble that could easily be burst.  Investors and collectors should be particularly concerned about authenticity and future value until a more advanced cultural and market infrastructure is in place.

**Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of http://www.artmarketblog.com, writes the art column for the magazine Antiques and Collectibles for Pleasure and Profit and contributes to many other publications

Filed under: art auction, art market, bonhams, fine art, greek art | Tagged: , , , , | 2 Comments »

Web-Based Fine and Decorative Arts Personal Shopper Service Goes Live at NicForrest.com

Posted on November 6, 2009 by artforprofits

I have been keeping you all in suspense for quite a while in relation to the big new project I have been working on over the last year. Finally I can announce the details of the project which you can see below:

niclogo
Nic Forrest – nicforrest.com

For Immediate Release

Web-Based Fine and Decorative Arts Personal Shopper Service Goes Live at NicForrest.com

Sourcing Items of Fine and Decorative Art Made Easy with Launch of Innovative Global Online Personal Shopper Service for Discerning Interior Decorators

London, November 6, 2009 — NicForrest.com is the home of a new global web-based fine and decorative arts personal shopper service that provides discerning interior decorators and designers with a simple and effective solution to the difficulties associated with sourcing specific items of fine and decorative art.  The often frustrating task of locating hard-to-find interior pieces can now become an enjoyable experience, with access to the expertise and extensive global network of Nicholas Forrest — a Sydney and London based broker of fine objects, interior style consultant and world renowned art adviser/art critic — now one click away.

Nic adds: “By launching NicForrest.com I am able to offer personal one-on-one assistance to anyone, anywhere in the world who wishes to be united with those special objects that transform interior spaces into special places.  From interior designers who require a collection of fine objects to decorate a large commercial space, to discerning private clients who are searching for one or more special items to enhance a living space, NicForrest.com can cater to the needs of clients at all levels.”

As well as sourcing fine objects, Nic also offers several other services via NicForrest.com.  The range of services Nic provides includes:

-  Sourcing and purchasing specific fine objects (fine art, antiques, objects of design, objets d’art etc.) for residential and commercial clients

-  Arranging worldwide transportation and installation of objects purchased

-  Interior styling advice for clients who have a vision and a budget but do not have specific objects in mind

-  Advice on the acquisition of works of art/antiques/objets d’art for private and corporate collections as well as for investment purposes

Whether it is an antique or a piece of contemporary design that someone is searching for , NicForrest.com combines the services of a personal shopper with the knowledge and contacts of a professional broker of fine objects to provide an unrivalled service.  Nic explains:  “Because of the experience, knowledge and contacts I have acquired, and my standing in the art and antiques industry, I have the privilege of being in a position that enables me to utilise a global network of dealers, collectors, retailers and wholesalers to quickly locate the particular object/s that clients have been searching for at the best price.”

For further information, please contact:
Nic Forrest

Owner, NicForrest.com
Tel:  0787 869 7651 (UK)

Tel: +44 (0)787 869 7651 (INTL.)
Email:  nic@nicforrest.com
Site:  http://www.nicforrest.com

LinkedIn: http://www.linkedin.com/in/nicholasforrest

###

About Nic:

Nic Forrest is a Sydney/London based professional broker of fine objects, interior style consultant and art adviser.  As well as being the founder and author of artmarketblog.com, Nic has been published in many magazines and newspapers and has appeared on several radio programs (national and international) as an art market expert.  He has also been invited to be a guest lecturer at the Sotheby’s institute in Singapore for their MA Art Business program.

Filed under: antiques, art market, decorative arts, fine art, fine objects, interior design | Tagged: , , , , , | 3 Comments »

Zoo Art Fair 09 Fails to Deliver – artmarketblog.com

Posted on November 1, 2009 by artforprofits

Zoo Art Fair 09 Fails to Deliver – artmarketblog.com

12-zooartfair-jpgThis year’s Zoo art fair was a rather interesting event primarily because of the new venue which consisted of several disused Victorian warehouse buildings in London’s east end that were divided into three sections (Zones A, B and C). Unfortunately (in my opinion) Zoo were kicked out of their usual venue at the Royal Academy of Arts after London gallery Haunch of Venison leased the space. Zoo weren’t entirely to blame for the circumstances that they found themselves in and as much as I would like to say that they triumphed over adversity, they didn’t. It was obvious that Zoo were attempting to make the most of the venue and give an edgy feeling to the fair by taking on what Zoo called an “adapted structure”, but it ended up feeling and looking much more like a last resort structure. Another major hurdle that Zoo had to come up against was the reduction in the number applications to exhibit from commercial galleries which they remedied with the introduction of non-commercial curated exhibits. Having a mix of commercial and non-commercial exhibits was really the only solution that Zoo could have adopted so I don’t think that they deserve kudos for coming up with this idea. The inclusion of non-commercial curated exhibits was, never the less, a solution that worked.

When I arrived at the fair I was immediately reminded of the 2008 Sydney Biennale which used a bunch of disused prison and shipyard buildings (see here: http://www.bos2008.com/app/biennale/venue/3) on a small island on Sydney harbour as one of the venues. The difference is that the Sydney Biennale used the derelict spaces to great effect and matched the art to the spaces incredibly well, which made for an amazing experience that gave the impression that the art was part of the site. Perhaps my perception of Zoo was somewhat skewed by the awesome experience I had with the Sydney Biennale but I still think I would have been disappointed with Zoo regardless of whether I had attended the Sydney Biennale or not.

One of my biggest gripes is that were virtually name tags on the walls or any other sort of signage to identify who the works were by. Whether this was an attempt to make the art and the buildings feel more like one entity I do not know, but it ended up being just plain annoying and in no way encouraged people to buy anything. Another major issue I had with the fair was the poor layout of the film section which was located in Zone B. The films on show were relatively long which the cold and lack of seating made virtually impossible to view in their entirety without getting sore legs or risking frost bite. To be honest it wasn’t the venue that made Zoo a failure, it was the way the show was put together and executed. Zoo could have presented a great fair had they utilised the space to greater effect and put a bit more thought into the presentation of the art as well as a bit more effort into making the experience more comfortable for visitors.

The one saving grace for Zoo was the small number of artists whose work was absolutely phenomenal and worth braving the cold to see. My next post will profile the artists that I believe made Zoo worth visiting.

**Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of http://www.artmarketblog.com, writes the art column for the magazine Antiques and Collectibles for Pleasure and Profit and contributes to many other publications

Filed under: art fair, art market, contemporary art, zoo art, zoo fair | Tagged: , , , , | 1 Comment »

Contemporary Art Bubble on DVD – artmarketblog.com

Posted on October 26, 2009 by artforprofits

Contemporary Art Bubble on DVD – artmarketblog.com

DVDART+3mmBleed.jpgSince I wrote a post on the fantastic film ‘The Great Contemporary Art Bubble’ by art critic Ben Lewis in which Ben investigates the surprising boom in the worldwide contemporary art market, many people  have emailed me asking where they can see the film. I am pleased to be able to inform all those people and anyone else interested in seeing the film that you can now purchase a 90 minute extended version of the documentary from Ben Lewis’s website for 14.99 pounds (€17.00 or US$24.00 each) plus £2.00 postage and packing in the UK and €4 for Europe and $5 for the USA, Australia and other territories. Payment is via Paypal, though you can pay with all major credit cards too. Please note these DVDs are PAL Region 2.

To purchase a copy of the film head to Ben’s website which you will fine here:

http://www.benlewis.tv/?cat=22

I have my copy so go and get yours now !!

**Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of http://www.artmarketblog.com, writes the art column for the magazine Antiques and Collectibles for Pleasure and Profit and contributes to many other publications

Filed under: art market, art market film, ben lewis, contemporary art, contemporary art bubble, fine art | Tagged: , , , , | 2 Comments »

Frieze Art Fair 09 Review – artmarketblog.com

Posted on October 24, 2009 by artforprofits

Frieze Art Fair 09 Review – artmarketblog.com

'The Couple' by Louise Bourgeois

'The Couple' by Louise Bourgeois

Over the last month or so I have attented twelve art and antique fairs in London which have left me with plenty to write about and the need for a few days rest. Although the fairs themselves were frought with issues the general mood was positive and the outlook optimistic. Dealers have reported good sales in most cases and seem to be in a very optimistic frame of mind as the market continues to pick up. The biggest fair I attended was the Frieze Art Fair which is one of the most important contemporary art events in the UK if not the world. Although one cannot help but be impressed by the glitz and glamour of the Frieze art fair it was just not an enjoyable experience for me. To start with, the marquee was really hot which made just being at the fair physically unpleasant, but the real problem with Frieze is that it is too much like a supermarket. When visiting a supermarket one tends to only take notice of the brands they are familiar with or the products that are the most visually striking due to the sheer number of different brands and products available. The same goes for Frieze where all but the works of the most recognizable artists and the most flamboyant works of art get lost in the crowd. I came away from the fair with memories of works by artists whose work is instantly recognisable and distinguishable such as Damien Hirst, Yayoi Kusama, Richard Prince, Jeff Koons, Cy Twombly, Andy Warhol, Richard Serra, Takashi Murakami etc. I also have memories of other works by emerging artists that stood out of the crowd, but am unable to remember who they were because of the number of names and images swirling round in my head. Funnily enough, it was the big, bold works by the emerging artists that are reported to have experienced the highest level of success.

On a more positive note, quality was consistently high and sales are reported to have been considerably higher than last year. However, it is important to remember that a positive spin can be put on anything and that the likelihood of this years fair being any worse than last year was very slim. As far as figures go, sales of works priced at under 100,000 pounds were the most prevalent as one would expect with a show geared towards the work of emerging artists. Sales of works in the five figure range are reported to have been particularly strong which is pretty much the same trend reported by dealers at the 2008 fair. Six figure sales were few and far between, which is to be expected with a fair geared towards emerging artists and seven figure sales were even more scarce. There were, however, at least a few big ticket sales that are worth mentioning such as:

-A Louise Bourgeois sculpture titled ‘The Couple’ which was sold by Hauser and Wirth Gallery for US$3.5 million (about 2,150,000 pounds)
-Ruscha’s ‘A Riot of Atom’ which was sold by Gagosian Gallery for US$1.5 (about 900,000 pounds)
-A David Hammons installation which was sold by Salon 94 for US$1.5m (about 900,000 pounds)
-A Neo Rauch painting from 2002 titled ‘Harmlos’ which was sold by David Zwirner US$1.0m (about 610,000 pounds)

I honestly think that the biggest difference between this year’s fair an last year’s fair is that the dealers were in a better position to cater to the current market climate and have had the time to adapt their strategies to the buying trends. Dealers reported that buyers are still being cautious and are taking their time to make decisions which is, once again, similar to reports from last years fair. The market for contemporary art is not really in that much of a better position than it was last year but dealers have had more time to adapt to the conditions and make the best of a bad situation. One can take comfort in the fact that things haven’t got worse and that there is still money out there to be spent on contemporary art. There are undoubtedly signs that the market for contemporary art is poised to make a more speedy recovery than people thought which is somwhat of a scary thought.

The Zoo Art Fair was a completely different story but you will have to wait until my next post for more info.

**Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of http://www.artmarketblog.com, writes the art column for the magazine Antiques and Collectibles for Pleasure and Profit and contributes to many other publications

Filed under: art, art fair, art market, art sales, fine art, frieze | Tagged: , , , , | Leave a Comment »

Sir Francis Barry – The Forgotten British Master – artmarketblog.com

Posted on October 17, 2009 by artforprofits

Sir Francis Barry – The Forgotten British Master – artmarketblog.com

Victoire Feux d'Artifices, Moscow by Francis Barry

Victoire Feux d'Artifices, Moscow by Francis Barry

One of the things that excites me more than anything else is discovering an artist who has not yet received the recognition that they deserve and having the opportunity to help that artist achieve the success that their work is worthy of receiving. Usually these artists are emerging contemporary artists who are just beginning their career as professional artists but I was recently introduced to the work of an artist who has been dead for almost 40 years – an artist who is essentially a forgotten master. The artist in question is the prodigious Sir Claude Francis Barry R.B.A, a British painter and etcher born in 1883 who produced a varied body of work that appears to be have been influenced most strongly by Fauvism and Neo-Impressionism (also known as pointillism), but also exhibited characteristics reminiscent of the work of the Vorticists (British branch of Futurism) and Art Nouveauists.

At this point I presume you may be wondering why, if Barry was such a fantastic artist, he did not experience the fame that he deserved. The answer is rather simple: he didn’t need it. You see, Barry was born into a wealthy family and did not need to become famous and command large sums for his work in order to put food on the table. Very little is known about Barry’s life but what is known is rather intriguing from the family squabbles to the tutelage he received from Sir Alfred East RA and Frank Brangwyn. Considering that what is known about Barry’s life is so compelling it is unusual that he was not more well known than he was for his high-society high jinx. I won’t provide details about his life just yet but will reveal more in future posts.

Carcassonne by Francis Barry

Carcassonne by Francis Barry

The auction record for a work by Barry is £81,600 IBP (US$143,616) against an estimate of £10,000 – £15,000 ($17,600 – $26,400) achieved for his epic painting ‘Victoire Feux d’Artifices, Moscow’ which was sold by Sotheby’s in October 2005. Works by Barry rarely come on to the market but when they do the success of the sale depends on whether any of the small number of people who know of Barry’s work are aware of the sale and are able to bid on the work in question. A stoush between two rival Barry officianados can raise the auction sale price of one of his works as is evident with the sale of ‘Victoire Feux d’Artifices, Moscow’ but sometimes his works appear at auction and are sold for a very small amount.

There is no doubt in my mind that Barry was a prodigious artist who, due to a number of factors, simply fell through the cracks of the art world and I am extremely excited to be able to be involved in the long overdue recognition and promotion of his work. You will be hearing lots more about Barry from me in the very near future so stay tuned. If you want further details please email me.

**Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of http://www.artmarketblog.com, writes the art column for the magazine Antiques and Collectibles for Pleasure and Profit and contributes to many other publications

Filed under: Claude Francis Barry, Francis Barry, art, art market, british master | 3 Comments »

Next Page »