Casting for Art World Reality Show – artmarketblog.com

If you’re an artist who would like the opportunity to be on television and you think you have what it takes to be the next star contemporary art world then keep reading. With all sorts of people from aspiring chefs to wannabe models getting the chance strut their stuff on television while competing with other contestants for honour and glory, it is about time that artists got a slice of the pie. You may remember a show called Artstar that aired in 2006 where artists were a group of carefully selected emerging artists were given the chance to strut their stuff. Well, it appears that this Untitled Art Project program takes things a step further and will actually give artists the chance to compete with other artists for the chance to win some sort of prize – presumably some sort of promotional opportunity. It sounds like this show is going to be really awesome so I would encourage all eligible artists to enter. For more information see the press release and associated links below

Press Release:

How do you go from struggling, emerging or even semi-established artist to selling a complete show for $198 million? It’s a big art world out there, but maybe this is one place to start!

Magical Elves (Peabody Award-winning Project Runway, Emmy Award-winning Top Chef) and Sarah Jessica Parker (Golden Globe- and Emmy Award-winner) and her production company, Pretty Matches, are teaming up for an hour-long creative competition series among aspiring contemporary artists who will create and compete to conquer the art world!

If you’re an emerging or mid-career visual artist with a unique, powerful voice that demands a bigger stage – well. . . Here.  It.  Is.

We want contemporary artists. Your medium could be one of many (or several of many) – painting, sculpture, installation, video, photography, mixed-media – we want voices that believe in their art and want the world to know.

*To be considered for the cast, attend one of our four regional casting calls around the country, see below.*

Go to www.BravoTV.com/casting to download an application and see what you need to bring with you to an open call.

GOOD LUCK.

*********************

OPEN CALL INFO:
LOS ANGELES
LA><ART
http://laxart.org/
Saturday July 11th & Sunday, July 12th
10:00am – 2:00pm

MIAMI
Fredric Snitzer Gallery
http://snitzer.com/
Tuesday, July 14th
10:00am – 2:00pm

CHICAGO
School of the Art Institute : Sullivan Galleries : 33 State Street
http://www.saic.edu/
Thursday, July 16th
10:00am – 2:00pm

NEW YORK
White Columns
http://www.whitecolumns.org/
Saturday, July 18th & Sunday, July 19th
10:00am – 2:00pm

**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.

The Art of Fernando Carpaneda – artmarketblog.com

Todd 2004

I sometimes come across artists that I just have to let the world know about and Fernando Carpaneda is one of those artists, but be warned, because Carpaneda’s work is very confronting and will be not be to everyone’s taste. Those willing to keep an open mind and explore Carpeneda’s work will be glad they did because he is a truly amazing artist. A brave artist too. Brave enough to use rent boys, thieves, punks, goths, homeless people, and other unsavoury types as the subject of his work. If you are intrigued then please read on.

When I first saw a picture of one of Carpeneda’s works I didn’t know what I was looking at. What I saw looked like a photo of a person but had a surreal element to it that suggested that there was more to Carpeneda’s work than the image revealed. As soon as I found out that I was looking at a clay sculpture I was completely blown away. The level of detail and the amount of work put into each sculpture is quite astonishing especially for a clay sculpture. To give each sculpture a personal association with the person they depict, Carpaneda uses objects connected to that person in the sculpture. Carpaneda says about his work on his website that: “All his portraits are like a relic, a holy place, a moment caught in time. He uses objects that have a connection to the portrayed person to composing his work, such as cigarette butts, condoms, beer cans, underwear, semen, empty toothpaste boxes. In other words, things that are part of these people’s real world, and his own. He uses such objects and remains as a beginning for his portraits”

Most of the people we see on a day to day basis whether it be at work or at social event dress and prepare their appearance so that the look as one would expect a normal person leading a normal life to look. Most of the people that Carpaneda depicts, however, dress and prepare their appearance in a way that reflects their true personality.  These are the sort of people one would normally want to stare at but would try and refrain from doing so because we are taught that it is rude to stare. Instead of depicting the perfect male figure that most people are familiar with as a result of classical sculptors, Carpaneda utilises classical methods and materials to construct highly detailed analogues of what many would consider to be the outcasts of society.

A classical sculpture of a nude male figure is an image that almost everyone is familiar with and is able to view without feeling uncomfortable, embarrassed or repulsed. A sexualised image of a homosexual male, however, is a totally different story. Carpaneda’s sculptures challenge our perceptions of gender and identity as well as questioning the labels that society put on people who do not conform to the accepted norm. Yes, his work is confronting and will not be to every one’s liking but it is undeniably the work of a talented artist who is not afraid of challenging the boundaries of artistic practice and confronting viewers with the issues of stigma and division in modern society.

For more information on Fernando Carpaneda and his work visit
http://www.fernandocarpaneda.com/

and for information on the newly released book on his work see:
http://www.artslant.com/chi/articles/show/8249

**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.

Susan Graham at Compound Editions – artmarketblog.com

Susan Graham Vessel for Safekeeping (Survivalism) 2009 Porcelain Edtion of 50, plus 10 APs $250.00 each

It is good to see that there are people willing to make a stand against the global economic crisis and start new ventures to promote the work of emerging artists even though many would shy away from making such commitments. Two such people are the owners of Schroeder Romero and Winkleman Gallery who launched Compound Editions, a collaborative fine art multiples publishing venture, in November last year. The latest offering from Compound Editions is by New York based artist Susan Graham who has created a fantastically witty work that is very much a memento of our times. “Vessel for Safekeeping (Survivalism)” is a sort of “alternative” mantel piece ornament that consists of a hand sculptured and hand glazed porcelain lacy box which contains a porcelain credit card and porcelain scissors.

We all like to think that we have complete control over our financial status but Graham’s use of a very fragile and rigid material in the construction of the box, card, and in particular the scissors, suggests that we do not have as much control as we may think. Although a pair of scissors is provided to cut up the credit card the porcelain scissors are completely useless as though mocking the helplessness of the viewer. Even though we can’t cut the credit card with the scissors the fragility of the porcelain credit card makes it very vulnerable to damage, just like our financial status, if not properly taken care of. Graham also appears to be suggesting that our identities are very much defined by our financial status and that people judge others according to their financial means in much the same way as the sort of ornaments that a person has on their mantel piece can say a lot about them and and their family.

“Vessel for Safekeeping (Survivalism)” is an edition of 50 plus 10 APs and can be purchased for $250 from Schroeder Romero and Winkleman Gallery or by emailing compoundeditions[at]gmail.com

Further information and other editions can be found here:
http://compound-editions.blogspot.com/

Susan Graham has been included in numerous exhibitions in the United States and Europe including recent shows at the Tucson Museum Of Art, John Michael Kohler Arts Center in Sheboygan, Michigan; the Hudson River Museum in Yonkers, the Sherman Gallery at Boston University, Hunter College Leubsdorf Gallery, New York; the Musee d’art et d’industrie de Saint-Etienne, and the Musee International des Arts Modestes, Sete, France.

More info on Susan Graham and her work can be found here:

http://www.susangrahamart.com/

**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.

Art Bankers Take Advantage of Falling Prices- artmarketblog.com

The interest in structured art investment programs has continued to remain relatively high considering the recent concerns voiced by some regarding the state of the art market. Since the beginning of the year there have been several new art investment programs launched which suggests that the categorisation of art as an asset class has not been damaged by the recent market jitters. In fact, with plenty of bargains up for grabs there is probably no better time for art investment funds to be buying works.

The most significant of the new programs is the so called “Collection of Modern Art Fund” which is a product of the UK based Castlestone Management, a privately owned independent fund manager. According to the fund website (http://www.collectionofmodernart.co.uk) “Collection of Modern’s Art’s investment philosophy is focused on building a diversified portfolio of artists to provide medium to long-term appreciation based on thorough research and the proven strength of the market for these artists. The portfolio composition is a key component to ensuring the returns of the fund are in line with the market. With this achieved, the fund can act as a real asset, increasing in value with money supply and inflation and thus providing an inflation hedge. In the initial selection process, the manager aims to identify works of art for the portfolio that broadly represent the Art Market Research 100 index”

The second major art investment program to be launched is a collaboration between the China Merchants Bank and the China Contemporary Art Foundation. China Merchants Bank (CMB) have taken what is a slightly different approach to art banking by offering their clients the opportunity to put down a deposit on a work of art chosen a group of experts and take possession of the work of art for a period of twelve months. If after the twelve month period the client decides that they want to purchase the work of art they can do so or if they do not want to purchase it they can return it and receive a full refund. According to one of the bank’s representatives who was interviewed by the People’s Daily Online Newspaper, “Some banks hire art investment consultant and bring clients’ money to auction house. We are not doing that, because it easily slips out of control. We offer free transportation and as long as the artwork is well preserved, our clients will at least break-even”

Adding to the options for keen art fund investors is Phillip Hoffman’s The Fine Art Fund Group Ltd (http://www.thefineartfund.com/) who have indicated at the beginning of the year that they would be starting a new fund to take advantage of the fall in price of many works of art. Since the beginning of the year Hoffman has further indicated his intentions to raise $100 million dollars of the next year to purchase works from private and institutional collections that are up for sale. According to a report from the Financial Times, the group is currently looking at purchasing two major art collections one of which is owned by a Spanish bank and the other by a manufacturer. After postponing their plans for a dedicated Indian art fund creatively titled the Indian Fine Art Fund due to the current instability of the market for Indian art, it is good to see this new initiative from Hoffman.

**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.

Niki de Saint Phalle Braves the Crisis – artmarketblog.com

After the sale of three Niki de Saint-Phalle’s giant Nanas in Germany in December 2008 for €750,000, the Paris sale last month of her Le Banc produced another excellent result. The French-American artist – whose works are collected all over the world – is generating good sales performances in spite of the crisis.

Born in France and raised in the United States, Niki SAINT-PHALLE de successfully steered her career under the two flags at a key moment in the history of art and of the art market. Indeed, at the start of the 60s – when Niki de Saint-Phalle was creating her first Tirs and Nanas – the art market’s centre of gravity was being pulled across the Atlantic towards the United States and the American Pop Art phenomenon. Niki, who was associated with the New Realists in France, created the most distinctly “Pop” works of the French movement using a playful iconography of curves and colours. By successfully establishing herself as a female artist on both sides of the Atlantic, Niki de Saint-Phalle managed to join the ranks of artists whose price-indices enjoy international recognition (unlike some of the other New Realists, including her partner Jean TINGUELY). Nevertheless, the market for her work has remained more dynamic in France, and 35% of her auction sales take place in her native country. In terms of sales revenue, the geographical breakdown of her auction sales (often involving monumental pieces) is as follows: 38% in France, 31% in the UK and 15% in the United States.

Her Nanas – buxom women made with fibres glass and painted in bright colours – easily reach and exceed the estimate. Niki created her first Nanas in papier mâché and fibre in 1965, inspired by a friend’s pregnancy. Initially uncoloured, her joyous Venuses soon acquired multi-coloured surfaces – leading a playful revolution against gloominess. The very large and unique pieces – including some of her later works produced from the 1990s – sell for over €100,000. Her best-ever auction result was generated by a giant Nana (270 cm) in painted polyester which fetched $1m (nearly €780,000) at Sotheby’s in New-York during the sale of the Vanthohournot Collection on 14 November 2006. Two years before this record, a Nana of the same dimensions fetched €360,000 in Paris (Sotheby’s, 18 July 2004 La vie en rose – La danseuse rose).

The price range for the Nanas is very broad because Niki made them in various different sizes and sometimes produced limited editions of the same piece. For a small Nana from the 1960s (less than 30 cm), one would expect to pay between €15,000 and €30,000. Indeed, a Mini nana acrobate of 20 cm doubled its price estimate in Paris last month when it sold for €26,000. With strong demand for her work already developing during her lifetime, Niki de Saint-Phalle decided to make her work available to a broader public by producing prints and small porcelain Nanas edited in 200 copies, some of which can be acquired at auctions for around €3,000 (one such piece recently fetched €2,800 at Venator & Hanstein in Cologne).

The price index for her sculpture-furniture is also regaining momentum. On 27 May 2009, a sculpture of a man reading a newspaper on a bench watched by an imaginary animal entitled Le Banc (1 of 3 copies) fetched €460,000, substantially more than its estimated value. The fact that the piece was presented at Christie’s sale of a collection of pieces by François-X. & Claude LALANNE – hybrid works on the cusp of art and design – undoubtedly contributed to the result: the high number of furniture-sculpture pieces at the sale and the good results for the Lalanne works was the perfect context for the sale of the Saint-Phalle work.

Copyright@Artprice.com

**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.

Sotheby’s June 09 Indian Art Sale – artmarketblog.com

Jogen Chowdhury, b.1939 "Day Dreaming" Ink and pastel on paper (lacquered)

On the 16th of June Sotheby’s held a sale of Indian art at their Bond, St. London Saleroom which, with the recent downturn in the demand for contemporary Indian art, was an important sale. Works by the modern masters fared well as was to be expected with works by the famous Maqbool Fida Husain proving particularly popular. Even though only 67% of the 86 lots on offer were sold the sale total of 2,067,400 GBP (3,376,684 USD) exceeded the pre-sale estimate of 1,193,500-1,754,000 GBP. This was mainly due to two works the first being the catalogue cover lot by Jogen Chowdhury titled ‘Day Dreaming’ which sold for 373,250 GBP against an estimate of 80,000-120,000 GBP and the other being ‘Orange Head’ by Francis Newton Souza which made 403,250 against an estimate of 80,000-120,000 GBP. All seven works by Husain found buyers with five of the works exceeding the top estimate including an untitled work from 1953 which fetched the third highest price of the auction of 109,250 against an estimate of 50,000 – 70,000 GBP. The two Husain works that didn’t exceed their top estimate were minor works on paper which proves that quality and rarity were important factors for buyers.

A safety net of historical works from the 16th to 19th centuries made up more than a third of the catalogue and sold well. The highlight of the historical works was an illustration from the Harivamsa circa 1820 that depicts Krishna and his consorts frolicking in the heavens while his companions watch from the Yamuna, India, Kangra or Guler which sold for 23,750 GBP against an estimate of 3,000—5,000 GBP. Works by lesser known and contemporary artists did not do as well with two major works by Thukral and Tagra each estimated to bring in 30,000 – 40,000 GBP failing to sell. The disappointing results for the works by contemporary artists were to be expected considering the overall decline in the demand for contemporary art.

The top four lots went to US private collectors as did the 8th and 10th highest priced lots. Indian private collectors took home the 6th and 7th highest prices lots with the 5th and 9th highest priced lots purchased by London dealers on behalf of private collectors. Overall the sale was a success for Sotheby’s who managed to put together a small and safe catalogue of works that would appeal to a wide range of buyers. The inclusion of several rare top quality works by the most sought after Indian artists satisfied the discerning collectors who are driving the market and gave Sotheby’s a solid result.

**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.

Do-Ho Suh at SculptureCenter – artmarketblog.com

SculptureCenter Home Exhibitions Events Visit Join About Press Store Limited Editions Bookstore Event Tickets Search All content © SculptureCenter. All rights reserved. Limited Editions Do-Ho Suh Doorknob/Bathroom, 2003 Polyester fabric, lithograph on paper in acrylic box 12" x 18" x 7 3/4" Edition of 20 with 3 artist proofs $4,500.00

A new auction record was set for a limited edition work by the popular Korean artist Do Ho Suh at Philips De Pury’s June 2nd Editions sale where one of the artist’s limited edition lithographs, “Untitled, 1998″, sold for $7,500 against an estimate of $2000 – $3000. A far more interesting limited edition work by Do Ho Suh titled “Doorknob/Bathroom is available from the New York based SculptureCentre for $4,500.00. An edition of 20 with 3 artists proofs, “Doorknob/Bathroom” is “a full-scale reproduction of the doorknob of the artist’s Chelsea apartment. Do-Ho Suh often works with semi-transparent fabrics that he delicately sews together to represent – and defy – existing and functional spaces and objects. Doorknob/Bathroom exists as an isolated architectural element, separated from Suh’s apartment and therefore abandons its ties with a specific place and becomes a loose abstraction with a new-found flexibility and transparency”

The popularity of Do-Ho Suh’s work and the inclusion of his work in the collections of the NY Museum of Modern Art, the Whitney Museum of American Art, the Guggenheim Museum, and the LA Museum of Contemporary Art makes this limited edition a good investment.

To purchase or inquire about this SculptureCenter Limited Edition, please contact Mary Button at mbutton@sculpture-center.org or 718-361-1750 x111

For more information go here:
http://www.sculpture-center.org/storeLimitedEdition.htm?id=10159

**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.

June Online Art Auctions – artmarketblog.com

George S. Zimbel: 'Marilyn Monroe and Billy Wilder, The Seven Year Itch, New York, 1954'. Being auctioned by artnet auctions

Online auctions can be a great source of art for collectors and investors as long as you buy from a reputable auctioneer that offers a guarantee of authenticity and condition. All the auctioneers listed below are extremely reputable and totally trustworthy so you can feel confident in dealing with any of them. There are always great bargains to be had so it’s well worth taking the time to browse through the catalogues, you never know what you may find!!!!

Canadian auction house Heffel.com is currently auctioning a selection of works by Eastern Canadian and Western Canadian modernists including works by Paul-Emile Borduas, Leon Bellefleur and Mary Frances Pratt. This auction finishes on the 25th of June.

Browse works here:
http://www.heffel.com/online/Index_E.aspx

iGavel is currently auctioning a selection of Fine Art and Antiques from Southern Estates and Various Owners which finishes on the 30th of June. This diverse auction features a group of psychedelic posters from the San Francisco music scene of the 1960s, a number of old master paintings, work from the Florida school, paintings by accomplished American illustrators working in the first half of the 20th century and other works by notable 20th century artists including Bernard Buffet, John Newton Howitt, Oliver Chaffee, A.B. Davies, Hattie Saussey and John Stobart.

Highlights from the decorative arts include a 17th century ivory inlaid Spanish vargueno, silver and objects of vertu from Gorham, Tiffany and Cartier, coin silver, American weather vanes, Venetian glass, 18th Century Georgian Furniture, 18th Century pewter and many interesting group lots.

Browse items here:

http://auction.igavel.com/AuctionHelp.taf?S=N&R=2&C=2&return=50&sort=1&ST=1&days=&category_id=&_start=1&keyword=E3AB&_UserReference=7F000001471891E7E8D3991F1FD44A35006E

Now through June 25, artnet Auctions is featuring Icons: 20th-21st Century Photographic Portraits, a special sale of 250 original fine art photographs of legendary figures including Muhammad Ali, The Beatles, Bob Dylan, Jackie Kennedy, Madonna, Marilyn Monroe and Kate Moss by renowned photographers from Louise Dahl-Wolfe to David LaChapelle.

Browse works here:

http://www.artnet.com/AUCTIONS/Pages/Common/Search/LotSearchResult.aspx?LotSearchState=1&Keyword=icons%20sale&SearchIn=AllArtWorks#scroll=1

**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.

How Artists Can Get Noticed NOW !!!! – artmarketblog.com

Since my last ‘How Artists Can Get Noticed NOW’ post several new websites have been launched that can assist artists in the promotion and sale of their work so check out the new additions to the list below.

http://www.artprize.org
ArtPrize is a radically open art competition, giving away the world’s largest art prize. Open to any artist in the world who can find space. Open to anybody in the city who wants to create a venue. Open to a vote from anyone who attends. Part arts festival, part social experiment – this international art contest is decided solely on a public vote. Call for entries ends July 31, 2009. Art festival begins Sept. 23, 2009.

http://foliotwist.com/
Easy & effective online portfolio websites for artists.
Our unique artist websites have been professionally designed to put the focus squarely on your art – and since our design comes with a blog, newsletter list, and integrated PayPal, it’s very easy to promote AND sell your art.

http://www.myartplot.com/
MyArtPlot (MAP) is an art community and empowerment platform – of artists, crafters, and supporters – fighting to create a united, supportive, and non-elitist art world. No more isolation, elitism, and starvation. MAP is an essential part of any creative life. It brings together the art profession into one global point of contact and interaction. Social, professional, and commercial power thrive here.

http://www.artition.com
The social network for all artists. Present your works and explore works of others. Get inspired. Buy and sell art. Get real life exhibitons and be discovered. artition the whole world of art all in one place – totally for free!

http://www.zatista.com
Zatista’s mission is to create an online marketplace that effectively connects buyers and sellers of fine and contemporary original art. Our commitment is to provide an innovative, safe, and comfortable experience to discover and purchase high-quality original art, as well as increase exposure for our artists and galleries.

http://www.illustrationmundo.com/
* Just Illustration – A place where ILLUSTRATION gets all the Love
* Show case all the great Illustrators in the world today and make it easier for Designer,Art directors and others to find them.
* Provide current information about the commercial illustration industry
* Provide a central location where people can get inspired, share information and seek advice.
* Free!! – Participation is absolutely free- The only barrier to entry is that content submitted is relevant to illustration and of great quality.

http://www.dripbook.com
Dripbook offers its worldwide community of professional visual artists the easiest, most stylish way to display, promote and distribute their portfolios online.

**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.

How Artists Can Get Noticed NOW !!! Update 8 October 08 – artmarketblog.com

It has been a few months since I updated this post so for all those artists out there looking for ways to promote themselves and for all those collectors looking for sources of new artists talent – here you go…

Culture Hall
http://www.culturehall.com
Apply for your free online artist portfolio
Unlike many other online portfolio communities, membership to culturehall is curated. Our community is primarily composed of MFAs, art faculty and other art professionals. We are open to all genres and mediums and it takes only a couple of minutes to apply for your free art portfolio.

Squidoo
http://www.squidoo.com/
Squidoo’s goal as a platform is to bring the power of recommendation to search. Squidoo’s goal as a co-op is to pay as much money as we can to our lensmasters and to charity. And Squidoo’s goal as a community is to have fun along the way, and meet new ideas and the people behind them.

Art Marketing Action by Art Biz Coach
http://artbizcoach.com/newsletter/
Alyson Stanfield’s Weekly Tips for Taking Charge of Your Art Career

Art Slant
http://www.artslant.com
ArtSlant is your spot for the most up-to-date news on art exhibitions and events in your city and the great art cities of the world. Artists can upload their profile and list details of their exhibitions.

Artist Daily Deals
http://www.artistdailydeals.com/
Daily deals on supplies and services for artists

Discovered Artists
http://www.discoveredartists.com/
DiscoveredArtists.com is serious about selling your art. You can effectively promote yourself and your work to thousands of qualified Buyers around the world on this website. Our professional site design, robust search engine, and smart marketing result in generating significant art sales for career Artists.
And, the good news? It doesn’t take serious cash to do it!
You can sell your artwork online for as little as $59 per year.

Ideas for promoting and selling art from the lazarus corporation
http://new-media.lazaruscorporation.co.uk/

artid
http://artid.com/
Artists, Sell Art on ArtId by opening your own ArtId gallery, a simple, easy to manage web gallery that helps you promote your art by providing the necessary online marketing tools to make your business succeed. Also, view and apply to Calls for Art!

How Artists Can Get Noticed NOW !!! Update 7 June 08 – artmarketblog.com

Several new avenues for artists to promote themselves and their work have recently popped up so I thought it was a good time to update this list. Enjoy!!

Seesle
http://www.seesle.com
Seesle is intended for all visual artists (professionals and leisure artists) who wish to bring their work to the attention of a large public. (Private) art collectors may also advertise work.

WebArtEx
http://www.webartex.com
Thanks to WebArtEx you can obtain widespread information on art exhbitions; gain access to artistic data and technical and economic data, as well as locations, services and supplies linked to an event with a view to creating and increasing the opportunities for exchange between the parties concerned. WebArtEx enables sellers to easily identify potential buyers and the latter to know the exhibitions and works-of-art available on the whole national territory.

GoZabo
http://www.gozabo.com
GoZabo gives artists an inexpensive portal to promote and sell their art online whether it’s jewelry, pottery or any mixed media! Gozabo also gives buyers the opportunity to save time from getting frustrated navigating thousands of artists’ individual websites AND the ability to go to one site where they can view products AND purchase them with secure shopping cart capabilities while shopping at home!

Zibbet
http://www.zibbet.com
A ‘Zibbet’ is the name for your art shop on Zibbet.com. When you name your ‘Zibbet’ you will receive a personalized web address. For example www.zibbet.com/mybeautifulart. You can fully customize the appearance of your Zibbet with a photo, bio and you can even display a YouTube video if you wish, as well as many other great features.

MutualArt
http://www.mutualart.com
MutualArt.com has a completely new approach to art on the web. Members can track categories of art – even individual artists – and receive new information on these from thousands of sources. They also receive advance notification of art events in the categories they choose – from exhibitions and lectures to opening parties and galas, to auctions offering works by their preferred artists.

MutualArt.com includes the world’s largest online archive of over 150,000 art related articles from over 250 quality magazines, newspapers and journals, as well as providing a conduit for galleries, museums, auction houses, art fairs and publishers to reach their target audiences over a single, global platform.

Time for another list of opportunities for artists to promote themselves and for art lovers to check out some talented artists.

Artist Rising
http://www.artistrising.com/
According to their website, Artist Rising (http://www.artistrising.com) invites you to mingle with emerging and established artists from around the world and browse their fine art and photography. Offering original artwork, fine art prints and limited edition works for immediate sale, Artist Rising allows for the discovery of creations that can express a mood, a space, or an appreciation/;.

Digital Painting Forum
A forum, gallery and shop for digital artists and mixed media artists
http://www.digitalpaintingforum.com/

Art Crazed
Network for photographers, collectors, artists, models and friends
http://www.artcrazed.com/

Pieronymus Art Network
A social network for artists
http://pieronymuskosch.ning.com/

WORLDWIDE ARTISTS Facebook Group
Facebook network for artists
http://www.facebook.com/group.php?gid=2258055248

Surrounded Art Competition:

You now have the chance to win signed copies of SURROUNDED’s latest album ‘The Nautilus Years’ and a limited edition poster. All you have to do is submit your favourite artwork/movie footage and the best entries will be included in the bands’ projections at their live shows. They can be works that either you have created yourself, or just admire by other artists. The images will then be taken by the band and sequenced in with their own videos and projected onto the back of the stage.

High resolution images should be submitted via email to info@surrounded.se or via this MySpace. Alternatively you can upload the videos on YouTube and email us the URL link. This is a wonderful opportunity for you to become a part of the band’s performance and be a part of their visual spectacle. Even if you can’t make it to a show, submit something anyway as chances are high it will still appear.

**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.

How Artists Can Get Noticed NOW !!! Update 5 (April 08)

Time again for another list of websites that can help an artist get noticed. If you are not an artist but are interested in art then you should enjoy checking out all the talent that is being shown on the websites below. Something for everyone !!!

Expat Arts Network
http://www.expatarts.com
Expat Arts is a growing global network for people who live between cultures. Our mission is to bring the world closer together through creative endeavors. We have been developing the network since June 2007.

Art Break
http://www.artbreak.com
Artbreak is a community marketplace for artists and art lovers. It’s a place for artists to share and sell their stuff, tell the world about themselves, get feedback, and make connections with other artists and people who like their work. It’s a place for art lovers to find incredible work from emerging artists from all over the world.

Art Log
http://www.artlog.com/
Artlog is about connecting people through art.
You can break the Artlog idea into four basic parts:
- Catalog: Discover new museums, galleries, alternative spaces and not-to-be-missed exhibitions, parties, openings and lectures
- People: The social layer tying the other parts together
- Focus: Tumblelog- Quick way to stay current
- Portfolios: Allow users to manage their own websites through the Artlog app

Concept Art Forum
http://www.conceptart.org
Conceptart.org is a web community of artists who are here for one purpose. We want to help each other learn about art, provide the best place to showcase work, further our art educations, and to meet other artists from around the world.

Fine Art Studio Online
http://www.fineartstudioonline.com
FineArtStudioOnline is a revolutionary web site creation tool that allows an artist to create his or her own art website in a matter of minutes!

How Artists Can Get Noticed NOW !!! Update 4 Feb 08

Well, I have come across some fantastic new promotional tools for artists in the last couple of months so it is time for another installment of “How Artists Can Get Noticed NOW!!!.

Art Review Digital:
http://www.artreview.com

artreview.com is an exciting new social networking site for the artworld, creating a global forum for discussion, interactivity and debate. Our members are artists, galleries, collectors, critics, curators and the curious. As a members of artreview.com, you can:-Post artwork, blogs, videos and audio and have members rate and comment on it
-Find exciting new artists from around the world
-Sniff through last night’s party pics and post your own
-Keep up to date with news and access ArtReview magazine archives
-Find the galleries that represent the artists with ArtFinder
-Create your own discussion groups and forums
-Promote yourself and make friends

Lab For Culture
http://www.labforculture.org

LabforCulture provides services to artists, cultural managers, producers, programmers, researchers and policy-makers.
We provide: -Information, research and analysis related to cultural cooperation and collaboration, including funding opportunities, critical perspectives, research, news, and contacts (organisations and networks).
-Online networking tools to enable and strengthen the capacity for cultural collaboration within the cultural sector.
-Promotion of the players engaged in cultural cooperation and their activities across Europe and beyond.
-Spaces for connections, exchanges and knowledge sharing between organisations and individuals.
-Platforms for discussion and discourse on current issues affecting the cultural sector.

Artmakr
http://www.artmakr.com

The Goal of artmakr, is to bridge the gap between amateur and hobby artist, and snooty art galleries. Artmakr aims to take the vast and barren middle ground. It is our Mission to provide resource and inspiration to help more people, make art, and get paid for it. As well as to encourage more people to buy original art.

I Send You This
http://www.isendyouthis.com

for the artist we provide:
-Own independent website: artist-controlled image and information upload.
-Promotion within the isendyouthis.com advertised and marketed website network.
-A secure credit/debit card payment facility that can be used in the studio or on-line.
-Art opportunity notification service
-Exhibition promotion service
-Gallery submission service
-Artwork cataloguing and sales recording
-Mailing list and press release services
-Work shown in online art galleries and online art fairs

The Art List
http://www.theartlist.com

Since 2003, TheArtList.com has been a leading online resource for visual artists and photographers
who are looking for income and exhibition opportunities to enter. TheArtList.com’s searchable database of art contest and opportunity announcements includes a wide spectrum of content submitted by art galleries, institutions and art organizations.

Time to get busy!!!

How Artists Can Get Noticed NOW !!! Update 3

I receive many emails from artist’s asking how they can get noticed by galleries and dealers so I created this post to give artist’s some ideas for ways to promote themselves. The popularity of this post has motivated me to update it regularly as I come across new websites that would be of help to artist’s trying to promote themselves. If you have any suggestions for websites for this post then please contact me via the contact form on this blog.Updated 25/12/07 Online Galleries:

Red Bubble:
http://www.redbubble.com

Art Mesh
http://www.artmesh.org
Invite only: http://www.wetcanvas.com/forums/showthread.php?t=462506&highlight=artmesh

Folio Snap
http://www.foliosnap.com

Merchandise:

Printfection
http://www.printfection.com

The Art Group
http://www.artgroup.com

Networking:

Digital Consciousness
http://www.digitalconsciousness.com/

Organization of Independant Artists
http://www.oiaonline.org/

Miscelaneous:

Fine Arts Title Registry
http://www.fineartstitle.com/artists.php
-Capture personal commentary about each work of art: collectors will cherish it and the art’s value will be enhanced
-Certify your work was brought to life through your own creative effort; sign the Registered Certificate to use as your Certificate of Authenticity
-Begin provenance in the online record; it is transferred to the buyer and remains with the work forever
-Document and track your entire inventory with offsite, secure records

International Registry of Artists and Artwork
http://www.iraaregistry.org/
The IRAA is an authority in the registration of professional artists and artwork, and as such, serves anyone interested in art – including museums, historians, commercial galleries, educators, collectors, archivists, scholars, fine art publishers, universities, curators, estate managers, students, art insurers, and of course, artists.

Fine Art Adoption Network
http://www.fineartadoption.net
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. Our goal is to help increase and diversify the population of art owners and to offer artists new means for engaging their audience.

Artist Pension Trust
http://www.aptglobal.org
Artist Pension Trust® (APT) is the first investment program dedicated to the needs of emerging and mid-career artists. APT’s long-term financial planning services allow artists to invest their artworks alongside a community of select artists, thereby providing a uniquely diversified, alternative income stream

Update 9/8/07
I have received several suggestions of other websites where artists can promote their work so I have decided to add the new resources to the list. If you have any other websites that you think should be on the list then send me a message using the contact box.

For The Artists: GET NOTICED NOW!!

In response to a large number of artists asking me how to market their art I have decided to write a basic guide for artists on how to get noticed online. The internet has opened up endless opportunities for artists to promote and market their work but with so many avenues of exposure it can be difficult knowing which to utilise and which to avoid. To keep things simple I have created a list of the most important avenues of self promotion for artists and links to relevant resources.

Networking:
One of the most important avenues of self promotion for artists is the involvement in, and interaction with communities of artists. By networking with other artists you get the benefit of their experiences, expertise and contacts within the art market which could lead to opportunities to exhibit your work, sell your work or be represented by a gallery of dealer. The internet has allowed global communities of artists to come together through online forums and groups to promote their work and enhance their marketing skills. There are many online communities of artists the best of which are:

Wet Canvas: http://www.wetcanvas.com
Saatchi Online Gallery: http://www.saatchi-gallery.co.uk
Surreal Art Forum: http://www.surrealartforum.com
Artists Network: http://www.artistsnetwork.com
Art Span: http://www.artspan.com
Online Visual Artists: http://www.onlinevisualartists.com
EBSQ Art: http://www.ebsqart.com/forum/
Art Forums UK: http://www.artforums.co.uk
D’art Fine Art: http://dart.fine-art.com/MessageList.asp?intBoardID=7966
Deviant Art Forum: http://www.deviantart.com

Online Galleries:
Online galleries allow you to create your own online exhibition space and also offer your work for sale. Even if you don’t sell anything, having your work in an online gallery is great exposure. There are lots of online galleries many of which are not very good so below is a list of some of the better online galleries:

Yessy: http://www.yessy.com
Etsy: http://www.etsy.com
Art By Us: http://www.artbyus.com
Imagekind: http://www.imagekind.com
Absolute Arts: http://www.absolutearts.com/portfolio.html
Empty Easel: http://www.emptyeasel.com
Boundless Gallery: http://www.boundlessgallery.com
Ekaweeka: http://www.ekaweeka.com
Fine Art: http://www.fine-art.com

Competitions:
Art competitions are a great way of getting exposure for your work and allow you to compare your work against other artists. Below are some links to websites that list art competitions.

British Arts: http://www.britisharts.co.uk/competitions.htm
Art Deadlines List: http://www.artdeadlineslist.com/
Art Show: http://www.artshow.com
Saatchi Gallery Showdown: http://www.saatchi-gallery.co.uk/showdown/

Art Marketing Websites:
Art Biz Blog: http://www.artbizblog.com
Art Biz Coach: http://www.artbizcoach.com
Art Business: http://www.artbusiness.com
About Art: http://painting.about.com/

Blogs:
Another fantastic way to gain exposure is to create a blog that documents your career as an artist. Below are some links to free blog platforms:

WordPress: http://www.wordpress.com
Blogger: http://www.blogger.com

Merchandise:
Get your artwork printed on everything from mugs to t-shirts and even create prints of your work using these great customer merchandise creators
Cafepress: http://www.cafepress.com
Zazzle: http://www.zazzle.com
Finer Works: http://www.finerworks.com
Art Cards Wanter: http://www.artcardswanted.com

Happy Creating!!!

**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.

Limited Edition Art Market Update – artmarketblog.com

Lot 39, VICTOR VASARELY, 'Kedzi' 1990

On the 3rd of June auction house Phillips de Pury held their third ever sale of Modern and Contemporary Editions in New York after achieving good results for both auctions dedicated to Modern and Contemporary Editions  in 2008. The affordability of limited editions should be a definite draw card in the current economic climate but the fall from favour that contemporary art has experienced of late would have increased the risk of a poor result.  With expectations high for their first Modern and Contemporary Editions auction of 2009 there was plenty at stake for Phillips de Pury.  To find out how they went, keep reading.

The first auction of Modern and Contemporary Editions held by Phillips de Pury in May 2008 was very successful resulting in a total sale value of US$2,688,288 (including buyers premium) for 134 lots and achieving a 92% sold by value rate and 86% sold by lot rate. One year later and the 2009 Modern and Contemporary Editions auction, held on the 2nd of June, achieved similar statistics as the 2008 auction with 90% sold by value and 88% sold by lot. This, however, is where the similarities end. For starters, the 2009 sale total of US$1,120,075 was less than half the 2008 total of US$2,688,288. If you are thinking that the 2009 auction must have been smaller than the 2008 auction then you would be wrong because in 2009, a total of 280 lots were auctioned compared with 157 in 2008. What this means is that although the sold by value and sold by lot rate were almost the same for 2008 and 2009, the value of the lots in the 2009 auction were much lower than they were in 2008. The average price per lot for each auction confirms this with the average price per lot in 2009 coming to US$4590 compared to an average price per lot of US$20,060 in 2008. An ever more revealing indicator of the difference between the two auction is the fact that in 2008 a total of 63 out of the 134 lots sold fetched more than US$10,000 whereas in 2009, only 18 out of the 244 lots sold fetched more than $10,000.

With a majority of the lots on offer selling for less than US$4000 and many selling for one or two thousand dollars there were plenty of works that were affordable to almost anyone. Because of the lower value of the works being sold it is likely that a majority of the buyers were either collectors or decorators as opposed to hard core investors or trophy hunters. This is a good sign that people still have a certain amount of disposable income and that they are willing to spend that money on art within reason.

The results of the 2009 Modern and Contemporary Editions auction shows that limited edition works of art remain popular especially those priced at less than $10,000. Although the lower number of higher priced works in this years auction compared to the 2008 auction could be perceived as being the result of a lack of supply, I doubt that this would be the case and would suggest that this was a deliberate tactic by Phillips de Pury to ensure a high sold by lot and sold by value rate. The general reduction in the amount of money being spent on contemporary art across across the board was reason enough to increase the number of lower priced works in the auction in order to avoid a poor result. By focusing on low value works, Phillips de Pury could have ended up with an auction of low quality works that were undesirable regardless of their low price. Instead it appears that Phillips de Pury deserve a round of applause for putting together a catalogue of top quality yet affordable works of art.

**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.

Herb & Dorothy – An Art Collector Documentary – artmarketblog.com

I was recently made aware of a new film that has just been released called Herb an Dorothy (http://www.herbanddorothy.com/) which is the true story of a postal worker and a librarian who built a world class art collection. Projects such as this can only have a positive impact on the art market and increase interest in art collecting so take the time to go and see a great (and award winning) movie while supporting the art market.

Details of movie below:

SYNOPSIS

HERB & DOROTHY tells the extraordinary story of Herbert Vogel, a postal worker, and Dorothy Vogel, a librarian, who managed to build one of the most important contemporary art collections in history with very modest means. They lived off of Dorothy’s salary and used Herb’s to collect art. They only had two requirements when purchasing art: the piece had to be affordable, and it had to be small enough to fit in their one-bedroom Manhattan apartment.

Over the decades they collected over 2000 pieces of art, (keeping all of it in their tiny apartment) and became patrons of artists including Sol LeWitt, Christo and Jeanne-Claude, Richard Tuttle, Chuck Close, Robert and Sylvia Mangold, Lynda Benglis, Pat Steir, Robert Barry, Lucio Pozzi, and Lawrence Weiner.

Credits include;

Herbert Vogel
Dorothy Vogel
Sol LeWitt
Christo and Jeanne-Claude
Richard Tuttle
Chuck Close
Robert and Sylvia Mangold
Lynda Benglis
Pat Steir
Robert Barry
Lucio Pozzi
Lawrence Weiner
Will Barnet

***********************************

Now playing

@ Beekman Theatre, NYC
@ Cinema Village, NYC

***********************************

Coming Soon to theaters Summer 2009.

- June 19~ at Landmark Ritz at Bourse, Philadelphia
- June 19~ at Landmark, San Francisco
- June 19~ at Landmark Shattuck, Berkeley
- June 27, 28 at The Guild Cinema, Albuquerque
- July 3~ at Landmark E-Street Cinema, Washington D.C.
- July 10~ at Landmark Nuart, Los Angels
- July 10~ at Landmark Kendall Square Cinema, Boston

Upcoming Screenings

= Taubman Museum of Art, VA: June 12
= Provincetown Film Festival: June 18-20
= Cinema Arts Center: June 25
= Criterion Cinemas: June 26
= Portland Museum of Art, Maine: July 10-12
= Denver Film Society Doc Night July 16
= Starz Film Center, Denver: July 17
= Miami Art Museum: July 19
= Oklahoma City Museum Of Art: July 23 -26
= Tower Theatre, Salt Lake City: July 31
= Seattle Northwest Film Forum: July 31
= Grand Cinema, Tacoma, WA: July 31
= Ogunquit Museum, Maine: August 4
= Aspen Film Series: August 16
= Corcoran Art Gallery, Washington DC: September 15
= Walker Art Center, Minneapolis: September 16
= Cincinnati Art Museum: September 18-20
= Museum of Fine Arts, Houston: September 26-28
= Wexner Center-Columbus, OH September 30

Past Film Festivals

* Big Sky Documentary Film Festival 2009
* Transylvania International Film Festival 2009
* Little Rock Film Festival 2009
* Marfa Film Festival 2009
* Newport Beach Film Festival 2009
* Independent Film Festival Boston 2009
* Riverrun International Film Festival 2009
* Philadelphia Film Festival 2009
* Sarasota Film Festival 2009
* FIFA: Festival International du Film sur l’Art, Montreal 2009
* Cleveland International Film Festival 2009
* Martha’s Vineyard Film Festival 2009.
* The Reel Artists Film Festival, Toronto 2009.
* Palm Springs International Film Festival 2009
* Hamptons International Film Festival 2008.
* Silverdocs AFI/Discovery Channel Documentary Festival 2008.

**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.

Investing in an Artist’s Oeuvre – artmarketblog.com

'Christie's Auction' by Thomas Rowlandson

When you invest in a work of art, especially by a deceased artist, you are essentially investing not in just one work of art but in the artist’s entire body of work which is known as an oeuvre. An oeuvre is defined by the Merriam-Webster dictionary as “a substantial body of work constituting the lifework of a writer, an artist, or a composer”. When it comes to documenting an artist’s oeuvre a publication called a catalogue raisonné is usually published which lists all known works by a particular artist. What I want to look at in this post is the rather important question of what should be included in an artist’s oeuvre and how what is included in an artist’s oeuvre can have an effect on the market for an artist’s work.

Considering that an artist’s oeuvre is supposed to be the entire body of work an artist produced throughout their career it would seem to make sense that every single piece of art they produced should be included. Or does it?. I recently spoke to the widow of one of Australia’s most famous and highly valued artists who was responsible for documenting her late husband’s oeuvre. Instead of just including everything in the oeuvre she undertook a very extensive examination of her late husband’s work and made decisions relating to what should and should not be included in the oeuvre. Her decisions were based on the theory that everything an artist produces is not necessarily produced as a work of art and should therefore not be included in a documentation of that artist’s body of work. An example was given where people who visited the studio of her late husband would take doodles or sketches out of the bin with the intention of selling them some time in the future. With many such pieces, which would be unsigned and undocumented, now infiltrating the market, the question of whether they should be included in the artist’s oeuvre becomes rather important. The reason it becomes important is because the size of an artist’s oeuvre can dictate how much demand there is for an artist’s work and also because what is included in an artist’s oeuvre can effect people’s perception of the artist’s whole oeuvre.

The oeuvre of the Australian artist used in the example I gave earlier is very small compared to other artists and is undoubtedly a contributing factor in the high value put on the artist’s work because a smaller oeuvre means that demand for an artist’s work is going to be higher because there are less works available on the market. Imagine for a second that an artist produced hundreds and hundreds of doodles and sketches that the artist did not intend to ever display or sell. Because the artist did no intend these pieces to be viewed or sold they are probably not going to be very good quality and are probably completely meaningless in the scheme of things as well as being worth very little. If hundreds of such pieces became available a whole market of lower priced, low quality and probably meaningless bits of paper would be created for that artist which would undoubtedly have an effect on people’s perceptions of the artist’s whole body of work. When it comes to the market for the artist’s work the addition of hundreds of meaningless, low value and poor quality pieces to those genuine works available on the market could change people’s perception of the value of the artist’s work as a whole.

I can understand why those in charge of artist’s estates go to such extreme lengths to protect the integrity and stability of an artist’s oeuvre because, when it comes to the work of deceased artists, the stability and integrity of the artist’s oeuvre has a strong influence on the value of an artist’s work and the way people perceive the desirability of an artist’s work. The estate of Jackson Pollock is a good example of an estate that is ruthless when it comes to protecting and preserving an artist’s oeuvre. The Pollock-Krasner foundation have produced a complete catalogue raisonne of Pollock’s work and will not allow any additions to that raisonne unless they are 100% certain that the work is genuine and that it is part of the artist’s oeuvre. Considering that Pollock is one of the most highly valued and desirable artists ever means that any alteration to the artist’s oeuvre could have major repercussions.

By not recognising pieces not meant to be viewed as works of art in the documentation of her late husband’s oeuvre the widow of the artist used in the example earlier is able to maintain the integrity and stability of her late husband’s oeuvre by ensuring that fakes are not recognised as genuine works and that works not meant to be included in the artist’s oeuvre are not not recognised as works of art. Maintaining the integrity and stability of the entire oeuvre will consequently have a positive effect on the integrity, desirability and value of each individual work. When investing in a work of art by a deceased artist it is always a good idea to do some research on the artist’s oeuvre to see whether it is managed by anyone and whether it is stable and has maintained it’s integrity over a period of time. It is also a good idea to make sure that if you are purchasing a work by an artist whose oeuvre has been documented in a catalogue raisonne that the work you are purchasing appears in that catalogue otherwise the work may be fake or may require authentication by the artist’s estate or by an authentication organisation. The moral of the story is that an artist’s oeuvre is very important to the value and desirability of an individual work of art so make sure you know what you are buying into especially if you are buying for investment purposes.

**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.

1700 Times Estimate at Brunk Auctions – artmarketblog.com

"The Plasterers" by John Koch

Smaller auction houses rarely get the sort of attention given to the big four auction houses which is a shame because the smaller auction houses produce their fair share of exciting results and top sales.  Brunk Auctions, a North Carolina based auction house that sells fine and decorative arts as well as collectibles, ephemera and jewellery, recently had the sale of their lives when two seemingly ordinary pieces of Chinese ceramics sold at their May 9-10, 2009 Auction for what can only be described as astonishingly high prices.  The first piece, a Chinese famille rose vase described as a 20th century copy of a Qianlong period (1736-1795) piece, had been purchased from a yard sales by it’s owner and was given an estimate of $400 – $800.  At the fall of the hammer this apparently cheap knock off had sold for an incredible $1,075,000 or more than 1790 times mid estimate.  Obviously several people knew something about this piece that the owner and Brunk Auctions didn’t.  The next item was a Chinese decorated jar described as an 18th or 19th century copy of a Jialing period (1522-1566) piece and was given an estimate of $600 – $1,200. Once again the price headed north at a rapid rate finally settling at a dizzying $60,000 once again suggesting that several people knew something about this piece that the owner and Brunk Auctions didn’t.

Plenty of other items soared past their estimate at the same auction such as the Jean Dubuffet “Tapis” wool-pile carpet weave tapestry which sold for $11,000 against an estimate of $2000-$3000 and a Tamara de Lempicka print titled “Femme a la Mandoline” which made $10,500 against an estimate of $4,000 – $8,000. The high price for the de Lempicka print is likely to have been influenced by the new auction for the artist’s work set at Christie’s on the 6th of May as well as the number of other excellent results for the artist’s work sold at auction recently. Although selling for a price within the estimate a spectacular major work by the American Realist John Koch called “The Plasterers” sold for $210,000 against a $175,000 – $250,000 estimate which was still a good result. A revival in the interest of classical style sculpture is sure to have been a factor in the results for a marble bust of Prince Borghesi whcih trippled its high estimate selling for $12,000.

The following Brunk auction held on the 30th of May which included the collection of Florence and Bill Griffin produced some more outstanding results proving that smaller auction houses are capable of playing with the big boys. Art wise, two portraits by American folk artist Edwin B. Smith were highlights of the auction selling for well above their high estimate. The first, a portrait of Robert Ransome Billups sold for $80,000 against an estimate of $30,000 – $50,000 and the second, a portrait of Elizabeth Ware Fullwood sold for $36,000 against an estimate of $12,000 – $18,000. Edwin B. Smith is not a particularly well known or highly regarded artist on the world stage but is a very important artist to the area of Georgia, USA which was the theme of the auction and the home town of Florence and Bill Griffin. Furniture from the Georgia region also sold extremely well with the highlight being a fine Georgia paint-decorated cellaret or liquor stand which sold for $105,000 against an estimate of $30,000 – $50,000.

The internet has given smaller auction houses the ability to operate on a national or international level as is the case with Brunk Auctions who use liveauctioneers.com to accept online bids and promote their sales.  I am often surprised by the quality and rarity of the items that are sold by the smaller auction houses and would encourage everyone to take a greater interest in the smaller national and regional auction houses that operate in their area.  The advantage the smaller national and regional auction houses have over the big four is that they are more likely to come across those surprise objects that the owner does not know the value of or realise the significance of.  People who own very valuable works of art and know the value of those works of art are more likely to go to one of the big auction houses whereas someone who has no idea what an item they own is worth is more likely to take that item to a local auction house.  The moral of the story is that smaller auction houses are well worth keeping an eye on.

For more information see http://www.brunkauctions.com

**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.

Buying Urban/Street Art Online – artmarketblog.com

'Not For Nothing' limited edition print by Borf available from lazinc.com

Urban/Street art is a great genre of art for collectors on a budget with such a wide variety of works by very talented artists available for very reasonable prices. What makes collecting Urban/Street art even easier is the huge number of online galleries that are dedicated to Urban/Street art. The big names such as Banksy, Nick Walker, Keith Haring, Adam Neate, Antony Micallef, Faile, Blek Le Rat, D*Face, Paul Insect, Invader, Shepard Fairey, Jef Aerosol etc. command pretty high prices for their original works but limited edition prints by most of these artists can be purchased for relatively reasonable sums of money.  If you want to buy a work by an emerging artist there are plenty of fantastic emerging urban/street artists who are producing fantastic work that just might be the next big thing. Because original works are, for obvious reasons, more desirable than limited editions, if your budget doesn’t stretch to an original work by one of the big names it is worth considering an original work by an emerging artist. At 1loveart.com, for instance, a range of original works by emerging artists are available for less than 500 pounds which is amazing considering the quality of work available.

To help those interested in buying or collecting Urban/Street art I have compiled a list of the best Urban/Street art online galleries. What ever your taste or budget you are sure to find something that interests you.

http://s-editions.co.uk/home.html

http://www.stolenspace.com/

http://www.blkmrktgallery.com/

http://www.airmonkey.co.uk/

http://www.papermonster.net/home.php

http://www.newimageartgallery.com/

http://www.lazinc.com/available-art/

http://www.handmadeposters.com/

http://printcave.co.uk/index.html

http://www.vegasstreetart.com/index.php

http://www.hanguppictures.com/

http://www.picturesonwalls.com/

http://www.urbanuprising.com.au/

http://www.blackratpress.co.uk/

http://www.1loveart.com/index1.html

http://rarekind.co.uk/category/shop

http://www.thebricklanegallery.com/

http://www.stelladore.com/

http://www.urbanangel.com/

http://stealfromwork.org/

http://www.littleartbook.com/

http://www.mutatebritain.co.uk/

http://www.prescriptionart.com/

**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.

Affordable Photography at Troika Editions – artmarketblog.com

Sand Blaster By Bill Jackson

In August of 2007, Jen Bekman launched the online art store 20×200 (http://www.20×200.com) with a mission to make fine art available to everyone. Bekman’s concept of selling one print in a range of physical sizes and edition sizes at varying price levels caters to everyone from the serious collector to those who just want something to decorate their home. Each week two new works are released one of which is a photographic work and one of which is a work on paper. The prints range in size and price from 8″ by 10″ prints from an edition of 200 which cost $20 to 40″ by 30″ prints from an edition of 2 which cost $2000 with other options in between.

Jen Bekman’s US based 20×200 had the niche all to themselves until the UK based Troika Editions opened for business in April this year. Troika Editions is a new online gallery with a focus on contemporary photography which offers a new photographic image for sale each week made available as limited editions prints which vary in size, price and edition number just like 20×200. All their prints come with a certificate signed by the artist and a unique edition number which is what one would expect from anyone selling a top quality fine art edition. According to the Troika editions website “Each art work 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 prices of £35, £350 and £3500. All you have to do is decide which one you like.”

The artists whose work is chosen to be sold as limited edition prints by Troika are carefully selected by a curator because of their current success and future potential. The website states that “Troika Editions showcases exciting and beautiful work by photographers with a pedigree. These are the next photo stars; they have won awards, published books and had exhibitions. We believe they are artists to watch in the future”.  So far things look good for Troika editions with the current offerings appearing to be highly desirable and top quality. I’m a particular fan of the slightly eerie but very intriguing work ‘Sand Blaster’ by Bill Jackson (see image) who just won the silver award in the Royal Photographic Society 152nd International Print Exhibition. Jackson has a very extensive cv that includes lots of solo and group exhibitions as well as an impressive list of rewards which suggests that he is definitely an artist worth investing in.

To see all the works available from Troika editions visit http://www.troikaeditions.co.uk/

**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.

Kees Van Dongen Revived and Revalued – artmarketblog.com

KEES VAN DONGEN (1877-1968) Le narrateur et Albert Bloch à la maison close avec le cachet de l'atelier 'Van Dongen' (en bas à droite) aquarelle, gouache et traces de mine de plomb sur papier 24.5 x 21.2 cm. (9 5/8 x 8 3/8 in.) Exécuté vers 1946-47

The first major retrospective held in North America of work by Dutch born French artist Kees Van Dongen (1877-1968) was held at the Montreal Museum of Fine Arts from the January 22 to April 19. This event is sure to have played a part in the exceptional results achieved by Christie’s for a collection of works by Van Dongen sold on the 20th of May as part of the Art Impressionniste Et Modern sale held in Paris. A total of ten watercolour paintings by Van Dongen were included in the sale the most interesting of which were eight works originally from the Proust collection which depict various different street and scenes of high society. Each of these scenes were painted by Van Dongen as illustrations for a famous book by French author Marcel Proust titled ‘A la recherche du Temps perdu’ (In Search of Lost Time). A total of 77 watercolours were painted by Van Dongen for the book which is a memoir/autobiographical novel that consists of seven volumes and a total of around 3200 pages. Making these paintings even more desirable is the fact that, according to Christie’s, they will be all included in the forthcoming Kees Van Dongen catalogue raisonne being prepared by Jacques Chalom Des Cordes under the sponsorship of the Wildenstein Institute. It is noted in the catalogue that an attestion of inclusion will be given to the buyer of each work.

Each of the eight illustrations by Van Dongen for the book by Proust had estimates of either €25,000 – 35,000 or €20,000-30,000. The least successful of the paintings still managed to exceed the estimate of €25,000 – €35,000 selling for €49,000 and the most successful of the paintings sold for more than five times the €30,000 high estimate reaching an amazing €163,000. According to Christie’s the main buyers were American and European collectors. The results for all eight works were as follows:

Lot 41, Sale 5563, Paris
KEES VAN DONGEN (1877-1968)Le narrateur et Albert Bloch à la maison close
estimate: €25,000 – €35,000
price realized €121,000 ($165,029)

Lot 42, Sale 5563, Paris
KEES VAN DONGEN (1877-1968)Gilberte Swann et des amies au Bois de Boulogne
estimate: €25,000 – €35,000
price realized: €139,000 ($189,579)

Lot 43, Sale 5563, Paris
KEES VAN DONGEN (1877-1968)Les Permissionnaires
estimate: €20,000 – €30,000
price realized: €163,000 ($222,312)

Lot 44, Sale 5563, Paris
KEES VAN DONGEN (1877-1968)La nouvelle Gilberte
estimate: €25,000 – €35,000
price realized: €151,000 ($205,945)

Lot 45, Sale 5563, Paris
KEES VAN DONGEN (1877-1968)Le Mariage de Robert de Saint-Loup et de Gilberte Swann
estimate: €25,000 – €35,000
price realized: €49,000 ($66,830)

Lot 46, Sale 5563, Paris
KEES VAN DONGEN (1877-1968)Le Baron Charlus à la gare de Doncières
estimate: €20,000 – €30,000
price realized: €109,000 ($148,663)

Lot 47, Sale 5563, Paris
KEES VAN DONGEN (1877-1968)Le narrateur avec deux servantes
estimate: €20,000 – €30,000
price realized €61,000 ($83,196)

Lot 48, Sale 5563, Paris
KEES VAN DONGEN (1877-1968)Robert de Saint-Loup et le Prince de Borodino chez le barbier de Doncières
estimate: €20,000 – €30,000
price realized: €85,000 ($115,930)

The major retrospective just held in Canada and the catalogue raisonne of his work that is in the process of being completed are all major milestones for the Van Dongen and his work. As one would expect, the market has reacted positively to these major milestones as well as the highly desirable provenance and also the connection with author Marcel Proust and his book ‘A la recherche du Temps perdu’. Kees Van Dongen was a highly regarded artist during his career but has been somewhat overlooked since his death. Consequently, Van Dongen is an underrated and undervalued artist whose work is only just starting to receive the recognition that it deserves.

**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.

Asian Decorative Arts Fever at iGavel – artmarketblog.com

Chinese Imperial Bamboo Brushpot, 18th c.

Recent results from auctions of Asian art conducted by Sotheby’s in Hong Kong show that there is high demand for modern and contemporary Asian art and that there are plenty of Asian buyers with plenty of money to spend. Also proving popular are Asian decorative arts, Asian antique decorative cultural objects and ethnographic works of art, the best of which are in very high demand at the moment as is evident by the success achieved by iGavel (http://www.igavel.com) with their recent online auctions of such items. In fact, the prices being achieved by iGavel are astonishing. Take, for instance, an auction conducted by iGavel in March where a pair of large Chinese porcelain panels sold for US$16,000 (hammer price) against an estimate of US$500-$1000 and a Sino-Tibetan gilt bronze buddha made US$11,000 against an estimate of US$500.00 to 800.00. In April, an Antiques, Asian & Tribal auction produced even more astounding results with one of the top lots, a Chinese 17th/18th c. parcel gilt & polychromed iron seated figure of an immortal, selling for US$38,500 after 44 bids against an estimate of US$5000-7000. Also selling for many times their estimates were:
- A Chinese gilt decorated archaic style bronze water buffalo-form incense burner which sold for US$28,000 against an estimate of US$1000-1500
- A Chinese carved pale green jade teapot circa 18th which sold for US$19,900 against an estimate of US$3000-5000

Chinese White Jade Figure of Buddha

The May Asian, Ancient and Ethnographic Works of Art sale saw iGavel raise the bar even higher when a record price of US$105,010 (US$126,012.00 including premium) against an estimate of $80,000-$120,000 was paid for an amazing recently rediscovered Chinese 18th c. imperial bamboo brushpot that had been mounted as a lamp. Fierce competition saw the starting price of $7500 rapidly rise with a total of 51 bids being taken before a new buyer was found. Lark Mason, the founder of iGavel and an Asian art expert, was responsible for the identification of the brushpot which depicts the cultivation of cotton. It took 40 bids to decide a new owner for a modern gilt bronze figure of Maitreya which sold for US$21,000 against an estimate of US$3000-5000 and 21 bids for a Chinese 18th/19th c. White Jade Figure of Buddha, formerly of the Pan-Asian Collection, which reached US$13,500 against an estimate of US$2000-3000. Other exception results included:

-A set of ten modern Chinese celadon jade zodiac figures which sold for US$10,000 against an estimate of US$700-$900
-A 19th c. Chinese porcelain flambe glazed bottle vase which sold for US$8610 against an estimate of US$800-$1200
-A 20th C. Chinese spinach jade tripod censer and cover which sold for US$6500 against an estimate of US$500-$800
-A 20th C. Chinese carved green jade vase and cover which sold for US$5000 against an estimate of US$400-$600

According to iGavel, mainland Chinese buyers dominated the bidding which suggests that there is a high demand in China for objects that have cultural or historical significance for the Chinese and that there is plenty of money in China to purchase these items. Buying back objects of cultural and historical significance that have been taken out of the country appears to be high on the agenda for Chinese collectors in the same way that the Russian collectors started buying back their heritage a few years ago. It is encouraging to see that the global financial crisis appears to have not affected the market for art in the Asia region as much as many would have predicted and that buyers are showing an interest in a wide range of objects from the contemporary to the classical.

It is great to see that buyers are willing to spend so much money online via iGavel, a reflection perhaps of iGavel’s focus on quality and authenticity. The success that iGavel has had with their auctions of Asian art may be partly due to buyers in Asia being able to purchase items online all of which have guarantees for authenticity and condition. Also adding to the legitimacy of the items being offered for sale by iGavel is the fact that the founder of iGavel, Lark Mason, is a highly respected expert in the Asian Art field known to many from his appearances in the PBS series, The Antiques Roadshow. All in all, iGavel should be congratulated for the success that they achieve with their online auctions.

For more information on iGavel visit http://www.igavel.com
**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.

Sotheby’s Contemporary Art Surprises – artmarketblog.com

Alexander Calder Ebony Sticks in Semi-Circle 1934 $3,498,500 Sotheby’s New York May 12, 2009

I always find it interesting to look at the lots from a particular auction that achieved prices well in excess of expectations because I find you can tell a lot about market trends and the state of the market for particular types of work from this information. The recent May contemporary art auctions were especially important because of the impact that the global financial crisis and subsequent art market correction has had on the market for contemporary art. It is immediately evident from the results that buyers are paying less for works of art and spending less on average on works of art but this comes as no surprise as the market begins to adjust to the new reality of the market for art. Now that the market is showing signs of stability there is a new benchmark beginning to develop that we can use to track trends, assess auction results and determine what direction the art market is heading. I don’t think that the art market has quite finished finding it’s feet but judging by the recent auctions we are not far off.

Looking at the lots that exceeded expectations from the Sotheby’s Contemporary Art Evening and Day sales that took place on the 12th and 13th of May can tell us several things about the market for contemporary art. First of all, buyers still have confidence in the work of the worlds top contemporary artists and are willing to pay good money for quality works by these artists within reason. Works valued up to the US$1,000,000 mark seem to be very popular at the moment with healthy competition for works and buyers appearing to be quite comfortable purchasing at this price range. Seven of the eight highest achieving works from Sotheby’s evening sale of more expensive works had high estimates under $1,000,000. Even more popular are original works of art with estimates up to the $100,000 with competition for the best works by the big names producing some great results. Seven of the eight highest achieving works (hammer price compared to estimate) from Sotheby’s day sale of lower priced works had high estimates under US$100,000. As you can see from the results below there was far more competition for less expensive works (under $100,000 especially) from Sotheby’s day sale than there was for more expensive works from the evening sale. It is also pleasing to see that works by up and coming contemporary artists are also seeing plenty of action provided that they are under the $100,000 mark.

Surprise Results from Sotheby’s Contemporary Art Auctions:

Sotheby’s Contemporary Art Evening Auction May 12

Lot 4: Andy Warhol ‘Kellogg’s Cornflakes [Los Angeles Type]
sinkscreen on plywood
Estimate: $200,000-$300,000
Hammer Price: $400,000

Lot 5: Dan Colen ‘Untitled (Blow Me)’
oil on canvas
Estimate: $100,000 – $150,000
Hammer Price: $320,000

Lot 15: Alexander Calder ‘Ebony Sticks In Semi-Circle’
wood, steel and string standing mobile
Estimate: $1,000,000 – $1,500,000
Hammer Price: $3,050,000

Lot 25: Gerhard Richter ‘Mirror Painting (Blood Red)’
pigment on glass
Estimate: $600,000 – $800,000
Hammer Price: $1,100,000

Lot 35: Richard Prince ‘Can You Imagine’
acrylic and silkscreen on canvas
Estimate: $600,000 – $800,000
Hammer Price: $1,150,000

Sotheby’s Contemporary Art Day Auction May 13

Lot 104: Alexander Calder ‘Untitled’
painted metal and wire standing mobile
Estimate: $150,000 – $200,000
Hammer Price: $270,000

Lot 111: David Hockney ‘Aubergine’
pastel and colored pencil on paper
Estimate: $15,000-$20,000
Hammer Price: $39,000

Lot 119: Philip Guston ‘Untitled’
ink on paper
Estimate: $200,000 – $300,000
Hammer Price: $340,000

Lot 131: Alex Katz ‘Folding Chair’
oil on canvas
Estimate: $60,000-$80,000
Hammer Price: $120,000

Lot 158: Lucio Fontana ‘Concetto Spaziale Attese’
waterpaint on canvas
Estimate: $100,000 – $150,000
Hammer Price: $220,000

Lot 162: Robert Mangold ‘Plane Figure Study A (Double Panel) Study
acrylic and black pencil on canvas
Estimate: $150,000 – $200,000
Hammer Price: $250,000

Lot 173: Lee Ufan ‘From Line, No. 78154′
pigment suspended in glue, on canvas
Estimate: $50,000-$70,000
Hammer Price: $100,000

Lot 176: Elsworth Kelly ‘Light Green Panel’
painted aluminium
Estimate: $70,000 – $90,000
Hammer Price: $130,000

Lot 185: Andy Warhol ‘Untitled (Diamond Dust Shoes)’
acrylic and silkscreen on canvas
Estimate: $80,000 – $120,000
Hammer Price: $180,000

Lot 194: Andy Warhol ‘Camouflage’
silkscreen on paper
Estimate: $12,000 – $18,000
Hammer Price: $32,000

Lot 198: Andy Warhol ‘Look Years Younger’
graphite on sketchbook paper
Estimate: $10,000 – $15,000
Hammer Price: $34,000

Lot 203: Andy Warhol ‘Detail of the Last Supper’
synthetic polymer paint and silkscreen ink on canvas
Estimate: $80,000-$120,000
Hammer Price: $180,000

Lot 209: Tom Wesselmann ‘Upside Down Blue Nude #2′
oil on canvas
Estimate: $220,000-$280,000
Hammer Price: $340,000

Lot 230: Neil Jenney ‘Saw and Sawed’
acrylic and graphite on canvas in artist’s frame
Estimate: $180,000-$250,000
Hammer Price: $420,000

Lot 305: Jr ‘Favela’
chromogenic print on metallic paper mounted on aluminum
Estimate: $10,000-$12,000
Hammer Price: $20,000

Lot 339: Damien Hirst ‘N-T Boc-L-Alanine N-Hydro Ester’
household gloss on canvas
Estimate: $20,000-$30,000
Hammer Price: $42,000

Lot 364: Makoto Saito ‘Portrait of Laurence (Recognition)’
acrylic and oil ink on canvas mounted on wood
Estimate: $150,000-$200,000
Hammer Price: $280,000

Lot 400: William Kentridge ‘Anamorphic Drawing’
charcoal on paper in Plexiglas box, stainless steel cylinder on steel support
Estimate: $15,000-$20,000
Hammer Price: $26,000

Lot 428: John Currin ‘The Living Room’
ink and watercolor on paper
Estimate: $20,000-$30,000
Hammer Price:$60,000

Lot 450: Barbara Kruger ‘Untitled (Open Wide)’
photographic silkscreen ink on vinyl
Estimate: $50,000-$70,000
Hammer Price: $120,000

Lot 451: Barbara Kruger ‘Untitled (We Are Transformed Into Special Effects)’
unique photographic montage in red painted artist’s frame
Estimate: $60,000-$80,000
Hammer Price: $110,000

**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.

THE GREAT CONTEMPORARY ART BUBBLE – artmarketblog.com

For those of you who missed seeing the new documentary on the art market by Ben Lewis titled THE GREAT CONTEMPORARY ART BUBBLE, you can catch it again on Monday the 25th of May at 01:10 on BBC four or download it here:
http://www.bbc.co.uk/tv/comingup/greatcontemporaryartbubble

Ben Lewis’s new documentary
THE GREAT CONTEMPORARY ART BUBBLE
An investigation into the rise and fall of the contemporary art market
Documentary; 60 min

Stop press:

· Prices for top contemporary artists fall 50% by May 2009!

· Sotheby’s given “junk” credit rating by S&P May 5th 2009

· London contemporary art auction sales down 75% in February 2008

· Art market awaits anxiously the Contemporary Art Auctions in New York May 13-14th 2009

· Hirst market near collapse. Art by Hirst fails to sell at Sotheby’s Doha auction, March 2009; no Hirsts in Sotheby’s NY sales.
The contemporary art boom is now over, but between 2003 and Autumn 2008 the world witnessed a craze for collecting contemporary art unprecedented in history
During the last frenzied year of this tulip-style bubble, art critic and film-maker Ben Lewis followed the contemporary art market, travelling to art fairs, auctions, museums, and the offices and homes of billionaire art collectors,, interviewing dealers, auctioneers, gallery-owners, art market analysts and art collectors, trying to find out the reasons behind this historic phenomenon. He uncovered a world of complicated deals, unusual market practices, widespread secrecy as well as passionate enthusiasm for contemporary art.

On September 15th 2008, the day of the collapse of Lehmans, the worst financial news since 1929, Damien Hirst sold over £70 million of his art, in an auction at Sotheby’s that would total £111 million over two days. It was the peak of the contemporary art bubble – the greatest rise in the financial value of art in the history of the world.
One art critic and film-maker was banned by Sotheby’s and Hirst from attending this historic auction: Ben Lewis.

Why? He had spent a year making a documentary investigating the reasons behind the booming contemporary art market, and they claimed he was “biased” against them and contemporary art.

During the easy-credit boom years, there were bubbles in many assets – property, wine, copper, oil. But there was one bubble that was bigger than all the rest: contemporary art. An Andy Warhol sold for $72 million, a Rothko for $73 million, and a Francis Bacon for $86 million. While the rest of the economy began to falter under the Credit Crunch in late 2007, the contemporary art bubble kept on inflating, bigger and fatter than ever before.

Art critic and film-maker Ben Lewis spent all of 2008 investigating this contemporary art bubble. Everywhere he went, the art world told him that the contemporary art boom would go on forever, fuelled by a new passion from the world’s super-rich. But Lewis found other big reasons for the contemporary art boom – a world of unusual market practices, speculation, secrecy and tax breaks that involved the whole art world – dealers, collectors, galleries, auction houses and even public museums.

In the climax of the film, Lewis’ discoveries lead him to play his own part in the bursting of the contemporary art bubble, which is revealed for the first time in this film
Finally the moment came that he had long predicted. A month after the Hirst auction at Sotheby’s, the contemporary art market crashed, dropping by 40% in November 2008 and 75% by February 2009, and still falling today.

The Great Contemporary Art Bubble is not only a film about the art market it is a parable for the mania, delusion and greed which drove the world economy over the edge in 2008. In future years the contemporary art bubble may come to be seen as the epitome of the boom-times we have been living through.

Watch ‘The Great Contemporary Art Bubble’ and discover the reasons behind the biggest, bubbliest bubble of them all!

**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.

Korean Contemporary Art at Sesame Gallery – artmarketblog.com

Press Release:

Emerging Art Markets for Challenging Times

Koh Sang Woo " What Light Dreams III" Archival Digital Print on Diasec, 2009 112cm x 163cm

As caution replaces confidence in the emerging art market, buyers are turning to medium-long term investments to ride out the financial crisis, and as a result art from emerging economies and future global leaders is becoming increasingly more attractive. South Korea, already one of the world’s most rapidly advancing nations, is particularly interesting thanks to an already well-developed local art market and a distinctive Korean aesthetic. This June in London commercial galleries will be presenting exhibitions that forge some initial inroads into this exciting and potentially lucrative emerging art market.

South Korea has rocketed from rural economy to become a technological powerhouse and the world’s thirteenth largest economy in the space of a few decades. As an advanced economy, Korea is embracing the value of contemporary art as both commercial and cultural capital on the world stage, and as a result, artists and galleries travel and exhibit globally. Economically Korea is already considerably influential at a global level, and as both the country and its influence continue to grow, the value of its artistic output will gain increasing importance in the international market.

In June a number of events give a hint to the first waves of interest in this emerging market. The Sesame Gallery in Islington features “Ideal Worlds”, an exhibition that explores one of the major themes of South Korean art – the process of adapting to rapid Westernisation – and brings in work for the first time in the UK. Likewise, the Korean Arts Council is funding an exhibition at i-Myu Projects in Old Street titled Old Pop. A number of Korean artists are also coming up for auction for the first time at Christies towards the end of the month, underlining how this is a market that is beginning to take promising shape in difficult times – which can only bode well for when things pick up.

IDEAL WORLDS

South Korean Contemporary Art

See exhibition details here:

http://www.sesameart.com/exhibitions/idealworlds/idealworldspr.php

Koh Sang Woo – Luca Sangjun Kim – Gee Song

4 June – 3 July 2009
Opening Reception: Thursday 4 June 6-8pm

354 Upper Street
Islington
London
N1 0PD
T: +44(0)20 7226 3300
F: +44 (0)20 7226 7231

info@sesameart.com

**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.

NY Art Auctions Feel the Heat – artmarketblog.com

Tamara de Lempicka, Portrait de Marjorie Ferry, 1932

Since January 2008, prices in the Impressionist & Modern Art segment have posted a cumulative fall of roughly 30% and they contracted no less than 10% in the first quarter of 2009 alone. So, inevitably, the first day of the Impressionist & Modern Art sales in New York was awaited as a test of the top-end of the market. By the end of the two evening sales at Christie’s and Sotheby’s the verdict was clear: with sales revenues just half their previous year totals and some major works bought in or withdrawn from sale, the market appears to be demanding even larger adjustments to price estimates.

Anticipating weaker demand, the auctioneers had diminished the size of their catalogues by roughly half compared with 2007 resulting in a low bought-in rate (20% on average), but drastically reduced total revenue figures. The correction has been particularly severe for Sotheby’s who were expecting $81.5m from their 5 May sale but only generated $52.9m. Remember that on 7 May 2008, Sotheby’s fetched $208m for its Impressionist & Modern Art sale. This disappointing result is partly due to the financial context, but it also reflects buyers’ overall sentiment with respect to the two aggressively priced star lots: Alberto GIACOMETTI le Chat and Pablo PICASSO’s La Fille de l’artiste a deux ans et demi avec un bateau both of which were bought in at just a couple of million dollars below their low estimates of $16m. In the more favourable context of May 2008, Sotheby’s fetched $15.5m for Picasso’s Le baiser, a large painting executed in 1969. Today, bids above the $10m line are much less common: only Christie’s managed to generate a successful 8-figure bid over the 2 days of sales and that was for Picasso’s Mousquetaire a la pipe which fetched $13m. The same piece was last sold at auction for $6.4m by the same auctioneer in November 2004.

This year, the two major auction houses were both seeking to set new records for Tamara LEMPICKA de whose paintings appear rarely at public sales. In 2008, for example, only 5 of her paintings were auctioned compared with 12 in just two days this year as Sotheby’s offered 10 works from the collection of German fashion designer Wolfgang Joop. On 5 May, Portrait of Marjorie Ferry set a new record for the artist at $4.3m. The following day, Christie’s substantially exceeded that score with $5.4m for Portrait de Madame M.

At the end of the two evening sales, Christie’s posted a better overall result than its rival with a revenue total of $89.4m from 38 lots. Apart from the disappointment of a Max ERNST’s Malédiction à vous les mamans that was expected to generate a record but was finally withdrawn from the sale (estimated at $7-9m), Christie’s generated a number of respectable results including $6.8m for Buste de Diego (Stele III) by Alberto Giacometti and $6.8m for another Picasso, Femme au chapeau, (just below its low estimate of $8m). Sotheby’s best result came from a 1932 Piet Mondrian painting which doubled its estimate at $8.2m. This result was undoubtedly carried by the recent record of $24.6m (€19.2 m) generated by Christie’s at the famous Y.Saint Laurent & P.Bergé sale in Paris in February of this year.

Although Sotheby’s sales figures signal a serious depression on the New York market, the majority of art market players seem relatively optimistic (the AMCI at over 40 points on 11 May) buoyed by excellent purchase opportunities after recent price reductions.

Copyright@Artprice.com

**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.

Sotheby’s May 2009 NY Contemporary Art Sale – artmarketblog.com

MARTIN KIPPENBERGER 1953 - 1997 UNTITLED 3,500,000—4,500,000 USD

Sotheby’s 12 May 2009 New York Contemporary Art Evening Sale bought in a total of $40,080,000 (hammer price) against a mid estimate of $62375000 which reflects the continuing decline in the value and desirability of contemporary art. A total of 39 works sold from the small catalogue of 49 works which gave Sotheby’s a respectable 80% clearance rate for the sale. Despite the good clearance rate results were mixed with seven works selling for above their high estimate, twenty within their estimate and twelve below their estimate.

The top performing lots were Alexander Calder’s ‘Ebony Sticks in Semi-Circle’ which sold for $3,050,000 against an estimate of $1,000,000-$1,500,000, Dan Colen’s ‘Untitled (Blow Me) which sold for $320,000 against an estimate of $100,000-$150,000 and Richard Prince’s ‘Can You Imagine’ which sold for $1,150,000 against an estimate of $600,000-$800,000. The most expensive work was Jeff Koons ‘Baroque Egg with Bow’ which failed to break the low estimate selling for $4,800,000 against an estimate of $6,000,000 – $8,000,000 followed by the cover lot, Martin Kippenberger’s ‘Untitled’, which scraped in just above the low estimate selling for $3,600,000.

The biggest disappointments of the auction were Robert Rauschenberg’s ‘Transom’ which failed to sell with a $4,000,000 – $6,000,000, Robert Godber’s ‘Untitled’ which failed to find a buyer with a $2,500,000 – $3,500,000 and Richard Diebenkorn’s ‘Cane Chair-Outside’ which remained unsold with a $1,800,000 – $2,500,000 estimate. The total value of the 10 works that failed to sell was $11,450,000 which contributed significantly to the mediocre result. Of the 39 lots that sold, the average price was $1,027,692.

Considering that Sotheby’s 2008 May Contemporary Art Auction bought in a total of $320,640,000 (hammer price) for 85 lots, the 2009 result looks ridiculously low in comparison. An average price for the 2008 auction of $3,777,2235 compared with the average price of $1,027,692 for the 2009 auction shows that the prices people are willing to pay for contemporary art have dropped dramatically. In fact, the closest results to the 2009 auction come from the 2004 auction where a total of 60 works sold for 65,670,400 USD with the highest price paid for a work being $5,104,000 (including premium) for Lichtenstein’s ‘Step-On Can with Leg’ and the average price paid for a work turning out to be 1,094,506.

**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.

Join the Artist of the Month Club – artmarketblog.com

There are several organisations that run art by subscription programs but the Artist of the Month Club is the best I have come across so far. For only US$2400 (including shipping and handling) for a years subscription you can receive an original limited edition work of art in the mail by an artist who has been chosen by a world class curator. Each month a different curator will choose an artist that they believe are worthy of being part of the project and that artist will produce an original limited edition work of art that will be mailed to subscribers along with a certificate of authenticity. Subscribers will not know who the artist is or what the work is that they will be receiving prior to receiving the work in the mail which adds an element of surprise and excitement.

Each work of art is an edition of 50 which means that a maximum of 50 people can subscribe at one time. Past artists who have contributed a work of art include William Powhida, Zoe Crosher, Matthew Higgs and Pinar Yolacan. The work for April was a photography titled ‘Boro’ by Turkish born artist Pinar Yolacan who was chosen by Ana Finel Honigman. Pinar is a 28 year old up and coming photographer who has had solo exhibitions at the Yapi Kredi Foundation (Turkey), the Finnish Museum of Photography and the Rivington Arms (New York) as well having been part of many group exhibitions the most recent of which was Fotografie Forum International in Frankfurt.

If the Artist of the Month Club sounds like something you would be interested in subscribing to or even if you want to give a subscription as a gift you can find out more information at http://www.artistofthemonthclub.com

image:

‘Boro’ 2009 by Pinar Volacan

**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.

Help Humble Arts and Support the MOCP – artmarketblog.com

Stein, Amy $300.00 Hillside from the series Domesticated, 2007 C-print 11 x 13 3/4 inches on 14 x 16.75 inch paper Edition of 50. Available from the MoCP

The financial crisis has undoubtedly had a significant effect on the arts especially those non-profit organisations that are the backbone of the art world. Many non-profit art organisations have funding programs that involve the sale of works of art so why not help support the arts and take advantage of some of the bargains currently available. The Humble Arts Foundation is a well known not-for-profit organisation that works to advance the careers of emerging fine art photographers. Like many other arts organisations, the Humble Arts Foundation is doing it tough. There are two ways you can help the Humble Arts Foundation. The first involves making a tax deductable donation of $15 or more which, if 3500 people obliged, would give Humble enough funds to continue supporting and exhibiting the work of emerging art photographers through 2012. The second way you can help support Humble is by purchasing one of their fantastic limited edition prints. To sweeten the deal a discount of 30% is available to those who use the code HAF30 which makes the Humble prints even better value.

To make a donation go here:
https://www.fracturedatlas.org/site/contribute/donate/1138

or to view the available prints go here:
http://humbleartsfoundation.org/editions/index.html

Another photography related organisation that I’m sure would love your support is the Museum of Contemporary Photography in Chicago. According to their website the Museum of Contemporary Photography (MoCP) is the only museum in the Midwest with an exclusive commitment to the medium of photography. By presenting projects and exhibitions that embrace a wide range of contemporary aesthetics and technologies, the Museum strives to communicate the value and significance of photographic images as expressions of human thought, imagination, and creativity. The MoCP recently launched their 2009 series of fine photographic prints which includes works by Amy Stein and Michael Wolf. To see all the fantastic prints available check out:
http://mocp.org/shop/index.php?main_page=index&cPath=11
**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.

April 2009 Global Art Auction Highlights – artmarketblog.com

Below are the results from some of the most successful art auctions of April 2009. From these results we can see that the art market continues to show signs of strength and optimism. The results of the Russian and Asian art sales are particularly pleasing and have been successful enough to suggest that the market for Russian and Asian works is as strong as it has ever been albeit slightly more discriminating. Asian buyers were the dominant force in all the Asian art sales with works from all period and all periods of Asia attracting plenty of interest. Another stand out sale was the auction of the collection of GIORGIO SOAVI by Sotheby’s Milan which again proved that works with excellent provenance that are fresh to market and are from private collections continue to be highly desirable. The Russian sales indicated that works by Svetoslav Roerich and Nicholas Roerich are in demand while the Asian sales indicated that works by Lin Fengmian and Indonesian artist I Nyoman Masriadi are highly desirable.

Christie’s Russian Art Sale
New York – Friday, April 24, 2009
Sold: $13,225,125 £8,996,683 €10,019,034
Lots Sold: 269 Lots Offered: 390 Sold by Lot: 69% Sold by $: 80%

lot 313: Svetoslav Roerich
‘Portrait of Nicholas Roerich in a Tibetan Robe’ 1933
WORLD AUCTION RECORD FOR THE ARTIST
Estimate: US$900,000 – 1,100,000
Purchase Price: US$2,994,500

lot 312: Nicholas Roerich
‘The Greatest and Holiest of Tangla’ from the ‘Shambhala series, 1929
Estimate: US$300,000 – 500,000
Purchase Price: US$1,426,500

lot 317A: Nicholas Roerich
‘Sharugon Monastery, Tibet’
Estimate: US$40,000 – 60,000
Purchase Price: $242,500

lot 329: Pavel Tchelitchew
‘Portrait of Edlji Dinshaw’
Estimate: US$80,000 – 120,000
Purchase Price: US$230,500

289 Robert Falk
‘Landscape with stones’ 1911
Estimate: US$100,000 – 150,000
Purchase Price: US$218,500

Sotheby’s Milan GIORGIO SOAVI COLLEZIONISTA Sale
21 Aprile 2009
Grand Total (Including Buyer’s Premium): 2,283,500 EUR
Sold by Value: 90.0 %
Lots Offered: 149
Sold by Lot:94.0 %
Lots Sold/Unsold:
140 / 9 of 149

Lot 22: Alberto Giacometti
‘Giorgio Soavi’ 1963
Estimate: 400,000-600,000 Euro
Purchase Price: 600,750 Euro

Lot 119: Giuliano Vangi
‘Senza titolo’, terracotta, 1986
Estimate: 4000-6000 Euro
Purchase Price: 66,750

Lot 67: Gianfranco Ferroni
‘Natura morta con panneggio’ 1983-84
Estimate: 4,000 – 6,000 Euro
Purchase Price: 39,150 Euro

Lot 40: Graham Sutherland
‘Senza titolo’ 1973
Estimate: 8,000 – 10,000 Euro
Purchase Price: 31,950 Euro

Lot 69: Gianfranco Ferroni
‘Grande natura morta’ 1982 (244)
Estimate: 5,000 – 7,000 Euro
Purchase Price: 31,950

Lot 146: Luciano Ventrone
‘Autunno’ 1991
Estimate: 3,000 – 4,000 Euro
Purchase Price: 31,950

Christie’s
International Modern and Contemporary Art
Dubai – Wednesday, 29 April 2009
Sale no: 7802

Lot 26: Parviz Tanavoli (Iranian, b. 1937)
‘The Wall and the Script’ 2007
Estimate: US$120,000-180,000
Purchase Price: US$218,500

Lot 88a: Erol Akyavaş (Turkish, 1932-1999)
‘Alma Ausente’ 1959
Estimate: US$70,000-100,000
Purchase Price: US$194,500

Lot 123: Mohammed Ehsai (Iranian, b. 1939)
‘Untitled’ 1994
Estimate: US$80,000-120,000
Purchase Price: US$152,500

Lot 21: Abolghassem Saidi (Iranian, b. 1926)
‘Trees’ 1982
WORLD AUCTION RECORD FOR THE ARTIST
Estimate: US$80,000-110,000
Purchase Price US$146,500

Lot 84
Afshin Pirhashemi (Iranian, b. 1974),
‘X-Series’ 2008
Estimate: US$40,000-60,000
Purchase Price: US$122,500

Lot 135
Mahmoud Mokhtar (Egyptian, 1891-1934)
‘Au Bord du Nil (On the Banks of the Nile)’ circa early 1930s
Estimate: US$60,000-80,000
Purchase Price: US$104,500

Sotheby’s Russian Art
22 APR 09
Grand Total (Including Buyer’s Premium): $13,842,175 (£9,446,004)
Sold by Lot: 64.9% Lots Offered: 308
Sold by Value: 71.8% Lots Sold/Unsold: 200 / 108

Lot 8: Ivan Konstantinovich Aivazovsky,
‘Columbus Sailing from Palos’ 1892
Estimate: US$1,000,000 – 1,500,000
Purchase Price: US$1,594,500

Lot 29: Boris Grigoriev
‘Preparing Crepes: A Pair’ circa 1935
Estimate: US$500,000 – 700,000
Purchase Price: US$1,258,500

Lot 57: Alexandre Iacovleff,
‘Samurai’
Estimate: US$85,000 – 125,000
Purchase Price: US$602,500
RECORD FOR A WORK ON PAPER BY THE ARTIST AT AUCTION

Lot 44: Nicholas Roerich
‘Secrets of the Walls’ 1920
Estimate: US$150,000 – 200,000
Purchase Price: US$530,500

Lot 45: Nicholas Roerich
‘Monhegan, Maine (Hope)’ From The Series Ocean, 1922
Estimate: US$250,000 – 350,000
Purchase Price: US$434,500

Lot 27: David Davidovich Burliuk
‘Blue Rider’
Estimate: US$100,000 – 150,000
Purchase Price: US$302,500

Lot 53: Svetoslav Roerich,
‘Three Boddisatvas’ circa 1920s
Estimate: US$60,000 – 80,000
Purchase Price: US$266,500
RECORD FOR THE ARTIST AT AUCTION

Lot 33: Alexander Volkov
‘Morning in Shakhmardan’ 1944
Estimate: US$120,000 – 180,000
Purchase Price: US$218,500

Sotheby’s Hong Kong
Contemporary Asian Art
06 APR 09
Grand Total (Including Buyer’s Premium): 66,434,000 HKD (8,501,559 USD)
Sold by Lot:74.0%
Sold by Value: 81.4%

Lot 677:Zeng Fanzhi
‘Mask Series: Man with Flower’ 1998, oil on canvas
Estimate: HKD 2,000,000 – 3,000,000
Purchase Price: HKD 3,620,000 (463,251 USD)

Lot 709: Huang Yongping
‘Sixty-Year Cycle Chariot’ 1999-2000, copper, iron, wood, cloth
Estimate: HKD 1,000,000 – 1,500,000
Purchase Price: HKD 3,380,000 (432,539 USD)
*** Auction record for the artist ***

Lot 725: Yayoi Kusama
‘Pumpkin’ paint on fibre-reinfored plastic, 2007
Estimate: HKD 1,500,000 – 2,000,000
Sale Price: HKD 2,720,000 (348,078 USD)
***Auction record for a sculpture of the artist ***

Lot 661: Yue Minjun
‘Archaeology’ 2005, oil on canvas
Estimate: HKD 550,000 – 700,000
Purchase Price: HKD 2,060,000 (263,618 USD)

Sotheby’s Hong Kong
20th Century Chinese Art
06 APR 09
Grand Total (Including Buyer’s Premium): 92,693,750 HKD (11,862,019 USD)
Sold by Lot: 80.0%
Sold by Value: 97.9%

Lot 527: Lin Fengmian,
‘Fishing Harvest’ Oil on Canvas
Estimate: HKD 3,000,000 – 3,500,000
Purchase Price: HKD 16,340,000 (2,091,030 USD)
***Auction record for the artist***

Lot 522: Lin Fengmian
‘Chinese Opera Figures: Heroines of the Yangs – Mu Guiying Taking Command’ Oil on Canvas
Estimate: HKD 1,500,000 – 2,000,000
Purchase Price: HKD 8,420,000 (1,077,507 USD)

Lot 525: Chang Yu (Sanyu),
‘Potted Peonies’ circa 1955, oil on isorel
Estimate: HKD 3,300,000 – 3,800,000
Purchase Price: HKD 6,260,000 (801,092 USD)

Lot 526: Zhu Yuanzhi (Yun Gee)
‘The Last Supper’ oil on silk mounted on board, circa early 1930s
Estimate: HKD 2,500,000 – 3,500,000
Purchase Price HKD 6,020,000 (770,379 USD)
***Auction record for the artist***

Lot 544: Zhu Ming, Taichi Split
‘Bronze Sculpture’
Estimate: HKD 3,800,000 – 4,500,000
Purchase Price: HKD 5,900,000 (755,023 USD)

Lot 521: Lin Fengmian
‘Chinese Opera Figures: Stealing The Royal Horse’ Oil on Canvas
Estimate: HKD 1,000,000 – 1,500,000
Sale Price: HKD 5,540,000 (708,954 USD)

Lot 524: Lin Fengmian
‘Chinese Opera Figures: Autumn River’ Oil on Canvas
Estimate: HKD 1,000,000 – 1,500,000
Purchase Price: HKD 5,540,000 (708,954 USD)

Lot 523: Lin Fengmian
‘Chinese Opera Figures: Heroines of the Yangs’ Oil on Canvas
Estimate: HKD 1,000,000 – 1,500,000
Sale Price: HKD 5,060,000 (647,528 USD)

Lot 559:Wu Guanzhong
‘Pear Tree’ oil on board, 1964
Estimate: HKD 2,000,000 – 3,000,000
Purchase Price: HKD 4,220,000 (540,033 USD)

Lot 545: Zhu Ming
‘Tai Chi Series’ 1991, Copper
Estimate: HKD 2,000,000 – 3,000,000
Purchase Price: HKD 4,100,000 (524,677 USD)

Lily Lee, Sotheby’s Head of 20th Century Chinese Art, commented after the sale: “In this sale we had the privilege of offering a magnificent group of works from a number of notable European, American and Asian private collections – including those of Ambassador Lorenz Petersen and Monsieur and Madame Helle – and as a result a large proportion were entirely fresh to the market and in excellent, original condition. Buyers recognised that such works, which had in some cases been in private collections for over 50 years, offered a rare and unparalleled opportunity and so responded by competing strongly to try and secure them. Eight of the top ten selling works in the sale had never appeared at auction before. We are delighted to have exceeded our pre-sale high estimate by such a comfortable margin and to see 84% of the sold lots realise prices in excess of their high estimates, is extremely heartening for the market. In addition, it was exciting to break the auction record for Lin Fengmian twice in the same sale, first with the HK$8.4 million achieved for Chinese Opera Figures: Heroines of the Yangs (Lot 522) and then with the HK$16.3 million for Fishing Harvest (Lot 527) – which virtually doubled the record set minutes before.”

Sotheby’s Hong Kong
Modern & Contemporary Southeast Asian Paintings
05 APR 09
Grand Total (Including Buyer’s Premium):28,445,500 HKD (3,646,858 USD)
Sold by Lot:76.8%
Sold by Value: 86.1%

Lot 58: I Nyoman Masriadi – Negosiasi (Negotiation)
1,700,000 (217,948 USD) 600,000 – 800,000 Asian Private

Lot 92: I Nyoman Masriadi
‘Ingin Menang Harus Curang’ (Want To Win, Must Cheat)
Estimate: HKD 450,000 – 650,000
Purchase Price: HKD 1,580,000 (202,564 USD)

Lot 110: Adrien Jean Le Mayeur de Merprès
‘Marché De Légumes’
Estimate: HKD 450,000 – 650,000
Purchase Price: HKD 1,340,000 (171,794 USD)

Lot 119: Affandi
‘Man With Geese
Estimate; HKD 700,000 – 900,000
Purchase Price: HKD 1,220,000 (156,410 USD)

Lot 118: Affandi
‘Man With Cockerel’
Estimate: HKD 625,000 – 825,000
Purchase Price: HKD 1,220,000 (156,410 USD)

Lot 102: Anita Magsaysay-Ho
‘Tuyo Vendors’ (Dried Fish Vendors)
Estimate: HKD 500,000 – 750,000
Purchase Price: HKD 1,040,000 (133,333 USD)

Lot 114: Sudjana Kerton
‘4th Of July’
Estimate: HKD 235,000 – 285,000
Purchase Price: HKD 920,000 (117,948 USD)

Lot 120: Hendra Gunawan
‘Clothes Vendor’
Estimate: HKD 300,000 – 500,000
Purchase Price: 860,000 (110, 256 USD)

Lot 55 I Nyoman Masriadi
‘Mother Earth’
Estimate: HKD 500,000 – 700,000
Purchase Price: HKD 860,000 (110,256USD)

Lot 88: Ronald Ventura
‘Oh Boy!’
Estimate: HKD 120,000 – 180,000
Purchase Price: HKD 836,000 (107,179 USD)

Mok Kim Chuan, Sotheby’s Head of Modern and Contemporary Southeast Asian Paintings, commented after the sale: “This is a very solid performance and we are delighted to exceed our pre-sale high estimate once again and achieve a healthy sold by lot rate of 77%. When assembling the sale we were extremely careful to price works attractively and the results show that with the right pricing, quality works in this field will continue to receive a great deal of competition. We saw some exceptional prices achieved today, particularly for top quality paintings by modern masters such as Adrien Jean Le Mayeur de Merprès and Sudjana Kerton. Works by the Contemporary Indonesia artist I Nyoman Masriadi were also highly sought after – with two more than doubling their pre-sale high estimates – and Oh Boy! by the ever popular Contemporary Filipino artist Ronald Ventura was contested for by at least 15 bidders and was the subject of a five minute bidding battle. The market for Modern and Contemporary Southeast Asian Art remains vibrant and we were delighted to see interest from American and European collectors.”

Sotheby’s Hong Kong
Fine Chinese Paintings
05 APR 09
Grand Total (Including Buyer’s Premium): 129,775,500 HKD (16,607,371 USD)
Sold by Lot: 89.2%
Sold by Value: 95.5%

Lot 410: Fu Baoshi
‘Drunken Monk’ ink and colour on paper, hanging scroll, 1943
Estimate: HKD 3,200,000 – 5,000,000
Purchase Price: 6,260,000 (801,092 USD)

Lot 323: Li Keran
‘Mount Jiuhua’ ink and colour on paper, framed, 1979
Estimate: HKD 2,800,000 – 4,000,000
Purchase Price: HKD 3,860,000 (493,964 USD)

Lot 424: Qi Baishi
‘Flowers and Insects’ ink and colour on paper, album of six leaves
Estimate: HKD 2,300,000 – 3,500,000
Purchase Price: HKD 3,620,000 (463,251 USD)

Lot 444: Li Huayi
‘Landscape’ — 15, ink and colour on paper, framed
Estimate: HKD 850,000 – 1,200,000
Purchase Price: HKD 3,500,000 (447,895 USD)

Lot 408: Xu Beihong
‘Horse’ ink and colour on paper, framed, 1942
Estimate: HKD 800,000 – 1,200,000
Purchase Price: HKD 3,500,000 (447,895 USD)

Lot 224: Lin Fengmian
‘Lady among the Summer Blossoms’ ink and colour on paper, ramed, 1982
Estimate: HKD 1,500,000 – 2,500,000
Purchase Price: HKD 3,260,000 (417,182 USD)

Lot 341: Wu Changshuo
‘Gourds and Chrysanthemum’ ink and colour on paper, hanging scroll, 1925
Estimate: HKD 800,000 – 1,200,000
Purchase Price: HKD 3,140,000 (401,826 USD)

Lot 425: Qi Baishi
‘Farm Rake’ ink on paper, hanging scroll, 1927
Estimate: HKD 1,500,000 – 2,000,000
Purchase Price: HKD 3,020,000 (386,469 USD)

Lot 337: ‘Pan Tianshou’
‘Pavillion and Withered Trees’ ink on paper, hanging scroll, 1961
Estimate: 2,400,000 – 4,000,000
Purchase Price: 2,900,000 (371,113 USD)

Lot 225:Lin Fengmian
‘Mountain Scenery’ ink and colour on paper, framed
Estimate: 1,200,000 – 1,800,000
Purchase Price: 2,660,000 (340,400 USD)

Lot 230: Wu Guanzhong
‘Yosemite’ ink and colour on paper, framed, 1989
Estimate: 1,000,000 – 2,000,000
Purchase Price: 2,660,000 (340,400 USD)

**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.

Al Braithwaite at Rose Issa Projects – artmarketblog.com

"The Gunduster", 2009 Bullpup rifle (86S Type), decommissioned and certificate, red feather duster, super 130 Merino wool pinstripe

Terrorism is a touchy subject at the best of times so for an artist to tackle issues of terrorism in their work is a bit of risky move. Chances are that the results will either seem like an obvious attempt to attract attention or appear overly kitsch as has been the case with the work of many artists in the past. German born artist Al Braithwaite, however, has managed to create of body of work that tackles the issues of terrorism in a witty yet genuine manner. Braithwaite’s latest solo exhibition titled ‘Museum No. 1: Hizbollah’s Caviar’ is currently on show at Rose Issa Projects in London and consists of a variety of objects and images that explore the differences as well as the similarities between the cultures that breed terrorism and the culture of western society.

Show press release:

The Artist set out in 2002 with the aim of bridging the gap opened by warfare using the common language of art and humanity. Having sold his possessions, he left London with an idealistic group of artists to live in the Middle East. Al spent six years working and travelling in Turkey, Iran, Kurdistan, Emirates, Oman, Saudie Arabia, Jordan, Egypt, Syria, Iraq, Israel and Lebanon. In 2002 Al travelled extensively with ‘Off Screen’, a nomadic collective of Artists, and co-authored a book ‘Off Screen: Four young artists in the Middle East (Booth-Clibborn Editions, 2004).

"Twinnedtowers in Rajef" from "Panoptican of poetic rubbish, A Block", 2009 8 digital photographs, kodak archival, museum mount board, one flip-flop, spray white ash museum frame.

Al’s first solo exhibition in London is the result of his six years travels, or as he puts it “Six years distilled into One piece of Art (’4kg of World’)”. The exhibition at Rose Issa Projects includes a limited edition Artist book ‘Museum No. 1: Hizbollah’s Caviar’, as well as new work including; ‘The Gunduster’ – a decommissioned rifle with a feather duster protuding from the barrel instead of bulletes; ‘Free Lunch’ – a replica of a tudor Gothic style window from Trinity College Cambridge, containing military link with castell pencils; and “From the Orient in Siphonaptera 13″ – a Sapele Mahogany 10 drawer cabinet, modelled on a Miriam Rothschild 13th flea cabinet at the Natural History Museum in London.

The exhibition is a conceptually-rich response to a patch of history dominated on many fronts by War on Terror anxiety (and what Braithwaite calls ‘Junk Bulletin Hypertension’ leading to multiple strains of ‘Congenital Mistrust,’ ‘Media Obesity’ and ‘Flagburning Bloodlust’). The nub of the leatherbound tome – a kind of provocative fusion of found texts, drawings, bullets, prayer beads and photographs – seems to cast new light on both sides of a political thoroughfare, and create a thought-provoking thrust through the various intractable layers of conflict. The unique juxtaposition of ideas, the sharpness and clarity of the artist’s vision, and the thousand-mile quirkiness of the assemblages made from rubbish and found objects are what distinguish the collection.

Prices range from £2,800 + vat for a limited edition artist book to £5,000 + vat for ‘The Gunduster’.

Al recently exhibited at the XVA Gallery in Dubai, UAE (15-22 March, 2009). Braithwaite has exhibited internationally; in Tehran, Muscat, Amman, London, New York and Amsterdam. Exhibitions include FBI and Chocolate: A Public Installation, Penn Station, Baltimore, MD, USA (2007), Off Screen: Axis of Evil at Briggs Robinson Gallery, New York City, NY (2004), Deepression (2004) and Deeper Depression (2006) at Atbin Gallery, Zangar Gallery and Zahad Gallery, Tehran, Iran (2004; 2006), Off Screen: New Blood at Orfali Gallery, Amman, Jordan (2003). Braithwaite’s work is in collections including the British Council, Moscow Museum of Modern Art (MMOMA) and the Royal Jordanian Collection.

‘Museum No. 1: Hizbollah’s Caviar’ is at Rose Issa Projects in London from 23 April to 16 May. Rose Issa is an independent curator, producer and writer specialising in the visual arts and films of the Middle East and North Africa.
Rose Issa Projects is located at 269 kensington High street, London W 8 6NA
http://www.roseissa.com/
info@roseissa.com
0207 602 770

**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.

A Tale of Two Art Markets – artmarketblog.com

A changed art market doesn’t necessarily mean an art market that is any worse off but because of the particular changes that the art market has undergone over the past 6-9 months things appear worse than they really are. Much worse. Yes, I am of the opinion that the art market has not gone to the dogs and continues to progress with strength and vigour albeit on a different trajectory to that of twelve months ago. I am, however, also a realist and am well aware that there are sectors of the art market that have experienced a reduction in demand and value. The two hardest hit areas of the art market are the market for contemporary art and the auction industry which also happen to be the two most visible, publicised and hyped areas of the market.

With so much emphasis and importance being placed on the contemporary art market and the auction industry if either appears to go even slightly pear shaped there will be an inevitably and disproportionately high level of concern and distress. The portion of the entire art market most people use to make judgments regarding the health of the entire art market tells only part of the story. A part of the story that is not necessarily representative of the whole story. It is therefore important to realise that the portion of the art market that most people don’t see and aren’t exposed to is huge but because it is not visible it tends to be forgotten or ignored.

When the art market reached the ridiculous highs of 2007/2008 many people’s perception of what a healthy art market is were somewhat skewed. For so long the art market was blessed with good fortune, so long in fact that many of those involved in the art market appear to have forgotten what the art market is all about. Know what I mean? I sure hope so. The art market that we experienced at the height of the boom was not the real art market. It was an artificial, dishonest and deceitful market that was progressing like an out of control train running at 200% which had to eventually return to it’s normal pace. For so long that train had a straight piece of track that allowed it to continue out of control but thankfully it eventually came to a junction and had to slow down to a normal pace.

It is interesting to note that one of the characteristics of the current art market is an increase in the number of private sales being conducted and a decrease in the popularity of selling/buying at auction. What many people are interpreting as a decline in the number of works being bought and sold may in fact just be a change in the preferred method of sale/purchase.  It is factors like this that one must take into consideration when making an assessment of the health of the art market if an accurate assessment is going to be made.  The auction industry and the contemporary art market can no longer be relied upon as being a true representation of the health of the entire 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.

Art-Athina 09 Greek Contemporary Art Fair – artmarketblog.com

For Immediate Release

ART-ATHINA 2009

Greece’s Foremost Contemporary Art Fair

Athens, 21-24 May 2009

Athens – Greece’s leading international art fair for contemporary art, ART-ATHINA, is delighted to announce its 15th edition and the first under the direction of Alexandros J. Stanas. ART-ATHINA – International Contemporary Art Fair of Athens – was established by the Hellenic Art Galleries Association in 1993 and has become over the years, one of Europe’s most established art fairs. As of 2009, ART-ATHINA will be organised by the non-profit cultural organisation, D.ART, which is dedicated to developing a strong contemporary art scene in Greece. Collateral events include In Praise of Shadows, an exhibition curated by Paolo Colombo taking place at the Benaki Museum and the On Art Performance (OPA) Festival.

The fair will be located at the shorefront of Athens, in the Faliro Pavilion, a former Olympic Games venue. Here the wide range of prominent galleries exhibiting at ART-ATHINA provide the fair’s international audience with an overview of emerging trends within the arts, and enable visitors to see and buy works from leading international artists. ART-ATHINA will also host an expansive programme of parallel events, talks, exhibitions and art projects taking place both within the fair and throughout the city, creating a platform for experimentation, discussion and debate within the contemporary arts.

The Faliro Pavilion is an ideal place to re-connect with contemporary art, while revelling in one of the most beautiful sea sides close to the centre of the ancient capital city. The new venue offers a variety of both indoor and outdoor exhibition spaces, and boasts amenities such as free parking and easy access by public transport.

ART-ATHINA is organised by D.ART, an organisation which publishes the bi-monthly arts and culture magazine highlights and takes part in important Greek arts projects, including events in cooperation with various private and public Greek institutions such as the Greek Pavilion at the Venice Biennale. D.ART is taking part and funded by the Dragonas Group. The fair is supported by the Greek Ministry of Culture and the Hellenic Olympic Properties S.A .

The month of May will see Greece as a prime destination figuring on top of every collector’s calendar as the country will not only host ART-ATHINA but also the Thessaloniki Biennale. Visitors to ART- ATHINA will be welcomed in Thessaloniki, and joint VIP programs will allow guests to visit both art events. ART-ATHINA is also pleased to announce a reciprocal patrons’ programme with Art Dubai and Art Rotterdam in 2009. The partnership will bring collectors from Dubai and Holland to Athens and seeks to create a contemporary art itinerary stretching from Europe to the Middle East.

For more info see: http://www.art-athina.gr

**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.

Catching the Dec Arts Express – artmarketblog.com

The success of the recent Sculpture Objects and Functional Art fair (SOFA) in New York (April 16-19) is confirmation that the market for design art and decorative arts continues to gain strength. As artists continue to explore the boundaries of artistic production, the acceptance of functional objects and decorative arts as fine art continues to increase. What were once considered to be second rate artistic mediums are now beginning to be recognised as being as equally important and worthy of attention as the mediums that traditionally come under the fine art banner. Although shows such as SOFA focus on contemporary design and decorative arts, fine artists have been dabbling in alternative mediums for centuries the results of which have been considerably under-rated until now.

Picasso is one artist who wasn’t afraid to put down the paint brush and explore alternative mediums as is evident from the extensive variety of ceramics that he produced. Picasso produced thousands of ceramic works throughout his career most of which are just as appealing and unique as his paintings. Take, for example, the limited edition ceramic pitcher titled “Pichet Anse Prise” that Picasso designed in 1953 – one of which is currently being auctioned on igavel. Produced in an edition of 200 by Madoura Pottery, “Pichet Anse Prise” is a fantastic example of Picasso’s ability to adapt his technique and style to an object as mundane as a pitcher. When Picasso does his version of the pitcher, however, mundane is the last word one could use to describe the result.

Currently being auctioned on igavel are two ceramic works by Picasso the first of which is the ‘Owl” ceramic glazed pitcher and the second being the ‘Pichet Anse Prise’ pitcher that I mentioned above. My pick of the two is the ‘Pichet Anse Prise’ pitcher which had not received any bids at the time of writing. This object would still be a great buy even if it does reach the $2500-3500 estimate considering the last recorded sale of one of the edition was in November 2006 when Christies sold 128/200 for USD 3,152. With the increased interest in decorative arts and functional art I believe that the value of such objects can only increase

To view and bid on the ‘Pichet Anse Prise’ pitcher being sold on igavel visit:

http://tinyurl.com/ckymyb

Description:
Pablo Picasso, French, 1881-1973, ‘Pichet Anse Prise’ Unglazed Ceramic Pitcher, stamped, marked and stamped with Madoura mark, ‘Edition Picasso’, with impressed marks ‘Edition Picasso 141/200 Madoura’, Madoura plein Feu/Edition, Conceived on 4th April 1953 and executed in an edition of 200.

Image:
‘Pichet Anse Prise’ by Picasso

**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.

The Old Master Painting Trap – artmarketblog.com

In my last past on the Old Masters I gave an in depth definition of an Old Master and explained exactly what an Old Master is in art historical terms.  Although the characteristics that define an Old Master are relatively straight forward and specific in art historical terms, the market has a much broader definition for an Old Master.  According to the Christie’s Old Master Paintings department on their website “Masterpieces by the most famous Western artists from the 14th to the early 19th century have appeared in Christie’s auctions, including Raphael, Cranach, Titian, Velázquez, Van Dyck, Rembrandt, Hals, Reynolds, Canaletto, Gainsborough and Fragonard. Subjects include still life, landscape, genre, portraiture, religious and grand history themes, with prices ranging from $1,000 to $35.8 million for Turner’s Giudecca, La Donna della Salute and San Giorgio (2006)”.  This explanation of the works that Christie’s Old Master Paintings department sells is very broad and judging by the huge price range that they quote will cater for a huge number of different works of varying quality and importance.

Because the market is so vague when it comes to defining an Old Master artwork the ability to be able to profit from the purchase and sale of Old Masters is made all the more difficult.  Most of the people who deal in Old Masters have some sort of scholarly background that enables them to be able to determine whether a work of art that comes under the Old Master banner is actually going to be a good investment.  Upon hearing the phrase Old Master, many people automatically see dollar signs and assume that an Old Master has to be worth huge amounts of money.  Unfortunately this is not the case and many people get caught out because they are unaware that a painting that can be defined as an Old Master is not necessarily worth huge amounts of money or is a good investment.

I conducted a search on ebay for “Old Master” and came up with a total of 66 works of art that according to the market definition can technically be called Old Masters.As an example of the type of work I am talking about, one of the works that appeared on ebay as an Old Master was a watercolour painting by Julius Caesar Ibbetson (English Painter, 1759-1817) which was described as “18thC British PAINTING OLD MASTER – JULIUS IBBETSON”. The dates for this work fit the market’s Old Master definition and the artist is a well known and highly regarded artist whose work has been sold by the major auction houses and is in the collections of major museums (et. Tate, British National Portrait Gallery). Is Julius Caesar Ibbetson an Old Master?. Well according to the market it would appear that he could be considered an Old Master. One would most likely expect that such a painting would be worth considerable amounts of money but the watercolour painting being sold on ebay by Julius Caesar Ibbetson has a starting bid of US$99. According to artprice.com the last watercolour painting by Ibbetson sold for US$1466 with most of his watercolour paintings selling for around the $1000-$2000 mark. Considering that the painting being sold by Ibbetson on ebay is at least a couple of hundred years old the value of this painting has not increased very much at all. In fact, taking inflation into consideration the value of this painting may not have increased in value at all from when it was originally purchased from the artist. Looking back through the auction records for Ibbetson it would appear that his watercolour paintings of around the same size were selling for $1000-$2000 from as early as 1986 provides further evidence that  that the value of the artists work has not increased in value much, if at all.

The “old master” tag is used far and wide as a lure aimed at deceiving buyers into thinking that they are either buying a long lost masterpiece or a work of art being sold at a mere fraction of it’s true value. In most cases, however, the work is being sold for exactly what it is worth or even more than it is worth. Just because a painting is is called an Old Master or fits into the Old Master category does not mean it is extremely expensive or a good investment. As always, caveat emptor (let the buyer beware)

image:

See previous posts on the Old Masters here:

http://artmarketblog.com/2009/04/11/what-is-an-old-master-painting-artmarketblogcom/

http://artmarketblog.com/2009/04/03/approaching-the-old-masters-artmarketblogcom/

**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.

How to Spot a Fake Picasso – artmarketblog.com

genuine print

Art authentication is something that I am extremely interest in so much so that I am currently studying art authentication at university. The issue of fakes and forgeries is much more serious than most people realise but because of the way the art market operates information relating to the sale of fakes and forgeries is often swept under the carpet. I recently came across an online auction which included a work which was described as a pencil signed etching by Picasso from the Vollard suite. As well as being signed, this etching also had a label and seal of authenticity from the Musee d’Orsay as well as a seal and stamp from Christie’s. The photos of the work confirmed that the work did have all these things. Problem is, the stamps, labels and seals were fake as was the etching it’s self. Here’s how I came to this conclusion.

1. The fourth picture shows the supposed label of authenticity from the Musee d’Orsay. First of all, the Musee d’Orsay does not provide any sort of written authentication documents for works of art. According to the museum’s website “The public establishment of the Musée d’Orsay does not provide certificates of authenticity for works of art. Any certificate of authenticity purporting to be from the Musée d’Orsay is therefore false, and its use is an offence under articles 441-1, and following articles, of the French penal code.”

fake print

2. The fake Musée d’Orsay label also has the incorrect title for this particular etching. The label lists the title as “ESCULPIENDO UNA CABEZA” when in fact this etching is from the famous Vollard Suite and is titled “Sculpteur, modele et buste sculpte”.

3. The signature is completely wrong (compare fake to genuine print)

fake Christie's stamp

4. The size of the fake is wrong. The plate mark of the genuine print is 26.6 h x 19.4 w cm whereas the size of the plate market of the fake is 11.5 h x 8 w cm.

fake Musee d'Orsay stamp

5. I managed to find another three prints being sold with the exact same stamps, labels and seals but with different reference numbers. The date of the Christie’s stamp is also the same (12 March 1972) for all the prints that I could find.

6. The fake looks wrong when compared to the original

7. Last but not least, the people selling these prints were selling them online for around the 500 euro mark where as genuine print from the edition is worth around 5000 euros at auction with some having sold for up to 10,000 euros. One of the sellers had the audacity to say that they had a certificate from a prestigious valuation firm that valued the fake they were selling at 6000 euros. Why would someone sell a print for 500 euros when they could easily get 5000 euros for it. As the old saying goes, if it is too good to be true is most probably is.

Stamps, seals, stickers,labels etc.  are extremely easy to fake and can give what may seem a watertight authenticity to a work.  I am seeing more and more fakes and forgeries with accompanying fake and forged indicators of authenticity.  The fact that many of these fakes and forgeries are sold at just a fraction of their true value should be the first thing that automatically make one suspicious of the authenticity of the work.  Sane people don’t sell works of art for a 10th of their value online if they are aware of their value and could just as easily get the full value elsewhere.

image 1:
Genuine print
Sculpteur, modele et buste sculpte. (Sculptor, model and sculpted bust.)
17 March 1933
intaglio etching
plate-mark 26.6 h x 19.4 w cm

image 2:
fake print

image 3:
fake Christie’s stamp

image 4:
fake Musee d’Orsay stamp

**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.

What is an Old Master Painting? – artmarketblog.com

If you have ever wondered exactly what determines whether a painting is considered to be an old master painting or not then you are not alone. The market generally defines any painting of quality created prior to 1830 as being an Old Master painting which, considering the number of paintings created during this period, makes the market’s definition applicable to a large number of paintings. Add in the drawings and prints created by the same artists and the number of works that come under the old master category becomes even larger.

The British National Gallery says that Old Master is a term widely applied to painters and their works which come from the period between the 13th and 18th centuries which is a pretty vague definition. In general, the criteria that dictate whether an artist can be called an old master or not are very broad with the date the artists worked being the primary factor that determines whether a work of art falls into this category. Many works of art may come under the category of Old Masters just because of the period during which they were created even if the artist is unknown. Technically, however, a work of art should only be referred to as having been created by an old master if the artist was a fully trained artist who undertook an apprenticeship under a master artist and was then judged as worthy of being called a master artist themselves. The training and regulation of the master artists was overseen first by artist guilds which were then gradually replaced beginning in the late 16th century by the academies of art that still exist to this day.

Now for a bit of art history. The painters guilds, which dated back to the middle ages ,were named the Guilds of Saint Luke after the Evangelist Luke who was the patron saint of artists. The Guilds of Saint Luke were basically localised trade organisations similar to the present day trade unions which provided their members with a regulated market that favoured their work over non-members and an extremely influential advocacy body that made for their rights and privileges. Guilds were also educational institutions that allowed the member artists to open a workship and take on apprentices. To become a full member of one of the guilds an artist had to prove that they were a master of their craft and worthy of being termed as such. Because the guilds often had ties to the local government, the guilds were able to monopolise and control the market for art to the point that being a member of a guild was a requirement if an artist wished to be commercially successful. According to essentialvermeer.com “Guild restrictions were intended to ease the excess of competition by limiting the sales of works of art by painters who were not registered in the Guild of Saint Luke of that municipality in which the artist wished to sell his works.”

In the late 16th Century the guilds came under fire because of the way they operated which combined with the chance in people’s perception of the role of the artist resulted in the rise of the academy and the slow decline of the guild. The academies were far more liberal than the guilds and catered to the newly accepted concept of the creation of art as an academic pursuit as opposed to a mere trade. It wasn’t until the 18th century, however, that the academy became the dominant force in the education of artists.

To be continued………..

See part 1 here:

http://artmarketblog.com/2009/04/03/approaching-the-old-masters-artmarketblogcom/

image:

The Drawing Lesson
c. 1665
J. Paul Getty Museum,
Los Angeles

**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.

Art Market Blog in the News – artmarketblog.com

Hi Art Market Blog readers, I thought you might be interested in seeming some of the press that the Art Market Blog has received over the last few weeks. Enjoy !!

http://www.tmcnet.com/usubmit/-bay-area-sculptor-gains-recognition-combining-classical-art-/2009/03/25/4081341.htm

http://entertainment.timesonline.co.uk/tol/arts_and_entertainment/visual_arts/article5981759.ece

**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.

Approaching the Old Masters – artmarketblog.com

Old Master paintings are the quiet achievers of the art world – conscientiously going about their business and becoming more valuable at a slow but steady pace. When the contemporary art market is at full speed the poor old masters tend to be pushed aside and seriously neglected. The most significant benefit that contemporary art has over the Old Masters is that the artist is still alive and able to do everything in their power to capitalise on a bull market. This is not, however, a bad thing. Because the market for Old Masters is not anywhere near as prone to inflated prices caused by the unjustified hype that plagues the contemporary art market, the market for Old Masters is far more stable and predictable. Stability and predictability are two factors that are highly desirable characteristics for any sort of investment which is why the work of the Old Masters are such a good long term investment.

Now that the contemporary art market has begun to suffer as result of the speculation, inflation and hype that defined the most recent bull market run, the stable and predictable Old Masters have once again come back into favour. To be able to take full advantage of the solid market for Old Master art one must first have a good understanding of the old masters and their work. Unfortunately, successfully investing in works by the Old Masters is not as easy as it may seem and is best approached by those with a scholarly understanding of the work of the old masters due mainly to the factors that determine the value of an old master work of art. This doesn’t mean that someone with limited knowledge of the Old Masters should not invest in such works but there are definitely certain things that are vital to be aware of before approaching the market for old masters.

Over the next few months I will be writing several posts on the Old Masters and the market for their work which will provide some basic information that should be helpful to anyone interested in purchasing or selling a Old Master work of art. To begin with I want to look at exactly what an Old Master work of art is and how such works are defined. According to the British National Gallery, Old Master is a term widely applied to painters and their works which come from the period between the 13th and 18th centuries. Yes, the definition of an Old Master is extremely vague which can prove problematic when it comes to purchasing a work by an old master. The reason this is problematic is because of the fact that not every work of art produced between the 13th and 18th centuries is an Old Master and will not be an investment quality work of art as the definition provided by the British National Gallery would suggest. This is where things start getting interesting.

To be continued…………

Image: ‘The Tower of Babel’ by Pieter Bruegel The Elder,

**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.

Location Matters for Art Sales- artmarketblog.com

At a recent art auction that I attended here in Australia a couple of prints by Sybil Andrews attracted huge amounts of interest resulting in both selling for well above their estimates. This wasn’t really surprising considering the level of interest that there seems to be in the work of Sybil Andrews at the moment. What was surprising, however, was the estimates given by the auction house for each of the works. The first print auctioned was:

“Coffee Bar”
linocut in 4 colours, 1952
signed, titled and editioned 20/60
8 x 9 in, 20.3 x 22.9 cm
Estimate: AUD $5000 – $7000
Sold for AUD $9000

and the second was:

“Grader”
linocut in 3 colours, 1959
signed, titled and editioned 10/60
11 7/8 x 11 3/4 in, 30.2 x 29.8 cm
Estimate: AUD $7000 – $9000
Sold for AUD $8000

With Andrews being a Canadian artist I did a bit of research into the market for her work in Canada and found some rather interesting information. In November 2008 the same two prints were sold one after the other, just as they were in Australia, at an auction in Canada conducted by Heffel Fine Art Auction House. “Coffee Bar” sold for $17,550.00 CAD ($20,416.48 AUD) against an estimate of $10,000 ~ $15,000 CAD (11,676.89 AUD to 17,515.34 AUD) and then “Grader” sold for $8,775.00 CAD (10,249.81 AUD) against an estimate of $6,000 ~ $8,000 CAD ($7,006.36 AUD to $9,341.81 AUD). What is particularly interesting is that Heffel gave a considerably higher estimate to “Coffee Bar” than they did “Grader” where as here in Australia a slightly higher estimate was given to “Grader” over “Coffee Bar”. Why did this happen?. Well, without having asked the auction houses myself I cannot be 100% certain but I think I have a pretty good idea. Because these two works are inspired by a particular place in Canada where the artist lived it would be safe to assume that these works would have a different significance to Canadians than they would to Australians.

Considering that both prints are of the same edition size and same condition the difference in the estimates between the two prints in the Heffel auction would have to be due to another factor. Size can’t be a factor because “Grader” is larger than “Coffee Bar” which would have meant that the estimate for “Grader” would have been higher than “Coffee Bar” if size was a factor in this auction whereas the opposite was the case. Provenance couldn’t be a factor because neither print has a provenance that would be make the provenance of one print more valuable than the other. Even the year each of these prints was produced is quite close with “Coffee Bar” having been produced in 1952 and “Grader” in 1959. The difference in date may have been a contributing factor to the assigned values considering that the earlier work has a higher estimate but the effect on price would not be that great. Having ruled out the potential for the above factors to have had an effect on the price paid for these works the only real remaining factor is subject matter. There must have been something about the subject of “Coffee Bar” that had a greater significance for Canadian collectors.

The two prints sold in the Australian auction have the same credentials as the two prints sold in Canada with both having come from the same private collection and being of the same condition etc. Here in Australia, however, the estimates provided by the auction house suggest that the Australian market has different priorities and that the significance of each of these works differs to that of the Canadians. First of all, the subject matter appears to be of much less importance to Australian buyers than the Canadian buyers judging by the fact that the estimates provided for “Grader” and “Coffee Bar” are much closer together and do not seem to have been assigned due to the subject matter. In fact, the fact that the larger print has a higher estimate would suggest that the auction house thought that size of the work was of more importance than the subject matter. Date appears not to have been a factor because the later work has a lower estimate which is at odds with the higher value usually given to earlier works.

So, had the person who sold the two Sybil Andrews prints in Australia made arrangements for the works to be sold in Canada or had they marketed the sale of the works in Canada they may have been able to obtain a higher price. The potential for a higher price would be much greater for “Coffee Bar” as this work is obviously considered to be of greater value in Canada than “Grader”. In fact, the top price paid for a copy of “Coffee Bar” was reached in February 2008 in Canada where number 54 of the edition of 60 sold for $27,500 CAD ($31,771.11 AUD) which was, interestingly enough, achieved by an online auction conducted by Heffel auctions. Instead of the $9000 AUD achieved for “Coffee Bar” in Australia, the Australian seller of this work may have been able to get up to three times as much for the same work in Canada.

The amount of money you can get from the sale of a work of art can depends on many different things including the location of the sale. To maximise the potential sale price one needs to take into consideration the best location for the sale as the value of a particular work may be considerably different in different countries. If you aren’t interested in return on return on investment then the hassle of selling in another country may deter you from selling overseas but if maximising the sale price is important to you then the location of the sale should be carefully considered.

image:

Sybil Andrews
CPE 1898 – 1992 Canadian

Coffee Bar
linocut in 4 colours 1952
signed, titled and editioned 20/60
8 x 9 pouces  20.3 x 22.9cm

**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.

Hard Art Market Data Tells Real Story – artmarketblog.com

Dissecting Christie’s Feb 09 Art Auction Pt. 3

See part one here:

http://artmarketblog.com/2009/02/17/dissecting-christies-feb-09-art-auction-pt-1-artmarketblogcom/

See part two here:

http://artmarketblog.com/2009/03/08/dissecting-christie%e2%80%99s-feb-09-art-auction-pt-2-artmarketblogcom/

A few weeks ago I posted details of the sold lots from the Christie’s February 2009 Impressionist and Modern Art evening sale along with details relating to previous auction sale activity for each sold lot.  The reason that I did this was to show that there is usually far more to a sale than the sold by lot and sold by value percentages will tell you which is definitely the case with the Christie’s February 2009 Impressionist and Modern Art evening sale.  One of the more interesting lots was “Dans la prairie”‘ by Monet which fetched £11,241,250 against an estimate of around £15 million pounds.  Although this work failed to reach it’s estimate it did sell for slightly more than the last time it appeared at auction in 1999 but was well down on the £14,300,000 that it fetched at auction in 1988.

Overall, 83% of lots were sold by number and 88% sold by value for a total of £63.4 million pounds which doesn’t appear to be too bad considering the current state of the art market but doesn’t appear too good when compared with the £105,372,000 realised at the same sale in 2008. To get a real sense of how the auction went one needs to look at a more complete set of data. Using the data that I collected of the 47 lots that were offered:
-39 were sold
-5 sold for less than the last time they were sold at auction
-9 sold for more than the last time they were sold at auction
-24 had no previous auction sale data which means that they had either never been sold at auction or had not been sold for a considerable amount of time (20+ years)
-1 had been previously sold at auction but had failed to sell
-3 sold below estimate
-22 sold within estimate
-14 sold above estimate

What we can tell from this information is that the success of the auction may be partly due to the high percentage of works that were fresh to market (ie. have not appeared on the market for 20+ years). Most auction result databases such as artprice.com only go back 20 years at most which means that if there is no record of a work appearing at auction it has either never appeared at auction before or has not appeared for a long period of time.

Different journalists and media sources will often portray differing opinions relating to the success of auction sales which doesn’t really help anyone. The reason that I conducted this analysis is to show exactly what sort of hard data relating to the success of an auction can be freely obtained and used to form a clear and precise picture of the sale.

I, myself am definitely a numbers person. Facts, figures and information get me excited which is why I focus on the art market as opposed to critiquing art.  It is all well and good to provide an opinion about the state of the art market or the success of the auction but if you can’t back up that opinion with data then that opinion doesn’t really serve any purpose other than to provide some form of entertainment.  In the end, facts, figures and information tell the true story……………….

**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.

Artprice’s TOP 10 ranking 2008 – artmarketblog.com

Every year Artprice publishes its ranking of artists based on auction revenue. At the end of 2007 the figures were remarkable: the market’s Top 10 had generated a combined total of $1.8bn, up no less than 50% on the previous year’s total. In 2008 the total was $100m lower than for 2007 at $1.7bn, a figure representing 20% of the total global art auction market on 1.5% of its transactions. This contraction mainly reflects the substantial fall in Andy Warhol’s revenue total for the year, with his works generating $236.7m in 2008 compared with $420m in 2007. However, the entry ticket to the Top 10 has again increased: the minimum score in the 2008 Top 10 was $91.8m compared with $87m in 2007, $59.6m in 2006 and $33.7m in 2005.

2007 already saw a significant ‘juvenation’ of the Top 10 with Andy Warhol taking Pablo Picasso’s almost customary first place on the podium. Ranked 7th, Jean-Michel Basquiat was the youngest artist in the 2007 Top 10, but there were no living artists with revenue totals as high as those generated by the grand masters of Modern Art. In 2008 that reality changed with the inclusion of the British artist Damien Hirst and the German artist Gerhard Richter (1932) in the Top 10. Richter had joined the Top 10 in 10th position in both 2002 and 2003 with revenue totals of respectively $27.6m and $28.3m. In 2008 his total auction score of $122m gave him 7th place behind Alberto Giacometti; but the most significant contribution to the ‘juvenation’ of the 2008 ranking came from Damien Hirst’s 4th place only just $6m behind Andy Warhol. His ascension to this position, with an annual revenue total exceeding that of Claude Monet, was a perfect illustration of the speculative mood of the contemporary art market before it was gripped by current crisis.

1 – Pablo PICASSO (1881-1973): $262m

In 2008, Pablo Picasso recovered the Top 10 leader position he lost the previous year to the “Pope of Pop Art”, Andy Warhol. Picasso’s prices (all mediums) have risen 96% over the last decade reaching a strong peak in January 2008. However, after four years of unflinching inflation, the modern master has not escaped the turbulence of the economic crisis and his index literally plummeted at the end of 2008 back to 2005 levels. With several works selling at their low estimates, others not selling at all… and one being withdrawn at the last moment, the autumn sales at Sotheby’s and Christie’s were catastrophic for Picasso. On 3 November, buyers were expecting to bid for one of the artist’s important Harlequin paintings (1919) before it was withdrawn from the Sotheby’s sale. Owner’s “personal reasons”… or just prudence in a climate of financial instability? Three days after the aborted sale, Christie’s took 16 Picasso’s to the market at the New York’s Rockefeller Plaza. The star lot was a painting from the Surrealist period entitled Deux personnages (Marie-Therese et sa soeur lisant). Never previously seen at auction and in private hands since 1984, Christie’s was expecting $25m. It only just reached $18m. Picasso’s 2008 score of $262m is impressive, but it is still $80m behind his 2006 total. His best auction results (there were 39 above the million-dollar threshold in 2008) occurred between February and June with the highest being $17.1m for La Grue – a painted bronze from the early 1950s – which sold for $2.1m more than the high estimate given by Sotheby’s experts. The sale was successful, but it was still modest compared with the $26m fetched in 2007 for the bronze Tête de Femme, Dora Maar (at Sotheby’s NY).

2 – Francis BACON (1909-1992): $256m

Like Picasso, after several years of strong inflation, Francis Bacon’s price index reached its summit in January 2008. In just three years, his index rose a remarkable 514% (between January 2005 and January 2008) before dropping 48% over the subsequent 12 months. Nevertheless, Bacon’s 2008 revenue total was $11m higher than in 2007 when he came third, behind Picasso again, but with a gap of $74m instead of $3.6m in 2008. In 2008 Bacon’s best results were generated by Sotheby’s between February and May. Firstly with Study of Nude with Figure in a Mirror (1969), a nearly 2-metre work that emerged from a private collection in Paris. Sotheby’s devoted no less than 12 pages of its Contemporary Art sales catalogue of 27 February 2008 to this work which fetched £17.8m (€23.6m). Three months later, this performance was dwarfed when the Russian billionaire Roman Abramovitch acquired a 1976 Bacon triptych for $77m (€49.65m). Between February and the beginning of the 2008 summer season, six major works by Francis Bacon sold for sums in excess of $20m. The total proceeds from these sales were no less than $237m. After July, the tide turned. Over the following five months more than 20 Bacon works went unsold in Paris, London and New York, including one particularly punishing failure at Christie’s on 12 November concerning a large self-portrait from 1964 and priced at between $40m and $60m.

3 – Andy WARHOL (1928-1987): $236m

In 2007, Andy Warhol caused a sensation by beating Pablo Picasso for first place on the annual auction revenue podium with a total of more than $430m. In 2008, although Warhol came a respectable third place in the ranking, his annual revenue shrank by a massive $194m compared with the previous year which saw no less than 74 bids above the $1m line. These sales added 70% to his overall price index in just 12 months. Amidst the scramble to acquire works by the king of Pop, Warhol’s Green Car Crash (Green Burning Car I) fetched the exceptional price of $64m at Christie’s New York in May 2007. After such brilliant performances, demand for Warhol’s work lost a good deal of its momentum during 2008, and his price index showed a 27% contraction. This trend change not only reflected greater acquisition prudence, but also a degree of market saturation. In effect, the rocketing prices incited a large number of collectors to sell their Warhol pieces, flooding the market with nearly 55% more works than were offered in 2007. With approximately 1700 lots presented during 2008, the market was somewhat overwhelmed! In the wave of pieces that appeared there were close to 1,200 silk screen and other prints including portfolios of 10 Marylins (1967) or 10 Maos (1972) priced on average between $600,000 and $1m. This was an honourable price range for these products but still lower than the prices the same portfolios commanded a year earlier at around $1.5m.

4 – Damien HIRST (1965): $230m

British artist Damien Hirst’s ascension over recent years has been nothing short of spectacular: in 2006, Hirst came 58th in Artprice’s annual auction revenue ranking with a total of $16.8m. In 2007, he moved up to 15th place with a total of $76m and became the “most expensive” living artist in June of that year when his Lullaby Spring, a large metallic pillbox containing 6,136 individually painted pills, fetched £8.6m ($17.1m) at Sotheby’s. At the end of a year riddled with sales in the millions, his price index showed an increase of 1400% versus 1998. In 2008, two highly publicised sales further inflated his price index and tripled his auction revenue total of the previous year: the first in February was a charity sale “(RED)” organised by Sotheby´s at which his Where There´s a Will, There´s a Way sold for $6.5m. The second, on 15 and 16 September, was a one-man sale at Sotheby’s in London entitled “Beautiful Inside My Head Forever” that will go down in art auction history for a number of reasons, notably because Hirst effectively by-passed the traditional gallery network by selling directly through the auctioneer. In just two days of sales, the market absorbed 218 new works by the artist despite a very alarming financial and economic context. The sale also generated a new record for Hirst when his Golden Calf, preserved in formaldehyde, went under the hammer for £9.2m ($16.5m). After the success of this sale – which brought in £95.5m ($171.6m) excluding fees – the subsequent loss of momentum at the November sales also caught media attention: out to 13 works signed by Damien Hirst, 10 went unsold. The net result was a massive increase in his bought-in rate between September and December from 11% to 55%.

5 – Claude MONET (1840-1926): $174m

The Father of French Impressionism – Claude Monet – is a Top 10 regular. At the end of 2007, his annual revenue total stood at $165m. In 2008, the total was close to $175m. Major collectors compete to acquire museum-quality works that are increasingly rare and consequently increasingly expensive. In 2007, his best auction price was £16.5m ($32.7m) at Sotheby’s for a painting from the famous Nymphéas series (1904). In 2008, this record was twice broken, once in May in New York, and then the following month in London. The 1873 masterpiece presented at Christie’s in May – Le Pont du chemin de fer à Argenteuil – was accompanied by an independent catalogue. In effect, Argenteuil’s now emblematic status as one of the principal meeting places for impressionist painters at the end of the 19th century helped push the bidding to $37m. In June, Christie’s almost doubled this score with a Bassin aux nymphéas painted in 1919 which fetched £36.5m i.e. nearly $72m. The price index of modern art’s figurehead suffers from considerable volatility as it moves to the rhythm of the rare masterpieces that occasionally surface at auctions. In 2008, the market for Monet’s work was generously supplied and the artist’s price index ended the year up 118% versus 2004. Among the 28 oil paintings offered for sale during the year, 17 fetched over a million dollars and 6 were bought in. In November, the failed sale of La cathédrale dans le brouillard was a major disappointment for Sotheby’s which had hoped to fetch $16m. Paintings from Monet’s cathedrals series very rarely appear at auction (only 5 in 25 years) but, given the economic and financial backdrop, the estimate appears to have been over-optimistic. The last painting from this series to be auctioned fetched a sum equivalent to $900,000 at Christie’s in 2001.

6 – Alberto GIACOMETTI (1901-1966): $132m

Alberto Giacometti has not featured in the Top 10 since 2002. Last year his annual auction revenue was just half a million behind Claude Monet’s at $86m, placing him 11th in the ranking and it included an auction record for a 1947 bronze entitled L´Homme qui chavire. This spindly sculpture of a staggering man almost doubled its high estimate of $8.5m when it fetched $16.5m. The same subject had sold for $2.4m at Sotheby’s NY in 1998! In 2008, demand for works by Giacometti remained strong: two sales beat L´Homme qui chavire and his annual revenue total was $47m more than in 2007! In May 2008, his Grande femme debout II measuring almost 3 metres, cast by Susse in 1960 in 6 copies, demolished the previous record when it was acquired by the Gagosian gallery for $24.5m. At the same sale, Christie’s offered another major work by the artist entitled La Place II, a rare group composition consisting of five figures that the artist conceived after his New York exhibition at the Pierre Matisse Gallery in 1948. The work fetched $13m. The May sales alone produced a revenue total of more than $78m, with 12 lots each fetching over $1m. They also gave him a new record for his sculptures and another for his paintings. His oil on canvas entitled Caroline (1963) sold for $13m on 7 May at Sotheby’s, beating his previous record for this medium by $3m. In 1961, Caroline was already posing for Giacometti when he painted her portrait with a white background on a similar format (185 x 80cm). The work had previously been auctioned in 1993 at Sotheby’s New York where a happy buyer acquired it – below the estimated price – for just $320,000. Over the last four years, Giacometti’s price index has shown considerable momentum: up 341% between December 2004 and December 2008.

7 – Gerhard RICHTER (1932): $122m

The German artist Gerhard Richter also benefited from the market’s euphoria during the first half of 2008 and his annual revenue total was better than his 2007 score by $36m. Moreover, 2008 saw him break through the $10m threshold for first time… and on five separate occasions! The new record set on 27 February by Kerze (Candle, 1983) at Sotheby’s was quite unexpected. At £7.1m ($14m) the painting fetched three times its estimated price, earning an enthusiastic round of applause from the audience. This figure was unimaginable 10 years ago and was equivalent to his total annual auction revenue for 1998! The New York sales in May failed to beat the new record set by Kerze: on 13 May at Christie’s a giant abstract painting (250 x 400cm) fetched $13m and the following day at Sotheby’s an abstract composition (200 x 180 cm) went under the hammer for $13.5m versus an estimate of $5m. In effect, German collectors see their compatriot’s best works sold in London and New York: 95% of Richter’s revenue came from UK and US auctions, from just half the number of his annual transactions. Forty percent of his transactions took place in Germany, but they mostly involved prints, drawings and modest paintings compared with those offered by Sotheby’s and Christie’s. Over the last decade, Richter’s price index has shown a strong progression: $100 invested in a Richter painting in 1998 was worth an average of $780 in December 2008.

8 – Edgar DEGAS (1834-1917): $111m

Edgar Degas has not been in the Top10 since 2004 when he came 9th with a revenue total of $31.4m. In 2008, eighty-one of his works changed hands at public auctions, including twelve sales at over a $1m, generating a total of $111.7m. His dancers painted in pastel or cast in bronze are the most sought-after pieces: since 1999, his auction record had been $25.3m for one of his Danseuse au repos at Sotheby’s. In November 2008, the same piece returned to auction where it generated $33m, setting another new record for the artist! In proportional terms, his intimist works on paper – essentially dancers and female nudes – represented 67% of Degas’ 2008 auction sales, versus 20% for his sculptures and 11% for his paintings. The top price ever paid for a dance scene in oil (rather than pastel) was $7.5m – far behind the hammer price of the famous Danseuse au repos – and it was generated at Sotheby’s Impressionist and Modern Sales in May 2008, beating the previous record for a Degas oil painting of £3.7m (roughly $6.8m) set in June 2004 for his Les chevaux de courses (racecourse subjects being another key Degas theme), again, at Sotheby’s. In sculpture, his most emblematic piece is La Petite Danseuse de 14 ans copies of which have generated sums above $10m on several occasions since 1996. In 2008, the highest price paid for a Degas bronze was $3.3m for Le Tub, cast by Hébrard in around 1921. The piece sold below its low estimate of $4m at Sotheby’s November sales in New York.

9 – Lucio FONTANA (1899-1968): $95m

Born in Argentina, Lucio Fontana adopted Italian nationality and founded the Spatialist Movement in Milan in 1948. His quest for material freedom took him towards a radical artistic language with, for example, monochrome works featuring slashes or holes in what he called his Concetti spaziali (spatial concepts) and his Tagli (slashes). He considered the slash an opening to emptiness… a lyrical gesture towards the infinite. Since the art market meltdown at the beginning of the 1990s, his price index has been growing steadily: between 1998 and December 2008 the progression was around 575%. In 2001 his price index acquired a new dimension with his first auction sale above the $1m threshold: one of his spatial concepts from 1954 doubled its price estimate when it fetched £680,000 at Sotheby’s in London (7 February). Since then, Fontana’s spatial concepts are frequently presented in Part One sales at Sotheby’s and Christie’s. Sales of Fontana’s works above the $1m line substantially accelerated as of 2006, with nine in that year alone. In 2007, there were seventeen, including one for a ceramic work. The 60cm terracotta piece entitled Concetto spaziale, natura attracted bids up to $1.6m (Christie’s, New York, 16 May 2007). Inflation of his prices continued in 2008 with, for the first time in Fontana’s auction history, one sale above the $10m line. His latest record was generated at Sotheby’s London sales in February 2008 when Concetto Spaziale, la fine di Dio fetched £9.2m ($18.1m). In just three lots, two in February and one in October, his Concetti Spaziali generated $44m, pushing him ten places up the revenue ranking compared with his position a year earlier.

10 – Yves KLEIN (1928-1962): $91m

In 2008 the French New Realist, Yves Klein, made his debut appearance in the Top 10. Collected almost everywhere around the world, 34% of Klein’s works change hands in France, with a significant proportion selling at the Christie’s and Sotheby’s Contemporary Art sales in London and New York. However, as his best works tend to cross the Channel or the Atlantic, only 8% of Klein’s 2008 revenue was generated in France versus 88% came from the UK and the USA. One of the reasons for his success on British and American markets was Leo Castelli’s promotion of his works in New York from the late 1950s onwards. Over the last ten years, his price index has shown a progression of almost 387%. In 2008 Klein’s auction record was confidently smashed with three of his works each fetching more than $15m. His 2008 revenue total of $92m placed him ahead of Jeff Koons, one of the highest media-profile artists on the contemporary art scene (who totalled $89.2m). The rise in Klein’s prices substantially accelerated in 2000, year in which his monochrome R1 from 1958, embellished with ultra-marine blue sponges, set a new record by fetching $6.1m at Christie’s. Between May and November 2008, this record was beaten three times at Sotheby’s. His latest record was set by Monogold MG 9 (a golden monochrome) which fetched $21m – triple its estimated price – on 14 May 2008. At the same sale, another superb performance was generated by Klein’s monochrome bleu IKB 1 which fetched $15.5m. After the successes of May, the outlook for Sotheby’s November sale of another major work by the artist entitled Archisponge RE11 was less promising in a distinctly less favourable market context. However, the work which was extremely well preserved and perfectly dated (1960, the official birth date of New Realism), fetched another superb bid of $19m.

Copyright@Artprice.com

**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.

Adam Reeder on Your Mac Life – artmarketblog.com

Sculptor Adam Reeder whose work I featured on this blog not long ago has been interviewed by Your Mac Life, the internet’s number 1 Mac broadcast. To listen to the interview follow this link: http://yourmaclifeshow.com/QT/stream.mov and, if you don’t want to listen to the whole show, fast forward to 51:10 which is when the interview with Adam starts. Adam’s work has also been featured in two Mac related publications which you can see here :
http://www.macworld.com/article/139275/bay_area_artist_combines_apple_gear_with_greek_gods_.html

and here:
http://cultofmac.com/apple-gear-gives-new-life-to-classical-figures/9349

Well done Adam!!!

**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.

FOR IMMEDIATE RELEASE

CONTACT:

Nicholas Forrest

0422699730

artmarketblog@gmail.com

http://www.australianartmarket.com

Australian Art Market Blog Goes Live

Sydney, NSW, 17/3/2009 – Sydney, Australia based art market analyst and art critic Nicholas Forrest has announced the launch of a blog dedicated to the Australian art market.

The blog will feature a no holds barred analysis of the Australian art market by Nicholas Forrest as well as advice for art investors, relevant news items and artist profiles.

The news, information and analysis provided on the site will cater to the needs of all participants in the Australian art market from the least experienced collectors and investors to art market professionals.

“I am really excited about this project and am looking forward to tackling the important issues currently facing those involved in the Australian art market whether they be buyers, sellers or art market professionals” said Nicholas Forrest, founder of the Australian Art Market Blog

“The Australian Art Market is an exciting and dynamic market that is at a crucial stage of its development. I am delighted to be able to provide what I believe is a much needed resource that provides Australian art collectors and investors with the information and knowledge that they need to be able to approach the art market with confidence.”

For additional information contact Nicholas Forrest or visit http://www.australianartmarket.com

**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 on art and the art market for various magazines, newspapers and websites and has appeared on radio and television as an art market analyst.

- END -

Evaluating Art Auction Results Pt. 5 – artmarketblog.com

2. Percentage of lots sold by value continued

In part four of this series I looked at the second of two methods that auction houses use to calculate the percentage of lots sold by value. As I mentioned in part 4, the method of calculating the percentage of lost sold by value using the knockdown figure as the denominator in the equation is the most popular method but it too has it’s fair share of problems. The figure resulting from the knockdown method doesn’t really tell us that much about the success of the auction and what it does tell us is really of no use to anyone. By using the knockdown figure as an indication of the value of the works of art being auctioned as opposed to the estimate, the auction house is effectively reducing the chances of ending up with a low % sold by value figure even if every work is sold. Let me explain. If you use the estimate as an indication of the value of an artwork (estimate method) then the difference between the hammer price and the estimate could be quite significant which would result in a low % sold by value figure. Let’s say that you sold every single work in the auction but all the works sold for half their estimate. The % sold by value figure would be 50%. However, if you use the knockdown figure as an indication of the value of the works of art in the auction then because every work sold the % sold by value figure for the same auction would be 100%. Can you see the problem.

As I explained in part 4 of this series the knockdown figure is calculated by adding:

1. the hammer price of works that are sold
2. the highest bid for works that receive bids but are passed in
3. the lowest figure reached by the auctioneer before passing in a work that did not receive any bids

Because the hammer price is used as an indication of value for every work sold at the auction a 100% sold by lot rate will automatically result in a 100% sold by value rate regardless of how much the works sold for. Also, because each work of art in the auction is assigned a value regardless of whether it is sold or not the % sold by value figure is going to be considerably higher using the knockdown method for what one would consider to be a poor auction result than if calculated using the estimate method. eg:

hammer price/estimate

5000/8000
6000/9000
8000/13000
3000/5000
9000/15000
0 (unsold)/3000 (passed in)
0 (unsold)/7000 (passed in)
0 (unsold)/6000 (passed in)
0 (unsold)/8000 (passed in)
0 (unsold)/2000 (passed in)

total 31,000/estimate 76,000

Let’s say an auction has ten lots (as above), five of which are sold for a total of $31,000 against a total auction estimate of $76,000. The % sold by value figure would be 41% using the estimate method which would seem fair considering that only half the lots sold and those that did sell were sold for much less than the estimate. Now, calculating the % sold by value figure for the same auction would require that the estimate figures used in the estimate method be replaced with either the hammer price, the highest bid if the work was passed in or the lowest figure reached by the auctioneer for works that receive no bids at all. When these numbers are added in the results look like:

5000/5000
6000/6000
8000/8000
3000/3000
9000/9000
0/2000 (passed in)
0/5000 (passed in)
0/4000 (passed in)
0/6000 (passed in)
0/1000 (passed in)

total 31,000/knockdown 49,000

As you can see, by giving the unsold lots a value the percentage of lots sold by value would increase to 63% using the knockdown method which is considerably better than the 41% resulting from the estimate method. The benefits for the auction house of using the knockdown method as opposed to the estimate method are considerable but the knockdown method doesn’t really tell us as much about the auction as the estimate method does. The % sold by value figure calculated using the estimate method tells us whether the auction house was able to meet it’s own expectations and the expectations of the market whereas the % sold by value figure calculated using the knockdown method doesn’t really tell us much at all. Seriously !!. For an auction where all lots sell the knockdown method compares the sale price with the sale price. With an auction where not all lots sell the knockdown method compares the price people paid for the works that did sell with the price people paid for the works that did sell plus the supposed value (according to the auction house) of those that didn’t sell.

The one downside to using the knockdown method as opposed to the estimate method is that the % sold by lot figure can experience a significant increase from an exceptionally high price realised for a particular lot. If, say, a painting sold by $5 million dollars against an estimate of $1 -$2 million then the sold by value percentage for that particular lot would be 333% if calculated using the estimate method whereas it would only be 100% if calculated using the knockdown method.

In conclusion, I believe that using the:

1. the hammer price of works that are sold
2. the highest bid for works that receive bids but are passed in
3. the lowest figure reached by the auctioneer before passing in a work that did not receive any bids

as representative of the value of a work of art is misleading, deceiving and just plain silly.  I don’t believe that the highest bid received for works that are passed in is indicative of an artwork’s value.  I also have a problem with the use of the lowest figure reached by the auctioneer before passing in a work that did not receive any bids as an indicator of value because no-one knows how low the auctioneer would have had to go before a bid was made. The auctioneer is not going to go too low because the auction house doesn’t want to sell the work for too low a price. The lowest figure reached by the auctioneer before passing in a work that did not receive any bids is therefore not indicative of value if one is using the same philosophy as applied to the lots that did sell and the lots that received bids. In a nutshell the figure doesn’t really tell us the percentage of lots sold by value and it doesn’t really tell us anything about the success of the auction either.

See previous posts in this series here:

Evaluating Art Auction Results Pt. 4 – artmarketblog.com
http://artmarketblog.com/2009/03/04/evaluating-art-auction-results-pt-4-artmarketblogcom/

Evaluating Art Auction Results Pt. 3 – artmarketblog.com
http://artmarketblog.com/2009/02/27/evaluating-art-auction-results-pt-3-artmarketblogcom/

Evaluating Art Auction Results Pt. 2 – artmarketblog.com
http://artmarketblog.com/2009/02/19/evaluating-art-auction-results-pt-2-artmarketblogcom/

Evaluating Art Auction Results Pt. 1 – artmarketblog.com
http://artmarketblog.com/2009/02/12/evaluating-art-auction-results-pt-1-artmarketblogcom/

**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.

Jedediah Caesar Limited Edition – artmarketblog.com

In my last post about the upcoming Orange County Art Museum art auction I highlighted a work by Jedediah Caesar that I thought would be a good buy. I hadn’t really taken much notice of Caesar’s work until I wrote that post but after writing the post I was intrigued by his work and wanted to find out more.  Although he is a relative newcomer to the contemporary art world, the number of prestigious exhibitions Caesar has taken part in and the level of attention he is receiving would suggest he was a much more . It appears that Caesar and his work began to receive attention around 2007 and has experienced what could only be referred to as a meteoric rise to art world fame ever since. A search for “Jedediah Caesar” on google results in a series of reviews, profiles and interviews in all the major publications that would put many a seasoned career artist to shame. The highlight of his career to date would seem to be the inclusion of his work in the 2008 Whitney Biennial which is what the video below is about. In the video Jedediah Caesar describes how he created his sculpture “Helium Brick aka Summer Snow” from a block of industrial Styrofoam covered with layers of colored resin.

While looking for information on Ceasar and his work I came across a rather exciting limited edition print that references the resin sculptures that he is most well known for.  The edition, called “Untitled, is made up of a series of unique prints that display images taken from the resin sculptures.  Each print is 12 x 12 inches and can be purchased for US$500 from the Laxart online store which can be found here:

http://laxart.org/contemporary/2008/08/01/jedediah-caesar-untitled-limited-edition/

If you aren’t aware of Jedediah Caesar then I suggest you become familiar with him and his work now because with the amount of attention he is receiving from museums, galleries and the art market it won’t be too long before the value of his work catches up with his ever increasing profile.

**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.

Orange County Museum Art Auction – artmarketblog.com

The Orange County Museum of Art will be holding their 2009 auction of contemporary art on the 28th of March at 7:30pm. The live auction will begin at 8:30 pm but bids can be placed online for selected items up until the day before the live auction. More than 30 works of art by some of America’s top established and emerging artists will be auctioned including works by Richard Serra, James Rosenquist, Elger Esser and Jedediah Caesar. Each work of art has personally been selected by OCMA Director Dennis Szakacs and Curators Karen Moss and Sarah Bancroft. Bids can be placed online for works being auctioned at the live auction with the highest online bid for each work to be used as the starting bid for each work at the live auction. There will also be a “Buy it Now” option for selected pieces which will become available on the 16th of March.

The works being auctioned by the Orange County Museum of Art (OCMA) are quite nice although the lack of lower priced items may limit interest. I particularly like the work by Jedediah Caesar which consists of random found objects from the artists studio and travels which have been encased in resin, cut into thirty 3 x 3 x 6 inch rectangles and then polished so the trapped objects can be seen. The thirty rectangles can be arranged any way you like which means that the owner of this work will have a transformable work of art. According to Caesar ““Encasing everything in resin puts things at the same material level, but reveals a pre-functional object materiality. It’s like destroying the meaning of a thing and reengaging with another meaning of it at the same time.”

Caesar’s work is currently on show as part of the California Biennal and was also included in the 2008 Whitney Biennial which is quite an achievement. With an opening bid of $7000 and an estimated value of $14,000, the work by Jedediah Caesar seems like it will be a pretty good buy.

You can see more on Caesar and his work here:
http://www.whitney.org/www/2008biennial/www/?section=artists&page=artist_caesar

and find more information on the Orange County Museum Art Auction here:
http://www.ocmaartauction.cmarket.com/

image:
Jedediah Caesar
Untitled, 2008,
Polyester resin and collected material,
Dimensions variable, 30 parts, approximately 3 x 3 x 6 inches each

**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.

Social Networking for Art Collectors – artmarketblog.com

Social networks are all the rage at the moment so I thought that I would put together a list of the top ten social networks that would be of benefit to art collectors and art investors. Joining a social network gives you access to the knowledge of other art collectors and investors as well as the opportunity to view the work of artists from all over the world.  Below is a list of the top ten social networking sights that cater specifically to people interested in visual art.

http://www.myartspace.com
myartspace is an online community with more than 50,000 artists, collectors, students, teachers, gallerists, curators, critics and art appreciators across the world. myartspace is free and open to all. Members can create a profile of themselves and upload an unlimited quantity of their work including images, music, audio narration and video.

http://www.artreview.com
artreview.com is an exciting new social networking site for the artworld, creating a global forum for discussion, interactivity and debate. artreview.com is a unique blend of editorial and community content, combining the insight and critical weight of some of today’s most important artworld voices with the input and opinions of everyday enthusiasts from around the world.

http://www.artmesh.org
#artmesh is an inspiring and innovative network for those who live and love the fine arts. The difference to other art communities is the fact that – additionally to just showcasing artist’s work – #artmesh focuses on the interests of art lovers and art professionals as well.#artmesh is about communication and collaboration, about inspiration and the exploration of the boundless possibilities of a progressive and innovative virtual art-network.

http://www.artslant.com
ArtSlant.com, the #1 contemporary art network, launched in Los Angeles in February, 2007. It is a sophisticated website that brings a local and in-depth focus to the contemporary art scene. ArtSlant’s profiles put the spotlight on everyone in the art community. Artists, art professionals, art orgs, and art lovers can have their own showcase to exhibit their work, expose their business or talk about their involvement in the scene. In our community you will also find picks and reviews, jobs and opportunities, schools, blogs, and groups.

http://www.artlog.com
Artlog is the place for you to connect with folks, share your work and discover innovative new art & design. Artlog is for art makers, insiders, organizations and art lovers. This global community of art lovers, artists and industry insiders is only as vibrant as you make it. So follow interesting artists, make professional connections, post your work and let your voice be heard – “If you see something, say something!

http://www.independent-collectors.com/
Independent Collectors is an online tool targeted at modern and inquisitive collectors. It makes building a personal network and sharing information about topics like artists, galleries or events much easier and faster. In their personal profiles, collectors can talk about art preferences and present their own collection. Specific search functions help to find like-minded collectors or those living in the same area.

http://www.artselector.com
The artselector contemporary fine art collective was originally set up by MA Fine Art graduates of Central Saint Martins College of Art and Design and the Royal College of Art. artselector offers an innovative visual directory of international contemporary fine artists, independent curators and galleries

http://www.rhizome.org
Rhizome’s community includes thousands of artists, academics, curators, critics, and other new media art enthusiasts. Profiles is a collection of community profiles that contains artist portfolios, blogs, biographies, and other details on each individual member. Profiles was developed in the hope of sparking connections and collaborations across regional or cultural boundaries and strengthening the new media art scene as a whole.

http://www.labforculture.org/en/labforculture/browse
We work with and for artists, arts and culture organisations and networks, cultural professionals and audiences in the 50 countries of Europe, as well as providing a platform for cultural cooperation between Europe and the rest of the world. Our mission is both to ensure that all those working on cultural collaboration have access to up-to-the-minute information and to encourage the cultural sector to become more experimental with online technologies.

http://www.artbistro.com
ArtBistro brings members of the visual art community together to network, advance careers, and to foster a community with exclusive benefits where information about artists and designers is provided by artists and designers.

**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.

Dissecting Christie’s Feb 09 Art Auction Pt. 2 – artmarketblog.com

A few weeks ago I posted the first half of the results from the Christie’s February 2009 Impressionist and Modern Art auction along with information relating to whether each lot had been sold at auction previously and if it had, when it was sold and how much it sold for. My purpose for doing this is to show that there is always far more to art auction results than the statistics provided by the auction houses will tell you. Just because an auction results in a high hammer total, high percentage of lots sold by value and a high percentage of lost sold by number doesn’t mean that the auction was a complete success. The statistics that the auction houses provides could be masking the fact that a majority of the works sold in the auction had been sold at auction before for a higher amount meaning that the people selling these works were selling at a loss. Although the purpose of the auction house is to sell works of art and not to ensure people make a profit on the works they are selling; the factors that may be beyond the control of the auction house, such as whether a person makes a profit or not, should still be used as a measure of the success of an auction. In the next post in this series I will look at the data I have provided in this and the previous post and provide an analysis of the data.

See part 1 of Dissecting Christie’s Feb 09 Art Auction here:

http://artmarketblog.com/2009/02/17/dissecting-christies-feb-09-art-auction-pt-1-artmarketblogcom/

Continuation of data relating to lots sold at the Christie’s February 09 Impressionist and Modern Art auction:

-Otto Mueller (1874-1930) Sitzender Akt in Landschaft, c.1927: Sold for £769,250 ($1,106,182) against an estimate of £650,000 – £850,000 ($926,250 – $1,211,250). No previous auction sale history

-Gustav Klimt (1862-1918) Dame en face mit plisiertem Kleid (Damenbildnis en face) , c. 1898: Sold for £1,385,250 ($1,991,990) against an estimate of £600,000 – £800,000 ($855,000 – $1,140,000). Previously sold by Christie’s on the 9th of November 2004 for USD$1,000,000 (GBP 524,700) against an estimate of USD$750,000 – 950,000 which represents an increase in price of $991,990

-Marino Marini (1901-1980) Gentiluomo a cavallo, c. 1937: Sold for £769,250 ($1,106,182) against an estimate of £700,000 – £1,000,000 ($997,500 – $1,425,000). No previous auction sale history

-Ossip Zadkine (1890-1967) Torse de femme, c. 1925: Sold for £421,250 ($605,758) against an estimate of £300,000 – £500,000 ($427,500 – $712,500). No previous auction sale history

-Marc Chagall (1887-1985) Les mariés aux deux bouquets, c. 1980: Sold for £541,250 ($778,318) against an estimate of £400,000 – £600,000 ($570,000 – $855,000). No previous auction sale history

-Pablo Picasso (1881-1973) Buste d’homme, 1971: Sold for £1,497,250 ($2,153,046) against an estimate of £1,200,000 – £1,800,000 ($1,710,000 – $2,565,000). No previous auction sale history

-Max Ernst (1891-1976) Temptation of St. Anthony, 1945: Sold for £97,250 ($139,846) against an estimate of £100,000 – £150,000 ($142,500 – $213,750). No previous auction sale history

-Julio González (1876-1942) Le rêve (Le baiser) 4/6, c. 1934: Sold for £577,250 ($830,086) against an estimate of £400,000 – £600,000 ($570,000 – $855,000). Number 5 of the edition of 6 was sold by Christie’s in 2002 for GBP 220,000 against an estimate of GBP 250,000 – 350,000 which represents a theoretical increase in value of GBP 377,000.

-André Masson (1896-1987) Le météore, 1939: Sold for £169,250 ($243,382) against an estimate of £120,000 – £180,000 ($171,000 – $256,500). No previous auction sale history.

-Joan Miró (1893-1983) Femme entendant chanter le coq aux éclats violets, 1972: Sold for £892,450 ($1,283,343) against an estimate of £500,000 – £700,000 ($712,500 – $997,500). No previous auction sale history.

-Paul Delvaux (1897-1994) Faubourg, 1956: Sold for £277,250 ($398,686) against an estimate of £200,000 – £300,000 ($285,000 – $427,500). Previously sold by Sotheby’s in 1975 – price unknown

-Francis Picabia (1879-1953) Geminis, 1936: Sold for £385,250 ($553,990) against an estimate of £120,000 – £180,000 ($171,000 – $256,500). Previously offered for sale at Christie’s Paris in May 2008 but failed to on an estimate of EUR 250,000 – 350,000. Previously sold by Sotheby’s in 1975 – price unknown.

-Joan Miró (1893-1983) Personnage, 1976: Sold for £481,250 ($692,038) against an estimate of £280,000 – £380,000 ($399,000 – $541,500). Previously sold by Sotheby’s in February 2004 for GBP 172,000 against an estimate of GBP 150,000 – 200,000 which represents an increase in price of GBP 309,000.

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.

YSL Auction Boosts French Market Share – artmarketblog.com

The Bergé -YSL sale was a historical sale in more than one sense: the €373.5m total for the three-day auction is the world record for a private collection and the European record for an art sale of any sort. Moreover, the collection’s Fine Art generated a sum equivalent to 66.7% of total 2008 art auction sales in Paris and 53.2% of total French art auction revenue in 2008. Indeed, this total of €206m ($264.9m) for art works (excluding antiques, furniture and objects) could well modify the 2009 global auction revenue ranking by allowing France to recover the third place it has lost to China since 2007.

The first session of Christie’s Bergé – YSL sale opened on 23 February just as Wall Street posted its lowest level for 12 years (S&P 500 at 743.33 points). Despite the economic and financial alarm bells, Artprice’s AMCI suggested strong buy intentions from art market players (70.8% of respondents). These intentions were confirmed on the first day of Impressionist and Modern art sales which generated a total of €182m, a figure substantially higher than the previous world record for a private collection sale: €163,6m from the Victor and Sally Ganz collection in 1997 at Christie’s New York.

By the end of the evening on Monday 23 February, Christie’s had generated a number of new records for works by the grand masters of Modern art. These included €32m for Henri MATISSE’s Les Coucous, €26m (€6m above its estimate) for Constantin BRANCUSI’s sculpture Madame L.R., €7.9m (pulverising its “under-estimate” of €1.5m) for Marcel DUCHAMP’s historic ready-made Belle haleine-Eau de voilette, €19.2m for Piet MONDRIAAN’s Composition avec bleu, rouge, jaune et noir and €4.4m for James ENSOR’s Le Désespoir de Pierrot.

However, the overall prestige of the sale and the ownership history of the works did not trigger a “buy at any price” mood and collectors remained highly selective. Pablo PICASSO’s cubist painting, over-estimated at €25m, and four paintings by Théodore GÉRICAULT with high reservation prices remained unsold. Another Géricault masterpiece, Portrait d’Alfred et d’Elisabeth Dedreux, set a new record for the artist at €8m, refreshing a previous record dating back to 1989 when Portrait de Laure Bro, née de Comères fetched the equivalent of €4.9m at Sotheby’s in Monaco.

The exceptional quality of the collection attracted the attention of the French State which exercised its pre-emption rights three times on the first day, acquiring Giorgio CHIRICO de’s Ritornante for the Centre Pompidou, Édouard VUILLARD’s Les Lilas and James ENSOR’s Au conservatoire for the Musée d’Orsay. Total bill: €10.6m, excluding fees. Over the following two days, it intervened twice acquiring a miniature portrait of Louis XIV by Petitot and some XVI century wall plates in Limoges enamel for the Louvre.

This sale suggests that the art market is showing remarkable resistance to the financial crisis and the global economic recession… as long as the works offered are of exceptional quality.

Copyright@Artprice.com

**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.

Evaluating Art Auction Results Pt. 4 – artmarketblog.com

2. Percentage of lots sold by value continued

In part three of this series I looked at the first of two different methods of calculating the percentage of lots sold by value. The first method that I looked at which is calculated by using the following formula:

(total sale value at hammer price)

divided by

(total sale estimate)

x100

is the less frequently used of the two methods and is not the method used by the top auction houses. The main problem with the above formula is that the sale estimate is being used as a representation of the value of the works of art being auctioned which we all know is problematic to say the least. Auction houses use estimates as a marketing tool with a low estimate often used to encourage bidding which would make the percentage of works sold by value calculated using the estimates highly inaccurate.

Other than the estimate for each work as calculated by the auction house there is really only one other indicator of the value of a work of art and that is the highest price someone is willing to pay for the work. When you think about it, using the highest price someone is willing to pay for a work of art as an indicator of value does make sense because, in reality, the true value of a work of art is really only what someone is willing to pay for it at the time it is sold. For this reason, all the major art auction houses use the highest price that someone is willing to pay for a work of art as being representative of the value of that work of art. But what about lots that don’t sell?. Well, the value that the auction house uses for unsold lots is the highest bid for those that do attract bids and the final (lowest) figure reached by the auctioneer for lots that are passed in without receiving any bids. The value that the auction houses use in place of the denominator (total sale estimate) in the formula referenced above is called the knockdown figure and includes:

1. the hammer price of works that are sold
2. the highest bid for works that receive bids but are passed in
3. the lowest figure reached by the auctioneer before passing in a work that did not receive any bids

The formula used by the major auction houses to calculate the percentage of works sold by value is:

(total sale value at hammer price)

divided by

(knockdown figure)

x100

As an example of the way the sold by value percentage is calculated I will use an auction of five works with the following results:

1. Sold for $100,000
2. Sold for $150,000
3. Passed in $100,000 with three bids
4. Passed in at $50,000 with no bids
5. Sold for $200,000

The total sale value at hammer price of the three works that sold is (numerator). The knockdown is the hammer price of the three works that sold plus the highest bid of lot 3 and the price that lot 4 was passed in which comes to a total of $600,000 (denominator). When you use these two figures in the formula you get $450,000 divided by $600,000 x100 which equals 75 – the percentage of lots sold by value. If every single lot in a sale were to sell then the percentage of lots sold by value would be 100%.

Although the auction houses choose to use this particular method of calculating the percentage of works sold by value there are just as many problems with this method as the first method I looked at.  More on this in my next post.

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.

2009 Next Star Artist Competition – artmarketblog.com

Herb Williams in his studio

I have received lots of emails asking whether there will be a 2009 Next Star Artist competition so I thought it was about time to announce that YES, there will be a 2009 Next Star Artist Competition. After the success of the 2008 competition I couldn’t not run the competition again this year so if you didn’t get the chance to enter last year then 2009 could be your year !!! Due to my current work load the launch date for the 2009 competition will be in May as opposed to the March launch date of the 2008 competition.

The 2008 competition unearthed a true star artist in Herb Williams (http://www.herbwilliamsart.com) whose career has continued to take leaps and bounds since winning the first ever Next Star Artist competition. Williams’ work has received plenty of attention of late with tv appearances, newspaper articles and a spot in the Washington DC Obama Inauguration exhibition at MANIFESTHOPE:DC Gallery which was held during the inauguration in January. For those of you who are fans of the All American Rejects you might like to have a look at the cover of their latest album “When The World Comes Down” (http://www.amazon.com/gp/product/B001H9JBF8). Look familiar?, it should, it’s a Herb Williams creation.

If you think you you have what it takes to follow in Herb Williams’ footsteps and become the 2009 Next Star Artist then start preparing your entry. There are also plenty of opportunities for art related companies to sponsor the 2009 competition and receive some significant art world exposure. Anyone interested in sponsoring the 2009 Next Star Artist competition can contact me via the contact form on my blog.

Entry details as well as the terms and conditions will be posted shortly so stay tuned for more exciting information regarding the 2009 Next Star Artist competition and keep an eye out for the new website !!

**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.

Ana Prvacki Performance Video – artmarketblog.com

In September last year during the Sydney Biennale, at the request of New Art TV, I interviewed Singapore based, Serbian born artist Ana Prvacki. As part of the Biennale, Prvacki performed a work titled “Music Derived Painkiller” which involved the collection of saliva from a flute performance. Intrigued?. If so, check out the interview that I did with Ana here:
http://www.newarttv.com/index.php?id=332

You can also find out more about Ana and her work here:
http://www.ananatural.com

**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.

Evaluating Art Auction Results Pt. 3 – artmarketblog.com

2. Percentage of lots sold by value

In part 2 of this series of posts on the real value of the statistics that are used to determine the success of a sale, I conducted an in depth analysis of the percentage of lots sold by number statistic. The other percentage figure often used by auction houses is the percentage of lots sold by value which, unlike percentage of lost sold by number, is rather complicated. There is also very little information relating to the way the percentage sold by value figure is calculated which made this post rather time consuming to put together. Other than the lack of information, one of the main problems with the sold by value figure is that there are variations in the way auction houses and other art market professionals calculate the figure. There is also an issue with determining exactly what the “value” in percentage sold by value refers to. This post will start to address these and other problems associated with the percentage sold by value figure as well as determining what the figure actually tells us and whether it is of any use.

As a result of my research I found that there are two formulas for calculating the sold by value percentage that are the most commonly used. The first formula I will analyse is probably the one that makes the most sense but is in fact NOT the “correct” formula and is NOT the formula used by most of the top art auction houses. If someone were to ask me to calculate the percentage sold by value for a particular auction, and I didn’t know how it was calculated, I would presume that I was being asked to compare the total estimated value of the works with the total value of the works sold. Because the value of the works of art in an auction is a matter of opinion, the auction house’s estimates should be used An example of the way this formula would work is:

(total sale value at hammer price) divided by (total sale estimate) x100

If the total sale estimate was $500,000 and the total sale value at hammer price was $400,000 then you would calculate 400,000/500,000 x100 which would equal 80% sold by value. If it was the other way round and the total sale value was 500,000 and the total sale estimate was 400,000 then the percentage sold by value would be 125%. At this point I will mention that if there are is an estimate range then the average of the high and low estimates should be used as the total sale estimate in the formula. One of the only references I could find to this particular percentage sold by value formula, other than the one I have written above, was on an auction results website which stated that:

% Sold by Value is based on total sales value at hammer price, including the premium, as a percentage of the average of the sum of the high estimates and low estimates for the sale. % Sold by Value can be greater than 100%

Although the formula in the reference above is essentially the same as the one I have been writing about it does have one minor differences that creates an even greater margin for error and a greater chance of confusion. The formula in the reference above includes the hammer price in the sale total which I did not include in my example because the buyers premium is not included in the estimates and therefore should not be included in the sale total. Including the buyers premium in the sale total increases the percentage of lots sold by value because the estimate does not include the buyers premium and therefore results in incorrect figures.

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.

Adam Reeder and Pan’s Ipod  – artmarketblog.com

"Pan with his Ipod"

If I am going to be honest I have never really been a big fan of classical figurative sculpture but after being introduced to the work of California based artist Adam Reeder I may have rethink my position. Judging by the pictures on his website, Reeder is a very accomplished artist with a particular talent for classical style sculpture and drawing but it is his most recent project titled “Socio-Technic Evolution” that really caught my attention. As you would expect, classical themes and subjects are an integral part of Reeder’s artistic practice but with his latest series he has taken the conventions of classical sculpture and added a 21st century twist. “Sleeping Gamer”, “Atlas With his iPhone” and “Pan With His iPod” are the titles of a few of the sculptures that are part of the “Socio-Technic Evolution” series which, as the titles suggest, are no ordinary classical figures.

I was so impressed by the “Socio-Technic Evolution” series that I thought that I would ask Adam to explain the concept behind these works and how he came up with the idea.

This is what Adam has to say about his work:

They are all based on the concept of how technology changes the way western culture interacts with it’s world. To display this, I have combined technological objects with Greco-Roman gods, or iconic Greek sculpture. This is because the Greco-Roman period is the root of western civilization. My work is not about the change that takes place but the change in interaction, facilitated by technology.

Pan with his mp3 player is the first in the series. It has won first place in the spring show at the San Francisco Academy of art university, as well as getting into other shows. My goal was to combine iconic Grecian images, and god’s with well known technological objects. The Grecian images and god’s were to represent western culture. The Greco-Roman empires are known as the root of western culture. I avoided using anything from the Cartesian time periods so as to keep the religious contexts out of the discourse.

The technological objects should change the context of the original image, but not the nature. Arguably, any change could change the nature of it. However, my thought was that the nature of the interaction between the image and the object, would not change the way the image would have originally interacted. I used Pan with his mp3 player as the example for my final proposal. The Greek god Pan, used a flute which he played in the wood and danced with nymphs. My depiction shows Pan, still dancing as before, but no longer playing his own music. Thus, the technology changes the context, but not the nature.

This work is not about consumerism, or commercialism. Rather it is about how technology changes the way in which Western culture interacts with it’s world. This body of work should remind the viewer of pop art, because pop art showed viewers what they were consuming in popular culture. It should also feel like an ad campaign.I like the fact that the initial reaction upon viewing (even for me) is, “oh great, another classic figure”, then upon closer inspection, the viewer recognizes these iconic technological objects and it all comes together.

I have seen that process happen in the eyes of viewers, and have been told about it from museum directors, gallery owners, exhibition organizers, and art agents. This thesis stemmed from an internal reaction I had to my 6 year old daughter’s request for an iPod for her birthday, as opposed to a Barbie, or easy bake oven. I became acutely aware at that moment, that technology was changing the way western culture interacts with its world.

To clarify, this is not a series of sculpture about a little girl, or about how I feel about the change which is taking place. My Thesis is simply a playful reflection of that change.

To see more of Adam’s work go to http://www.adamreeder.com

**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.