A blockbuster auction of Contemporary art in New York, including a record $58.4 million for a Jackson Pollock drip painting, fetched nearly half a billion dollars -- the biggest haul ever at an art auction.
After a brief warning last week that all was not well in the world of the uber-wealthy as a couple of art auctions did not quite go as expected, The Wall Street Journal reports that there is no need to worry... the contemporary art market is on fire.
The global economy is not at its best at the moment. European economies are struggling and China is no longer growing at a double-digit rate. However, these grim circumstances have done little to derail the art business. Dealers and buyers continue to descend upon art fairs and auctions around the world to sell, bid, and acquire. The Financialist has compiled an agenda of the top art events being held all over the globe between now and 2013.
For years, something was missing in the Colombian art scene. Local artists were producing great work, the local collector base was growing, and foreigners were increasingly eager to buy. Yet the domestic market remained underdeveloped and most artists were unknown abroad. And then this February, former Christie’s auctioneer Benjamin Creutzfeldt supplied the missing link: an auction house. Together with a group of Bogota art experts, he opened Bogota Auctions to provide a reference point for valuing Colombian art and help raise its profile on the international stage.
Warhol and Doig do it againThis week in New York, the post-war and contemporary art market had its bi-annual check up. Christie’s went first, selling 39 of 46 lots for a total of $74.1m on November 10th. It was less than a quarter of their $325m total exactly two years ago, but still a respectable outcome given the difficulty of obtaining consignments. No one wants to sell their art during a recession unless they have to. Remarkably, few collectors seem to be in that position and, if they are, they feel safer off-loading behind the scenes than at public auction.
Olivia Wilde, Lake Bell, Lo Bosworth and countless fashionistas attended the Whitney Museum's annual Art Party Wednesday night at Moynihan Station in New York City. Sponsored by Max Mara and in partnership with Art.sy, a pre-sale preview of the art works alone generated close to $70,000 in funds.