undated handout photo of "For the Love of God" by Damien Hirst. Source: Bolton & Quinn via Bloomberg News.
via NYTimes, Aug 29:
Volatile Markets? Art World Takes Stock
By ROBIN POGREBIN
The fall art auctions are almost three months away, galleries are still in their summer hiatus, and the Dow keeps fluctuating. But the art world is wondering how volatile financial markets might affect its own specialized market. What will happen at the major art auctions in November? Will collectors pull back on buying sprees until the mortgage lending industry stabilizes? Will sellers decline to consign their art, assuming that the run of record prices in recent years is due for a reversal? Or will they rush to sell now, fearing that by spring prices will be lower?[...]
via Bloomberg, Aug 29:
Hirst Sells Skull for $100 Million, Manager Says
By Linda Sandler
[...]The skull was part of a Hirst show at the White Cube's two galleries that took in 130 million pounds ($261.7 million), said exhibitions director Tim Marlow on July 17. Including the skull, the total of 180 million pounds would probably break the record for a dealer sale of an artist's works, said Marlow.[...]
via ed_winkleman, Aug 24:
Is It Gonna Be a Bumpy Ride?
As the art market death watch heats up (see MAO's post on Eli Broad's predicitons), the two big auctions houses seem hellbent on discouraging collectors from pestering them to take on lower-priced works.[...]
via Bloomberg, Aug. 23:
Sotheby's Raises Fees on Sales of Lower-Priced Art
By Linda Sandler
Sotheby's, which sold a Mark Rothko painting for more than $70 million in May, said it will raise fees by one-quarter for buyers of lower-priced art, following a similar move by Christie's International.[...]
via Modern Art Obsession, Aug 18:
Eli Broad suggests difficult times ahead for the art market!!
[...]Well... the party was nice while it lasted.. I hope everyone had fun![...]