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Art auction sales at Christie's, Sotheby's and Phillips over the next two weeks are expected to total $1.2 billion, down 18% from a year ago and nearly half the total for the May 2022 sales, according to ArtTactic. It extends a recent decline for the art market from its post-Covid peak, when cheap money, a booming stock market and fiscal stimulus saw record sales. It's the buyers showing up and what the work will sell for that will define our perception of the art market right now. Price pressuresDealers and art experts say the auction art market is stalled over price, with sellers not willing to get a lower price than they might have gotten at the peak of the market in 2021-2022. "The question they're asking is, 'Should we buy in to the art market right now?'"
Persons: Robert Frank, Phillips, Paul Allen, Brooke Lampley, Buyers, Sellers, Philip Hoffman, CNBC's Robert Frank, Andy Warhol, Jean, Michel Basquiat, Crystal Lau, Andrew Fabricant, It's, Hoffman, Francis Bacon's, George Dyer, Bacon, Dyer, Michel Basquiat's Organizations: Sotheby's, Fine Art Group, CNBC Dealers, CNBC Locations: , Gagosian
What would a basketball game be like without the ebb and flow of two teams, without the roar of the crowd? Like Paul Pfeiffer’s videos. In “Fragment of a Crucifixion (After Francis Bacon),” from 1999, the Charlotte Hornets’ star power forward Larry Johnson rocks back and forth, alone on the court, screaming in victory or agony. In “Race Riot,” hands reach in to brace a fallen Michael Jordan — his iconic jersey, number 23, is blank. They’re small, they’re silent — and they’re just for you, an intimate confrontation with extravaganzas meant for millions.
Persons: Paul Pfeiffer’s, Francis Bacon, Larry Johnson, Michael Jordan —, ” Pfeiffer, aren’t, extravaganzas Organizations: Museum of Contemporary Art, Charlotte Hornets Locations: United States, Los Angeles, East Harlem, Mexican
Major auction houses are hedging their bets in the fall season of sales that begins Monday, offering fat guarantees to sellers to secure their works — and pricing some of their top items more conservatively after the spring season demonstrated weakness in the blazing-hot $60 billion art market. And now, sellers are trying to anticipate how the uncertainty of a new war in the Middle East will affect them. Auctioneers at the three rival companies, Christie’s, Sotheby’s and Phillips, have been digging deeper into private collections for one-off paintings that might spice up their modern and contemporary art sales, given the thinning availability of estates to draw from (typically driven by deaths and divorces). “We have built the sale in a very old-school way,” said Alex Rotter, chairman of Christie’s departments overseeing 20th- and 21st-century art, who said that his team shopped around individual collectors to acquire works by Joan Mitchell ($25 million to 35 million), Claude Monet ($65 million) and Francis Bacon ($50 million). “We went for paintings that would create the most buzz.”
Persons: Auctioneers, Phillips, , Alex Rotter, Joan Mitchell, Claude Monet, Francis Bacon, Organizations: Sotheby’s
There’s mischief in every Dahl story, and the voice of the writer is very strong. When I made “Fantastic Mr. Fox” and I was working on the script, we stayed at the house for some time. In those days, that writing hut was still filled with his things and left the way he had it. I remember there’s a portrait of Lucian Freud by Francis Bacon next to a portrait of Francis Bacon by Lucian Freud. It sounds like the kind of set I might expect to see in a Wes Anderson film, filled with these totems and details.
Persons: he’s, Ophelia, Lucy, Theo, Henry Sugar, Ralph Fiennes, Fox ”, Dahl, He’d, Lucian Freud, Francis Bacon, Wes Anderson
Roman Abramovich and his ex-wife have an art collection worth close to $1 billion, leaked documents revealed. Works by Freud, Hockney, and Picasso are among the 367 items in the collection, The Guardian reported. Before oligarchs' assets were seized by the UK last year, Zhukova took majority control of the collection. Filip FilipovicAbramovich was among seven Russian oligarchs sanctioned by the UK in March last year. His assets, including Chelsea soccer club, were frozen and his $700 million superyacht, on which pieces from the art collection are believed to be displayed, was seized.
Persons: Roman Abramovich, Freud, Hockney, Picasso, Zhukova, Dasha, OCCRP, Monet, Andrew Renton, Francis Bacon's, Abramovich, Lucian Freud's, Cate Gillon, Vladimir Putin's, Putin's, Filip Filipovic Abramovich, Meritservus Organizations: Guardian, Service, The Guardian, Goldsmiths, University of London, Chelsea soccer, Government Locations: Wall, Silicon, Cyprus, London, Ukraine, Britain
This is the last week of 10 Things on Wall Street. But there remains a very large blight on JPMorgan's record that has come back into the spotlight this year: Jeffrey Epstein. Insider's Kaja Whitehouse and Emmalyse Brownstein have a breakdown of JPMorgan's long, drawn-out breakup with Epstein. Read more on JPMorgan's handling of Jeffrey Epstein. The Treasury secretary isn't particularly worried about the potential for more bank mergers this year, per The Wall Street Journal.
Persons: Dan DeFrancesco, I've, I'm, we've, Goldman Sachs, Jeffrey Epstein, Rick Friedman, hasn't, Kaja Whitehouse, Emmalyse, Epstein, Kaja, Read, Janet Yellen, isn't, Moody's, Francis Bacon, We've, Jeffrey Cane, Jack Sommers Organizations: Getty, JPMorgan, Dow, Norges Bank Investment Management, CNBC, Goldman, Street, Financial Times, Sequoia Capital, FDIC, Bloomberg, Dassault Falcon, LinkedIn Locations: NYC, Cambridge, Republic, dealmaking ., New York, London
It will allow retail investors to join the high-value art market, purchasing fractional ownership. The IPO is led by Artex, with shares only available on a specially made art stock exchange. Shares will be valued at around $100 each and will trade on a newly formed art stock exchange in Liechtenstein. By splitting a work's cost into more-affordable shares, retail investors can join the market without having to pay millions of dollars. While other companies have offered fractionalized ownership for artwork before, Artex is the first to take a piece public, allowing shares to be traded more easily.
Persons: Francis Bacon, Artex, , George Dyer Organizations: Street Journal, Service, Wall Street Locations: Liechtenstein
Uncanny disquiet governs the stories in this collection. In “Heads,” Jimi Hendrix, who has appeared elsewhere in Allen’s fiction, spends late nights with the painter Francis Bacon, the two talking about art-making and life while Jimi occasionally strums his guitar. In the collection’s title story, Allen sends the boxer Jack Johnson to Australia for a high-profile fight, where his celebrity and Blackness lead to singular experiences at racialized extremes of local life. On description alone, you might think this is merely weird and wise comedy, but I think Allen has more in common with Donald Glover than George Saunders. These are difficult, inventive stories that, at their best, occupy a range of frequencies and otherworldly places with — to borrow Allen’s brilliant three-word description of Jimi Hendrix’s way with music — a “fierce itching dazzle.”
Persons: disquiet, Allen, Allen —, ” Miles Davis loathes, Jimi Hendrix, Francis Bacon, Jimi, Jack Johnson, Muhammad Ali, Ali, Larry Holmes, Donald Glover, George Saunders, , Jimi Hendrix’s Organizations: Chicago, Champ Locations: Australia, “ Atlanta
Most Western shipping companies stopped moving Russian oil after the U.S. and allies sanctioned Moscow’s prize export. In Greece, home to one of the world’s biggest merchant fleets, tanker owners are doubling down. At the front of the pack is George Economou , a 70-year-old shipping tycoon with a taste for art by Francis Bacon, minimalist superyachts and ventures some rivals say they wouldn’t dare attempt.
The four art dealers who trade together as LGDR have opened a gallery on East 64th Street with a preposterous inaugural exhibition — but before you take that the wrong way, remember the etymology. Preposterous, adjective: from the Latin prae-, meaning “before,” and posterus, or “coming after.” Something preposterous is turned the wrong way. …I had better stop; “Rear View,” with more than 60 paintings, sculptures and photographs of human figures facing the more interesting way, invites a preposterous amount of wordplay. Many of the artists in “Rear View” channel their backward glances through the classical ideal. Michelangelo Pistoletto, the Arte Povera artist, places a concrete copy of the Aphrodite of Knidos in a pile of trash.
One reason the British-born artist Cecily Brown, 53, came to New York in 1994 was that she wanted to paint, and in the London of Sarah Lucas and Damien Hirst, with their fried-egg-and-kebab sculptures and sharks in formaldehyde, that urge was regarded as rather retrograde. But the other reason was, as she says, “I’m a nepo baby in London, and here people don’t know so much that my dad was a big cheese.”One reason the British-born artist Cecily Brown, 53, came to New York in 1994 was that she wanted to paint, and in the London of Sarah Lucas and Damien Hirst, with their fried-egg-and-kebab sculptures and sharks in formaldehyde, that urge was regarded as rather retrograde. Sylvester had always been interested in Brown’s painting, introducing her to famous artists like Jasper Johns and Richard Serra and taking her to see a show with Francis Bacon, whose work he’d championed for decades, curating exhibitions and publishing a book of their interviews. In art school, Brown recalls, “Bacon was the reigning king, and [Sylvester’s] interviews with Bacon were pretty famous among art students.” But in New York, she says, Sylvester’s “name doesn’t necessarily ring a bell, which I think was one of the main reasons I wanted to live here…. The art world here just felt so much bigger.”
The estate of publishing magnate Samuel Irving Newhouse Jr. took note last fall when collectors clamored after Microsoft co-founder Paul Allen’s $1.6 billion record-setting estate sale. Heartened by the art market’s resilience, the publisher’s family said Tuesday it plans to follow suit—auctioning off more of Mr. Newhouse’s own trove this spring. The move marks the third time the Newhouse estate has plied his pieces into sales since he died six years ago at age 89—a trickling strategy that contrasts with the theatrical, everything-must-go atmosphere conjured when Mr. Allen or the Rockefellers before him sold off vast art holdings all at once. The 16 latest works consigned to Christie’s for its coming New York sales in May represent a fraction of the art amassed over the decades by Condé Nast’s chairman emeritus, but the batch is estimated to top $144 million and will showcase his taste for a broad sweep of artists, including Pablo Picasso, Francis Bacon, Jasper Johns and Lee Bontecou.
Just in time for the streaming debut of its hotly anticipated "Glass Onion: A Knives Out Mystery," the streaming service's marketing team has listed the film's eponymous Greek island compound on the popular real estate site. "Sleek architecture and sophisticated design, with an equal eye toward nature and extravagance, provide an unparalleled luxury living experience accessible only by boat and crowned by a Glass Onion atrium," the listing reads. Of course, even if you have the millions to shell out, the "Glass Onion" estate doesn't exist. A link to "learn more" about the listing brings visitors to the "Glass Onion" page on Netflix's website. But viewers will be able bring the villa to their living rooms: "Glass Onion" hits Netflix on Dec. 23.
Described as "the sale of this century" by auction house Christie's, the collection of more than 150 pieces spans 500 years of art history from Sandro Botticelli to David Hockney. Register now for FREE unlimited access to Reuters.com RegisterChristie's Global President Jussi Pylkkanen said he expected overall proceeds "well in excess of $1 billion." Allen, who together with school friend Bill Gates started Microsoft in 1975 before leaving the software company several years later, died in 2018, aged 65. Hockney's "Queen Anne's Lace Near Kilham" has a price estimate of $8 million-$12 million and Alberto Giacometti's sculpture "Femme de Venise III" $15 million-$20 million. Register now for FREE unlimited access to Reuters.com RegisterReporting by Marie-Louise Gumuchian; editing by John StonestreetOur Standards: The Thomson Reuters Trust Principles.
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