Thursday, December 18, 2008

Tobias Meyer on the art market

I really enjoyed getting this candid look inside Sotheby's contemporary art department, now a month after the November sales. I absolutely agree with what Tobias Meyer said -- that if the right piece comes up, something that is rare, from a pivotal point in the artist's oeuvre, and with the right provenance and condition -- then the market will respond. And I love that my pick of favorites last night included the Currin, which is shown here.

Looking at Art -- MoMA

Sent to me by my fellow blogger Ashleigh, with just one person standing in front of Warhol's iconic work:


And this was as close as I got:

Wednesday, December 17, 2008

Sold: From Sotheby's Contemporary Art Evening Sale

Here are a few pieces that did manage to sell - which were among my favorites this Fall - although take a look at the hammer price of the Judd:

Cy Twombly, Untitled, Painting in 2 Parts (Bassano in Teverina)
Estimate: $4,000,000 - 6,000,000
Sold: $4,786,5000














John Currin, Nice 'N Easy
Estimate: $3,500,000 - 4,500,000
Sold: $5,458,500














Donald Judd, Untitled (90-14 Bernstein)
Estimate: $2,000,000 - 3,000,000
Sold: $1,142,500

The Results Are In...

And apparently not great, as reported by ArtInfo. I don't think any of us are surprised, yes?

A Bad Year for Contemporary Art at Sotheby’s and Christie’s

December 5, 2008

NEW YORK/LONDON—Annual sales of contemporary art at Sotheby’s and Christie’s flagship auctions in New York and London have dropped 17 percent in 2008, according to Bloomberg. The significant drop from a total of $2.4 billion last year to just below $2 billion this year comes after two years of more than doubling in sales.

The ongoing international economic crisis hit the two premier auction houses in the last quarter of 2008. In November, Sotheby’s and Christie’s evening contemporary art auctions in New York raised $125.1 million and $113.6 million respectively, with fees, far below their presale lower estimates. Almost a third of lots failed to sell at both houses.

“Next year’s going to be very tricky,” said Philip Hoffman, chief executive of the London-based Fine Art Fund and a former Christie’s employee during the last major art market recession, in the early 1990s. “People aren’t going to put things up for sale. Volumes at auction could be 30 or 40 percent down on this year. It’s going to hit the auction houses badly.”

Monday, November 3, 2008

NY Sales begin tonight

We'll see how these post-war and contemporary NY auctions fare over the next several weeks; in the meantime everyone is on pins & needles waiting to see if the art market can stand on its own, or if it will succumb to the same fate as the rest of the world markets. According to Marc Porter of Christie's, “Prices of all assets have fallen — stocks, gold, oil, real estate — and it would be unrealistic to expect works of art to be immune to the market’s pressures.” For more of Carol Vogel's article recently published in the NY Times about the sales, read here.

Philip Guston, Beggar’s Joys (1954-55)

Vogel writes about the Guston painting:

Minimizing risk is the message of the moment. While Sotheby's has said that it has provided only half the number of guarantees it did a year ago, the company still has outstanding guarantees of $285.5 million. And guarantees are still given for desirable art, such as the Philip Guston.

Prices have soared since 1996 when Donald L. Bryant paid $1.7 million for the painting at Christie’s in New York, then a record price for the artist. Now Sotheby’s has lined the inside of its sale catalog with the image and experts there say that the seminal painting could well bring around $15 million, which is about what Mr. Bryant has received as a guarantee.

Sarah Thornton: Seven Days in the Art World

I was reading one of my go-to blogs, written by Matthew Langley here in Washington, and came across a mention of this forthcoming book about the art world. Can't wait to get a copy!!

Thursday, October 30, 2008

Joseph Kosuth at the Hirshhorn


Last night I heard Joseph Kosuth speak at the Hirshhorn Museum and what an experience -- I've been attending artist lectures for over a decade and nothing compared to this one. Where to begin? This is an artist who pioneered conceptual art, most notably in the 1960s when he undertook his series of "investigations" into ways in which art could exceed the limitations of institutional and structural hierarchies of art and art history. Kosuth is known for his brilliant and ironic appropriation of words -- in which the reading of the words and the subsequent understanding of its meaning (by the viewer) is the ultimate goal of the artwork and aesthetics. Whether or not the viewer deems it ugly or beautiful is besides the point -- the process is what matters. Which again goes to the heart of my own perspective about "where" art resides -- it's in the interaction between artwork and viewer, when the viewer is moved/disturbed/inspired/puzzled/etc.

Prior to hearing Kosuth speak, I was most familiar with his neon works. But during the lecture I was really intrigued with his larger-scaled pieces, particularly the permanent installations at various venues in Europe, in which he employed significant portions of texts and ideas -- that contradicted each other -- resulting in textures and overlays of meaning and ideas. His installation in Copenhagen was one of the pieces I was most struck by. He began with a section of Hans Christian Anderson's "Emperor's New Clothes" (one of Kosuth's favorite childhood stories) and then visually interspersed it with fragments of Kierkegaard's damning review of the same text - but took these fragments out of context and connected them in such a way that it read in defense of Anderson. Brilliant. I absolutely love Kosuth's genius and rebellious nature, which (in this particular instance) was defiant against the philosopher who had criticized his beloved author, but in a larger context, defied the very annals of art history in the making of his highly intellectualized text art that negated the requirement of paper and paintbrush that had come before him.

Initially signed with Leo Castelli (when Kosuth was a mere 24 years old), he has been represented by Sean Kelly Gallery for many years, has exhibited around the world (including several years at Documenta and the Venice Biennale) and is currently showing a large holding of his work at the Hirshhorn Museum. I will continue to enjoy learning about and viewing his work.

Joseph Kosuth, Self-Defined Object (White), neon, 1966