art market

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In Miami, High Prices Make Buyers Hesitate

Art Basel opens to huge crowds, but some sense a slowdown

(Newser) - Art Basel Miami Beach opens to the public today, but yesterday's VIP preview saw the now-traditional mad dash of collectors to snatch up works. Many people attending the preview were complaining about high prices, the Miami Herald reports—not least at those galleries that are pricing work in euros. Despite...

Rockwell Santa Painting Sells for $2.17M

Prices for magazine cover originals may be heading north

(Newser) - Straddling the line between art, illustration, and extravagant Christmas gift, Norman Rockwell's "Extra Good Boys and Girls" raked in $2.17 million at a Christie's auction this week. The painting, originally a 1939 Saturday Evening Post cover, didn't hit the $2.5 million to $3.5 million estimate, but...

Mama Mia! 400-Year-Old Table Found in Pizzeria

Expected to fetch $2M at upcoming auction

(Newser) - A 17th-century cabinet expected to fetch up to $2 million at auction has an unlikely provenance: its long-missing bottom half was discovered outside the bathrooms at a pizza parlor. The Telegraph reports that the cabinet, which depicts St. Peter's Square and other images of Rome, was missing the carved wooden...

Art Market Defies Crash Fears With Record Sale

Christie's contemporary evening shatters 16 records

(Newser) - So much for a correction: at last night's sale of modern and contemporary art at Christie's in New York, 16 artists achieved record prices and 61 out of 66 lots sold. Dealers were in shock as collectors continued to snatch up works at astronomical prices. Even a lesser work such...

Matisse Pulls Impressive $33.6M
Matisse Pulls Impressive $33.6M
Nov 7, 2007 7:20 AM CST

Matisse Pulls Impressive $33.6M

Art world breathes easier after first night of stellar sales

(Newser) - A nervous New York art world breathed a sigh of relief on the first night of the fall auctions yesterday when a Matisse painting fetched a whopping $33.6 million, far above its high estimate. Collectors and dealers are watching November's sales at Sotheby's and Christie's with anxiety, reports the...

Top NYC Gallery Shuttered As Lawsuits Mount

Angered investors, artists accuse owner of 'Ponzi scheme'

(Newser) - Visitors arrived yesterday at New York's Salander-O'Reilly Gallery for a Caravaggio exhibition only to discover the gallery shuttered and the exhibition postponed. In fact, it might never open: Guards were seen carting off dozens of paintings from the gallery's Upper East Side townhouse. Its owner is facing no fewer than...

Chinese Art Booms at London Sales
Chinese Art Booms at London Sales
Oct 16, 2007 9:40 AM CDT

Chinese Art Booms at London Sales

But prices for Western art shaky as buyers get credit-crisis jitters

(Newser) - Could turmoil in the financial world trigger an art market crash? That was the question on everyone's mind in London over the weekend during the Frieze Art Fair and the first major sales at Christie's and Sotheby's since the credit crisis. Though the fairs and auctions had all the energy...

New Shanghai Art Fair Wows Critics, Dealers

Western traders are panicked, but in China the market's booming

(Newser) - Western art dealers are jittery about the coming month's fairs in London and Paris, but at Shanghai's first international contemporary art fair the mood was buy, buy, buy. The Telegraph traveled to ShContemporary, a fair that assembled galleries from Asia, Europe and the US. Censorship might reign in the People's...

Uncertain Art World Awaits Fall Sales
Uncertain Art World Awaits Fall Sales
Aug 29, 2007 10:47 AM CDT

Uncertain Art World Awaits Fall Sales

Credit crisis has auctioneers, galleries bracing for bear market

(Newser) - As the art world returns from its summer hiatus, dealers, auctioneers, and collectors are on edge about a possible downturn in the market, the Times reports. Fallout from the global credit crunch has led to speculation that astronomical prices for art, particularly in the contemporary sector, may be heading for...

London Art Sales Soar
London Art Sales Soar
Jun 25, 2007 11:45 AM CDT

London Art Sales Soar

Bacon tops Sotheby's contemporary auctions; London shows new art-market clout

(Newser) - Francis Bacon took top honors and Damien Hirst became the highest-priced living artist—beating out Jasper Johns—at Sotheby's contemporary auctions in London last week. A 1971 Bacon self-portrait went for $43.2 million, and the Hirst pill cabinet called "Lullaby Spring" for $19.4 million. "Hirst is...

$72M Sale Shatters Warhol Record
$72M Sale Shatters Warhol Record
May 17, 2007 4:33 PM CDT

$72M Sale Shatters Warhol Record

Auction madness continues as contemporary-art market sizzles

(Newser) - An Andy Warhol painting sold for $71.7 million last night at Christie's, more than quadrupling the previous record price for a work by the pop artist. The price for "Green Car Crash (Green Burning Car I)," part of Warhol's "Death and Disaster" series, more than doubled...

Rothko Fetches $73 Million
Rothko Fetches $73 Million
May 16, 2007 8:18 AM CDT

Rothko Fetches $73 Million

Record price for seminal modern work marks trend in art purchases

(Newser) - Sotheby’s sold a Mark Rothko painting last night for $72.84 million, a record price for a piece of art created after World War II and a signal of a new boom in the market. Seller David Rockefeller bought the 7-foot-tall "White Center (Yellow, Pink and Lavender),"...

I Bought Andy Warhol
I Bought Andy Warhol  
Apr 30, 2007 8:26 AM CDT

I Bought Andy Warhol

Pop artist's mass-produced work climbs in price, prestige worldwide

(Newser) - Hipsters have known it forever, and buyers are catching on: Andy Warhol is the hottest artist around. The Times reports that his sales, including a projected $35 million for a painting at Christie’s next month, are second only to Picasso's. One expert calls Warhol "the most important international...

Can Chinese Art Stay Hot?
Can Chinese Art Stay Hot?
Apr 20, 2007 12:35 PM CDT

Can Chinese Art Stay Hot?

It's all the rage in Europe, but will Chinese-themed art lose its market power?

(Newser) - After a year of high excitement and higher prices, Chinese artists are hot at influential European fairs. But the bubble may have grown too fast, and Portfolio's Alexandra Wolfe reports on speculation that it's about to burst. One curator says Chinese art is "a consumer category, not a collector...

Art Market Fuels Boom in Private Museums

Contemporary collectors keep architects busy designing special exhibition spaces

(Newser) - Contemporary art collectors, no longer content to hang the Julian Schnabel over the sofa, are commissioning celebrity architects to design special exhibition spaces, complete with soaring ceilings, professional lighting, and temperature controls. With the art market booming, so is the market for private museums, worrying some observers that important works...

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