Marla Olmstead on 60 Minutes

I did not see the episode on 60 minutes recently, but it’s interesting to see what people have to say about it. See the two previous posts on Art News Blog and the comments that people have had.Continue Reading

Art.com and AllPosters merger?

Most art webmasters have probably tried the affiliate program of one or the other of these two companies. Now it looks like Art.com and AllPosters.com will merge in the not too distant future. Art.com is working on raising $30 million to fund the merger and to fill the bank accounts ($9.9million) of the officers and directors at Art.com.
To be honest, I think it should be made illegal to sell fine art posters. Original paintings can be so cheap if you know where to look, so where’s the sense in buying something that 10,000 other people also have hanging on their wall?
Bad art should be made illegal too, but that’s a whole other story.
Art.com, Allposters.com eye merger
“Art.com executives told employees on Feb. 16 that they are working on a merger with AllPosters.com, an Emeryville, Calif.-based online retailer that bills itself as the “world’s largest poster and print store.” It’s not clear at this point where the merged operations would be based, but AllPosters.com is the larger company with a higher revenue base and a larger head count.”
bizjournals

Artists Resale Rights Levy

Britain’s booming contemporary art market may be affected by the new “droit de suite” tax or the artists resale rights levy when it is introduced next year. Artists or their families will receive a percentage of the sale of their work for up to 70 years after his/her death. This make the US market more attractive for sellers of high priced works as they have no such tax.
I can see the positives and negatives of such a tax. Maybe it should be introduced to works under a particular price (eg $500,000). That way the artists that are “hard-up” get the benefit of such a levy and the big super-priced works still get sold in Britain/Europe.
EU levy ‘will hand much of Britain’s booming art market to the US’
“Supporters of droit de suite say it helps hard-up artists who otherwise lose out on the rising value of their work. But the survey shows that more than 80 per cent of the money paid out goes to descendents of artists, many of whom are already wealthy.”
telegraph

Christo in New York Park

Christo sure does know how to attract attention and draw a crowd. His latest project in Manhattan’s Central Park is creating a media frenzy, which can only be good for art, and thousands of people are going to NY just to see the work. “The Gates” is a collection of 7500 16 foot high gates with saffron fabric hanging from them, described as “a visual golden river”.
‘The Gates’ open in New York
“I can’t promise, particularly since this is New York, that everyone will love ‘The Gates,’ but I guarantee that they will all talk about it,” Bloomberg said Friday at a news conference with the artists. “And that’s really what innovative, provocative art is supposed to do.”
cnn

Lucien Freud’s Kate Moss

An unusual portrait for Lucien Freud of supermodel Kate Moss, estimated to be sold for £2,500,000-3,500,000 / $4,500,000-6,500,000 at a Christies auction has sold for 3.93 million pounds ($7.32 million).

His models are usually everyday people, with the exception of once painting the queen of England. His models are not models, but people he is familiar with, in surroundings that he is familiar with.Continue Reading

Chaim Soutine Auction Record

chaim soutine auction priceChaim Soutine’s Le pâtissier de Cagnes achieved a record at auction for the artist, raising nearly ten million (£5,048,000 / $9,449,856 / €7,344,840).

The Impressionist Art, Modern Art and Surreal Art auction in London at Christies on the 7th raised a total of £41,014,000 / $76,778,208 / €59,675,370.

Impressionist and Modern Art Evening Sale

“Christie’s February evening sale of Impressionist and Modern Art again attracted extremely fierce bidding from an international audience,” commented Jussi Pylkkänen, President of Christie’s Europe and tonight’s auctioneer. “European collectors continued to dominate as they sought works of art of great quality. We did see activity form the American trade, in particular for select Surrealist works of art. All the rooms were absolutely packed, bringing a lively atmosphere to proceedings as the overall market continues to be strong.” christies

Versace Art Sale

Gianni Versace’s art collection will be auctioned off in May/June this year. The murdered fashion designer amassed a great collection of modern and contemporary works of art with decent paintings by Lichtenstein, Basquiat, Warhol and Clemente. Versace’s heirs are set to pick up a cool $17+ million for the sale.

Bomb Barrier Art

iraq baghdad paintingsBig ugly grey concrete walls in Baghdad, Iraq are beginning to come to life with art. The walls are to protect important buildings from mortars and suicide bombers.

Previously the only public art in Iraq was of Saddam, but now there’s big brightly colored murals of picasso-ish people, historical scenes, flowers and plenty of doves… all screaming out for peace. See them here at BBC

Baghdad’s blast wall art

In a dull Baghdad world of concrete and razor-wire, chicanes and blast barriers, a little colour has just re-appeared.

BBC

Art Investors Burnt

Amateur investors.. or speculators.. or people with a little extra cash to invest in something different are burning their fingers on art. Companies buying art for clients and renting the works out to institutions, and promising the investor amazing returns each year should be treated with caution.

I’m a believer in buying art that you love.. and would be happy to look at everyday. Art is for appreciating.. while real estate and stocks are for investing. If art increases in value while you own it, great! But if it doesn’t increase, your reward should be living with a work of art that you enjoy.

Scams snare unwary investors in art

“Savers are being lured into investments such as wine and art as an alternative to the lacklustre stock market, but the potential returns may be exaggerated, the costs can be high and scams are rife.”

times online uk