Looks like Gap founder Donald Fisher will be taking his art elsewhere. The San Francisco Chronicle reports that Fisher and his family have scrapped plans to build a contemporary art museum at the Main Post of San Francisco's Presidio. Earlier Fisher had scaled back the plans for his museum in San Francisco's Presidio to appease those who found the museum's first planned design a bit overwhelming. Fisher originally unveiled his plans for a contemporary art museum at the end of 2007. The Fishers had hoped to convince critics, San Franciscans, and regulatory bodies such as the National Park Service that the museum would be beneficial for the park.

Donald Fisher released a statement that said he and his wife would be taking some time to consider the future of their collection and other possible locations for the museum including some inside the Presidio, just not on the site of the former bowling alley that they had originally planned on. The statement also said that the decision was made "with disappointment and sadness." The Chronicle reports that an outside survey of possible impacts of various Main Post Presidio projects found that the scale of the museum, even with the newer more modest revision, was "inconsistent with the overall historical character of its setting."

In addition to the museum the Fishers had promised a $10 million gift to go toward turning the Main Post's parking lot into landscaped grounds but it's not known if that offer is separate from the museum gift. The comments on the Chronicle article are spirited, some are expressing relief that Fisher's plans won't come to fruition while others are disappointed that a museum which would have displayed a large contemporary art collection to the public may end up elsewhere. Given the hard times facing museums everywhere lately, it seems like it might be a better idea to endow a wing of an existing museum rather than create a new one out of whole cloth.

The Grosvenor House Art & Antiques Fair recently celebrated its 75th anniversary but it appears that the recent week-long event was a swan song. The British Antique Dealers' Association has said the event will close because the fair is no longer financially viable. The event is held at the Grosvenor House Hotel in London's Park Lane. This year more than 90 dealers exhibited works ranging from medieval sculpture to contemporary photographs. Camilla, Duchess of Cornwall attended the Grosvenor House Art & Antiques Fair Charity Gala on June 11.

To put on the event the Grosvenor House Hotel had to close down access to its Great Room for most of the month of June in order to get the room ready for the exhibits. The cost of the loss of revenue plus the increasing price of insurance and staging fees weighed down the fair budget. Also this fair, like many other art and antiques fairs, has suffered a lack of corporate sponsorship this year. As companies trim their budgets, sponsorships of the arts are often cut out.

The Grosvenor House Art & Antiques Fair began in 1934 as a way of generating interest in art and antiques during the Great Depression. Over the years, the fair's popular gala opening event has been attended by royalty and celebrities. This year's fair was run under the patronage of Her Royal Highness Princess Alexandra.

[via Bloomberg]

Ponzi schemer Bernard Madoff has been sentenced but many of his investors are still looking to recoup some of their money. There may be a potential bit of money coming their way from J. Ezra Merkin, a New York financier who put his clients' money in Madoff's hands. Merkin, a noted art collector, is selling a collection of Mark Rothko paintings and Alberto Giacometti sculptures for $310 million. The painting shown at right is not one of Merkin's Rothkos but shows the style of painting that Merkin will be parting with. He was one of the leading collectors of Rothko works and even bought works directly from the Rothko family in 2004 for $91 million.

THe deal was announced by New York Attorney General Andrew Cuomo, who had put a freeze on Merkin's assets. The Wall Street Journal says that around $192 million of the proceeds might make it into the hands of defrauded investors. The rest of the money will go toward paying liens on the art, sales commissions, fees and taxes. According to documents sourced by the WSJ, PaceWildenstein LLC, the gallery that acted as a sales representative for the family, has a $42 million lien on behalf of the Rothko family regarding those paintings bought in 2004 and it is possible that now they will buy those paintings back.

The WSJ article seems to indicate that the price for the collection is high given the recent art market slump. The painting shown at right "White Center (Yellow, Pink and Lavender on Rose)" which was sold by David Rockefeller in 2007 brought in $72.8 million at a Sotheby's auction but other Rothkos have sold for less and in recent months several Rothkos have failed to sell at all.

It's not that often you see "Antiques Roadshow" in the news but this week both the version here in the U.S. and the one in England have big news to report. The U.S. version will be featuring a $1 million appraisal in the new season which starts next January on PBS.

A woman brought four pieces of carved Chinese Jade that she inherited to a Roadshow event in Raleigh, North Carolina over the weekend. The pieces of carved jade and celadon dated from the Chien Lung Dynasty (1736-1795) and included a large bowl crafted for the Emperor. Asian arts appraiser James Callahan said that a mark on the bottom of the bowl indicated it was created for an imperial order. The pieces were given a conservative auction estimate of up to $1.07 million. This is far and away the biggest appraisal in the show's 13-year run, the previous record was a 1937 painting by Clyfford Still which was estimated at around $500,000. The excitement generated by this appraisal will doubtlessly send many people scrambling to the attic to revisit the treasures they've inherited. A word of caution though, an appraisal is no guarantee of a final sale price.

The British show of the same name produced by the BBC had its first million pound appraisal ($1.655 million) last November for a a scale model of Anthony Gormley's artwork, "The Angel of the North." But this week that show was also in the news when an expert from the show recognized a lost Thomas Gainsborough masterpiece at a Sotheby's auction last December. He bid for the painting over the telephone, knowing that although Sotheby's had estimated it at t £10,000 to £15,000 it was worth far more.Phillip Mould, who recently published a book called Sleuth: The Amazing Quest For Lost Art Treasures, paid around £50,000 for the painting. Now that the painting has been authenticated as a Gainsborough by several experts he is offering it to the Gainsborough's House museum in Sudbury for £750,000. And Sotheby's may be stuck with compensating the previous owner in some way for drastically underestimating the painting's worth.

[Thanks, Lana]

UPDATE: Since there's a spirited conversation going on in the comments about whether or not young people are interested in antiques, I've added a poll. Please vote.

If you put any faith in conventional wisdom, the best time to invest is when the market is at the bottom. So, there's no time like the present to put some cash into the fine art asset class. Hey, what passes for a solid performance these days is more than 70 percent off last year's levels. Before you invest anywhere, it pays (sometimes literally) to do your homework, and this is especially true with the art market. A fourth grade math education equips you to watch a stock prices ups and downs – and it is supplemented by what we pick up on the nightly news and (I hope) on the likes of BloggingStocks and DailyFinance.

Art, however, is different.

To understand this market, you're staring down the task of learning thousands of years of product history, in addition to a relatively illiquid marketplace in which prevailing tastes play a major role. You can carve this mammoth amount of information into smaller pieces, but you still need to identify a starting place. It's easy to get intimidated ... and also unnecessary. Take a look at the 10 tips below to make the art market a bit more accessible.

1. Take a recreational interest in art
If you're going to commit several thousand dollars to an art investment, you really ought to be interested in it. Start by going to museums, just to get a sense of the breadth available to you ... and to decide what you like. Some of the most attractive pieces may be way out of your price range. I love Francis Bacon's work, but there's no way it will grace my walls anytime soon, not even with the help of the current art market slump. But, you can use the masters to get a sense of the styles that turn you on, which you can use to choose pieces that are closer to your price range.

2. Know where to find insights
Okay, my bias toward Luxist's art market reporting is pretty obvious, but the articles here can help you get started. Also, check out art market publications like ArtInfo, ArtPrice and Art Market Blog. Bloomberg also provides solid art market coverage. Once you have the basics nailed down, spend some time on the auction house websites, like Sotheby's and Christie's. Get a feel for how the marketplace operates.

As the world mourns Michael Jackson's death, some are beginning to focus on the future value of Jackson memorabilia. Perhaps no one else is as close to it as Darren Julien, chief executive of the Julien's Auctions. Julien's Auctions specializes in Hollywood collectibles. Earlier this year his company was set to sell around 1,400 Jackson items for auction including Jackson's Rolls Royce, Jackson portraits, costumes and even the gates to Neverland Ranch before the auction was called off by Jackson. It's not known yet if an auction could now take place but even the catalogs that Julien's Auctions had created for the event could be highly collectible.

Jackson-related keepsakes are already on the rise on eBay and elsewhere but buyer beware. Joe Orlando, President PSA/DNA Authentication Services warns of a potential explosion of fake Michael Jackson autographs and counterfeit memorabilia: "This happens every time a famous Hollywood, sports or political celebrity passes away," he says. "Online auctions and flea markets are suddenly filled with spurious signatures, and frankly many collectors don't know exactly what they're buying." Jackson did grant some fans autographs but he was reclusive and didn't offer fans frequent autograph access like some other celebrities. Orlando says that even if the signature is accompanied by what appears to be a certificate of authenticity, that may not offer consumers enough protection. "Collectors who purchase autographs or memorabilia need to know the reputation of the seller and the reputation and expertise of the authenticators. The bottom line is that a certificate or letter of authenticity is only as strong as the name behind it," Orlando said.

Michael Jackson also inspired quite a bit of art. Andy Warhol and Jeff Koons are just two of the artists who used Jackson as a subject. Check out this ArtInfo piece for more on Jackson as a muse.

Its mid-May performance was nothing to scream about, so Sotheby's didn't take any chances at last night's contemporary art auction in London. Three works by pop art king Andy Warhol moved for $10.5 million, accounting for 25 percent of the $42 million in sales. In all, 40 lots came under the gavel and came in just under the high estimate of $45 million. A surprisingly high 92.5 percent of works found buyers.

This year's London results for Sotheby's are off 73 percent from the late June 2008 contemporary art auction, indicating that low expectations played a role in last night's success. The average price last year was around $2.2 million, dropping this year by 48 percent as a result of a protracted art market recession. Well, Tobias Meyer, worldwide head of contemporary art for Sotheby's calls it "a performing transitional market," but you know what that means.

If the latest results tell us anything, it's that death is the cure for dying. An ailing art market is now showing signs of life thanks to the dead guys whose art continues to be in demand. Earlier auctions focused on lower cost, less prominent, "cutting edge" artists as an attempt to get collectors to open their wallets in smaller increments. Now, we're looking at a possible flight to quality. Ninety percent of the pieces auctioned had been under the hammer before.

So, is there any meaning in today's art market? Eh, maybe. It's schismatic. It's fun. And, at least it gives bloggers something to write about.

Changing out plain, old ceramic tiles in a boring color can have a dramatic effect on your kitchen, bathroom or fireplace. Creating interest while adding ambiance with sculptural elements can really punch up the volume in a space. I'm especially drawn to the effect produced by Ann Sacks' decorative tiles. Using a time-honored, Italian technique called sgraffito, which uses clay carved reliefs, each tile becomes a unique expression all on its own. Available in either 'Dahlia' or 'Nautilus', tiles can be purchased in groups of fifteen to create a mural for approximately $480 plus tax and shipping. Personally I'm taken with the Dahlia design in persimmon and the warm effect it would have in a kitchen or around a fireplace.

[via Trendir]

Over the next few days, delegates from 50 countries are meeting to discuss the commitments of governments around the world to track down and return items stolen by the NAZIs. On the agenda will be the extents to which specific nations have enacted a 1998 agreement called the Washington principles (non-binding). This year, the conference is considering a new declaration on stolen art.

An estimated 650,000 pieces of art were estimated to have been stolen under Adolf Hitler's 12-year reign. More than six decades later, 70,000 pieces remain missing and sought by their owners.

While the Washington principles are considered to be a great foundation, the current problem is that they have yet to be implemented. At the upcoming conference, the delegation will announce rankings of countries based on how fully they have implemented the Washington principles. Among those that have failed to deliver are Russia, Hungary, France, Italy and Spain. Austria and Netherlands are said to be most compliant with the principles.

On June 23, a new exhibit opened at the Met: Afghanistan: Hidden Treasures from the National Museum, Kabul. My friend and I were able to go a few days before the opening, thanks to a members-only preview, courtesy of my mother.

History and fascinating story of the treasures' discovery aside (read here if you'd like even more background), I was wowed by the gold. Much of what's on display was discovered either in archeological digs or in a vault in the presidential palace, where citizens with foresight hid the treasures to protect them from war: jewelry, a belt, an amazing crown (shown here; it breaks down into six pieces for easy transport), a dagger sheath, clasps, anklets, rings, pendants, bowls ... the list goes on.

My favorite item, just for the sheer excess of it all -- and proving that showing your status via footwear is not a new thing -- was the pair of gold shoe soles designed to be placed with a body when buried. I guess mere sandals wouldn't do in the afterlife.

My friend and I really enjoyed the exhibit, which features many more items, gold and non-gold, such as glass, ivory and gemstones. But the gold alone is worth seeing if you are in NYC or planning a visit this summer. The exhibit will be at the Met until September 20 and is included in the price of admission to the museum.

(BTW, I also saw the Francis Bacon exhibit while there. He scared me a little, but viewing his work, you can see it's from the mind of a tortured genius.)

Paintings by Claude Monet and Pablo Picasso may have sold for $20 million, but the overall take of $61 million was off 74 percent from last year's Christie's Impressionist art auction. Forty-four lots came under the gavel last night with results good enough to beat the minimum estimate by ₤250,000 ($400,000) ... but you have to remember that the low end of the estimate is already low-balled. Even though expectations were roughly met, it was a tough night in London.

Last year, 81 lots fetched more than $250 million, close to $100 million of which came from Monet's "Le Bassin aux Nympheas." Monet was among the stars at Christie's this year, too, but at a fraction of the amount. As expected, the number of high-profile pieces coming to auction is down because the auction houses are no longer guaranteeing minimum prices.

Only 68 percent of the lots brought under the gavel moved this year mostly in the range of $450,000 to $900,000. In this "middle market," a third of the lots failed to sell, and only two were able to beat their high estimates. Usually, Christie's is able to hit a sale rate of 80 percent for this sector.

So, what does this art auction teach collectors across the market? Hitting low estimates is no sign of recovery. Lower standards that are barely met is far from an upswing. Managing expectations is far from art market managing returns.

On July 1 Christie's in London will auction off a stunning full frontal nude of Kate Moss by Chuck Close in its Photographs sale. Taken in 2003, the artwork is estimated at about $11,500 - $16,000 but could easily go much higher.

If that's out of your range or you don't want to risk being outbid, there's another option for getting Kate naked at your place. Via PhotographersLimitedEditions.com you can now purchase signed limited edition works from some of the world's best known photographers.

The investment-quality pieces come in limited editions of 11-25. One of our favorites is this nude of Moss by British photographer Rankin, taken in 2000. Produced in a limited edition of 25, the photo is priced at about $4,500.

The site also offers several of Rankin's other works including some celebrity portraits, as well as photos by the likes of Antoine Verglas, Arthur Elgort and Marc Baptiste, featuring many other gorgeous nudes.

The Thinker is one of the most recognizable sculptures in the world. It even has a role in the film Night at the Museum: Battle of the Smithsonian. Last week one of the Thinker sculptures by French master Auguste Rodin was sold at auction for more than 3 million euros ($4.2 million) in Paris at auctioneers Drouot. This Thinker, which is just 28.5 inches high, set a record for any of the Thinkers. This statue is part of a series of 21 sculptures made by Rodin. It was originally meant to be part of Rodin's Gates of Hell inspired by Dante's Divine Comedy. Rodin made a first small plaster version around 1880 and the first large scale bronze was presented to the public in 1904. This particular Thinker was purchased by Emile Chouanard in 1917, the same year it was cast. Another Rodin statue owned by Chouanard, "Little Eve" also sold for a record price of over 2.4 million euros at the auction.

[via Reuters]

This week legendary Italian eyewear brand Persol, a bastion of Dolce Vita style, is debuting its iconic INCOGNITO design exhibition in the U.S. at the Whitney Museum of American Art in New York. The invitation-only opening night celebration will feature a performance by Lou Reed.

Running from June 24 - 28, INCOGNITO by Persol is an interactive exhibition that was designed to "bring to life the emotions and richness" of a heritage born nearly 90 years ago in Turin, Italy and which today remains an icon of Italian design and craftsmanship.

Persol made its big screen debut in 1961 worn by Marcello Mastroianni in Divorce Italian Style, and its U.S. film debut in 1968 worn by Steve McQueen in The Thomas Crown Affair (right). Two of the most stylish stars in the history of cinema, they catapulted the brand onto the international scene.

Other stars who have worn Persols over the years include Jack Nicholson, Richard Gere, Paul Newman, Roberto Rossellini, Cindy Crawford, Nicolas Cage, Pierce Brosnan, Brad Pitt, Angelina Jolie, Christian Slater, Catherine Zeta-Jones, Heath Ledger, Al Pacino, George Clooney, Adrien Brody and Daniel Craig, who sported two different styles in Casino Royale.

The tradition, quality, style and design that drive Persol's brand philosophy are embodied in the INCOGNITO exhibition, which involves all the senses. Along a path of images, sounds, colors, and technology, visitors can experience the world of Persol: the quality of the workmanship and materials, the uniqueness of design in the products and collections, the technological evolution and Persol's exclusive patents, as well as the magic and allure of the silver screen idols who made them famous.

Nobody can find a trace of the good vibes from the May contemporary art auction at Christie's. London art sales are off an estimated 70 percent this month from a year ago. The amount of top-shelf lots being offered has fallen precipitously. Auction house price guarantees are little more than a quaint novelty – this last bit spells continued heartache for the beleaguered art market.

So, if you're looking for Pablo Picasso, Francis Bacon or Richard Prince, you're more likely to find them in a museum than under the gavel.

The lack of price guarantees has been particularly problematic for the art market. Without that fallback position, collectors are withholding their pieces from auction, instead pursuing private sales ... or simply continuing to hold the pieces. It follows traditional investment strategy. Would you buy high and sell low? The same thinking applies to the art market.

Last year, six works were guaranteed and sold for more than $20 million. This year, nothing is expected to cross that threshold at auction. Both Sotheby's and Christie's have shrunk their catalogues by 10 percent and are even using these auction marketing tools to promote their private sale departments.

All of this sets the stage for the upcoming Impressionist auctions at Christie's (June 23, 2009) and Sotheby's (June 24, 2009). Estimates are low, with the former at $62 million and the latter at $44 million. Last year's estimates were well over twice this year's. On the June 25, 2009, Sotheby's will hold a contemporary auction and expects to pull in a mere $31 million, down more than two-thirds. The Christie's contemporary auction on June 30, 2009 is estimated at $29 million, down 78 percent from last year's estimate. There won't be as many works from the masters coming to market, thanks to the absence of guarantees.

Looking for a cool piece by Lucian Freud? Try MoMA.