Gagosian Gallery

If you didn't get enough James Franco during Oscar weekend you can head over to the Gagosian Gallery in Beverly Hills to take a look at some of his art output. Franco and director Gus Van Sant are the double bill on a shared exhibit titled "Unfinished."

The exhibit includes screenings of the film, "My Own Private River," which is a collaboration between Van Sant and Franco. After casting Franco in the award-winning film "Milk," Van Sant showed him the dailies and other footage that he had shot for "My Own Private Idaho" an early 1990s movie featuring River Phoenix and Keanu Reeves as street hustlers. Franco took the footage and created a new film which is a haunting video portrait of the late River Phoenix in his role as Mike. The film features a soundtrack by REM frontman Michael Stipe.

The exhibit also features artworks in watercolor by Van Sant. His poignant portraits of young men are well-done but have a certain mug-shot sadness as the subject stares at the viewer with an impassive and not-entirely-at-ease gaze. The exhibit runs February 26 through April 9 at the Gagosian Gallery at 56 North Camden Drive, Beverly Hills, California 90210. Daily screenings of the Franco film run Tuesday through Saturday at 10:00am, 12:00pm, 2:00pm and 4:00pm.

Art world provocateur Damien Hirst's latest work, an authentic baby's skull covered in platinum and diamonds, is causing controversy in the UK. The sculpture (above), entitled For Heaven's Sake, is a follow-up to the Brit artist's astounding $100 million diamond covered skull which he debuted in 2007. The new work is based on an infant's skull believed to be that of a newborn less than two weeks old from a 19th-century pathology collection that Hirst has acquired, the London Telegraph reports. Cast in platinum and set with more than 8,000 white and pink diamonds by royal jewelers Bentley & Skinner, the skull will be exhibited later this month at the Gagosian Gallery's new space in Hong Kong and will be shown in London later this year.

The gallery has not named a price for the new work but we expect it to fetch at least $50 million if not more. The work has angered parenting groups who claim that it is offensive to those who have suffered the bereavement of a child, the newspaper reports, raising the specter of protests. That of course is only likely to increase its value. "When you look at a skull, you think it represents the end, but when you see the end so beautiful, it gives you hope," Hirst commented regarding his earlier skull work. "Diamonds are about perfection and clarity and wealth and sex and death and immortality. They are a symbol of everything that's eternal, but then they have a dark side as well."

Can the art fair experience be replicated online? VIP Art Fair aims to try when in launches a special week-long art event January 22 through 30. They've got some big names in on the deal, founding galleries include Gagosian Gallery, David Zwirner, Hauser & Wirth and White Cube.

In order to make the experience work, the art has to be as close as possible to the real experience. The VIP Art Fair will use a multimedia approach including the ability to zoom in on the art, get multiple views from different angles and watch videos. Galleries will provide details on the artworks and artists including films, essays and interviews. Dealers will hold conversations with collectors via instant messaging, Skype, and telephone to discuss works on offer in the virtual booth and can meet with clients in virtual private rooms. Browsing the Fair is free of charge but to access interactive capabilities, visitors must have a VIP Ticket, which on January 22 and 23 will cost $100 and thereafter will cost $20.

"For anyone passionate about art, the Fair is a transformative experience: it delivers all the excitement of world-class art fairs with the convenience and personalization of the Internet," said James Cohan, co-founder of VIP Art Fair in collaboration with Jane Cohan, Jonas Almgren and Alessandra Almgren. "We've invited the most prestigious international galleries, both established and emerging, to come together for an online event, creating a virtual community that will allow collectors, curators and the public to access distinguished galleries and learn about their artists, all with unparalleled ease and absolute discretion."

Avant-garde Australian designer Marc Newson has designed a limited edition version of Riva's famed 33-ft. Aquariva speedboat priced at $1.5 million. Only 22 examples of the sleek, stylish vessel, due to be unveiled this September at the Gagosian Gallery in New York, will be produced. Newson drew on his work in work in automotive and aerospace design for the project for the famed Italian boatyard. The windscreen is made from a single sheet of glass, the instrument panel is streamlined, and the handles, hooks and holds are made from anodized aluminum and disappear from view when not in use. The deck is covered in Micarta, an industrial resin. "When you think of small speedboats, inevitably you think of Riva, and particularly of the Aquarama, the Aquariva's predecessor which was the most glamorous boat of the 1950s and 1960s," Newson says. "It was beautifully made in a particular style that was very, very identifiable. I wanted to reinterpret the Aquariva in my own style, with cues from the Aquarama."

The Phillips de Pury auction on Thursday night raked in what once would have come from a single painting. Despite parading out pieces by Andy Warhol, Jeff Koons and Richard Prince, the sale was good for a mere $7 million, with individual lots moving for prices in the hundreds of thousands of dollars. Thirty-nine went under the gavel, and eight didn't sell.

The Chelsea auction house lacks the savvy, knowledge and reach of Sotheby's and Christie's, so it had to lean on British art collector Charles Saatchi, who has agreed to complete most of his transactions through Phillips de Pury. In trade, subsidies from the auction house help keep access to Saatchi's gallery free.

Roughly a dozen of the lots came from Saatchi, while the others are said to have been rejected by Sotheby's and Christie's. In general, the pieces were "pretty skimpy," according to Manhattan art dealer Edward Tyler Nahem, who observes that the auction house "did pretty well with what they had."

Japanese artist Yayoi Kusama was the top seller, with her painting "Infinity Nets (T.W.A.)" busting past its high-end presale estimate of $400,000 and settling at $842,500 (including fees). Kusama's performance follows a well-hyped exhibition at the Gagosian Gallery this year.

November 2008 was pure living hell for the art auction houses. The bottom had just fallen out of the market ... and they were still saddled with pieces for which they'd offer guaranteed minimums. This is exactly what happened with Roy Lichtenstein's "Half Face with Collar."

The 48 square inch painting went under the gavel at Sotheby's almost a year ago, with the seller, Italian art dealer and collector Gian Enzo Sperone, protected by a $15 million minimum by the house. Now, it's on display at FIAC, right next to Andy Warhol's "Green Disaster," in the Projet Moderne section.

For many, the question of who owns the Lichtenstein painting has been raised. Is the fact that it's hanging as an entry from the Gagosian Gallery meaningful? A source at FIAC tells Bloomberg News that it is: "Larry owns it and it's definitely for sale."

It would be poetic, of course, for the piece to fetch the $15 million it failed to reach last November, but for now, all we can do is wait for the result (if any).

The time to grow is when the market is suffering. This must be in the back of the mind of art market guru Larry Gagosian, who has been involved with such heavy-hitter artists as Damien Hirst and Richard Prince. While there are small signs of a recovery, much is still uncertain. However, this hasn't stopped Gagosian from making a bold move: opening a branch of the Gagosian Gallery in Paris.

Bloomberg News reports that Gagosian is in talks to pick up space in the 8th arrondissement, near la rue du Faubourg Saint-Honore. Nobody from the Gagosian camp has commented so far.

There are plenty of deep-pocketed art collectors in Paris, including Francois and Bernard Arnault, and the French market hasn't suffered as severely as those in London and New York. That said, Paris is the smallest of the western troika, but with a presence in the two largest markets already, the French capital was the next logical step.

Waring Hopkins, director of modern art specialist Hopkins-Custot – which is located in what is likely to become Gagosian's back yard – observed to Bloomberg, "Gagosian would instantly become one of the most important dealers in Paris," and that setting up shop in Paris "would be good for Gagosian and it would be good for the city."

The market itself is only part of what makes the expansion shrewd. Gagosian can use the space in Paris to show works from contemporary artists represented by competing galleries in New York and London.

New York artist and gallery darling Dash Snow died Tuesday at the age of 27: heroin was the culprit. The hot artist's work lives on at the Saatchi Gallery in London, where his project "Abstract America: New Painting and Sculpture" is on display. His work has also been shown in Gagosian Gallery, Deitch Projects and is held in permanent collections at the Whitney and Brooklyn Museum.

Snow has worked in graffiti, photography and even his own semen. Though he has famous roots (Uma Thurman's his aunt), Snow preferred a gritty life on the Lower East Side involving theft, jail time and the narcotic that caused his demise. The world has lost a creative force – but one that was destructive at the same time.

Our friends at Kempt spotted Dasha Zhukova, Russian oligarch / Luxist mascot Roman Abramovich's gorgeous 27-year-old girlfriend, partying with supermodels and movie stars at an A-list art gallery opening in Moscow the other night. Zhukova (right) rubbed elbows with the likes of Russian supermodel Natalia Vodianova (left), sexy star of several ad campaigns, at the opening for megabucks art dealer Larry Gagosian in a former chocolate factory. As we reported recently, Abramovich has bankrolled a new Moscow art gallery for Zhukova, which will mount a major Francis Bacon exhibition in 2010. At the Gagosian show, works by the likes of Jeff Koons and Vuitton collaborator Takashi Murakami were on display.