artist

In 2008, an astounding 65 pieces by Damien Hirst fetched seven-figures each at auction. The total came to $230 million. The numbers are nothing short of staggering, especially when you compare it to what he did six years earlier, when the annual total for his work hit a mere $2 million. Clearly, some excitement was generated, and art collectors rode the wave. The last major sale was conducted at Sotheby's on September 15 and 16. "Beautiful Inside My Head Forever," as it was called, made a killing for the hottest living artist ... right before the financial world went to straight to hell. This bold move, however, led to a period of silence for the artist and stagnation for his collectors.

Shortly after the mortgage market mayhem became a global financial affair, unsold rates for Hirst's work shot from 11 percent to 55 percent by the end of the year. A mere 12 months after his he emptied the insides of his head -- not to mention plenty of inventory -- prices for Hirst's work returned to 2004 levels. A year after buying "Butterfly" painting "I Miss You" in late October 2008, Christie's unloaded it for a mere $450,000, only half what it had paid. In 2004, the piece's initial auction price was $415,000. I suspect this is at least part of the reason why the auction houses backed away from guaranteed minimum pricing ...

With the books closed on 2009, only two pieces by Hirst pierced the million dollar mark, both from the "Butterfly" series. "Tranquility" brought in $1.5 million back in May at an auction in Hong Kong. Almost half a year later, "The Importance of Elsewhere-The Kingdom of Heave" brought in close to $2 million, again at a Hong Kong auction. Both sales came from Seoul, not the usual New York and London communities.

The first decade of the new millennium was the domain of Latin America, Asia, Turkey and Russia. A robust art market emerged in the Middle East, which brought with it plenty of interest in the region's artist. But, what about Africa? The continent has been underrepresented in galleries and at auction, but it looks like collectors eager to try something new may be developing an appetite for African art.

The region's offering is both large and incredibly diversified, according to a report by Artprice, and over the past 20 years, several African artists have been able to garner some attention at international art fairs and major exhibitions. Pieces have been featured sporadically, with a show at the Centre Pompidou in Paris in 1989 and anther two years later at the New Museum of Contemporary Art in New York. The Africa Remix exhibition toured from 2004 to 2007 ... and that's about it.

There's been a bit more action in the auction market, with Sotheby's becoming the first major house to sell contemporary African art in June 1999, when it sent the Jean Pigozzi collection under the gavel in London. It generated less than $16,000 but still set a record. Since then, Sotheby's hasn't dedicated any London or New York sales to African art (aside from its work with South African auctioneer, Stephan Welz & Co). Bonhams has taken more of an interest in the category, holding an African art sale back in April and moving 64 percent of the lots offered.

The action in Tribeca on Saturday night gave me a bit more proof that the art market is looking for a bounce. I attended an art show held by local artist Ben Krell and Lindsey Nobel, who came in from Los Angeles, and the action was palpable. At last count, six pieces sold at the event, and there were many serious buyers with an eye to add emerging artists to their collections again.

Krell and Nobel have vastly different styles, but the pieces complemented each other in the loft where the event, billed as an "open studio," was held. Krell's work through several periods was on display, from the tight geometric styles he favored several years ago to the organic approach he uses today. Nobel offered pieces using several media – including photography and plastic. Works by both artists captivated the guests who crowded the venue as the evening unfolded.

Nobel's work features intricate designs connecting larger abstract shapes that are based on photographs she has taken of sculptures. The intentional result is an interconnectedness reminiscent of neural networks, linking stations of consciousness into a greater, unified presence.

Unlike his partner at the event, Krell prefer broader, sweeping themes on his canvases (which he shapes himself). His latest movement evokes feelings of creation – in the cosmic sense – with concentrations of energy yielding to calming effects.

The Tribeca art exhibition was a trip home for Krell, who painted in that particular loft back in the 1990s. He also held a show there in September 2008, shortly after the collapse of Lehman Brothers. The mood couldn't have been more different this time around. Attendees were considerably more upbeat ... and in greater number. The sheer level of participation was enough to suggest that the art market is getting ready to turn, and the fact that several collectors made purchases reinforces the notion.


[Photo courtesy of Ben Krell]

Brisbane, Australia is home to an unusual art exhibition -- the type that's a welcome break from what you typically see in major museums around the world. The Queensland Art Gallery is hosting the 6th Asia-Pacific Triennial through April 2010, and for the first time, art from North Korea has a large presence. Nick Bonner of Koryo Tours is co-curator of the exhibition, which reflects three years of commissioning works.

But, if you're interested in meeting the artists, you'll be disappointed.

Originally, five artists from Mansudae Art Studio were going to attend the show and discuss their work, but the Australian government declined their visas at the last minute, according to Koryo Tours. The artists in question were Pak Hyo Song, Kang Yong Sam, O Song Gyu, Rim Ho Chol, Ri Jong and Pak Yun Chol.

A spokesman for the Australian government explained, according to The Courier Mail, "The studio reportedly produces almost all of the official artworks in North Korea, including works that clearly constitute propaganda aimed at glorifying and supporting the North Korean regime." He continued, "To make an exception in this case would have represented a relaxation of Australia's visa ban and sent an inappropriate message to the North Korean regime."

One bidder spent more than $146 million this year and dropped a boatload of cash at the Christie's Hong Kong art auction on Monday, pushing prices higher and smashing records. Wang Wei, with her husband, investor Liu Yiqian, ranks 176th among the wealthiest in China, with a net worth of $740 million ... and she wouldn't say how much she's spent on art this year.

Wang waved Paddle 960 aggressively on Monday, sometimes tossing bids up HK$1 million at a time to distance herself from competitors for particular pieces. A few times, she didn't bother lowering her paddle, instead just holding it up until her rivals quit.

At Sotheby's Hong Kong in October, Wang's husband shelled out $11 million for a Qing Dynasty imperial throne, complete with carved dragons, setting a record. And, this month, he payd $25 million for a Ming Dynasty scroll by Wu Bin at Beijing's Poly auction -- it was the most paid for a Chinese painting.

At Monday's Christie's sale, HK$126.7 million in art sold, and the house wouldn't reveal how much of it went to Wang. Speaking for herself, the collector reveals why she made the purchases she did. According to Bloomberg News: "I just bought those for fun."

[Photo courtesy of Christie's]

Art Basel Miami Beach starts on Thursday, and the word "test" is being used instead of "expectation." Even though there have been signs this month that the art market is turning the corner (or at least trying), caution remains pervasive, and the market is still seen to be fragile. The fair's organizers have said that profits will be down at least 20 percent for everyone involved, because of lower prices and a decline in the number of exhibitors.

Sixty of last year's participants have dropped out already, and the number of satellite art fairs around Art Basel Miami Beach has fallen from 22 to 16. Layout changes are taking the shift in participation and making it benefit those who remain. Exhibit space has been increased by 20 percent, and booths in the main art galleries area will be larger, as a result. This is where most of the action is. Eighty-five percent of the dealers have come back, and the number of stands has increased from 265 to 270.

Though prices are expected to be down at the Miami fair this year, artists and galleries aren't giving their work away. Emmanuel Perrotin, the Paris gallery, is trying to move Takashi Murakami's "Warp," painted this year, for $1.5 million. The same gallery is also pushing a Duane Hanson sculpture for $425,000 and a photographic print by Paola Pivi for $33,000. Edward Tyler Nahem, a first-timer at Art Basel Miami Beach, has a room full of paintings by Alejandra Icaza, which are selling for $35,000 a piece.

The crowd in Miami is likely to be a return to past decades, in which art collectors and investors -- rather than what Todd Levin, director of Levin Art Group calls the "fashionista crowd" -- dominate the scene. Art Basel Miami Beach thus might become an art fair again.

The Water/Bodies exhibit kicks off on December 21, 2009 at the Eden Rock Gallery. Located at the Eden Rock Hotel on St Barths, the gallery has hosted shows from the top artists in the world and those who will be in the next few years. The new show, curated by David Kratz, President of the New York Academy of Art, will no doubt be consistent with the gallery's fantastic reputation. This year, Eric Fischl and Jenny Saville, both Senior Critics at the Academy, will be among the Academy-affiliated artists showcasing their work at Eden Rock.

Each of the pieces at Eden Rock this winter will be related to the theme of nature, water and the body. Only small works will be displayed at this event, though a variety of media will be present, including oil, watercolor, drawing and sculpture.

Water/Bodies is the latest in an ongoing relationship between the Eden Rock Gallery and New York Academy of Art. The program includes an artist-in-residence program, in which up to 10 students or graduates of the Academy can visit St Barths and participate. Some of the proceeds from the sales at Water/Bodies will be used to support this program and others at the Academy. Past participants include Richard Prince, whose early 2008 show sold out before the opening.

While we're unlikely to see a replay of Prince's sales at Eden Rock this year, the art market is certainly better than what we saw late last year. Maybe collectors will go back to voting with their wallets.

I'm still not sold that the art market is recovering (it could be, but it's too soon to tell). But, if it is, the upside is going to the galleries and collectors -- the artists aren't getting squat. November was generally kind to Christie's, Sotheby's and Phillips de Pury, leading to hundreds of millions of dollars in art sales. So, to get their own piece of the art market pie that may or not be forming, artists are starting to go directly to the buyers.

Artist Ryan McGinness hosted a sale of pieces by several artists, with the person who did the work taking home all the spoils. The presale estimate of $47,000 to $57,000 made sense, as the final tally came to $51,300, pretty much in the middle. McGinness himself was present at the event ... via a video connection from Amsterdam.

The traditional auction model trends to benefit collectors rather than artists, as it creates a secondary market for artwork. It's really no different from the stock market. An IPO, if successful, will be the starting point, with the price going up later, to the advantage of all subsequent owners.

The critics weren't kind to Damien Hirst's latest collection, which was exhibited at the Wallace Collection. It doesn't seem to have mattered. All news is good news in Hirst-land, as evidenced by the sales of his most recent effort. Hirst opened a new show yesterday at White Cube. Even if the media isn't crazy about his, the artist's collectors haven't ended the love affair. Five of the seven largest pieces in his new "Nothing Matters" collection sold before the show opened, with the highest-priced piece hitting $15.7 million, despite an initial point of only 235,000 pounds.

The show runs at White Cube through January 20, 2010, but you'll have to accept that you'll be checking out what is now other people's property. Hirst collectors are nothing if not loyal.

The Christie's crowd on Tuesday may not have been ready to shell out big bucks for Andy Warhol's "Tunafish Disaster," but the crowd at Sotheby's was more than happy to by a boatload of currency. The top pop artist's "200 One Dollar Bills" found a buyer for a monstrous $43.8 million at the Sotheby's art auction in New York on Wednesday.

Pauline Karpidas, an art collector in London, offered the piece, Bloomberg News reports but wasn't able to verify with the collector herself. It looks like she scored with this one. "200 One Dollar Bills" carried a presale estimate of $8 million to $12 million, which didn't last long.

The piece consists of what its title states: 200 real-sized one dollar bills reproduced in black on grey ... and with a blue replica of the Treasury Department seal. If they were real cash, the sale price was greater by a factor of 219,000.

This wasn't the only success of the evening, and overall, the outcome was fantastic. Only two of the 54 lots failed to find new homes, and the final number, $134.4 million, thrashed the presale estimate of $97.7 million.

Christie's tried in New York with a 1983 piece by Jean-Michel Basquiat and didn't succeed. The auction house may have been too aggressive in estimating the 16-foot piece at $9 million. That's what's tough about the art market right now. There are signs of recovery, and it can be tempting to push for higher prices. Unfortunately, it's easy to get a bit excited. The painting had the highest estimate at the auction. The piece with the second highest presale estimate, a piece by Andy Warhol, met a similar fate.

The Basquiat piece, "Brother Sausage," was offered anonymously by a buyer later revealed by Bloomberg News to be Peter Brant, an art collector based in Connecticut. The piece may be a casualty of his divorce from model Stephanie Seymour. Well, it won't be financing post-marital discord and could remain a contested asset for a while.

Warhol's "Tunafish Disaster" was projected to move for up to $8 million and, like the Basquiat painting, didn't receive any bids. Art dealer Robert Mnuchin of L&M Arts was stuck taking it home.

Yet, some works beat the odds in an auction that raked in $74.2 million, within the presale range of $61.5 million to $88 million. Nonetheless, this was the lowest result we've seen from a Christie's New York contemporary art effort since May 2003 and down 81 percent from the top of the market two and a half years ago.

Celebrate if you own an Ed Ruscha print. At a Bohnams and Butterfield's auction last week, excited bidders pushed Standard Station (E.5) past its high estimate of $40,000 ... all the way to $170,000 and a new record for Ed Ruscha's work. The previous top spot for Ruscha was $133,000 for Hollywood, which was attained during the art boom in 2007.

The record-setting piece features a red gas station, an image now associated with Ruscha, and is #33 in an edition of 50 (a pretty large run). The strong auction performance follows an enormous retrospective held for the artist at London's Hayward Gallery and recognition by Americans for the Arts with its Artistic Excellence Award.

But, there's no prize so grand as an outstanding performance at auction.

A big auction with major pieces actually beat the top-end estimate – when's the last time you heard that? Wednesday night at Sotheby's, the Impressionist sale brought in $181.8 million, thrashing the high estimate of $163 million and almost tripling the Christie's auction from November 3, 2009. It's also around three times the last equivalent sale by Sotheby's, which was back in May.

The Sotheby's auction was packed with notoriety. Conde Nast's top dog, S. I. Newhouse Jr., sent some work under the gavel, as did Louis Reijtenbagh. Artwork by Giacometti, Picasso and Renoir was sold. Sixty-six lots were offered, with only 10 failing to sell.

New York art dealer Helly Nahmad told Bloomberg News, "The art market is back," but that may be premature. Bidders were chasing the high-quality pieces, and it is tempting to believe that what auctioneer Tobias Meyer calls "a year of abstinence" is over. The fact that the Sotheby's auction was so much greater than that at Christie's, though, makes me want to see a few more sales before calling it a trend.

Ukraine is about to get a new contemporary art center. Victor Pinchuk is shooting to make Kiev a major art destination, so the wealthy art collector is creating a new center that will be larger than the existing PinchukArtCentre, which was the first private contemporary art center in the former Soviet Union and has had more than 830,000 visitors since its doors swung open in 2006.

Pinchuk, a steel billionaire, is an avid collector, with pieces by Jeff Koons, Damien Hirst and Andreas Gursky. His new endeavor, he tells Bloomberg News, "will make Kiev and Ukraine a fantastic place for contemporary art." Pinchuk made the proclamation at a show for 20 Ukrainian artists who were nominated for the first Pinchuk Art Center Prize, which comes with a cash component of $12,200 and a one-month internship with an artist from the international scene. Hirst himself will announce the winner on December 4, 2009.

Pinchuk has a strong relationship with the artist celebrity and owns "probably half" of the skull paintings (by the collector's own estimation) in the current Hirst show at the Wallace Collection in London. He also participated in Hirst's solo auction in September 2008 but wouldn't tell what he bought.

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).