conde nast

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.

More bad news for the magazine industry hit last week: Condé Nast is closing down several of its big-name magazines, names you know - Gourmet, Modern Bride and Elegant Bride - and one you may not, Cookie, which is about parenthood.

The New York Times noted, "[Gourmet] has suffered a severe decline in ad pages, but the cut still comes as a shock. There was speculation that Condé Nast would close one of its food titles - Gourmet or Bon Appétit - but most bets were on the latter. Gourmet has a richer history than Bon Appétit, and its editor, Ruth Reichl, is powerful in the food world. Cookie is a relatively new introduction, started in 2005, while the bridal magazines were seen as offshoots of the bigger Brides magazine, which Condé Nast also owns."

The cuts were done at the conclusion of a three-month study by McKinsey & Company, which conducted an analysis of Condé Nast's costs and recommended that several magazines cut about 25 percent from their budgets. These are the first closings announced by the company since the study.

These are not the first magazines shuttered by Condé Nast, even though, as the Times notes, the company never has been quick to close titles, and in the last year or so has closed only newer titles, Condé Nast Portfolio and Domino, along with folding Men's Vogue into Vogue.

This isn't the first time Luxist has noted magazine closings either. See this piece I did last month, which mentions in the gallery some other closings noted by my colleagues.

While many of the art auction houses are dreading the fall season, Sotheby's has a few lots to celebrate. Art advisors can't keep their mouths shut, it seems, and following a luncheon for them, word got out that the house has picked up pieces by Alberto Giacometti and Andy Warhol next month.

Most collectors have been hanging onto their art, unwilling to sell their pieces in an unfavorable economic climate. Instead, they're hoping for a recovery and will likely unload the good stuff when they can get top dollar – or at least something better than fire-sale prices. So, it's pretty astounding that Sotheby's was able to nab such high-powered pieces when the rest of the world is scraping for decent. If it was looking for a differentiator this season, it got one.

The sculpture by Giacometti, "L'homme qui chavire," will go under the gavel on November 4, 2009 and is estimated at $8 million to $12 million. A similar piece by the same artist sold at Christie's New York in May 2007 for $18.5 million, after having been estimated at $6.5 million to $8.5 million. But, that was 2007 ... a different time, for sure.

The seller is publishing business stud S.I. Newhouse, Jr., who is thought to have acquired the piece in a private transaction. Maybe the Conde Nast superstar should have unloaded it sooner and sunk the cash into the magazines he had to close.

Condé Nast Traveler has released its list of reader-selected best places to stay in the world on Concierge.com.

The magazine's 15th annual "Gold List" is "is your ultimate annotated guide to the world's finest properties and cruise lines, as elected by more than 32,000 Condé Nast Traveler readers."

You can browse by destination, type of award (e.g., service, food, location, cruise lines) or alphabetically, where you can see all on the list. Wondering how they were picked? Here's the methodology.

Earlier this year I mentioned the publication of a Ferrari magazine, now it's officially available. Ferrari buyers will receive three 180-page glossies plus a 280-page yearbook issue. The magazine is being produced with Condè Nast (a company that has recently had to cut back on a few of their glossy titles).

The magazine includes interviews, articles on fashion, design, racing culture, and of course, Ferraris. There will be 30,000 copies and the large format magazine printed on quality stock paper. If you don't own a Ferrari but still want the magazine, be prepared to pay, a subscription costs $303.85.

[via Autoweek]

You may not have ever heard of Steve Florio but if you've ever picked up a Conde Nast title then you may have seen his influence. Florio was the former CEO of Condé Nast Publications which includes Vogue, Architectural Digest and the New Yorker among many others, until he stepped down in 2004. He died in December 2007 at the age of 58. The Wall Street Journal's Private Properties column reports that his widow, Mariann has put their vacation home on the market. The home, in Key Largo, Florida, is a six-bedroom Mediterranean-style house located in Ocean Reef, a private club and community. The home includes an expansive screened-in pool and spa area as well as a long dock with room for a 70-foot yacht. The Florios bought in 2001 for $4.8 million and it is now listed at $8.9 million.
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A moment of silence for a grand old magazine. Condé Nast has announced that House & Garden magazine is shutting down after 106 years. The magazine will cease publication with its December 2007 issue. The move came after the publisher recently left. Condé Nast is still going strong with Architectural Digest and with Domino and the new Vogue Living. Fashion Week Daily brings up the fact that in 2004 when Condé Nast bought and then folded YM they converted the subscribers into Teen Vogue readers and that a similar thing may take place here.

Certainly over the past few years, House & Garden hasn't seemed quite as luxurious as it once did. Without the boozy reminiscences of one Jay McInerney, there really isn't that much in the magazine that can't be found elsewhere, especially in Arch Digest, which with the heavier and glossier paper and more lavish photography makes it more of a magazine set for taking up residence on the coffee table (and which was the magazine that did H&G in for the first time when it folded in 1993 after Condé Nast acquired AD). Also in terms of the two magazines websites, Arch Digest is the far more streamlined and contains more eyecandy images and video.

My question is whether or not the traditional "shelter" magazines in general are in trouble. There are several key indicators that could indicate that this is the case. The first would be the unsteady real estate market and the fact that many people are cutting back on renovating or remodeling their homes because they are not certain that they will receive a return on their investment when the sell. Also younger home owners are more and more accustomed to getting their home information and inspiration on the web where a variety of sites offer not just images of homes but the chance to immediately purchase the things you see and to submit your own pictures and receive feedback and help. Also as more and more people think about sustainable living and greening of their homes they might be inclined to turn toward Dwell. What shelter/lifestyle magazines do you read and do you think this is just an isolated case of Condé Nast trimming the fat or a more endemic problem effecting the entire industry?