frieze art fair

Frieze Art Fair Opens With Big Hirst Sale

Filed under: Art

The last couple of years have seen the artworks of Damien Hirst tumble in value but perhaps that is changing. Hirst's "The True Artist Helps the World by Revealing Mystic Truths," a 2006 piece featuring more than 400 specimens of fish in three formaldehyde-filled cabinets sold for $5.6 million in the first hour of the preview of the Frieze Art Fair.

Supermodel Claudia Schiffer, hedge-fund manager Steve Cohen and others were at the London event. Bloomberg News reports that Dasha Zhukova, Roman Abramovich's art-loving girlfriend was also at the VIP Day. The event is Europe's biggest commercial event devoted to living artists with a total of $375 million worth of art on display. It isn't all Hirst-level expensive, the fair is also an opportunity to invest in younger artists with more reasonable prices.

The fair runs through October 17 at London's Regent Park and tickets are £25. Frieze has also launched a free iPhone and iPad app this autumn that includes an interactive map of the fair and 'Art Finder' a comprehensive search filter enabling visitors to navigate and browse the exhibited art works on their own terms by selecting specific media and size, as well as work priced under £5,000. Get an inside look at the fair by checking out the Frieze Flickr page.

Tags: claudia schiffer, damien hirst, frieze art fair, FriezeArtFair, london art fair

Art Auction Houses Move from Frize to FIAC ... and the Future

by Tom Johansmeyer (RSS feed) —

Filed under: Auctions, Art

The three major auction houses were upbeat at the Frieze Art Fair and seem to think an art market recovery is in the works. ArtInfo reports that Sotheby's, Christie's and Phillips de Pury came out of the event feeling positive about the market's direction – even if it is tempered with a dose of reality. The number of pieces sold and the prices at which they moved were still pretty far from what they were in the pre-Lehman days. For now, though, collectors need to think about the early stages of recovery, not hope for a return to the glory days of 2007.

The auction houses did fairly well, though estimates tend to be far lower than a year ago. Damien Hirst's Wallace Collection moved well, with "Two Skulls" selling for $705,244, far more than its presale estimate. Emerging artists had moments in the sun, as well, particularly Hurvin Anderson's "Untitled (Beach Scene)," which sold for $158,304 – more than three times its presale estimate. Farhad Moshiri's "Cowboy and Indian" more than doubled its presale estimate, with a price of $548,976. In general, the auctions posted sufficient results, the first step in a market turn. Sotheby's and Christie's pierced the $20 million mark in recent contemporary auctions, and Phillips de Pury moved 31 of 43 lots to reach $6.7 million in a recent contemporary auction.

Now that the art market is moving from Frieze to FIAC and into the busy fall auction season, we'll get a sense of what 2010 will look like ... and if the market is finally picking up the momentum we all want it to show. The last art market slump, from 1990 to 1992, didn't bring an immediate resolution, with prices not returning to normal until 1995. So, brace yourselves for a slow recovery (or treat it as bargain season!).

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Tags: art, art auction, art auctions, art market, ArtAuction, ArtAuctions, ArtMarket, artwork, auction, auction-house, auctionhouse, auctions, christies, damien hirst, DamienHirst, fiac, frieze art fair, FriezeArtFair, hirst, lehman, lehman brothers, LehmanBrothers, phillipsdepury, sothebys, wallace collection, WallaceCollection

Slower Spending At The Frieze Art Fair

by Deidre Woollard (RSS feed) —

Filed under: Art

So far art has been one part of the luxury market that has remained strong but that may be set to change. The NY Times reports form London's Frieze Art Fair that art is still selling but not nearly at the level it has in recent years. The crowds are smaller and buyers are spending more time looking and less time buying. While the fair still bustled along and sales were made, the overall atmosphere is one of cautiousness as collectors were more carefully considering their investments. The dealers have also been offering discounts and payment plans to try and sweeten the deal for potential buyers. This is a sharp turn from the last few years when the art market was so intense that those who wanted to buy had to decide quickly or risk missing out.

The style of what is selling is also shifting a little. Dealers are selling paintings and sculptures rather than bigger installations and are banking on names that are more likely to attract collectors. Because both buyers and dealers are uncertain of what lies ahead in these tumultuous times, the act of collecting has taken on new weight.

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Tags: art, art market, frieze art fair, FriezeArtFair