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Lucian Freud is coming back to the Centre Pompidou for the first time since his first retrospective was held in 1987 – at the same museum. Historically, these exhibitions have been great for collectors of Freud's work, according to Artprice.

A 2002 Freud retrospective at the Tate kicked off a nearly immediate 185 percent increase in the index for this artist, and by 2004, he became a staple at prestigious auctions, and his sales revenue surged 450 percent. In 2005, the Freud price index, according to Artprice, gained 41 percent, and demand for his work was substantial. He debuted on the list of top 10 artists at auction, with an aggregate total of $33.7 million for the year.

Of course, the 2005 results paled in comparison to 2008, in which Roman Abramovich made Freud the most expensive living artist (seizing the title from Jeff Koons) with the $30 million purchase of "Benefits Supervisor Sleeping" – a familiar enough topic for anyone who's looked for some help from the human resources department. Yet, the upside was short-lived.

No piece by Freud crossed the $1 million mark in 2009, and with only $405,000 in auction results, he ranked 1,327th at auction, just above ... someone who is likely irrelevant in the global art community. The auction houses couldn't try to sell the good stuff, though, because nobody would put it on the block. Only prints and drawings were offered.

Did the Sotheby's auction last month signal a turn? Both "Self-Portrait with a Black Eye" and "Guy and Speck" crossed not just he million dollar but the million pound threshold, though the hype around Freud failed to materialize. Maybe Freud will lag the market in recovering, but that's probably because the art market is showing such a robust return.

The London art auctions are upon us, and a year has made a hell of a difference. The auctions at Christie's, Sotheby's and Phillips de Pury are expected to fetch at least $104 million, which would be an increase of 68 percent over the same season in 2009. If the houses can pull this off, the art market will probably breathe a collective sigh of relief after more than a year of downright awful results.

At this point last year, the art market was in miserable shape. It was already in trouble, as the recession had begun to crystallize over the summer of 2008, a process which was hardened by the financial market meltdown in September. By the end of the year, prices had plummeted, and the practice of guaranteed minimum pricing had generally been abandoned.

By the end of 2009, signs of a recovery began to emerge, though few were willing to commit to it. A few pieces, such as Andy Warhol's "200 One Dollar Bills" turned in strong performances, but nothing was solid enough to call a trend. Nonetheless, hopes are high for the next round of sales, which will include museum-caliber paintings by Peter Doig and Yves Klein. Shown at right is Andy Warhol's Dollar Sign estimated at $1,950,000 - $2,925,000 at Christie's London Post War and Contemporary Art Evening Auction on February 11.

What does 2010 have in store for the art market? Well, it's starting to look like this is the year the market will finally (begin to) recover, though there could be some trepidation at points. Better pieces are coming under the gavel, and serious collectors are interested in artists with real track records. As things loosen up, emerging artists and those just past that stage (think Ben Krell for the former and Nelson Diaz for the latter) will start to see better conditions, as the logjam in the auction houses, once broken, should ease the pressure on galleries and also lead to some progress in private sales. Basically, the return of liquidity to the art market will be better for everyone.

Almost everyone.

This year, some artists won't enjoy as much of the recovery (if it happens ... just to hedge our bets) as others. Their prices were run up too quickly, making the subsequent fall severe. These artists, auction darlings who don't have the history or potency of a Lucian Freud or even a Richard Prince. Yet, they shot out of the emerging artist category years ago. In 2010, these artists, including Damien Hirst and Jeff Koons, will occupy something of a purgatory, as the art market resets values through upward bidding, now that the decks have been washed clean.

Two of the biggest names in the art boom – which ended unceremoniously over the summer of 2008 – have seen their works fall by half this year. Pieces by Damien Hirst and Jeff Koons, the hottest works under the gavel through the beginning of 2008, could take as much as 10 years for prices to recover.

With the art market in turmoil this year, the contemporary segment suffered, and art collectors steered clear of some of the riskier artists on the market, which included Koons and Hirst. Instead, they turned to Art Deco furniture and pieces from the Old Masters and China, which appeared prominently among the top 10 auction performers this year.

Hirst and Koons still outperformed the contemporary art sector, which fell 75percent overall, thanks in large part to the auction houses' abandoning of guaranteed minimum prices.

According to Artprice, the art auction market surged by a factor of 10 from 2003 to 2008, with its price index for works by Hirst up 996 percent for the 10-year period ending in September 2008, with his "Beautiful Inside My Head Forever" event.

So, now may be the time to snatch up Hirst and Koons. It may take a decade for these artists to see their prices recover, but they did pretty well over the past 10 years.

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.

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.

On Nov. 10 Christie's in New York will auction off an epic 15-ft. wide Jean-Michel Basquiat painting as part of its Post-War and Contemporary Art sale. The painting is expected to fetch up to $12 million. Brother Sausage (detail above), painted in 1983 and featured on the cover of Basquiat's catalogue raisonné, is a cartoon strip-like composition of six panels hinged together to form a narrative frieze of multiple drawings and Xeroxed overlays, each laden with themes of racial inequality and prejudice, wealth and corporate greed in a fame and consumer-obsessed American. Christie's notes the work is "steeped in Basquiat's signature style, raw energy and ingenious, loaded layering," exemplifying the artist at the pinnacle of his career. Also included in the auction are Andy Warhol's Tunafish Disaster, painted in 1963 and estimated at $6 - $8 million; and Jeff Koons' Large Vase of Flowers from 1991, estimated at $4 - $6 million.

[via JustLuxe]

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.

Selling at the top of a bubble is fantastic ... if you can pull it off. You look, feel and live like an absolute genius. Former art dealer Anthony d'Offay did this, unloading 725 postwar and contemporary pieces before the art market collapsed, dragged down by a global financial crisis. Timing is everything, and the collection purchased for a mere £26.5 million was valued at an astounding £125 million. Included were Jeff Koons' "Winter Bears," an Andy Warhol hamburger (evidently more expensive than those at Burger Joint) and an Anselm Kiefer palm tree.

D'Offay didn't make a dime.

Rather than sell the collection at a profit of close to £100 million, he sold them to the United Kingdom at cost: £26.5 million. Instead of taking the money, d'Offay chose to be paid with strings ... namely those attached to the deal. The condition of his sale was that the country had to send the artwork on tour throughout the UK, making it easy for people under age 18 to access the art.

D'Offay explains that financial constraints on British museums – which are free and thus have no money with which to acquire new pieces – are great for the people, but not for keeping the walls full with fresh material. On the list for the future is a special room for Damien Hirst's "Pharmacy" installation and has already purchased Hirst's "Painkillers" piece (pill cabinet) for $877,000. In a deal with Hirst, he also picked up work by Koons, and Hirst's new "Necromancer." Hirst was d'Offay's gallery assistant as he was finishing college.

D'Offay's talent, he says, is buying art, rather than curating or creating. He became inspired as a child in northern England when viewing a collection of Francis Bacon (shocking, right? Bacon connection comes back again ...).

Reflecting the lower prices for contemporary art brought on by the recession, there are some relative bargains to be had at Christie's Post-War & Contemporary Art auction in London on June 30. Chief among them is Jean-Michel Basquiat's Red Skull (above), painted in 1982 and estimated at only $2.4 million - $3.2 million. Other potential steals include Richard Prince's Country Nurse, est. at $2.4 million - $3.2 million; Jeff Koons' Moustache, est. at $1.9 million- $2.8 million; Francis Bacon's Study for Portrait, est. at $1.2 million - $1.9 million; and Andy Warhol's Self-Portrait, est. at only $800,000 - $1.2 million. The results will no doubt be closely monitored by art world insiders.

Christie's fought the trend and walked away with close to $94 million. Naysayers stand shocked (I'll admit it; I'm among them). This is still far from the record-setting years leading up to the current financial crisis, but only the truly stubborn would not recognize the accomplishment of coming close to the upper end of the auction house's estimate, particularly a day after competitor Sotheby's turned in such a dismal performance.

The initial estimate for Christie's Post-War and Contemporary Evening Sale was $71.5 million to $104.5 million. Forty-nine of the 54 available lots were sold – a sales rate of 91 percent by lot and 94 percent by value. This easily tops the 81 percent by lot that Sotheby's hit (en route to a paltry $47 million). Thirty of the lots sold for more than $1 million each, and nine raked in more than $3 million a piece.

If you want to be negative, though, you still have plenty of ammo. Back in November, Christie's achieved a $113.6 million take with a sale rate of only 68 percent (by lot). A year ago, the auction house pulled in $331.4 million at a sale rate of 95 percent.

But, last May doesn't count. That was a last hurrah, of sorts, and most in the art community realized it, even if they wouldn't concede the obvious.

At last night's contemporary art auction, Sotheby's brought in a meager $47 million – down 87 percent from last year's record of $315 million. The auction house wasn't even able to reach its low estimate for this year of $51.8million. Need some perspective? Last year's Francis Bacon triptych sold for 84 percent more (at $86.3 million) than all the lots purchased at last night's event.

The top sale last night was a blue and pink egg by Jeff Koons, measuring seven feet in width. At $5.5 million, it didn't even reach its estimate, which ranged from $6 million to $8 million. Last June, his pink "Balloon Flower (Magenta)" went for $25.7 million at a Christie's auction in London. Interestingly, art dealer Larry Gagosian was the buyer, though it's unclear if he bought it for himself or a client. Gagosian sold the egg back in 2004.

In general, buyers were in short supply, with most bidders choosing to remain on the sidelines. But, there is a sense that good works sold at fair prices ... unless you were one of the sellers, I imagine. Art market analysts, dealers and critics sought to find a silver lining, calling successes what would have been failures in previous years (such as the Koons egg price).

The shrinking pool of buyers reflected the artwork available. The number of lots offered at Sotheby's last night was down 42 percent, from 48 to 83. Only 81 percent – 39 – were sold.

Tonight, it's Christie's turn. Fifty-four contemporary pieces are set to come under the gavel, with total estimates ranging from $71.5 million to $104.5 million (not including commissions).

The only fingers not crossed, most likely, belong to bargain-hunters.

Art auction houses are looking to protect themselves. Lacking a local "enforcer" to find once eager collectors and shake them down for every last dollar, the likes of Sotheby's and Christie's will spend the coming fortnight managing expectations while trying to eke out a living. Atop the agenda this season is the notion of protecting price levels for Impressionist, modern and contemporary pieces.

Reality has struck.

Sotheby's has revealed a sales target of $179 million to $256 million for the spring. Last fall, the auction house hit $411 million – which is paltry compared to the $742 million take at this time last year. The showpiece now is "Baroque Egg with Bow," a sculpture by Jeff Koons, which carries a Sotheby's estimate of $6 million. While this sounds rich for today's market, the house almost quadrupled that amount with a sculpture from the same artist in 2007.

For those who haven't been keeping score, 2007 for the art world was like 1999 for technology people.

By reinforcing concern through modest estimates and carefully selected lots, the major (and smaller auction houses) are subtly positioning themselves for any unexpected support. A strong spring auction – as measured by current economic conditions – could cause global art market confidence to rebound. A turn for the worse, however, would be exacerbated by already depressed hopes.

Less than two years ago, a huge shiny sculpture by Jeff Koons, Hanging Heart by Jeff Koons went for $23.4 million at auction. Now the kitschy artist has another monumental piece up for sale, a giant rendition of a candy egg which will be auctioned off at the May 12 evening sale of Contemporary Art at Sotheby's New York. The massive egg is made of high-chromium stainless steel with transparent color coating and is one of four differently colored versions. It is estimated to sell for $6 to $8 million. For a sense of the scale of the piece, watch the video of Sotheby's principal auctioneer Tobias Meyer talking about it. Meyer speaks about Koons's love of the egg shape and its meaning of creativity, fertility and positivity. It might be tempting to dismiss Koons's outsized and cartoonish creations but Meyer remarks that it is actually quite a challenge to create something that looks like shiny aluminum wrapper from steel and chromium and that the two types of finishes, the crumpled look and the high gloss bow present their own challenges. Some contemporary art provokes thought or controversy but with Koons you generally get a sort of glee, a sense of the ridiculousness of the world. Viewing one of his large sculptures from his Celebration series is like revisiting your own childhood through a funhouse mirror.

[Thanks, Lana]

I've heard that Ann Brenoff who writes the LA Times Hot Property column will be winding up work in April and striking off on new adventures. I'll miss her column and hope that the LA Times finds an equally talented writer to take her place.
From the LA Times Hot Property:
Dr. Robert Rey, the plastic surgeon who stars on "Dr. 90210" has listed his Beverly Hills home, shown above, at $5.295 million. The five-bedroom home includes a large pool and spa and a pro sports gym. The listing is here.
--Author James Arthur Ray has bought the Beverly Hills home Rodney Peete and Holly Robinson Peete. It was listed at $4.25 million and sold for $4 million.
--Professional golfer Fred Couples has listed his Montecito home for $12.5 million. The listing for the nine-bedroom home with ocean views is here.
--Producer Jon Peters put up a 6.5 acre chunk of land in Beverly Hills up for sale last year for $39.5 million. It didn't sell and is now back on the market for $19.995 million complete with the architect Richard Landry's dream home plans for the property. There is already a 14-car underground garage on the property. The listing is here.

From Cityfile's Buyers and Sellers:
--Model/actress Milla Jovovich has dropped the price on her townhouse at 100 Greenwich Avenue. It's been on and off the market for nearly a year and was once listed at $8.75 million but now sits at $7 million. The listing is here.
--via the NY Post, artist Jeff Koons has closed on the purchase of a six-story townhouse at 11 East 67th Street for $12 million, two years after he first went into contract.
--Hedge funder Scott Bommer and his wife Donya have lowered the price of their apartment at the Ritz-Carlton on Central Park South. They bought the four-bedroom unit for $28.5 million last July and put it on the market for $35 million in November. It's now listed at $29.75 million. The listing is here.
--Ivan Kaufman, the CEO of Arbor Realty Trust, and his wife Lisa, are paying $9.26 million for a four-bedroom apartment at 823 Park Avenue.
--Ira Resnick, the founder of the Motion Picture Arts Gallery, paid $10.1 million for a 37th-floor condo at the Millennium Tower on West 67th Street.
--It was once on the market for $50 million but now Lionel Pincus's 14-room duplex at the Pierre can be yours for just $35 million. The listing is here.
--Raymond Weil president Benny Shabtai really wants to sell at 870 Park Avenue. So much so that he has cut more than $13 million off the price. The 13-room contemporary Robert A.M. Stern-designed mansion has been on-and-off the market since 2004 and was once as high as $33 million. It is now listed for $19.95 million. The listing is here.
Soap opera actors Catherine Hickland and Michael Knight have sold their 12th-floor co-op at 255 West 84th Street for $2.3 million.
--The 24th-floor Trump International apartment once occupied by Rand Skolnick, the former CEO of Solgar Vitamins who died last year, has been discounted by $1 million after just a month on the market and now sits at $7.75 million. Check out the views at the listing here.
--Frederick Hill, director of Berry-Hill Galleries, has sold his two-bedroom penthouse at 43 West 64th Street for $2.55 million.
-- Karen and David Fleiss originally listed their duplex at 1030 Fifth Avenue for $47.5 million last June. They then lowered their price twice and tried selling off just the bottom floor for $15 million Then they tried selling the entire eight-bedroom unit to $25 million. Now they've re-listed the bottom floor once again for $12 million. The listing is here.
--Real estate heir Richard Mack has cut the price on his seven-floor townhouse on East 94th Street. He originally put the home up for sale for $59 million last summer but it is now listed at $42 million. The listing is here.

From the Real Estalker:
--Spice Girl Melanie Brown has put her Los Angeles home on the market. It's our estate of the day later today.
--There are rumors that Tom Cruise and Katie Holmes could buy David and Victoria Beckham's home in Beverly Hills.
--Did guitar god Slash buy the home in the Mulholland Estates area of Beverly Hills belonging to Colleen Maloof? The home was listed at $8.95 million.
--Rhianna has been spotted house shopping in various locations around Los Angeles.
--Phil Maloof's Beverly Hills house has been reduced from $16.995 million to $10.865 million. The listing is here.
--Joe Maloof's Brentwood home has been reduced from $4.995 million to $4.2 million. The listing is here.
--The Bel Air mansion belonging to Jennifer Lopez and Marc Anthony has been reduced from $8.5 million to $7.9 million. The listing is here.
--The Harvey Mudd Estate, which was our estate of the day in October 2008 has had another price reduction. It was originally listed at $11.495 million but now sits at $7.995 million.
--Singer Lenny Kravtiz has listed at three-bedroom home in Miami Beach, Florida. The listing is here. His NYC apartment at 30 Crosby also remains on the market for $14.995 million. The listing is here.
--Designer James Perse can get you to pay over $100 for a t-shirt but can he get you to pay $4.995 million for a one-bedroom home in Los Angeles? The listing is here.

From the Wall Street Journal's Private Properties:
--Aaron Spelling's widow Candy Spelling has put her home on the market for $150 million.
--Radio host Don Imus has listed his home in Westport, Connecticut for $30 million. The listing is here.

From ONTD:
--The Malibu home used as the exterior for the Hannah Montana television show is available for $15 million.

From the Austin Statesman:
--One of my favorite estate of the day properties, a four-floor modern townhouse in Austin is back on the market for %6.5 million. It was listed for $7.5 million when it was our estate of the day in 2007.