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Art Collectors Watching, Waiting (and maybe Buying) at FIAC

Filed under: Art

Collectors are looking and thinking. They might take action, but it's still too soon to tell. The action at Foire Internationale d'Art Contemporain (FIAC) in Paris is deliberate: nobody's rushing to put their cash on the table. However, there are signs that some pricey and prestigious pieces may sell.

Last week, a painting by Piet Mondrian was put on reserve, at a price between $30 million and $40 million. One of Pablo Picasso's works was reserved, as well, at $24 million. Back in the art boom, these pieces would have been snapped up already, but dealers are saying that it's taking longer to complete sales at FIAC this year than last year. Even billionaires need convincing in this market, it seems.

Also, there's a greater desire to stay under the radar. Whether it's to maintain some privacy or hide the fact that they have the means to spend more than they like, some owners and buyers are turning to private sales. Bargains, thus, won't make it into the public record – sparing sellers the embarrassment and preventing the other holdings of all collectors from sustaining a measurable decline in value. If premiums are paid, buyers won't have to reveal that they have the cash to pay more, preventing prices from increasing broadly.

Mondrian Offers Bentleys By Vending Machine


Luxury hotels pride themselves on catering to the whims of their guests but at the Mondrian South Beach you don't need to call down to the front desk, you can visit the lobby vending machine. The machine, which is called a Semi-Automatic offers everything from gift shop staples like a T-shirt or a toothbrush to really outlandish stuff like a Bentley Arnage. The collection of more than 60 items is priced between $10 and $1.2 million and includes clothing, cars, handcuffs, events and even property.

Customers can view images, swipe a credit card and then get the item from the machine. If the item is too big for the machine the buyer is given a card that can be exchanged at the front desk. For the big ticket items like cars and condos the buyer has to put down a $1,500 deposit which they lose if they opt not to complete the purchase. The Associated Press reports that one of the top sellers is a T-shirt that has the word "recession" spelled as "Recess Is On" on one side.

Mondrian Plans Palm Springs Hotel

Filed under: Journeys

The Mondrian hotel is getting a new outpost. The latest Mondrian will be in Palm Springs, California and will include both a hotel with approximately 200 rooms, and residences. This will be the seventh Mondrian; the chain includes the original hotel in West Hollywood, the Mondrian Scottsdale and properties currently under development in Las Vegas, Miami, Chicago and SoHo. The Palm Springs resort will be in downtown Palm Springs across from the Palm Springs Convention Center. The five-story property will include a destination restaurant and bar, spa, fitness center and a pool area with cabanas and outdoor bar access, and a kids club. The resort is planned to open in 2010.


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