There's a tendency when it comes to the art market, to rely on the brand names. The auctions are full of many lots but its the marquee names, Warhol, Monet, Freud, Hirst, Picasso and others that get the bidders in the door or on the phone. Each year both Sotheby's and Christie's go to extreme lengths each season to shake loose the most desirable paintings from the collections of the wealthy. They wine, they dine, they cajole and they promise some pretty big returns, often following that up with a guarantee check (or at least they did before the bottom fell out of the market). But this year's spring auctions show that even the biggest names aren't always going to sell.

When it comes to Picasso there are a lot of works to chose from. Picasso was a wildly prolific artist and one who created a wide variety of pieces from drawings and print to sculpture that now sell for a comprehensive range of price points. But it's the big colorful portraits that make hearts quicken when they grace auction house covers.

This week's auctions saw several Picassos head to market with some differing results. The art market reeled on Tuesday because, although overall the results from the Sotheby's New York auction were strong, the lead lot, Picasso's "The Artist's Two-and-a-Half-Year-Old Daughter With a Boat" didn't sell. The piece was estimated at $16 to $24 million, a number that some say was optimistic at best. The NYT's Sourien Malikian called the piece one of those "one-day cartoon-style pictures dashed off by Picasso remembering Marcel Duchamp's celebration of the absurd and spewing contempt at the bourgeois capitalists he loathed." Not exactly a ringing endorsement. Truthfully it doesn't seem that bad to me, charming, playful, colorful, and as Judd Tully of ArtInfo.com points out, a piece painted during a very happy period of Picasso''s life (1938). While the Picasso didn''t reach its sales estimate, it did get a $12.25 million bid which is no small feat. And for Sotheby's which didn't guarantee the painting, the fact that it didn't sell was not as crushing as it could have been.

Artist Julio Aguilera has had his face pounded in bare-knuckle bouts around the world. He's also seen his works hang in the most prestigious homes in Manhattan. For the former world martial arts champion turned artist, though, there's nothing quite like a great cigar. Now solely an artist and no longer a fighter, Aguilera seeks relaxation, inspiration and even a market in the New York cigar community.

Elements of the cigar culture appear regularly in Aguilera's work. A number of paintings feature cigar smokers, including "General con Pipa" and "Harlequin con Cigar". Figures are sliced apart in the artist's signature geometric style and reassembled with perfect, though not evident, symmetry. In other pieces, the artist prefers to hide cigars on the canvas. "Still Life in Blue," for example, features a table stacked for a meal holding what could be a cigar or a large loaf of bread. The ambiguity is intentional, according to the artist. "I like to give a nod in one of my passions to another."

With Aguilera's enjoyment of cigars and the fact that they appear from time to time in his artwork, it is unsurprising that the community would have adopted him as its representative artist. Pieces from his sculpture series "New York Bull" have appeared in the windows of Davidoff Madison Avenue (where he has held a number of shows), and he regularly meets with collectors at De La Concha. In any mid-town cigar shop on any day, Aguilera suspects he would run into one of his collectors. "At least one," he laughs.

Artist-turned-director Julian Schnabel has a problem, he can't sell his apartments. We've discussed Schnabel's folly, the rose-colored Palazzo Chupi multiple times and a recent Huffington Post piece revealed that the penthouse has now been discounted from $32 million to $22 million. The real estate downturn is prompting Schabel to part with one of his dearest possessions, his prized Picasso. Schnabel bought Femme au Chapeau way back in 1989. The nearly six-foot canvas painted when Picasso was nearly 89 mirrors Schnabel's own penchant for creating outsize works.

Schnabel has had the painting in his home for 20 years and the New York Times reports that it most recently hung in his living room in Palazzo Chupi. It will be sold at the Christie's auction on May 6 and is estimated to bring $8 million to $12 million. Schnabel told the Times that the sale of the painting will take care of a loan he took out with Commerce Bank that used part of his art collection, including the Picasso, as collateral.

Most of the time Sotheby's exhibit works they are going to be up for auction soon but the collection of Steven and Alexandra Cohen is more about showing off than selling off. Cohen, a hedge fund investor who owns SAC Capital Advisors, has quickly created a collection of some of the most desirable works of modern and contemporary art. He is displaying it at Sotheby's New York in a loan-only exhibition, titled "Women" which runs through April 14. The 20 works show a variety of female forms by artists such as de Kooning, Warhol, Matisse, van Gogh and Picasso. Bloomberg reports that the works have a combined value of $450 million.

While Cohen may not be selling anything now he reportedly consigned at least eight paintings to New York dealers last year. He was said to be trying to raise money for a major purchase that he decided not to make. It may be a savvy move to let the public have a free taste of his collection now when nothing is for sale to whet appetites for private sales later. Or it could be that he's trying to increase attention for Sotheby's. His company, SAC owned 5.9 percent of the company as of March 6 according to an SEC filing.

It's no surprise that last year's art market looked nothing like that of 2007. Last year, the top 10 artists by sales racked up $1.7 billion and accounted for 20 percent of the global art market on 1.5 percent of transactions. This slip in the big revenue number is a lot different from 2007, in which the top 10 brought in $1.8 billion, a year-over-year gain of 50 percent, according to ArtPrice.

Andy Warhol was the problem last year.

The top artist of 2007 fell substantially last year. In 2008, only $236.7 million in Warhol sales occurred – compared to $420 million the year before. As a result, Warhol slid from the #1 spot to #3, and Picasso regained the apex. Francis Bacon moved from #3 to #2 on sales of $256 million. Unbelievable growth of 514 percent in his work from January 2005 to January 2008 turned abruptly, and the artist finished last year down 48 percent ... not that he'd give a tinker's damn about it.

Despite the economic challenges, the price of admission grew. Last year, sales in a particular artist at auction had to reach $91.8 million to hit the big time, up from $87 million in 2007, $59.6 million in 2006 and a comparatively paltry $33.7 million in 2005.

Take a look at the scorecard after the jump.

Back in March my colleague Deidre Woollard wrote about the absinthe craze ushered in by the end of a longstanding ban against the supposedly dangerous spirit. The hype has died down somewhat, and while faddists move on to other obsessions leaving true enthusiasts to enjoy themselves, the original absinthe maker, Pernod, has finally re-introduced their famous original.

Pernod Absinthe (right) is a revival of Pernod Fils, arguably the most authentic absinthe ever produced with a recipe that's over 200 years old. The company stopped making it in 1915 when the French government banned absinthe, later coming out with a wormwood-free version. The original is a high-proof sprit distilled from Grand Wormwood, fennel and anise - exactly the same as consumed by the likes of Picasso, Van Gogh, Monet, and now, us.

Art world provocateur Damien Hirst just raked in a staggering $200.8 million in total over his two-day solo sale at Sotheby's in London, shattering pre-sale estimates. The dollar figure set a new world record for an auction dedicated to a single artist, Reuters reports. Fittingly enough since Hirst recently compared himself to Picasso, the previous solo sale record was set in 1993 at a Picasso auction; Hirst's total is ten times as large.

Although buyers of works such as the gold-dipped bull which went for nearly $18 million have not been identified, we're guessing the name of one Roman Abramovich will soon surface, especially since his hot young gallery-owning girlfriend Dasha Zhukova was given a personal, private tour of the Sotheby's inventory by Hirst himself prior to the event. In any case the jackpot should help shore up Hirst's claim that he is now a bona fide billionaire.

On the eve of a major auction of his work at Sotheby's in London, Damien Hirst's manager says the controversial Brit artist has become a billionaire - while one of the world's foremost art critics says he's little more than a no-talent huckster. Hirst's business manager Frank Dunphy says he is now the "biggest dollar earner in the history of art" with a net worth of $1 billion, which would make him one of the richest men in the UK, the London Times reports.

Dunphy says that in addition to his art, Hirst has invested heavily in real estate, and now has so many properties he's lost track of the exact number, which he estimates at between 30 and 40. These include a $5 million country house in Gloucester and a couple of Georgian houses in London's chic Mayfair district. If accurate, the $1 billion figure means Hirst's wealth has been vastly underestimated to date. The London Sunday Times 2008 Rich List calculated his fortune at only $350 million.

The Sotheby's sale today is expected to bring in at least $120 million. And like Picasso, Hirst says his signature alone is now worth a lot of money. "Someone in a gallery in New York told me the other day that my signature is worth $350," he tells the London Evening Standard. "It's actually something they can define. That means if I sign a check in a restaurant and it's for $250 the check is actually worth more than the bill comes to. On that level, yeah, maybe I am in the same position as Picasso. If you believe all that shit."

One person who emphatically does not believe "all that shit" is world-renowned art critic Robert Hughes. He has labeled Hirst's work "absurd" and "tacky commodities" in a new art world documentary airing in the UK later this month, the London Telegraph reports. Hughes singled out Hirst's famed shark in formaldehyde, entitled The Physical Impossibility of Death in the Mind of Someone Living, for particular criticism, calling it "the world's most overrated marine organism."

As we reported earlier this month, Hirst himself has said he's sick of some of the work he's become rich and famous for and plans to pursue other artistic avenues. In any case, Hirst has at least garnered the admiration of Vanity Fair which ranks him at No. 31 on their new list of the world's most powerful and influential people, putting him ahead of moguls like Sumner Redstone.

There have been some successful Picasso auctions in the past year or so, but an upcoming Christie's auction is not to be such an event. Andrew Lloyd Webber's Art Foundation has had to withdraw a Picasso valued at up to $60 million due to some 11th hour ownership claims made by a man named Julius Schoeps, who claims that the painting was lost by his family in a "forced sale" by Nazis. The Foundation says that the painting, to the best of their knowledge, was sold by the widow of the relative in question after his death in 1935 and that Scheops has no claim to it. A federal judge rejected the case due to a lack of jurisdiction, but Schoeps filed a civil suit in an attempt to claim the painting, titled "Portrait of Angel Fernandez de Soto." Schoeps seeks $60 million in damages and the return of the painting

Both Christies and the Foundation question Scheop's motives for making claim, especially as he was silent when the painting was purchased, with much publicity, by the Foundation in 1995. Proceeds from the sale of the portrait would have gone to charity.

There is a reason why so much artwork - particularly older, valuable pieces - is displayed behind glass cases or out of the public's reach: the art is easily damaged and galleries and museums don't want to take unnecessary chances with their investments. When you are a private collector, those safeguards aren't always maintained. This isn't a problem when personal collections are small, but it is when you own a $140 million dollar painting, such as Picasso's La Reve, owned by Steve Wynn. Wynn, after selling the painting for just under that price, accidentally punched a hole in the canvas with a careless elbow.

Apparently, the painting can be restored and Wynn is taking this as a sign that the painting should not be sold, but when you're dealing with something so valuable in the first place, even private collectors might consider an extra precaution or two.

[Thanks, Mike!]

Sotheby's Impressionist and Modern Art Evening sale went off beautifully last night to a better result than they had anticipated. The star piece of the auction, a portrait of Picasso's mistress titled Dora Maar au chat, sold for $95.2 million, almost double the guaranteed price of $50 million set by the auction house. It is one of the most expensive paintings ever to be sold at auction, second only to another Picasso, Garcon a la pipe, which sold at a Sotheby's auction in 2004 for $104 million. Another record setting piece was Matisse's Nu couché vu de dos, which was bought for just under $18.5 million, the highest price paid for a Matisse to date. A total of 27 of the 55 offered lots sold for over $1 million. The sales for the auction totaled $207.6 million.

 

Sotheby's New York Impressionist & Modern Art Evening Sale will be taking place this coming week on Wednesday, May 3rd. To tempt more sellers, Sotheby's has fixed the prices of more of the pieces up for auction, guaranteeing sellers at total of $253.8 million. The star piece of the auction, with a minimum price tag of $50 million, is Pablo Picasso's "Dora Maar au Chat," which is offered for sale by a relative of a Chicago businessman.

Other pieces include "Nu couché vu de dos" by Henri Matisse, "La Danse Grecque" by Edgar Degas and "Arlequine au Baton," also by Picasso, all of which have estimated sale prices over $6 million.