romanabramovich

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.

Mechanic turned steel baron Vladimir Lisin (right) has replaced Mikhail Prokhorov as Russia's richest man with a fortune of $18.8 billion. Russian magazine Finans just released its annual ranking of the country's oligarchs, showing that Prokhorov, known for his shenanigans over the Villa Leopolda, has slipped into second place while Roman Abramovich languishes in third.

All three men did very well for themselves last year. Lisin, 53, more than doubled his wealth from a year earlier to overtake Prokhorov, whose own fortune grew 27 percent to $17.85 billion, and Abramovich, whose estimated wealth is $17 billion, an increase of 22 percent. As my colleague Deirdre Woollard reported last week Russia gained 28 new billionaires in the last year.

The somewhat secretive Lisin is a keen hunter and a connoisseur of Cuban cigars. He owns a 16th century castle in the Scottish Highlands with 13 bedrooms on 3,300 acres ideal for grouse shooting, deer stalking and game fishing. Lisin's name means "fox" in Russian, and he is well known in his homeland for always staying on the Kremlin's good side.

In the last few months we've been noticing Russian billionaire Roman Abramovich doing a lot of spending. There was that pricey New York dinner, the lavish New Year's Eve party, the new house in Los Angeles. He seems to be doing quite well and he's not alone, Russia is making billionaires once again. The Moscow-based magazine Finans says that Abramovich remains one of Russia's top three richest men. The magazine's data reveals that all those in the top ten had a fortune of at least $9.95 billion. Two of the richest, Mikhail Prokhorov and Roman Abramovich were worth more last year, with $14.1 billion and $13.9 billion, respectively.

Businessweek reports that Russia gained 28 new billionaires bringing the total to 77 from 49 a year ago. That's a good number but not quite up to the 101 billionaires that were filling Russia's coffers in 2008. Finans states that the combined wealth of the 10 richest Russians now sits at $139.3 billion, up 84 percent over last year but still down from the $221 billion the 10 richest were worth two years ago.

All secrets eventually come out. At the recent London auctions, in which both Sotheby's and Christie's saw several lots set records, Russian collectors poured some money back into the art market, and Laurence Graff, chairman of Graff Diamonds, parted with a healthy dose of cash. It's this action that caused a combined tally of £258.9 million (including fees), more than double the result a year earlier.

The UK-based diamond dealer sunk £8.1 million into Pablo Picasso's "Tete de Femme (Jacqueline) at the Christie's auction, spending 100 percent more than the high-end presale estimate for the piece. According to Bloomberg News, Graff confirmed the acquisition by e-mail.

Russian billionaires got back into the game, as well, and they exercised better judgment than they did during the art boom, when prices for artists such as Damien Hirst were propelled to absurd levels.

The Impressionist sector has held on rather well, by comparison. "The market for Impressionist and modern art hasn't been as frothy and speculative as contemporary," said Guy Jennings, partner in the London-based dealership Theobald Jennings. "Last year, prices might have slipped five or 10 percent, but since then there's been some asset inflation. That might not be the case in six months' time if there's a double-dip recession."

Roman Abramovich's recently launched Eclipse is currently the world's largest private yacht at a whopping 557 ft. His oceanic supremacy may be short lived however, as Belgium-based Emocean Yacht Design has just unveiled plans for a 656-ft. gigayacht (above) which would put the the oligarch's new toy to shame. Like Emocean's 541-ft. design for the UK's Devonport Yachts to be featured at the upcoming Abu Dhabi Yacht Show, the 656-footer is a completely bespoke design, with equipment, styling, configuration, and class tailored to the desires and tastes of the client.

The monstrous but attractively styled vessel features a drive-in garage, two 98-foot day boats, helipad and hanger, a 100-ft. swimming pool, nightclub, casino, games room, two-level cinema, three beach clubs, a health spa, and 10 VIP rooms, 22 guest suites and a private owners deck accommodating a total of 45 passengers, along with 70 crew. Even at that size she'll be impressively fast, with a planned maximum speed of 28 knots, a cruising speed of 20 knots and a range of 6,500 nautical miles at cruising speed. No price has been mentioned yet but expect it to clock in at well over $500 million.

[via JamesList]

From the LA Times Hot Properties:
--The Bel-Air home of director and artist Stephen Verona is for sale $4.395 million. The red tile-roofed villa, shown above, includes gardens and a gazebo. The property website is here.
--Television writer Daniel Freudenberger has listed his historic Cheviot Hills home for $3.695 million. The listing is with Ben Lee Properties.


From the Wall Street Journal's Private Properties:
--Russian billionaire Roman Abramovich has paid $19.5 million for a Tuscan-style home in the Hollywood Hills.
--George Stephanopoulos, co-host of ABC's "Good Morning America" show and a former adviser to President Bill Clinton, has bought a home in East Hampton, N.Y., for $3.5 million.
--Interior designer Cindy Rinfret, whose clients other local residents Tommy Hilfiger and television personality Regis Philbin, has put her Greenwich, Connecticut home on the market for $14.5 million.



From the NY Post:
--Katie Lee, the cookbook author and ex-wife of Billy Joel is said to be selling her 23 Perry Street that she and Joel once shared and that she bought from Joel for $3 million after their split last year. It is expected to be listed with Dolly Lenz for $12.9 million.
--Jeffrey Loria, the art-dealing owner of the Florida Marlins, has picked up part of the Howard Gittis' Southampton estate on Ox Pasture Lane. The estate was divided into three portions and sold for a combined $38.5 million to Loria and designer Tory Burch.
--Someone wants in at the Trump International Hotel and Tower. A Russian family walked away from a deal to buy an $18.5 million, 5,500-square-foot penthouse at the tower but it was auctioned off for more than $31 million. It is reportedly gutted and a renovation could cost $10 million.
--Julianne Moore was spotted checking out the Soho Mews development looking at two townhouse units priced around $5 million to $5.5 million. Her townhouse remains on the market for $11.995 million.


From the Real Estalker:
--Billionaire Jerry Perenchio has added to his huge Bel Air estate by picking up a $9.2 million property across the street from his home.
--The seven-bedroom home that Michael Jackson rented in las Vegas for around six months has sold for $3.1 million. The home in Las Vegas he was interested in buying remains on the market at $16.5 million.


From Zillow Blog:
--Sean Penn and Robin Wright have sold their Marin County home. The price was not revealed but the home was first listed their home for sale in August 2008 for $15 million.

From the Chicago Tribune's Elite Street:
--Charlotte Bobcats and former Chicago Bulls center Tyson Chandler has listed his six-bedroom mansion for $3.395 million. He bought the home for $4 million and in the past he tried to sell it for as much as $4.9 million. The listing is here.

--Former Chicago Bears quarterback Rex Grossman has sold his 36th-floor condominium in Chicago's Trump International Hotel & Tower for $2 million.
--Chicago sportscaster Steve Kashul has sold his three-bedroom, ranch-style house in Naperville, complete with a basement bowling alley, for $475,000.

Russian billionaire Roman Abramovich has ordered a new yacht, the "Eclipse", which is due for delivery from Blohm & Voss sometime this year and is being heralded as the world's biggest private yacht at 560 ft long. Among its many outstanding features are armor plating and a missile defense system, plus a laser shield that shoots bolts of light at cameras to ruin photographs and foil the paparazzi. He must feel safe leaving valuables inside (I guess!) because over the last several months he's been busy buying up art from the Millennium gallery in south England to decorate the yacht's massive interior. Although details on the specific pieces and prices purchased have not been released, we do know it totals 35 pieces so far and the collection is valued at over $300,000 dollars.

I would love to see that interior!

The kids at Gawker got their hands on pix from Russian oligarch Roman Abramovich's lavish New Year's Eve bash in St. Bart's which my colleague Deirdre Woollard first reported on. Abramovich is said to have spent about $5 million on the bash for 250 of the chosen, including Lindsay Lohan, Orlando Bloom and Miranda Kerr.

Despite some bad weather, the party proceeded as planned at the 70-acre $89 million estate Abramovich purchased on the posh island back in September, with loads of fancy food, an ocean of champagne, fireworks fired off from one of his superyachts and musical performances by Gwen Stefani, Beyoncé, and Prince. Click here to see the photos.

Russian billionaire Roman Abramovich must be feeling optimistic about the new year. The London Times reports that he and his girlfriend Daria Zhukova are planning a lavish celebration on St Barts for New Year's Eve. The beach party for 250 people will reportedly include a performance by Prince, a treat that Abramovich is said to have paid £500,000 for. Abramovich recently bought a home on the island for $89 million. He plans to use the entire Governor Bay area as a party space bringing luxury yachts in and launching fireworks off of one of his own massive boats.

The outdoor party will also include the swimming pool and the outdoor cinema. Abramovich is believed to be spending £3 million on the affair. The guest list is a secret but it has been speculated that Jude Law and Simon Cowell received invites. It's all a far cry from last year when Abramovich canceled his Aspen New Year's Eve bash.

Do we need a better augury of a renewed global economy than this? TMZ is reporting that our favorite spendthrift Roman Abramovich is at it again. He spent around $52,000 on lunch in New York City at Italian food restaurant Nello's. Abramovich and his party of nine others dined on truffle carpaccio, rigatoni Siciliana, truffle taglioni, filet mignon and more but what really boosted the tab was the wine. The bill which TMZ has obtained shows bottles of Cristal Rosé, Chateau Petrus and Domaine Romanee-Conti La Tache as well as some Johnnie Walker Blue. Apparently, Abramovich and his crew aren't sweets lovers, there's just one lone tiramisu on the list.

TMZ reports that the check had an automatic gratuity of 20 percent, over $7,000 but Roman and crew threw in another $5,000, bringing the tip to 26 percent. Classy move, oligarchs.

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.

The Frieze Art Fair is drawing the right kind of people this year, even if the art market is showing little more than hope (and even that's debatable). Roman Abramovich - billionaire, Francis Bacon fan - has been seen scoping out the merchandise. Gwyneth Paltrow is at the show, too. Both were at the VIP preview (separately), and David Ganek made an appearance as well. Ganek is a hedge fund manager and art collector, and his wife, Danielle wrote a god-awful novel about the art business in Manhattan.

The Frieze Art Fair runs through October 18 and occupies 70,000 square feet in Regent's Park. In attendance are 165 gallery owners from 30 countries, all eager to take advantage of collectors excited to be at Europe's largest art fair. But, they have their work cut out for them. Auction sales are down between 70 percent and 80 percent from last year, and that's usually a pretty good sign of how the art market as a whole is doing.

There is some action at Frieze this year. Artist Jim Hodges has an exhibition at the Pompidou Center in Paris that's captured the attention of a museum. Stefan Edlis, Jean Pigozzi and David Roberts - all prominent collectors - have been seen at the fair. Art dealer Marianne Boesky moved 13 paintings from a new series of 15 watercolors by Barnaby Furnas that depict the capture and execution of John Brown, the Civil War abolitionist. Prices ranged from $25,000 to $30,000.

After the dismal situation at Frieze in 2008, there's a collective desire for this year to be better. While wishing for an art market recovery probably won't make a difference, the sentiment itself is comforting.

The Frieze Art Fair previews in less than a week, and London's art market players are looking to make a splash. While it's unlikely that the prestigious and well-attended event will single-handedly undo 12 months of carnage, hopes are high that it will be a turning point. Frieze is the largest art fair in Europe that's dedicated to the contemporary space.

The preview will be held on October 14, 2009, and 165 galleries will be courting the wealthy collectors expected to be in attendance – up from 151 galleries in 2008. Twenty-eight art galleries left from last year, so Frieze had to find a considerable number of new participants to make up the difference and then come out ahead.

The fair is coming on the heels of a year in which auction sales are down 70 percent to 80 percent and prices for works by many major artists are down by half.

In one of the grandest gestures the market has seen since the slump began, Gerard Faggionato, a dealer from London, will be putting Francis Bacon's "Study from the Human Body after Muybridge" up for sale at a price of $9 million. This isn't exactly what Bacon's work used to fetch, but it's still a steep price in a depressed market. Faggionato represents Bacon's estate, which is the seller.

The painting shown at right, Bacon's ' Study for the Portrait of Michel Leiris ' is being shown as part of the exhibition 'Caravaggio and Bacon' at the Borghese museum in Rome.

Art Moscow features works from 40 galleries – both from Russia and around the world. Originally, the art fair was supposed to run in May, but Expo Park Exhibition Projects Ltd., its organizer, pushed it back to hit at the same time as the state run Third Moscow Biennale of Contemporary Art. The dual event may bring a bigger turnout, but it will have to overcome a 10 percent contraction in the Russian economy.

Counting against Art Moscow ... aside from general economic malaise ... is the fact that the sale of Russian artwork is down. The major auction houses in London moved only $48 million in Russian art in June, down more than half from the same auctions in 2008.

So, how likely is a stream of cash? Igor Markin, a big-time collector and owner of the Art4.ru museum, says he "hasn't bought anything in a long time."

In addition to the military-grade missile defense system, armor plating and bullet-proof windows featured on Roman Abramovich's new 557-ft. Eclipse (above), the world's largest and most expensive privately owned yacht, the Russian oligarch has installed a high-tech anti-photo shield designed to keep the paparazzi at bay. The system relies on lasers to block any digital camera lenses nearby, the London Times reports. Infrared lasers will detect the cameras' electronic light sensors, known as charge-coupled devices (CCDs), and then fire a focused beam of light at the camera, disrupting its ability to record a digital image. The Times, which also claims the total cost of the Eclipse has now ballooned over the $1 billion mark, reports the yacht set off on a sea trial last week with 150 engineers and maritime experts aboard who will put it through its paces over 10 days. Abramovich, who just paid $89 million for a villa in St. Bart's, is due to take delivery of the yacht on December 22.