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.

While many of the art auction houses are dreading the fall season, Sotheby's has a few lots to celebrate. Art advisors can't keep their mouths shut, it seems, and following a luncheon for them, word got out that the house has picked up pieces by Alberto Giacometti and Andy Warhol next month.

Most collectors have been hanging onto their art, unwilling to sell their pieces in an unfavorable economic climate. Instead, they're hoping for a recovery and will likely unload the good stuff when they can get top dollar – or at least something better than fire-sale prices. So, it's pretty astounding that Sotheby's was able to nab such high-powered pieces when the rest of the world is scraping for decent. If it was looking for a differentiator this season, it got one.

The sculpture by Giacometti, "L'homme qui chavire," will go under the gavel on November 4, 2009 and is estimated at $8 million to $12 million. A similar piece by the same artist sold at Christie's New York in May 2007 for $18.5 million, after having been estimated at $6.5 million to $8.5 million. But, that was 2007 ... a different time, for sure.

The seller is publishing business stud S.I. Newhouse, Jr., who is thought to have acquired the piece in a private transaction. Maybe the Conde Nast superstar should have unloaded it sooner and sunk the cash into the magazines he had to close.

Tasteful prints and other works of art by some of the world's biggest art names once lined the corridors of the Lehman Brothers offices. Now several hundredd pieces from the collection will be put up for auction at Freeman's in Philadelphia on November 1. The auction showcases modern and contemporary art with works by Andy Warhol, Alexander Calder, David Hockney, Roy Lichtenstein and others. The art being sold is estimated to be in the $500,000 to $750,000 range. Money realized will eventually go to Lehman's many creditors.

This is just the first of a couple of auctions. On December 6, Freeman's will sell off 30 lots of European fine paintings from the Lehman collection. Next year, on February 12, another 500 lots or so lots will go up for sale. This collection is not part of the personal collection of Dick Fuld, the former CEO of Lehman, and his wife, Kathy. The Fulds sold a group of 16 artworks through Christie's last November for around $13.5 million. The piece shown at right, Roy Lichenstein's I Love Liberty, is a 1982 colored screenprint numbered 37/250.

The news out of Hong Kong has been solid so far, even if it continues the trend of meeting or beating lowered expectations. After a year of abuse, I think art collectors, gallerists and the artists themselves are eager for any good news they can claim. September was rough, according to ArtPrice, "with no room for over-bidding or risk-taking." There was only one contemporary artist, Andy Warhol, who has met expectations, so far.

But, there's room for hope: Jitish Kallah.

Kallah's only 35 years old. Born in Bombay, his work has been described by ArtPrice as "crisis-immune." The market for contemporary Indian art has been in a hard way, with the Christie's South Asian Modern & Contemporary auction last month bringing in only $5.1 million in sales – where the presale estimate was $5.6 million. Yet, Kallah's work set a new record, with "Dawn Chorus – 7" going for $320,000 and beating its high-end estimate by a factor of three.

Meanwhile, Warhol continues to deliver. A piece from his "Flower" series in 1964 went for $895,000 at Christie's in late September and a "Cambell's Soup Can (Tomato Soup)" fetched $310,000 a day later at Sotheby's.

So, we have fear and hope in October. This week, both Sotheby's and Christie's will hold auctions in the photography segment, with Phillips de Pury following next week. And, there are London sales coinciding with the Frieze Art Fair.

Let's see if art collectors are ready to dress their walls again.

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 ...).

The thief was a sports fan, it seems. Ten pieces by pop art king Andy Warhol – showing famous sports figures – were swiped from a home in West Los Angeles, according to local police. The 40 square inch silkscreens were stolen around September 2 and September 3. The owner, businessman Richard Weisman, is offering a $1 million reward for information leading to the recovery of the multimillion dollar collection.

Times may be tough for the art market, but a large collection of Warhols is still definitely worth a $1 million reward.

The paintings were displayed in Weisman's living room, and the doors to the house were locked. Nobody's sure how the thieves got into the house ... well, nobody knows but the thieves (obviously). The family nanny noticed that the paintings were missing and dashed off to a neighbor's house to call the police.

Among the missing are pieces depicting O.J. Simpson, Pele, Chris Evert and Muhammad Ali. The exact value of the collection is unknown, but Weisman had tried to sell it for $3 million in 2002. In 2007, of course, Warhol became the top seller at auction worldwide, so even in the current art slump, it's hard to imagine the collection hasn't appreciated.

Other artwork in the house was untouched, and the home had not been ransacked, leading the police to believe that the thieves were only interested in Warhol.

So, once again, the LAPD is trying to track down O.J.

In 1984, Michael Jackson and Andy Warhol were at the heights of their respective careers. The two pop artists have since passed, but their one collaboration is about to hit the auction block in a sale expected to figure in the millions.

This portrait of Jackson painted by Warhol, measuring 30 x 26 inches, is valued at half a million pounds sterling (nearly $850k), but is likely to fetch far more than that when it hits the block in the near future in a New York auction. Until then, it will be on display at the British Music Experience in London, where Michael was due to launch his comeback concert immediately prior to his untimely death.

[Source: Luxurylaunches.com]

Several celebrities did attend the art fair, but they brought little excitement, it seems, beyond their appearances. Jon Bon Jovi, personalities from The Real Housewives of New York City, Kelsey Grammer and Russell Simmons were all spotted, but Bloomberg didn't report any purchases.

The biggest name at the ArtHamptons fair, of course, was Michael Jackson – a creation by Andy Warhol. Originally, Vered Gallery had hoped to sell it via silent auction, but the gallery yanked the portrait late last week ... claiming that collectors were looking at the piece but "needed more time to assess the value."

Or, maybe they were just at the beach, like everyone else, apparently.

The mood in the Hamptons has been affected by real estate prices, plunging bonuses and – of course – the ongoing art market slump. But, the collectors gathering at ArtHamptons are trying to keep stiff upper lips. Rick Friedman, its founder and executive director, is saying that now is the best time to enter the art market, with low prices building in an inherently greater upside. And, there's no doubt. If you have the cash to put into the art market – and the inclination to invest in this asset class – now is the time to do it.

The major constraint on the art market isn't the notion that it's a bad time to invest. Any fairly serious art collector can see that this is the time to make a move. Like any other "discount," you can't take advantage of it if you don't have the price of admission. You might be able to pick up the Old Masters for a relative song right now, but if your bonus got slashed this year, the opportunity may not be possible.

So, what's moving at ArtHamptons this year?

Jane Wilson, who one a Lifetime Achievement Award this year, has seen some success, along with Elliott Erwitt, Lillion Bassman and other artists who lean toward decorative pieces. For some, the year's even been positive, with gallery director Joseph Newman calling the first quarter of this year the best he's had. Trompe l'oeil is working well, too. Interested in buying a Madoff joke for $13,500? You can do it with Eric Forstmann's Made Off with the Bail Out Package.

Meanwhile, soft porn is moving ... so, at least someone is making money on the skin business (the hardcore guys sure aren't). Suggestive images have always packed a bit of a thrill, and pieces that ply the flesh are doing well out in the Hamptons this year. Boyarde Messenger's Frilly in Yellow ($3,350) and Changing Rooms III moved for almost three times that amount.

The feel is somewhat upbeat at ArtHamptons this year, but the action is definitely taking place in the emerging artist space. Nonetheless, there are some big ticket items up for sale. At Vered Gallery's booth, you'll find a Picasso, Chagall, de Kooning and Rauschenberg – not to mention a 1984 portrait of Michael Jackson by Andy Warhol. If you're liquid, now's the time to enter the market!

Its mid-May performance was nothing to scream about, so Sotheby's didn't take any chances at last night's contemporary art auction in London. Three works by pop art king Andy Warhol moved for $10.5 million, accounting for 25 percent of the $42 million in sales. In all, 40 lots came under the gavel and came in just under the high estimate of $45 million. A surprisingly high 92.5 percent of works found buyers.

This year's London results for Sotheby's are off 73 percent from the late June 2008 contemporary art auction, indicating that low expectations played a role in last night's success. The average price last year was around $2.2 million, dropping this year by 48 percent as a result of a protracted art market recession. Well, Tobias Meyer, worldwide head of contemporary art for Sotheby's calls it "a performing transitional market," but you know what that means.

If the latest results tell us anything, it's that death is the cure for dying. An ailing art market is now showing signs of life thanks to the dead guys whose art continues to be in demand. Earlier auctions focused on lower cost, less prominent, "cutting edge" artists as an attempt to get collectors to open their wallets in smaller increments. Now, we're looking at a possible flight to quality. Ninety percent of the pieces auctioned had been under the hammer before.

So, is there any meaning in today's art market? Eh, maybe. It's schismatic. It's fun. And, at least it gives bloggers something to write about.

The major pieces that typically define Art Basel, the world's largest art fair, are being eschewed last year in response to the largest art market plunge in nearly 20 years. If you're hoping to see the likes of Andy Warhol's work at the show in Switzerland this year, you'll have to hunt. The show opens to VIP visitors today, but you won't see much up-market art in attendance among the 300 galleries and 2,500 artists represented.

Galleries and dealers are being realistic. Average auction prices fell 76.2 percent from May 2008 to the present, according to ArtTactic, a London-based company that analyzes the market. The unexpected $93.7 million result at the Christie's contemporary art auction in May was based on lowered expectations, tainting the success. Consequently, the art on display is generally "priced to sell." A small 1964 Warhol silkscreen self-portrait is being offered for $675,000, though it would have been put up for a $1 million last year. Effectively, prices have returned to 2005 levels.

Of course, a lucky few will be able to take care of the "shadow fair" that's likely to emerge at Art Basel this year. While some will be stuck working the booths, others will strike private deals, usually involving pieces offered on consignment from collectors.

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.

From the same people who brought us the gorgeous Kiss Portraits, DNA11 also makes portraits of DNA (above) and fingerprints. These too make great Valentine's Day gifts, just in a less overt way than the Kiss Portraits.

Putting your loved ones' fingerprints or DNA on your wall or desk not only shows you love them, but that you value their uniqueness and want to know every part of them. It makes them feel special.

DNA11 sends you a lip-print kit with a M.A.C. Viva Glam lipstick (which happens to be a great color), a fingerprint kit, or a DNA kit to make the print. Don't worry, DNA extraction is not scary; you just have to swab the inside of your cheek.

The DNA11 portraits are available in wall sizes or desk/shelf sizes, which we really love. The mini portraits start at $169. The Fingerprint Portraits start at $190 and come in three different sizes. The Kiss Portraits start at $290. You can choose from a wide variety of colors. Check out the Gallery below for ideas!

Renowned jeweler Laurence Graff has a habit of spending big at the big jewel and art auctions but this week Graff really went overboard spending $40 million this week on rare red and blue diamonds in Geneva and scooping up contemporary art in New York. Bloomberg reports that Graff paid $8.4 million for a Warhol soup-can picture, $15.7 million for Warhol's double image of Elvis Presley. as well as Warhol pictures of Jackie Kennedy and Truman Capote and Jean-Michel Basquiat's portrait of Sugar Ray Robinson. In an interview Graff was quoted as saying that what he bought he mostly got at low estimates and that he thinks they will go higher (this even as a prominent art dealer named Warhol and Basquiat as two of the most overpriced artists). Graff wasn't just buying, he also sold $10 million of art at this week's auctions.

Also on Graff's shopping list this week on the business side was the 493 carat Letseng Legacy, the world's 18th largest known diamond. Graff and manufacturing partner SAFDICO beat out 10 other diamantaires, eventually paying $10.4 million.

[Thanks, Lana]

From the San Francisco Chronicle:
--Andy Warhol's estate Eothen, has finally been sold to Millard Drexler, the chief executive of clothing retailer J. Crew. The exact price hasn't been given but it is said to be well below the $50 million asking price and could be below the $30 million mark.

From the NY Post's Gimme Shelter:
--Model Carmen Kass has sold her Greenwich Village loft for $1.6 million.
--Manhattan mega-developer Sheldon Solow has bought the last large tract of land on exclusive Georgica Pond in the Hamptons for about $25 million.
--Debrah Lee Charatan, the sham wife of cross-dressing real estate scion Robert Durst, who admitting to shooting his Texas neighbor and chopping up the body got quite a windfall for her troubles. She has purchased dog-food czar Leonard Stern's Bridgehampton estate for $11 million.
--Jazz trumpeter Chris Botti, has bought a SoHo co-op for $3.7 million.

From the NY Observer's Manhattan Transfers:
Philanthropist Loida Lewis has put her ninth- and 10th-floor duplex at 834 Fifth Avenue on the market for $45 million. The home has four wood-burning fireplaces, a "restaurant kitchen" and "breakfast room" and a one-bedroom "mezzanine" apartment between the ninth and 10th floors.
--Ted Allen of Queer Eye for the Straight Guy has sold his $2.75 million five-room loft at the Chelsea Atelier and will be renovating a brownstone in Brooklyn.
--Last October, Robert De Niro paid $20.9 million for a fourth- and fifth-floor duplex at 88 Central Park West and he recently was outbid on another apartment in the building by N.J. Nicholas Jr., a director of Boston Scientific.
--A new penthouse on the highest floor in Soho is on the market for $26.5 million. It is our estate of the day later today.

From the Wall Street Journal's Private Properties:
--Miami Heat center Shaquille O'Neal has raised the priced on his Miami Beach home, shown above. It is now listed at $35 million -- $3 million more than when he first listed it in 2005. The listing is here.
--Johnson & Johnson heiress Elizabeth Ross Johnson is selling the Manhattan townhouse she bought from Meryl Streep just over a year ago for $9.1 million. Her price is $15.95 million and the listing is here.
--The Pound RIdge home of the late Christopher and Dana Reeve has apparently found a buyer.

From the LA Times Hot Property:
--Omar Epps and his wife, Keisha Spivey have purchased a Sherman Oaks home for around $2.2 million.
--Olympic gold medalist, swimmer Lenny Krayzelburg has fixed and flipped a 1923 home in the Hollywood Hills, buying it for slightly more than $1 million and selling it for $2.5 million.
--Actor Josh Cooke has purchased the Hollywood Hills home of Dennis Hammer, executive producer of "Heroes" and "Crossing Jordan," for about $1.3 million.
--The Lipetz House, the Silver Lake home, a home shot by architectural photographer Julius Shulman and California Modernist Raphael Soriano's first residential commission as an architect, has been purchased for slightly more than $1 million by Annie Weisman and Bill Macomber.

From the NY Times Big Deal:
The Kress family home on Fifth Avenue has been put on the market for more than $50 million. The home takes up two floors and has five bedrooms.
--A 9,500-square-foot town house on West 73rd Street just off Central Park West decorated with busts of Roosevelt and Freud will be auctioned off in March; its estimated price is $7 million. Pictures of the home are here.
--Gwyneth Paltrow has signed a contract to buy the last unsold apartment at River Lofts in TriBeCa for just over $5 million.