Saudi Ministry of Education to showcase innovations at 2025 Geneva International Exhibition    7,523 violators of residency, labor, and border security laws deported in a week    Video contradicts Israeli army account of deadly March 23 strike on Gaza paramedics    Saudi Arabia spends over $241 million to implement de-mining projects in 3 countries    Italy's Meloni government approves controversial security decree expanding police protections and penalties    Egypt submits new Gaza ceasefire and prisoner exchange proposal: Report    'Everything is possible' — Ronaldo focused on titles, not 1,000-goal milestone after Riyadh Derby win    Saudi, US military leaders discuss enhanced defense cooperation in Riyadh    King Salman Global Academy for Arabic Language launches program with Indiana University    Ronaldo brace powers Al Nassr past Al Hilal in Riyadh derby thriller    Ed Sheeran weaves Persian music into new song, Azizam    Al-Jadaan: Crown Prince's directives confirm government's ability to bring back balance to real estate market    Veteran Bollywood actor Manoj Kumar dies at 87    Foreign investors are allowed to engage in real estate business outside Makkah and Madinah Commercial speculation should not be the purpose of real estate transaction    Aubameyang fires Al Qadsiah into King's Cup final with stoppage-time winner over Al Raed    Musk's X is suing India, as Tesla and Starlink plan entry    Tesla sales plunge after backlash against Elon Musk    Danilo Pereira fires Al Ittihad into King's Cup final with dramatic stoppage-time double    Screen time in bed linked to insomnia, study finds    Mexico bans junk food in schools to fight childhood obesity epidemic    Sweet sales surge ahead of Eid as Saudi chocolate imports top 123 million kg in 2024    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    King Salman prays for peace and stability for Palestinians in Ramadan message King reaffirms Saudi Arabia's commitment to serving the Two Holy Mosques and pilgrims    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



All eyes on $1.5b of art under the hammer in New York
Published in The Saudi Gazette on 09 - 05 - 2014


Chris Michaud


NEW YORK — Six months after the record was set for the most expensive painting in auction history at the biggest-ever sale of art, eyes are trained on New York's upcoming auctions for signs of whether the boom will continue or the bubble will burst.
With some $1.5 billion worth of Impressionist, modern and contemporary art hitting the block at Sotheby's and Christie's over the next two weeks, the stakes are high for the two arch rivals as they strive to tap a market characterized by insatiable demand and deep pockets.
“The auctions are getting bigger and prices are getting bigger. But it makes sense, what they're growing to,” said Alex Rotter, Sotheby's co-head of worldwide contemporary art, adding “It's a market driven by quality.”
While few expect any individual work to top the $142 million fetched by a Francis Bacon triptych in November, both houses are featuring works by the British painter as consignors seek to capitalize on soaring prices for blue chip artists' best work.
Other expected highlights include works by Andy Warhol and Jeff Koons, who set a record for work by a living artist in last autumn, as well as masterpieces by Pablo Picasso and Claude Monet. Sales of contemporary art alone, which has seen prices soar in the past decade, are expected to total nearly $1 billion.
In the most recent test of the market, the February sales in London met or exceeded expectations and set records. Officials have said a growing class of the super-rich in emerging economies, especially China, Russia and the Middle East, have helped drive the market in recent years. But they now note that, at least at its top echelons, art has gone global.
“The interest is coming from everywhere,” said Sara Friedlander, head of contemporary evening sale at Christie's, where a $691 million night in New York in November became the biggest auction ever. “We can count on the entire world to show up,” she said.
Rotter concurred, saying “The market is not really driven by one segment anymore. We used to point to the Chinese or the Russians, or the hedge fund or new-oil guys in the Middle East.
“But now we've come to the point where all of these groups or professions have come together and are very, very active.”
The official also said that prices commanded by masterpieces of late had encouraged some collectors to sell. At the same time, the growing pool of collectors is keeping demand strong.
“People are clearly comfortable with the fact that it's a strong market and are taking advantage of that opportunity,” said Brooke Lampley, Christie's head of Impressionist and modern art. “We had plenty of material to choose from, and were able to be selective,” she added.
Friedlander said the inherent nature of art, with its fixed supply, was helping drive prices for top-tier works.
“This is a major moment of masterpiece buying. There will be less and less of an opportunity for top collectors to put their money into masterworks, as they become less available.”
The global art market totaled $65.9 billion last year, an increase of 8 percent and the highest level since 2007, according to a report by the European Fine Art Foundation. Officials from both houses said they strove to offer top quality works fresh to the market for their big evening sales.
“You don't have to have the greatest Bacon or the greatest Warhol,” said Rotter, referring to top-tier artists. The idea rather is to offer any artist's best work. Rival Christie's landed the highest-priced work this season, another Bacon triptych, “Three Studies for a Portrait of John Edwards” estimated at about $75 million. An untitled Mark Rothko painting and Warhol's “Race Riot” should each fetch about $50 million.
Christie's also scored several major collections this season, led by that of Seagram founder Edgar Bronfman and of the so-called “reluctant heiress” Huguette Clark, which includes one of Monet's seminal water lilies, described by Christie's Lampley as the ultimate trophy piece and “the Holy Grail for collectors.” Another collection features Picasso's “Portrait de Femme (Dora Maar),” depicting his mistress. Both works are estimated to sell for $25 million to $35 million.
Sotheby's top lots include Koons' “Popeye” sculpture that has never been seen in public and is expected to fetch about $25 million. A group of six Warhol self-portraits from 1986, among the last works created by the pop artist which were bought 28 years ago for $57,500, is estimated at $25 million to $35 million.
The New York-based auction house's Impressionist and modern sale features Henri Matisse's “La Séance du matin” ($20 million-$30 million) and Picasso's “Tête de Marie-Thérèse,” estimated at $15 million-$20 million. The sales kick off on Tuesday at Christie's and on Wednesday at Sotheby's. — Reuters


Clic here to read the story from its source.