UN experts decry Iran's reported plan to execute Iranian-Swedish academic    12 years on, victims of Mumbai terrorist attacks await justice India accuses Pakistan of shielding main culprits    Abu Dhabi crown prince meets with Indian foreign minister    CMA warns market manipulators of prosecution    1-year jail and SR50,000 in fine for assaulting women    Foreigners must transfer sponsorship within 2 months after separation from Saudi spouses    Yemeni parties condemn Houthi attacks against civilian targets in Saudi Arabia    Details of new 2021 Dakar Rally route in Saudi Arabia unveiled    Saudi Arabia collects six Arab governmental excellence prizes    Argentina Soccer Legend Maradona Dies of Heart Attack    Minister of Justice chairs a virtual meeting of the Arab Justice ministers executive bureau    China FM in Japan to Discuss Virus    Joint Incidents Assessment Team Refutes Allegations against Coalition Forces    CITC to Host a Webinar on Radio Spectrum Innovation in Collaboration with the ITU    AstraZeneca COVID-19 Vaccine 90% Effective only Among Age Group Below 55, US Advisor reports    SABIC introduces new Lexan anti-fog film for clear safety visors, lenses and goggles    Coronavirus deaths drop to 14 as Saudi Arabia sees 326 new cases    HRC President receives Ambassador of New Zealand    DEWA selects bidder for 120 MIGD Hassyan Sea Water Reverse Osmosis IWP Project    Saudi Ladies International confirmed for 2021    European Tour's commitment to golf in Dubai will support tourism recovery    On Behalf of the Custodian of the Two Holy Mosques, Governor of Riyadh to Attend Final of the King's Cup    Russian President Praises Joint Cooperation with the Kingdom of Saudi Arabia to Ensure the Stability of the Global Energy Market    Russia reports record 507 coronavirus deaths    King approves Saudi Central Bank law and renames SAMA    K Chinar, Pak Zalmi open account in Ace Travel Saudi Cup    Bahraini, Indian foreign ministers meet, seek to boost bilateral ties    OPEC Secretary General: The Attack on Petroleum Products Distribution Terminal North of Jeddah is Cowardly Act    Study: Small link between blood type O and lower risk for severe COVID-19 illness    Saudi Arabia Achieves Highest Levels of Commitment to Implementing G20's Outcomes on Cybersecurity    Azha Workshop unveils bracelet to showcase AlUla's rich history    RCU announces the winners of #CaptureAlUla photo competition    Chelsea 7th club to top PL, with win, at Newcastle,    Coman rescues 1-1 draw for Bayern against Werder    British Council to host event for young Saudi filmmakers    Saudi Arabia Launches Golf Sustainability Strategy, Al-Rumayyan Opens Aramco Saudi Ladies International    MCIT Launches Initiative to Raise Awareness on Cyberbullying    Council of Senior Scholars: Muslim Brothers' Group Don't Represent Method of Islam, rather only Follows its Partisan Objectives, Violating our Graceful Religion    Saudi Medical Team Restore Young Man's Lost Vision, One Year later    KSrelief Organizes Awareness Campaign on Breast Cancer in Aden Governorate, Yemen    Ithra Signs Agreement with Supreme Council of Antiquities of Egypt    Court facilitates young woman's marriage after stripping father's guardianship    Bahrain's top Islamic body condemns attempts to insult Muslim symbols    Saudi man accused of harassing foreign wife asked to be produced before court Court allows divorce, custody of children by mother    S. P. Bala, legendary Indian singer, dead at 74    Eid Al-Adha Prayer Performed at the Grand Holy Mosque    Pilgrims Perform Dhuhr and Asr Prayers in Arafat Holy Site    Senior Scholars Council Issues Decision No. 246 Regarding Attendance of Friday Prayer and Prayers at Mosques in a Case of Spread of Epidemic or Fear of its Spread    







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.