In the top art stories this week, we saw one big alliance in the making and one big proposal for an alliance breaking down. Inspite of numbers indicating a slight shrinkage in the market (TEFAF Report), the overall sentiment couldn’t be more buoyant. Read on to find out the top art stories this week:
TEFAF + Sotheby’s = TEFAF Beijing 2014
Imagine an auction house & an art fair joining forces to create a high-end art and antiques fair! Sotheby’s and TEFAF will be doing exactly that. And the fair will be held in Beijing, China next year. Speaking of TEFAF, it has been reportedly a tremendous success. Artsbeat.
We have the latest TEFAF art market report for you. Top 3 Highlights: The art market shrank by 7%. China’s share in the world market went down to 25% (from 33%). Post-War & Contemporary Art was the sector with the largest share in 2012 (43% by value) TEFAF Report.
Chinese girl sells for £1 million
We had told you about the Chinese girl a few weeks back. Well, she is back in news as reports of the painting being sold for close to £1 million came in this week! This fascinating work by Siberian-born artist Vladimir Tretchikoff sold for double its estimate at the Bonhams auction. The Independent.
No more LACMA-MOCA stories
“Thanks, but no thanks” is what MOCA seems to be in mood for saying to LACMA. The board came to this decision deeming it best as the future course for MOCA. It appears that they are still in the process of exploring strategic options. Alliance with the National Gallery of Arts, Washington seems to be one of the possible routes. We will keep you posted. LA Times.
Now this is the stuff that dreams are made up of
Imagine buying a 5-inch ceramic bowl for $3 at a yard sale. Now imagine it being sold for over $2 million at an auction! Yes, it happened this week with a New York family when the ‘Ding’ Bowl they had purchased for $3 was sold at Sotheby’s and swiftly bought by dealer Giuseppe Eskenazi from London. Forbes.
Eye on the South Asian market
As a follow up to our interview with Deepanjana Klein, Head of Sales at Christie’s for South Asian Modern + Contemporary art auction, we checked up on our favorite paintings. The eclectic “Village en Fete” by S.H. Raza was sold for $1.8 million – more than double its expected price. The painting by V.S. Gaitonde was sold for $693,750 to a private US collector. “World auction records were set for Rina Banerjee, Tayeba Begum Lipi, Imran Qureshi, Ayaz Jokhio, and Farida Batool, a testament to the growing strength of the South Asian contemporary market.” – Ms. Klein. CHRISTIE’S
Strong sentiment buoys Art Dubai
Another major art story this week is about the burgeoning Art Dubai – now in its 7th year! The fair will showcase 75 galleries from 30 countries, with close to 500 artists’ works on display. There is a lot of buzz around Yayoi Kusama whose art will be presented for the first time at the fair by Victoria Miro Gallery. The overall sentiment is upbeat with Dubai becoming an important art hub. Figures indicate that art worth approximately $45 million will be on display! Bloomberg. NY Times.
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