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Not a good outlook for the art market: sales and profits are collapsing for the luxury groups, reports Der Aktionär: "After LVMH recently disappointed with its figures, competitor Kering is now also causing long faces. Due to the slump in consumption and reorganisation efforts at its most important brand Gucci, the group is expecting a further significant drop in profits. ... read more
Devorah Lauter has analysed how smaller and mid-size galleries are dealing with the current market weakness for Artnews: “For these smaller and mid-size galleries, however, the slowdown makes the calculus around fairs trickier, particularly when you consider the overhead for a fair. As multiple dealers told ARTnews, shipping, framing, storage, and other overhead costs have risen dramatically, with [gallerist Monique] ... read more
The third and final part of the review is about the auction season. Werner Remm tells the exciting story of the rediscovered "Portrait of Miss Lieser" by Gustav Klimt, the most expensive work of art ever offered at an auction house in Austria with an estimate of 30 to 50 million, in Artmagazine: "The work itself, a prime example of a ... read more
As the first international art fair of the year, Art SG in Singapore is testing the market with its second edition. Naima Morelli reports in The Art Newspaper of - surprise! - "swift sales": "While the gallery participation dropped by 29% this year, this is not felt when walking around the stands. Works of art now have more breathing space, with galleries ... read more
The year 2024 is halfway over; it's time for a look back, as always in three parts. Hubertus Butin's thematisation of the backdating of artists' own artworks at the beginning of the year must be considered almost prophetic. He addresses the not entirely unproblematic practice of some artists of backdating their own works in the FAZ: "In contrast to Ernst Ludwig ... read more
Daniel Cassady reports the falling credit rating of Sotheby's at Artnews: "S&P Global Ratings has downgraded Sotheby's credit rating from B to B- due to falling revenues and rising costs during the first quarter of 2024, according to a report from the Wall Street Journal (Paywall). S&P ratings, which are issued to both companies and ... read more