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Abu Dhabi is buying into Sotheby's, the investment firm ADQ announced in a press release: "Under the terms of the agreement, ADQ will acquire newly issued shares of Sotheby's to reduce leverage and support the company's growth and innovation plans. Patrick Drahi, who acquired Sotheby's in 2019, will also invest additional capital alongside ADQ and remain Sotheby's majority owner. The ... read more
The American art scene seems to be discovering the benefits of summer fairs this year in particular. Daniel Cassady enthuses about Aspen in Colorado on White Cube Gallery has replaced 38 supervisory staff, mostly artists and students, with professional security staff, reports Anny Shaw in The Art Newspaper: "In their group statement, the workers ... read more
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