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In his report in WeLT on Art Basel, which he says “got off to a flying start”, Marcus Woeller peppers his piece with art market anecdotes: “Above all, however, it is the selling prices at Art Basel that are truly exclusive. The asking price of 35 million dollars, for instance, with which the Hauser & Wirth gallery announced the sale ... read more
The June Art Fair in Basel was cancelled on Sunday, one day before it was due to begin, without any explanationJo Lawson-Tancred has combed through the list of participants at Frieze London for Artnet, looking for galleries that are not taking part this year: “Several galleries, including Almine Rech, James Cohan, Sean Kelly, Gathering, Kurimanzutto, ... read more
The narrative of the ever-expanding top tier of the art market is beginning to show cracks, reports Robin Pogrebin in the New York Times (paywall): “In perhaps the clearest sign yet of a profound shift in the art market, Pace Gallery plans to announce on Thursday that it is reducing its artist portfolio by 50 artists and its staff by ... read more
Art is a poor investment vehicle. This should really be a truism, yet the misconception that this is not the case persists. Taking the example of the latest New York auction results – hailed by the auction houses themselves, art dealers and much of the press as a resurgence of the art market – Katya Kazakina demonstrates in detail for read more
The most comprehensive analysis of New York’s auction week is provided by Zachary Small, Julia Halperin and Tim Schneider in the New York Times (possibly behind a paywall): “Months of speculation led up to this moment, a symbol of the industry’s attempt to regain its footing after four years of fluctuating sales. It worked. Apart from the seven-minute bidding war ... read more
The gushing reports on art fairs are often hard to take, especially when the coverage comes almost exclusively from US media. You really have to read between the lines to get a sense of what is actually going on. The New York fair week demonstrates this once again.“It’s a celebration,” reads the headline of the report on Frieze written by Brian Boucher and Daniel Cassady ... read more