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Art Market

Art Is a Rising Focus for Wealth Managers and Family Offices

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Source: PENTA

The value of art and collectibles owned by the world’s wealthiest individuals totaled nearly US$2.2 trillion as of last year, an amount that could grow to nearly US$2.9 trillion by 2026, according to recent analysis from wealth management advisor Deloitte Private and ArtTactic, a research and analysis firm. 

Yet, the art market overall has grown only 0.6% annually since 2008, failing to keep up with inflation, and with the surge of growth in overall global wealth. Deloitte Private—a division of U.K.-based Deloitte—and London-based ArtTactic said in the eighth edition of their biennial Art & Finance Report. That means there are many more wealthy people who could own art. 

The report proposes an intriguing reason for the stunted growth: The fact that more than three-quarters of auction sales are generated by the work of a little more than 1% of all artists. 

Read more: https://www.barrons.com/articles/art-is-a-rising-focus-for-wealth-managers-and-family-offices-9033323b

Art Market

Art Market Seeks Its Footing After Stumbling Sales and a Hack at Christie’s

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Source: The New York Times

Estimates are still soaring past the $20 million mark and canvases still bear the signatures of dependable ringers like Warhol, Basquiat and Picasso. But there is a shadow looming over the spring auction season that begins Monday.

A cyberattack at Christie’s brought down the company’s website on Thursday, and as of Sunday morning, Christie’s had not yet regained control of it. On Sunday evening, in his first public statement since the cyberattack, Guillaume Cerutti, the chief executive of Christie’s, confirmed that eight auctions would proceed as scheduled, with bidding in person and by phone (the rare watches sale has been postponed until May 14). A place-holder website was set up allowing access to the digital catalogs, but did not allow online bidding. With the site down and questions still unanswered about the fate of confidential data, analysts are uncertain about the impact on buyers and sellers.

Read more: https://www.nytimes.com/2024/05/12/arts/design/will-auctions-revive-art-market.html

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Art Market

Art Market Seeks Its Footing After Stumbling Sales and a Hack at Christie’s

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on

Source: The Newyork Times

Estimates are still soaring past the $20 million mark and canvases still bear the signatures of dependable ringers like Warhol, Basquiat and Picasso. But there is a shadow looming over the spring auction season that begins Monday.

A cyberattack at Christie’s brought down the company’s website on Thursday, and as of Sunday morning, Christie’s had not yet regained control of it. On Sunday evening, in his first public statement since the cyberattack, Guillaume Cerutti, the chief executive of Christie’s, confirmed that eight auctions would proceed as scheduled, with bidding in person and by phone (the rare watches sale has been postponed until May 14). A place-holder website was set up allowing access to the digital catalogs, but did not allow online bidding. With the site down and questions still unanswered about the fate of confidential data, analysts are uncertain about the impact on buyers and sellers.

Read more: https://www.nytimes.com/2024/05/12/arts/design/will-auctions-revive-art-market.html

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Art Market

INSIDE THE HOLY SEE PAVILION AT THE VENICE BIENNALE, WHERE PRISON IS NO LONGER A PLACE SEPARATED FROM THE WORLD

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Source: elledecor

Whoever has the chance to visit the Holy See Pavilion — and we highly recommend you do — a surprise among surprises at the 60th Venice Biennale of Art, on until November 24, will walk away with a heavy, meaningful and necessary emotional baggage.

There in that long strip of land gazing at the postcard city from afar while still part of it, with iconic and legendary locales — including the headquarters of Fortuny, Molino Stucky, Harry’s Dolci overlooking the Zattere, the Belmond Cipriani and its Cip’s restaurant looking out over St. Mark’s, Punta della Dogana and the island of San Giorgio — the city “is called to be a sign of beauty available to all, starting with the last, a sign of fraternity and care for our common home,” explains the Pope. “A land that makes brothers and sisters.”

Read more: https://www.elledecor.com/it/best-of/a60727360/venice-biennale-2024-holy-see-pavilion/

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