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Art Auction

Caution reigns in Hong Kong 2024 spring art auctions, with US$12.2 million Yoshitomo Nara painting the top lot

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Source: South China Morning Post

Sotheby’s sells a painting by Japanese artist Nara for HK$96 million at its spring contemporary art sale, but total sales were down notably from last year.

The number of lots offered there and at Poly Auction’s spring sale was down on 2023 too. While records were set for several artists’ work, the mood was cautious.

Following the modest success of Art Basel Hong Kong, tightly managed auctions in Hong Kong over the weekend saw collectors dig deep for works by some of the biggest names in art, even if the high number of withdrawn lots and conservative pricing indicate that a full rebound in the art market remains elusive.

Read more: https://www.scmp.com/lifestyle/arts-culture/article/3258198/caution-reigns-hong-kong-2024-spring-art-auctions-us122-million-yoshitomo-nara-painting-top-lot

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Art Auction

BitRam Artwork Auction 11-13th June

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Source: Trading View

Auction page

https://scarce.city/auctions/bit-ram-physical-ar

How to bid: Input the amount of bitcoin you want to bid, an email address that we can reach you at, and a bidder name to display with your bid. After you submit and confirm your bid, you’ll be directed to pay a refundable bid deposit for approximately 1% of your bid payable by Lightning or onchain Bitcoin.

Free bids: Bidders who have placed at least one bid on Scarce City and have a strong Twitter reputation may qualify for free unlimited bids. Instead of depositing sats with their bid, they are kept accountable through their reputation by linking their bidder name to their Twitter account.

Read more: https://www.tradingview.com/news/newsbtc:ee05c14b6094b:0-bitram-artwork-auction-11-13th-june/

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Art Auction

What New York City’s Art Auctions Tell You About the Stock Market – and Social Mood

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Source: elliottwave

The fall and spring auctions in New York City are the art market’s bellwether sales events. And according to The New York Times, the results from the City’s spring art auction season “tell a story of a masterpiece market come down to earth.” The article notes that the spring sales at Christie’s, Sotheby’s and Phillips delivered $1.4 billion — a 22 percent decrease from total earnings of $1.8 billion in 2023.

While auction experts called it a “respectable finish,” the general art market nervousness is a bad sign for the next major auction season in November. It’s “a momentum-based market,” said one expert about the art industry. “There can be a little bit of a herd mentality.”

We agree wholeheartedly, save for the “a little bit” part. The art scene, like any speculative, freely-traded  market, is very much driven by herd mentality. And as such, it often closely tracks the stock market, because both are driven – higher or lower – by waves of social mood. Positive social mood impels demand for fine art and stocks, whereas negative social mood decreases demand.

Read more: https://www.elliottwave.com/articles/what-new-york-citys-art-auctions-tell-you-about-the-stock-market-and-social-mood/

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Art Auction

5 Takeaways From the Spring Art Auctions

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Source: The New York Times

When Christie’s executives decided on the evening of the auction house’s contemporary art sales to withdraw its most expensive offering of the week, a squiggly-wiggly painting by the artist Brice Marden estimated to sell for $30 million to $50 million, it was evidence of apprehension in the market.

“The choice to withdraw the Marden was ours,” Alex Rotter, a Christie’s specialist, told reporters last Tuesday night. “It wasn’t Brice’s evening and we’re not willing to jeopardize the market of an artist like that.”

In other words, just two days into a week of marquee spring sales that ended Saturday, there was already a bad vibe.

Read more: https://www.nytimes.com/2024/05/19/arts/design/auction-christies-sothebys-phillips-results.html

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