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Art Auction

Fab Four’s Hidden Palette: Beatles’ Rare Artwork Fetches $1.7 Million At Auction

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Source: Yahoo

The Beatles were musical geniuses whose album covers included iconic images, but they’re not necessarily known for creating their own visual art.

Turns out the Fab Four had artistic talents that extended beyond their musical prowess, and a painting made and signed by the band members appears to prove it. “Images of a Woman” sold for $1.7 million at a recent Christie’s auction.

Read more: https://finance.yahoo.com/news/fab-fours-hidden-palette-beatles-230521134.html

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over the weekend saw collectors dig deep for works by some of the biggest names in art, even if the high number of withdrawn lots and conservative pricing indicate that a full rebound in the art market remains elusive.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

Sotheby’s executive denies auction house’s culpability in art fraud claims

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Source: Courthhouse News Service

As a Russian billionaire’s case against the famed British auction house Sotheby’s continues, a senior executive at the famed fine art auction house took the stand Tuesday and denied the institution’s culpability in an art dealer’s price-gouging scheme.

In a 2018 lawsuit, Dmitry Rybolovlev claimed that, from 2003 to 2015, Swiss art dealer Yves Bouvier hiked up prices on 38 artworks he sold to the fertilizer tycoon while collecting a 2% commission fee on the eight- and nine-figure deals. In sum, Rybolovlev spent $2 billion on these deals.

“They were his works, he could do whatever he wanted with them,” Samuel Valette, Sotheby’s vice chairman for private sales worldwide, said in court Tuesday of Bouvier, who has faced criminal fraud charges in France, Monaco and Switzerland over his purported art price markups.

Read more: https://www.courthousenews.com/sothebys-executive-denies-auction-houses-culpability-in-art-fraud-claims/

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Art Auction

Art Auction Sales Drop 27% as Fewer $10 Million Works Are Sold, Report Finds

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Source: Penta

Sales of art ranging from Old Masters to contemporary works by the three top auction houses slid 27.2% to US$5.7 billion this year, yet the number of sales made rose by 6.7% as a higher number of lower-priced pieces found buyers, the London-based analysis firm ArtTactic said on Monday. 

Rising interest rates, inflation, and geopolitical strife contributed to the softer sales, but the precipitous drop also can be explained by the absence of the US$1.6 billion masterpiece-filled collection of the late Microsoft co-founder Paul Allen. Christie’s, which brought the collection to market last year, released figures earlier on Monday indicating its sales would have fallen only 7% if the Allen collection was left out of the year-to-year comparison. Instead, its preliminary results slid 27% to US$6.2 billion.

Read more: https://www.barrons.com/articles/art-auction-sales-drop-27-as-fewer-10-million-works-are-sold-report-finds-81f09029

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