Global Art Market
Nervous art market waits on make-or-break New York sales
Please use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of FT.com T&Cs and Copyright Policy. Email licensing@ft.com to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found at https://www.ft.com/tour. https://www.ft.com/content/c440c0ea-9b05-4fb3-8e42-abac35783544 A nervous art market is waiting on the forthcoming auction season in New York, which begins at Christie’s on November 7, to determine the health — or otherwise — of the industry in a tricky year. Decent gallery sales were reported from the recent Frieze and Paris+ par Art Basel fairs, but the anecdotal evidence is that buying in general was more muted this year, particularly above the $100,000 level. The London auctions this month also fell short, while numbers from evening sales in New York in May were down 18 per cent on last year, according to ArtTactic.
Please use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of FT.com T&Cs and Copyright Policy. Email licensing@ft.com to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found at https://www.ft.com/tour. https://www.ft.com/content/c440c0ea-9b05-4fb3-8e42-abac35783544 “The London-Paris double header of fairs and auctions was quite wearing, and everyone had an eye on the New York auction highlights, which were prominently displayed,” says Hugo Nathan, founding partner of art advisory business Beaumont Nathan. “The art market relies on May and November. Right now there are buyers, despite all the trouble in the world, but they are not swallowing prices as they were.”
Read more: https://www.ft.com/content/c440c0ea-9b05-4fb3-8e42-abac35783544
Artmarket.com, an Art Market global player with a strong emphasis on data, databases, and AI technology, reports numerous achievements including state recognition, innovative partnerships, and the successful implementation of a Standardized Market Place for art transactions. The company, which is geared towards a sustainable and tech-forward future, engages a large member base and is recognized for its eco-responsible initiatives.
Read more: https://www.tipranks.com/news/company-announcements/artmarket-com-innovating-the-global-art-market
Global Art Market
Christie’s CEO on hopes for new Asia HQ in Hong Kong, and its place in global art market
The usually smooth back and forth between auctioneer and bidder had an unexpected hitch during the sale of the top lot in Christie’s evening sale in Hong Kong on September 26.
Xin Li, deputy chairman at Christie’s, indicated to veteran auctioneer Adrien Meyer that her client on the phone wanted to place a bid for Vincent van Gogh’s Les Canots Amarrés (1887).
Instead of just adding a standard increment to the last bid, which was already at around HK$200 million (US$25.7 million), she hesitated and then blurted: “26 million!” Her client, it
“You can either buy clothes or buy pictures.” (Gertrude Stein)
The air will be filled with a different kind of buzz in Seoul this week as it hosts the third annual international art fair, Frieze Seoul. Over 110 leading art galleries worldwide will assemble for four days at the COEX Convention and Exhibition Center in Gangnam to showcase various works of contemporary art to guests and collectors. There promises to be no shortage of side events taking place throughout the city in coordination with the exhibit. Attendance this year is expected to be similar to the past two years at about 70,000 participants, which is larger than Frieze Los Angeles (roughly 35,000) and Frieze New York (roughly 25,000) combined but still slightly smaller than Art Basel Hong Kong or Frieze London (each at about 85,000). The event is part of a broader trend that suggests South Korea is emerging as a tour de force in the art world.
Read more: https://keia.org/the-peninsula/south-koreas-emergence-as-a-hub-in-the-global-art-market/
