Archives for November 2007

The Circuit Court of Lynchburg, VA, yesterday ruled against the opponents of the Maier Museum's art sales. It rejected their request that the court reduce or eliminate the $10-million bond they must post by tomorrow, to make permanent the court's temporary injunction against impending auctions of four paintings by Christie's later this month. "Unfortunately, it is unlikely that … [Read more...] about Legal Setback for Opponents of Maier Museum Sales

Before I embark on my glorious fall folliage trip down the scenic New Jersey Turnpike today (to hold forth tomorrow at U. Penn), here are a couple of art-auction thoughts as we await the big contemporary sale tonight at Sotheby's. Carol Vogel, in today's NY Times, does her usual excellent job of tracking down the names of the "anonymous" buyers and sellers of key works last … [Read more...] about A Few Between-Auction Thoughts on the Market

Andy Warhol, "Muhammad Ali," 1978 It wasn't at the stratospheric levels of the $70 million-plus top lots at Christie's and Sotheby's last spring, but Christie's contemporary sale tonight did fine, with only five of the 67 lots unsold---none of them the big-money offerings. The sound of firm applause could be heard throughout the land (if, like me, you were watching the … [Read more...] about Christie’s Proves There’s Still Fight in the Old Bull Market

We're only six lots into the Christie's contemporary sale, and I think I can safely say that the bubble has not burst. Five of the six lots set new auction records, with Richard Prince's "Piney Woods Nurse" just knocked down at $5.4 million (to applause), against a presale estimate of $1.8 million to $2.2 million. True we haven't gotten to the "big" lots yet, but the money, up … [Read more...] about Christie’s Contemporary’s First Six Lots: Forget the Bubble Burst Babble

My recent revelation about the magazine-reading habits of the Metropolitan Opera's idle orchestra members has inspired a string of comments by clarinet players, answering this burning question on their Clarinet BBoard: What Do You Do During Long Rests? Dave, for example, reveals: I have seen people reading, doing crosswords, knitting, and even minor instrument repair. And I was … [Read more...] about Orchestra Members Weigh in on How They Pass Their Down Time

As previously mentioned, I'm going to drop the ball and NOT attend this week's major contemporary art sales, even though all other eyes will be anxiously upon them to assess the health of the market. I may try to weigh in with some quick art-market quips (or even analysis), but I need to keep my eye on another ball this week---my invitation, extended by Professor Richard … [Read more...] about Reading List for the CultureGrrl Curriculum

As the Lynchburg News & Advance reported here, opponents of the impending sales of four works from Randolph College's Maier Museum are balking at Judge Leyburn Mosby Jr.'s requirement that they post a $10-million bond to make permanent (until the case is decided on its merits) the judge's temporary injunction against the disposals set for this month at Christie's. Now, this … [Read more...] about Maier Sale Opponents Seek Elimination of $10-Million Bond Requirement

CORRECTION: Due to incorrect figures e-mailed to me by Christie's press office prior to this sale, I published the wrong amounts for the presale estimate range. The right figures are in the corrected version, below: A little sigh of relief: Christie's Allan Stone sale (which was eclectic, but with an emphasis on contemporary art) was a triumph: 90% sold by lot; 94% sold by … [Read more...] about Hot Off the Fax Machine: Christie’s Strong Stone Sale CORRECTED

---In case you were maybe thinking of bidding on Damien Hirst, Jeff Koons, Andy Warhol, Jean-Michel Basquiat or Takashi Murakami during this week's big contemporary sales, please be advised that they are on Richard Feigen's hitlist of nine overvalued artists, published today in Bloomberg. Feigen is a knowledgeable, veteran dealer who is always a helpful source for journalists … [Read more...] about Overheated Art-Market Links: Does Anyone Know What’s Going On?

The Rosetta Stone, 196 BC, British Museum I guess maybe I was wrong when I indicated that the British Museum is reluctant to lend the Rosetta Stone to Egypt, for fear that it may never come back. In the third part of Richard Lacayo's interview with the director of the British Museum, published in the Time art critic's Looking Around blog, Neil MacGregor said: The Egyptians have … [Read more...] about MacGregor Considers Egypt’s Rosetta Stone Loan Request

I think the time that the Metropolitan Opera's music director, James Levine is spending at his other job (leading the Boston Symphony Orchestra) is beginning to take a toll on orchestral discipline and choral excellence in New York. On Saturday night, I attended the luxuriously cast performance of "La Traviata" (an opera I haven't seen in at least a decade, because I tend to … [Read more...] about Met Opera’s Pit Exposed; Luciano’s Costumes Deflated UPDATED

In this post, I commented on serious issues raised in an in-depth Wall Street Journal article by the veteran, highly respected art-market writer, Alexandra Peers. The article described changes, of which I had been previously unaware, in auction-house practices regarding the buyer's premium charged to successful bidders. In subsequent conversation with me, officials of both … [Read more...] about In the Matter of the Buyer’s Premium

The amount of risk involved in auction-house guarantees to consignors (whereby the house agrees to pay the guaranteed amount in the event that bidding does not reach that level) has been the subject of much recent speculation, in light of the failure to sell of several high-ticket guaranteed works in Wednesday's Impressionist/modern sale at Sotheby's. Sotheby's latest Form 10-Q … [Read more...] about Details on Guarantees Disclosed in Sotheby’s Quarterly Report

Now that the Greeks, emboldened by the imminent completion of the New Acropolis Museum, have ramped up their rhetoric calling for the return of the Acropolis marbles, the British Museum's director, Neil MacGregor, who had previously sounded nominally receptive to the idea of lending the marbles to the new museum (if the Greeks accepted British ownership), appears to have ramped … [Read more...] about Acropolis Acrimony: MacGregor Condescends to the Greeks

Bill Ruprecht, president and CEO of Sotheby's, this morning used his third-quarter conference call with financial analysts to try to bolster the confidence of the company's stock investors and the broader art-market public, who were spooked by Wednesday night's shaky Impressionist/modern performance. He revealed that the auction house had suffered a $14.6 million pre-tax loss … [Read more...] about Sotheby’s Conference Call: Striving to Quiet Art-Market Fears