Art

Art Basel Miami Beach Sales Heat Up Despite Current Crypto Winter

Published

2 years ago

November 30, 2022

(Bloomberg) — What a difference a year makes.

Just 12 months ago, with the price of Bitcoin hovering around $57,000, it seemed that Art Basel Miami Beach was in fact a crypto celebration with an art fair on the side. At the time, the NFT craze was in full swing, and the medium’s many proponents were bent on establishing it as on a par with such traditional art forms as painting and sculpture. In tandem with the City of Miami’s all-out push to become a crypto capital, Art Basel Miami Beach had become a ripe venue for digital art patrons and crypto companies to stake their claim as forerunners of a new establishment.

Now Bitcoin is trading around $17,000, and the excesses of 2021—think crypto- sponsored yacht parties, NFT stunts, Web3 conferences and metaverse ragers—are mostly things of the past. Holdouts include the blockchain company Tezos, which is an Art Basel Miami Beach partner again and has sponsored a series of talks at this fair. But on the whole, art is front and center once again this week in Miami.

It’s a turn of events that many in the art market are greeting with something bordering on relief.

“It’s the post-FTX world,” says New York dealer David Lewis in his booth on the fair’s opening day, referring to the collapse of the crypto exchange founded by Sam Bankman-Fried. “The art world has always been really wary of the crypto world,” a wariness, he says, that appears to have been justified. “I think there’s a lot of comfort in the fact that a lot of the ways of doing things that have been going on for years or decades—or if you think of painting, centuries—are back in the lead.”

As Art Basel Miami Beach (ABMB) opens its doors to a VIP crowd celebrating the Florida edition’s 20-year anniversary on Tuesday, Nov. 29 (VIP days Tuesday and Wednesday, with public days following through Saturday), it certainly feels as if analogue is ascendant. Many of the fair’s 282 galleries seem to have brought textile works and heavily layered paintings to the fair—“definitely things with texture, things that appear handcrafted,” says adviser Suzanne Modica, noting that she has yet to see the entirety of the fair. “I think the quality is quite good,” she says. “People have brought works to sell.”

Healthy Sales

In the first three or so opening hours, sales seem to be happening at a steady clip.

This is partly the result of a healthy amount of pre-selling, a phenomenon in which a gallery sends a PDF to clients containing artworks it intends to bring to the fair. Those clients might then put a work on reserve (or even better for the dealer, buy it outright), and consummate the transaction after viewing the work in the first few hours of the fair.

“We pre-sold a lot, so the first hour or two is people seeing the pieces,” says Malik Al-Mahrouky, a sales director at Kurimanzutto, a gallery with locations in New York and Mexico City. Its pre-sales included, he says, a painting by Gabriel Orozco priced around $500,000 and two paintings by Roberto Gil de Montes, which sold for roughly $85,000 and $35,000. While English was far and away the dominant language heard in the fair’s aisles, Al-Mahrouky says he is surprised by the number of serious foreign collectors. “There are lots of Europeans this time around,” he says. “Last year there weren’t nearly as many.”

One collector with works on reserve is Pete Scantland, the Columbus, Ohio-based chief executive officer of Orange Barrel Media, who says that while he “wanted to show up at the fair and be surprised,” he couldn’t help himself and “did peek at a few of the PDFs.”

Even before the fair began, Scantland purchased a work by Igshaan Adams, an artist known for lavish tapestries on view in Casey Kaplan Gallery’s booth. For the most part, Scantland says, he spent the first few hours of the fair just looking around. “Leslie Martinez, who’s showing at And Now gallery’s booth—I’d seen images of her work, but to see them in real life? That’s what it’s about,” he says.

Looking Ahead

The art fair comes on the heels of New York’s November auction season, where a few record-setting weeks nevertheless showed signs of slackening demand. The spotty bidding on view was attributed by some to jitters over the prospect of global recession.

Multiple dealers wonder if such fears will trickle down (or flow sideways?) into the rest of the market. “I think every dealer in the world asks themselves that question,” says the dealer and former Goldman Sachs partner Robert Mnuchin. “Has it, is it or will it? And I think the answer is none of us know at the moment.” His major takeaway from the November auctions, he continues, is that “the strongest part of the market was the outstanding works. Anything that was outstanding, almost irrespective of the price—not totally, but that was the predominant desire.”

Given the size of the fair and breadth of its offerings, it would be a stretch to say that most of the work at the fair is outstanding. But at the end of the first day, multiple galleries reported major sales. Mnuchin says he sold a large work by El Anatsui for $1.75 million. Gladstone Gallery reports selling an Alex Katz painting for $1.2 million. And Jack Shainman Gallery says it sold a 1997 painting by Kerry James Marshall for $2.8 million.

Indeed, as Miami enjoys yet another week filled with parties, art fairs, product launches and yes, a few crypto-related events, it seems that rich people are still spending money, with not so much going to digital art.

“It’s lovely to not have this kind of crypto frenzy,” says Kibum Kim, standing in the booth of his buzzy gallery Commonwealth and Council. “It’s just more calm, and there are more conversations about art. No one is sticking a phone into our faces trying to show us their digital wallet.”

So does he—or did he—have any crypto-rich clients? “Of course not,” Kim says. “We’re a serious gallery.”

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Art

Calvin Lucyshyn: Vancouver Island Art Dealer Faces Fraud Charges After Police Seize Millions in Artwork

Published

23 hours ago

September 13, 2024

Harry Miller

In a case that has sent shockwaves through the Vancouver Island art community, a local art dealer has been charged with one count of fraud over $5,000. Calvin Lucyshyn, the former operator of the now-closed Winchester Galleries in Oak Bay, faces the charge after police seized hundreds of artworks, valued in the tens of millions of dollars, from various storage sites in the Greater Victoria area.

Alleged Fraud Scheme

Police allege that Lucyshyn had been taking valuable art from members of the public under the guise of appraising or consigning the pieces for sale, only to cut off all communication with the owners. This investigation began in April 2022, when police received a complaint from an individual who had provided four paintings to Lucyshyn, including three works by renowned British Columbia artist Emily Carr, and had not received any updates on their sale.

Further investigation by the Saanich Police Department revealed that this was not an isolated incident. Detectives found other alleged victims who had similar experiences with Winchester Galleries, leading police to execute search warrants at three separate storage locations across Greater Victoria.

Massive Seizure of Artworks

In what has become one of the largest art fraud investigations in recent Canadian history, authorities seized approximately 1,100 pieces of art, including more than 600 pieces from a storage site in Saanich, over 300 in Langford, and more than 100 in Oak Bay. Some of the more valuable pieces, according to police, were estimated to be worth $85,000 each.

Lucyshyn was arrested on April 21, 2022, but was later released from custody. In May 2024, a fraud charge was formally laid against him.

Artwork Returned, but Some Remain Unclaimed

In a statement released on Monday, the Saanich Police Department confirmed that 1,050 of the seized artworks have been returned to their rightful owners. However, several pieces remain unclaimed, and police continue their efforts to track down the owners of these works.

Court Proceedings Ongoing

The criminal charge against Lucyshyn has not yet been tested in court, and he has publicly stated his intention to defend himself against any pending allegations. His next court appearance is scheduled for September 10, 2024.

Impact on the Local Art Community

The news of Lucyshyn’s alleged fraud has deeply affected Vancouver Island’s art community, particularly collectors, galleries, and artists who may have been impacted by the gallery’s operations. With high-value pieces from artists like Emily Carr involved, the case underscores the vulnerabilities that can exist in art transactions.

For many art collectors, the investigation has raised concerns about the potential for fraud in the art world, particularly when it comes to dealing with private galleries and dealers. The seizure of such a vast collection of artworks has also led to questions about the management and oversight of valuable art pieces, as well as the importance of transparency and trust in the industry.

As the case continues to unfold in court, it will likely serve as a cautionary tale for collectors and galleries alike, highlighting the need for due diligence in the sale and appraisal of high-value artworks.

While much of the seized artwork has been returned, the full scale of the alleged fraud is still being unraveled. Lucyshyn’s upcoming court appearances will be closely watched, not only by the legal community but also by the wider art world, as it navigates the fallout from one of Canada’s most significant art fraud cases in recent memory.

Art collectors and individuals who believe they may have been affected by this case are encouraged to contact the Saanich Police Department to inquire about any unclaimed pieces. Additionally, the case serves as a reminder for anyone involved in high-value art transactions to work with reputable dealers and to keep thorough documentation of all transactions.

As with any investment, whether in art or other ventures, it is crucial to be cautious and informed. Art fraud can devastate personal collections and finances, but by taking steps to verify authenticity, provenance, and the reputation of dealers, collectors can help safeguard their valuable pieces.

Art

Ukrainian sells art in Essex while stuck in a warzone – BBC.com

Published

2 weeks ago

September 2, 2024

Harry Miller

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Ukrainian sells art in Essex while stuck in a warzone BBC.com

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Art

Somerset House Fire: Courtauld Gallery Reopens, Rest of Landmark Closed

Published

4 weeks ago

August 18, 2024

Harry Miller

The Courtauld Gallery at Somerset House has reopened its doors to the public after a fire swept through the historic building in central London. While the gallery has resumed operations, the rest of the iconic site remains closed “until further notice.”

On Saturday, approximately 125 firefighters were called to the scene to battle the blaze, which sent smoke billowing across the city. Fortunately, the fire occurred in a part of the building not housing valuable artworks, and no injuries were reported. Authorities are still investigating the cause of the fire.

Despite the disruption, art lovers queued outside the gallery before it reopened at 10:00 BST on Sunday. One visitor expressed his relief, saying, “I was sad to see the fire, but I’m relieved the art is safe.”

The Clark family, visiting London from Washington state, USA, had a unique perspective on the incident. While sightseeing on the London Eye, they watched as firefighters tackled the flames. Paul Clark, accompanied by his wife Jiorgia and their four children, shared their concern for the safety of the artwork inside Somerset House. “It was sad to see,” Mr. Clark told the BBC. As a fan of Vincent Van Gogh, he was particularly relieved to learn that the painter’s famous Self-Portrait with Bandaged Ear had not been affected by the fire.

Blaze in the West Wing

The fire broke out around midday on Saturday in the west wing of Somerset House, a section of the building primarily used for offices and storage. Jonathan Reekie, director of Somerset House Trust, assured the public that “no valuable artefacts or artworks” were located in that part of the building. By Sunday, fire engines were still stationed outside as investigations into the fire’s origin continued.

About Somerset House

Located on the Strand in central London, Somerset House is a prominent arts venue with a rich history dating back to the Georgian era. Built on the site of a former Tudor palace, the complex is known for its iconic courtyard and is home to the Courtauld Gallery. The gallery houses a prestigious collection from the Samuel Courtauld Trust, showcasing masterpieces from the Middle Ages to the 20th century. Among the notable works are pieces by impressionist legends such as Edouard Manet, Claude Monet, Paul Cézanne, and Vincent Van Gogh.

Somerset House regularly hosts cultural exhibitions and public events, including its popular winter ice skating sessions in the courtyard. However, for now, the venue remains partially closed as authorities ensure the safety of the site following the fire.

Art lovers and the Somerset House community can take solace in knowing that the invaluable collection remains unharmed, and the Courtauld Gallery continues to welcome visitors, offering a reprieve amid the disruption.

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