Art
At Frieze London, Huge Crowds Mask an Uncertain Art Market Outlook
(Bloomberg) — An hour and a half into the VIP opening of Frieze London, collector Patrizia Sandretto Re Rebaudengo sinks into a couch in the Deutsche Bank lounge. “I’ve visited the fair since its first year” in the early 2000s, says Rebaudengo, whose Turin -based art foundation is filled with more than 1,500 pieces of contemporary art. “I have never seen as many people as this year. It’s really unbelievable.”
At least anecdotally (Frieze won’t release visitor numbers until the fair has closed), the opening-day attendance was unprecedented. Never, in recent memory at any art fair in any country, were the first VIP day’s crowds so large. Aisles and booths of the fair, held in a tent in Regent’s Park through Oct. 16, are filled with an uncomfortably packed crowd of well-dressed art collectors.
Never mind the slumping pound, Europe’s looming energy crisis, the volatile stock market in the US, and fears of global recession. Rich collectors, it seems, have a cushion, at least for a while, and they are ready to get back to the business of big-time socializing. “It’s nice to be able to all be gathering again,” says Miami-based art collector Dennis Scholl, touring the booths. “We’ve all missed this so much.”
Plus, he adds, “It’s always been clear that the art market is not a leading indicator of economic distress.” Collectors, he says, are “always very late to the dance when it comes to things like recession.”
Solid Sales
The first VIP day’s sales numbers—which were solid, albeit not spectacular—would indicate that the art world is indeed late but possibly catching up. Works are selling, dealers say, but collectors aren’t fighting each other as in years past. The frenzy, it seems, has largely been contained to the aisles of the fair rather than the booths.
Still, sales have been decent. Gagosian sold out its entire booth of paintings by Jadé Fadojutimi; the paintings’ prices weren’t officially disclosed, but are said to have cost £500,000 ($553,565) each. Pace Gallery sold a handful of works, including a $450,000 painting by Kenneth Noland, and Lehmann Maupin sold about 10 pieces, including three new pastel works by Calida Rawles, each priced from $60,000 to $70,000; the gallery says they were purchased by singer Lionel Richie.
“Any macroeconomic downturn has to last quite a while to really impact us,” says Pace’s president and Chief Executive Officer Marc Glimcher. “And this one may.” It would take, Glimcher suggests, about a year and a half of relentless bad news, at which point “people’s art buying habits actually change,” he says. In the meantime, he adds, “if you think the number of important and well-regarded artists has grown, it’s not nearly as fast as the number of collectors.”
Smaller contemporary galleries also report respectable first-day results. In the first minutes of opening, the Dastan Gallery from Tehran sold a marble sculpture by artist Reza Aramesh for about €45,000, and Berlin’s Société gallery sold a handful of pieces, including a video work by LuYang, for $85,000. “We haven’t sold everything, but we’re working on it,” says Société founder Daniel Wichelhaus. “For us, so far, nothing really has changed.”
Looming Issues
The major preoccupations of both dealers and attendees here are the strength of the dollar in relation to the pound and the forthcoming inaugural edition of next week’s Paris+ Par Art Basel fair, which, as the name implies, is perceived by many as an attempt by Art Basel to muscle in on Frieze’s dominance of the European fall sales season.
The currency differential hasn’t moved the needle, at least initially. Works tend to be priced in whatever currency an artist works in: A British artist’s price is in pounds while a French artist’s work comes in euros. Given the strength of the dollar, Americans were obviously enjoying themselves, but European collectors appeared unconcerned.
“For me, what’s always important is to buy what I love,” says Rebaudengo. “The pound was always so strong, the dollar was weaker, and you would ask the gallery: ‘Is it in pounds, euros, or dollars?’ Now we don’t ask, because it’s all the same.”
The looming competition from Paris, though, feels more like a real threat.
“I don’t know if people will come here and then go there, or if they’re going to miss London completely,” says Francesco Dama, a dealer at Rome’s Galleria Lorcan O’Neill, speaking in the first minutes of the fair’s opening. “I don’t expect that, but will they keep themselves from buying things here—and then buy there?”
Even though many galleries will show at both fairs, there might be a perception that they’re saving their better work for the more novel edition. This year, Dama continues, “will be kind of like an experiment.”
Frieze Masters tends to feature older artwork (medieval illuminated manuscripts, Renaissance oil paintings, Surrealist drawings) and is housed in a separate tent in Regent’s Park, about a 15-minute walk from Frieze London. There, the crowds were smaller and the prices higher.
Standing outside his booth, which features a painting by Alberto Giacometti priced at $5.8 million and a work by Philip Guston that will later sell for $4.8 million, Hauser and Wirth President Marc Payot says he perceives fewer American collectors in attendance. “I think more Americans are going to Paris,” he says. “You can’t be away for two weeks, so they have to pick. And Paris is strong competition.”
Still, not all collectors are from the US. After 10 minutes of chit-chatting in the lounge, Rebaudengo is ready to go. “I have just arrived, and I’ll start to look now,” she says. “But I will buy, absolutely.”
Art
Calvin Lucyshyn: Vancouver Island Art Dealer Faces Fraud Charges After Police Seize Millions in Artwork
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.
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Ukrainian sells art in Essex while stuck in a warzone BBC.com
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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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