Art
Blockbuster art week sets record with more than $2.6 billion in sales – CNBC
The fall art auctions in New York set an all-time record, as a surge in global wealth, growing inflation fears and the continued collectibles craze boosted demand and prices.
Sales at Christie’s, Sotheby’s and Philips totaled $2.65 billion over the course of the two weeks, smashing the all-time record for fall sales of $2.59 billion in 2014, according to Pi-eX, an art data and analytics firm. Collectors battled over everything from classic Cezannes and Van Goghs to a video sculpture tied to an NFT.
A record 32 works sold for more than $20 million, according to Pi-eX, and 54 works sold for more than $10 million. The total for Christie’s was $1.14 billion, at Sotheby’s $1.34 billion and at Phillips over $170 million.
Crypto wealth was on full display. Crypto “whale” Justin Sun paid $78.4 million for Alberto Giacometti’s “Le Nez” sculpture. A group of crypto investors known as ConstitutionDAO lost out to billionaire Ken Griffin for an original copy of the U.S. Constitution that went for $43.2 million.
“Art market sentiment is sky high at the moment,” said Evan Beard, head of specialty segments at Bank of America, “driven by low interest rates, stock market wealth effect, inflationary monetary policy and new crypto wealth that needs to be parked somewhere.”
The sale of two big collections — the Cox Collection at Christie’s and the Macklowe Collection at Sotheby’s — created a trove of quality art trophies for wealthy bidders.
The sales from the Cox Collection, which was owned by the late Dallas oil tycoon Edwin L. Cox, totaled $332 million. It included Vincent van Gogh’s 1889 masterpiece “Cabanes de bois parmi les oliviers,” which sold for nearly $71.4 million — twice its estimate. Another van Gogh went for six times its estimate. The J. Paul Getty Museum in Los Angeles bought Gustave Caillebotte’s “Young Man at His Window” for $53 million.
The Macklowe Collection, a product of the developer Harry Macklowe’s bitter divorce, brought in $676 million. It was led by Mark Rothko’s “No. 7,” which went for $82.5 million. Along with the Giacometti sculpture that was acquired by Sun, it included a Jackson Pollock that went for $61.2 million and a towering Cy Twombly piece that fetched $58.9 million.
NFTs, or nonfungible tokens, also made a cameo at the fall sales. An “NFT-powered” sculpture by the digital artist Mike Winkelmann, better known as Beeple, went for $29 million at Christie’s. The sculpture is a 3D, 7-foot-tall digital lightbox made of four LED screens that shows an astronaut strolling through ever-changing landscapes. The buyer was crypto-focused Swiss venture capitalist Ryan Zurrer, who on Twitter praised Beeple for the “visionary innovation, amazing new energy and hilarious positive vibes that you’ve brought to both crypto and art.”
It became the second highest price ever paid for an NFT after Beeple’s “Everydays: The First 5,000 Days,” which sold at Christie’s earlier this year for $69 million.
The crypto crowd was not as fortunate with its efforts to buy a copy of the Constitution. A group of more than 17,000 crypto investors and enthusiasts, called ConstitutionDAO, raised over $40 million to buy a first edition of the U.S. Constitution. They were outbid by billionaire hedge-funder Ken Griffin, who paid $43.2 million for the piece of history. It will be displayed at the Crystal Bridges Museum of American Art in Arkansas.
On Twitter, Beeple praised Constitution DAO and said, “I think this is the start of something big.”
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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.
Sudbury’s annual art and music festival is marking a significant milestone this year, celebrating its long-standing impact on the local cultural scene. The festival, which has grown from a small community event to a major celebration of creativity, brings together artists, musicians, and visitors from across the region for a weekend of vibrant performances and exhibitions.
The event features a diverse range of activities, from live music performances to art installations, workshops, and interactive exhibits that highlight both emerging and established talent. This year’s milestone celebration will also honor the festival’s history by showcasing some of the artists and performers who have contributed to its success over the years.
Organizers are excited to see how the festival has evolved, becoming a cornerstone of Sudbury’s cultural landscape. “This festival is a celebration of creativity, community, and the incredible talent we have here in Sudbury,” said one of the event’s coordinators. “It’s amazing to see how it has grown and the impact it continues to have on the arts community.”
With this year’s milestone celebration, the festival promises to be bigger and better than ever, with a full lineup of exciting events, workshops, and performances that will inspire and engage attendees of all ages.
The festival’s milestone is not just a reflection of its past success but a celebration of the continued vibrancy of Sudbury’s arts scene.
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