Art

Buyer behind US$69m record-breaking art sale revealed – CTV News

Published

4 years ago

March 13, 2021

The buyer of a digital artwork sold for US$69 million was named as a crypto asset investor known by the pseudonym “Metakovan,” auction house Christie’s confirmed on Friday.

“Everydays: The First 5000 Days” — the first virtual Non-Fungible Token (NFT) artwork to be sold at a major auction house — closed at $69,346,250 during an online auction on Thursday.

On Friday, Christie’s announced that Metakovan, founder and funder of Metapurse, the largest NFT fund in the world, was behind the astronomical purchase.

Chinese cryptocurrency creator Justin Sun revealed on Twitter that he was outbid on the artwork, having put down a final effective bid of $60 million, only to be “outbid by another buyer in the last 20 secs by $250k.”

Sun said he had been leading the bidding throughout most of the last 20 minutes of the auction — but his attempt to update his bid failed during the last 30 seconds.

The record-breaking sale catapults the artwork’s creator, Mike Winkelmann, who goes by Beeple, near the summit of the most expensive living artists to date, placing him just below David Hockney and Jeff Koons. Hockney’s painting “Portrait of an Artist (Pool with Two Figures)” sold for $90.3 million in 2018, while Koons’ stainless steel sculpture “Rabbit” topped the list at $91.1 million in 2019.

Winkelmann’s collage of 5,000 images that took 13 years to make had a starting bid of just $100, but the high-profile auction drew fevered bidding from over 350 prospective buyers.

Its sale drew heightened attention in the past weeks as more NFT works, including digital art, GIFs and even tweets, have been thrust into the spotlight in what many are calling a digital art boom.

The musician Grimes recently sold a collection of digital artworks for $6.3 million, while Christopher Torres, the creator of the decade-old GIF “Nyan Cat,” was able to cash in on the flying Pop Tart cat animation for almost $600,000.

An NFT is a digital token encrypted with the artist’s signature on the blockchain — a digital ledger that is the backbone of cryptocurrencies like Bitcoin and Ethereum — allowing sellers and buyers to verify authenticity and ownership. Virtual art faces unique challenges that physical art does not, as it can be copied and disseminated any number of times on the internet, reducing its value. NFTs ensure that a buyer has the true original directly from the artist. They also allow artists to sell works directly to buyers on their own, which some have asserted will democratize the art market.

“Artists have been using hardware and software to create artwork and distribute it on the internet for the last 20+ years but there was never a real way to truly own and collect it,” said Winkelmann in a press statement following the sale. “With NFTs that has now changed.”

Winkelmann, a graphic designer from Charleston, South Carolina, told CNN in an interview ahead of the sale’s closing that when he began the “Everydays” project in 2007, he had no intention of selling the work. As a freelancer who works on concert visuals for artists like Katy Perry and Deadmau5, and with no gallery representation, he is not the usual blue-chip artist to sell his work for tens of millions at a major auction house. He has nearly 2 million followers on Instagram and his bizarre and often dystopian-tinged pop culture mashups play on the same notes as street artists like KAWS.

“It’s a bit surreal, because (digital imagery) wasn’t really something that I pictured, in my lifetime, being able to sell,” said Winkelmann, ahead of the sale. “So it (has) come out of nowhere. But at the same time, I also really feel like this is going to be the next chapter of art history.”

The sale also comes at a time when auction houses like Christie’s and Sotheby’s are having to rely on virtual auctions and more online bidders in light of the ongoing pandemic. While individual artists can utilize NFTs to break from the traditional art market, so too can the market to drive more sales and tap into the digital art world.

“The last year has been an extraordinary period for the art market, and today’s result is a fitting tribute to the significant digital transformation that has taken place at Christie’s. And just as our business has evolved, so has the way in which art is being made,” said Noah Davis, a specialist in post-war and contemporary art at Christie’s, in a press statement.

“I’m honored to welcome all the of the remarkable new clients, who not only bid with us, but reached out to share their brilliant ideas on how to further the crypto art movement. Beeple’s success is a testament to the exciting possibilities ahead for this nascent marketplace. Today’s result is a clarion call to all digital artists. Your work has value. Keep making it.”

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Art

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

Published

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

Published

1 month 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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