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Category Archives: Economics

Banksy - "Everytime I Make Love To You I Think Of Someone Else" sold for approx. $65,000

Auction Results: “Urban Art” @ Bonhams 1/11/11

Posted by Khoi, January 11, 2011

If today’s Urban Art auction at Bonhams can be seen as an indicator for the overall health of the Urban/Street Art market, then things are looking absolutely strong, exciting, and prosperous. Most lots found buyers and all the major pieces in the sale found new owners. The most notable result was Shepard Fairey’s Peace Goddess on maple from the Sea No Evil benefit auction in 2008, which surpassed everyone’s expectations and sold for over double the high estimate, at $43,000. Among in-the-know Shepard Fairey collectors, [...]

SDCC ’10: Frank Frazetta Conan Painting Sells for Record Price

Posted by Khoi, July 27, 2010

Although this unfortunately occurred two months after the artist’s death, the above painting, “Conan the Destroyer”, just sold for $1.5 million – a record for a work by Frank Frazetta. The piece was sold by the estate in San Diego, during this year’s Comic Con. Franzetta was 82 when he died and was a legend among fantasy artists. He produced work for comic books, album covers, and movie posters, among others and has his own museum showing his work. In recent years, his children have [...]

Overtime: May 23 – 29

Posted by sleepboy, May 30, 2010

Robert Williams to premiere his new movie Mr Bitchin’ at LACMA in June. Ashley Wood getting ready for Beijing. Armsrock and Stella Im Hultberg getting ready for London. Interview with James Jarvis. A weekend with Salvador Dali. Something new from Kate Mccgwire. Christie’s to pay $8.57 million in damages for waiting too long to return Richard Prince art that failed to sell. The Whitney museum is expanding with plans for a new building downtown. And, Eli Broad getting closer to deciding HIS museum location. Rare [...]

Auctions: Picasso Painting Sells For Record Price

Posted by Khoi, May 5, 2010

History was made in the art world last night. There is a new record holder for priciest work ever sold at auction and that distinction belongs to Nude, Green Leaves and Bust by Pablo Picasso. The 1932 painting sold for $106,482,500 (after auction fees were accounted for) to an unidentified phone bidder at Christie’s. The sale brings huge publicity, hope, and optimism to the start of the auction season. This is a defining moment that many will point to as evidence of confidence in the [...]

Jeff Koons & Damien Hirst Prices Drop 50%

Posted by sleepboy, January 2, 2010

Two of the biggest stars of the art boom in the latter part of the last decade, Jeff Koons and Damien Hirst, were bound to feel the effects of the down economy. It’s taken some time to compile the data of all the fallout but it looks like their works have taken about a 50% hit in value since those happier times. On the brighter side, sounds as though the fairly or unfairly portrayed scapegoats of the art world’s extravagance should make a recovery eventually, [...]

Andy Warhol’s Eight Elvises Sells for $100 million

Posted by Khoi, November 30, 2009

One month after Andy Warhol‘s 200 One Dollar Bills sells for $43.8 million at auction, The Economist has reported that his Eight Elvises painting sold privately for $100 million– a number that only Pablo Picasso, Jackson Pollock, Willem De Kooning and Gustav Klimt has achieved for a single sale. It is a unique piece and measures 12 feet. With one of the most vibrant markets of any artist, Warhol continues to be as relevant as he’s ever been. This particular painting merges the most popular [...]

Auctions: Sekoto Painting Sets Record for the South African Artist at Auction

Posted by Khoi, October 10, 2009

There occasionally is some good news to come out of the down art market in this global recession.Â On October 6, Sotheby’s hosted their Impressionist and Modern Art sale, which included Russian and Latin American Art.Â Sotheby’s also snuck in this piece by South African artist Gerard Sekoto, a self-taught painter.Â The 20×24″ oil on canvas (1945-1947) painting was estimated to sell between $100,000-150,000.Â It smashed that estimate to hammer at $542,500 (inclusive of buyer’s premium). More after the jump…

Viewpoints: Traditional Museums Set Record Attendence Non-Traditionally

Posted by juggernut3, September 25, 2009

The recession has been hitting everyone hard, even the museums are being hit in their wallets. From the MOCA needing a bail out to the Rose Art Museum selling off their collection, museums seem to be dealing with declining attendance and many have been forced to reduce payroll or take mandatory staff furloughs to make ends meet. Yet there’s a silver lining to every situation. Some museums have found ways to boost attendance by tapping into alternative “non-traditional” art forms. Museum mainstays such as Rembrandt, [...]

Getty to Slash Budget as Trust has Lost $2 Billion in Last Year

Posted by sleepboy, March 16, 2009

The Getty Center (where we will be visiting for Kehinde Wiley’s talk) will surely be slashing their budget soon as news has come out that the J. Paul Getty Trust has lost amost $2 billion over the last year. We are sure other institutions don’t feel too badly for them yet as their trust is still the behemoth in the museum world at $4.5 billion. The closest endowment to the Getty’s is that of the Met (NY) at $2.1 billion, which announced plans Thursday to [...]

Yves Saint Laurent Auction Drama & Fallout

Posted by sleepboy, March 10, 2009

Judging from the results of the YSL auction we previously reported on, it seems that in the high-end art world, provenance is as important as the artwork itself. The Yves Saint Laurent name, just like Andy Warhol’s and Jackie Kennedy’s name did for estate sales in the past, enamored bidders and helped draw in a stunning $477 million, beating estimates with nearly 96 percent of the 689 lots sold. Hard to know what one auction with such celebrity attached to it means for the general [...]

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