|Art Basel Switzerland and Summer Art Guide
After touring Art Basel Switzerland this month, one can surmise that the new bling is "anti-bling". Damien Hirst, the King of Bling, was absent from many booths for the first time in years. There was more interest in hand-made, labor intensive objects like Liza Lou's beaded works at L&M Art and Matthew Day Jackson's intricately detailed multi-layered installation of four hanging skeletal figures in mirrored
coffins that sold from Art Unlimited. The return to simple everyday materials recalled the artists of the Arte Povera movement who were represented this year by more than 25 galleries. Collectors and dealers alike were also vying for safer and more classic works. Donald Judd, Piero Manzoni and Lucio Fontana did very well at the fair. Likewise, large paintings by Martin Eder and Neo Rauch sold quickly at Eigen + Art.
Ironically, Takashi Murakami's collaborative piece with music producer Pharrell Williams titled The Simple Things featured seven everyday objects each covered elegantly with diamonds and
precious stones. It sold for $2M USD after four collectors fought vehemently over it. Is that bling or anti-bling? You decide...
While Art Basel may not signify a major shift in buying trends cautious optimism was in the air. Despite the 40th anniversary celebration
and the Venice biennial spillover the fair still only attracted less than half
the usual American fair goers and sales results were half that of last
years. Not to mention prices were down about 50% depending on who you talked to. Still, art was moving and at good prices and I walked away feeling the fair was a relative success for a buyer's market. I overheard dealers saying that it felt like 2005 which was not a bad time at all. Let's hope it
stops there and doesn't continue to retrograde back to the 1990s.
Read on for more insider news, tips and Art Basel highlights. Thank you and we wish you a simple and carefree Summer!
CEAS Hosts First Annual Art Leadership Panel
Industry leaders talk about economic and institutional forces affecting the art world
Dynamic and respected leaders in the art industry gathered together to share their insights and experience. The five distinguished guests were Dominique Levy founder of L&M Arts, Lisa Erf, Director of the JP Morgan Chase collection, David Mugrabi, renowned art dealer, Barbara McClanahan, head of the Judd Foundation and Cristel Force from the Met Museum. What came out of it was mixed outlook on the market but all were equally passionate about the importance of protecting artists and guiding art collectors.
Read more on CEAS Newsletter page 12
Art Advisory Expert's Watch
Power of the Panel by Heidi Lee
THE ART NEWSPAPER
Inside the World of the Art Adviser By Georgina Adam
"Auction house layoffs make consultancy a smart career move for the experts..."
Click here to read full article
"It is especially in times like these that we need to look to the
spiritual. In art we find it."
Gertrude Vanderbilt Whitney, 1931
Art Connects New York
ACNY creates professionally curated collections of donated, original
art by New York artists for New York City's social service agencies and
Spattered Columns Gallery
Broadway, 5th Floor
Donate to ACNY Here!
HLAA's Top Picks
Andy Warhol, The Big Retrospective, 1979, Bruno Bischofberger, $74M USD
Takashi Murakami, The Simple Things, 2009, Galerie Emmanuel Perrotin, $2M USD
Click here to for video with Pharrell Williams
Hans Op De Beeck, Location 6, Installation
Jelena Vasiljev, wearable sculpture with video
Click here for Design Basel preview
Q. What can I do to ensure that my painting is not used to satisfy a
gallery's debts and how can I avoid losing my artwork altogether
in the event the gallery declares bankruptcy?
HL: I suggest that you run a UCC lien search on the gallery and file a UCC-I financing
statement, both relatively simple and inexpensive processes. A UCC lien
search will reveal the names and addresses of other creditors of
record, if any, and the extent of their financial interests. The search
may show whether a gallery is experiencing financial trouble or has a high level of debt. After you gather this information it will help you consider moving forward with the deal or not. The search may also indicate whether
other creditors have liens that might conflict with the intended
consignment. This could occur if say, a creditor has taken a lien on
"all inventory of the gallery, wherever located."
With the UCC lien search in hand, you can then file a UCC-I finanicing statement that describes the consignorment and makes the consignor the legal owner. The file is
usually made with the secretary of state in the state where the gallery is
located and must be made within 20 days after delivery of the consigned
The filing is effective for 5 years and may be renewed for succesive
5-year periods by filing additional statements. It is impt that that UCC-I contain the exact name of the dealer or gallery because a misspelling
may result in an incorrect filing by the state. If the filing is made
properly and in a timely fashion, the consignor's ownership interest
will supersede any claims by the gallery's other creditors.
HLAA always advises clients to obtain written agreements with galleries. These form the contractual basis of the deal. Besides addressing such
basic issues as the duration of the consignment, the price at which the
gallery may sell the work and the amount of the commission, the
agreement should clearly state that the consignor retains a security
interest in the consigned work.
Founded in 2002, Heidi Lee Art Advisory
comprehensive art consulting services for corporations,private
collectors and art institutions. Specializing in Modern and
Contemporary art, HLAA's core services include secondary market
dealing, disposition of collections, art inventory control, and fine
art appraisals for wills, estates, insurance, donations and resale.
With in-depth experience and a proven track record, HLAA client's have
benefited from our services to significantly enhance the value of their
collections as well as gain exclusive access to top quality fine art.
We are committed to our clients by providing trusted art expertise,
international market savvy and the highest standards for acquiring,
maintaining and presenting art.