Must see
exhibitions
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Richard Avedon Photographs (1946-2004)SFMoMA (through Nov 29) Anish Kapoor, Royal Academy, London
(thru Dec 11) America, captured in a Flash Metropolitan Museum of Art, NYC (thru Jan 3) Charles BurchfieldHammer Museum, Los Angeles thru Jan 3, 2010 Turner Prize 2009Tate Britain, London (Oct 6 - Jan 3) John Baldessari
Tate Britain, London
(thru Jan 10) Georgia O'Keeffe: AbstractionWhitney Museum, NYC (through Jan 17) Richard BurtonMOMA NYC Nov 22 - April 26, 2010
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Dear Friends and Clients,
Spirits have been lifting in the art market, with last month's art fairs in London and recent
auction results showing signs that the freeze may be over. Most
recently, Christies and Sotheby's contemporary art auctions revealed
collectors' renewed confidence. Earlier this month, Lehman Brothers' art collection exceeded estimates as buyers succumbed to the 'giddy'
atmosphere of excitement at the bargains on offer.
All eyes now turn to Miami as the art world gathers for the world's largest art fair scene this week. Consolidation in the industry means a mere 16 fairs (instead of last year's 22) will be clustered around the main event, Art Basel Miami Beach. Dealers, however, are cautiously optimistic given recent art auction results and believe collectors can expect to see a return to quality and pre-bubble prices.
Blue Tangerine Art will be in Miami this week for the fairs. I look forward to seeing you there. Please contact me directly to set up a meeting if you haven't already!
With thanks and warm regards,
Trudy
"Reason is powerless in the expression of Love" - Damian Hirst
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All eyes on Miami
Financial Times: "All eyes on Miami", Nov 28, 2009
As the art world nervously looks to Florida ahead of next week's prestigious Art Basel Miami Beach fair (ABMB, December 3-6), some commentators are pulling no punches about the prospects for the Sunshine State's art event scene.
Alexis Hubshman, the founder of Scope, a satellite fair launched in 2002 alongside the first ABMB, says "This is a very real test of the vitality of the Miami art fair market in particular and, really, the art fair industry in general. Honest reports from all Miami organisers will show everyone down at least 20 per cent [in profits], whether as a product of fewer exhibitors or lowered stand prices."
This winter, 60 exhibitors from last year's ABMB have dropped out, according to The Art Newspaper (one such dealer, Matthias Arndt of Arndt & Partner in Berlin, stressed the need to go on an "art fair diet"), and only 16 satellite art fairs are clustered around the mothership event, down from 22 last year.
So has the Florida art juggernaut finally come to a halt? Not so, says the fair's co-director Marc Spiegler...
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Lehman Brothers' art collection sells out at first auction
Most lots exceeded estimates
Freeman's auction house started liquidating the corporate art collection of the bankrupt securities firm Lehman Brothers Holdings Inc. last week, in an attempt to repay its creditors.
The sale of a group of 238 modern and contemporary artworks, brought in $1.34 million, exceeding its estimate of $750,000.
Most lots sold for at least twice their estimate, and the atmosphere was upbeat from the outset and sometimes 'giddy'.
Overall, 650 lots will be offered by Lehman with additional sales held by Freeman's in December and February. The collection includes modern and contemporary paintings, prints and drawings.
Read the article in the Wall Street Journal, "Lehman still hot on art market".
Image: Roy Lichtenstein, "I Love Liberty", 1982. Color screenprint on Arches 88 wove paper sold for $49,000, twice its estimate.
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Spirits Lifting
London's Frieze artfair shows signs of confidence returning
The Art Newspaper (From Frieze Daily Edition), 17 Oct 09
Frieze exhibitor José Freire, of New York's Team Gallery (F11), smiled
as he hustled around his stand, hung with a solo show of gory paintings
of defaced movie stars, the work of London artist Dawn Mellor. The
selection didn't seem especially commercial, but the work had whizzed
off the stand.
"This is the best Frieze we've ever had," said Freire,
reporting sales of 11 paintings portraying a bloodied Charlotte
Rampling, Helena Bonham Carter, Kristin Scott Thomas and other
beauties. The paintings sold by Friday afternoon, priced around £5,500
apiece. This was a drastic improvement from Frieze's last edition.
Autumn 2008 was not kind to Lehman Brothers, and certainly not to many
Frieze exhibitors. "Last year was an unmitigated disaster," said Freire
of the 2008 edition of Frieze. "We lost our shirts."
This
Frieze week, including important museum, gallery and ancillary art
events, has brought a renewed confidence to the contemporary art
market. "We didn't expect a dead fair," said dealer Iwan Wirth of
Hauser & Wirth (C10), with branches in London, Zurich and New York.
"But we didn't expect it to be as lively as it is."
Read on... |
The Art World Goes Local
Collectors stick to home, but not all are convinced of the Buy-Local trend
In Detroit, major collector and steel company executive Gary
Wasserman says he's stopped buying works by England's Anish Kapoor and
China's Yue Minjun so he can focus more on buying "powerfully
Midwestern" art by artists like Brian Carpenter, whose $1,000
photographs often feature images of dead deer, Lake Erie nuclear
reactors and snowy footprints. Swiss collector Guy Ullens, widely known
for his vast collection of Chinese contemporary art, says he's also
started buying landscapes by Swiss and German painters like Anselm
Kiefer to hang in his home in the Alps. Italian collector Pierpaolo
Barzan says the only contemporary art fair he's attending this season
starts next Friday in Turin, where he hopes to find work by Roman
artists like Nicola Pecoraro and Pietro Ruffo.
"I believe that I can put together a much stronger collection, and
make an impact in the art world, by collecting local artists rather
than trying to find the next Chinese star," Mr. Barzan says.
At the height of the boom, art collectors scrambled to acquire works
by top artists from rising markets including China, Russia, India and
the Middle East. A serious approach to collecting meant trips to
London, New York and Hong Kong several times a year for auctions, and
mandatory stops at the art fairs in Cologne, Miami Beach, London,
Shanghai and Basel, Switzerland.
Now,
a full year since the recession gutted the global art market,
collectors are canceling their trips. Some Westerners are now loath to
dip into markets like Russian or Indian contemporary art, whose prices
soared during the boom but whose long-term value is less established.
Many are cutting back on expensive art-buying trips. And some
collectors say they're interested in supporting local artists,
particularly at a time of economic hardship-the cultural equivalent of
buying an American car instead of an import.Read on...
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Art gets harder to insure
Industry caps coverage for art fairs
The Art Newspaper from Frieze Daily Edition, Oct 15, 2009
Galleries taking part at fairs such as Frieze could have difficulty
insuring the art on their stands in the future. The warning comes from
Richard Northcott, executive director of the art, jewellery and private
client division at Heath Lambert Group, London, who says that
re-insurance companies-firms that protect specialist fine art
insurers-are becoming increasingly wary of insuring too much art in any
one place at the same time.
"For
a long time nobody in the insurance world was monitoring the cumulative
value of art shown at fairs or kept in storage," explains Northcott.
"But in the last two or three years the industry has become a lot more
sophisticated and a lot more aware of the issue."
This is partly owing to
9/11 and Hurricane Katrina in 2005, which made insurers aware that a
single catastrophe could wipe out an entire art fair or storage
facility, and partly owing to recent developments in software that have
made it much easier for re-insurers and specialist fine art insurers to
track the location of the thousands of policies they have underwritten
at any one time.
"There is a limit to the
insurance market's capacity for the cumulative value of policies for a
single event like an art fair," says Northcott. This stands at around
$2bn; the insurance value of art at Frieze this year is much lower as
the downturn in the contemporary market has led to declining prices,
and the many younger galleries exhibiting for the first time are
offering less expensive, emerging artists. But he believes that as the
art market recovers, "all major art fairs will come under scrutiny by
the industry".
At Art Basel in June, where a single Picasso can be valued at $90m, "there were already murmurs of a problem", he says.
"One
of our clients' insurers was unable to offer cover because they had
already hit their cumulative limit," says Gigliola Parca, an associate
director at Heath Lambert Group. "We were able to secure cover for them
from alternative insurers."
The cap on insurance
liability for art kept in one place, known in the industry as "maximum
aggregated value", has also led to rising insurance prices at
specialist art warehouses.
Christie's, which
runs warehouses through its Fine Art Storage Services division, is
currently building new facilities in Singapore, at the Freeport located
at Changi airport, and in Brooklyn in New York. Both are scheduled to
open in January.
"If you are a major
collector, it makes little difference to you if your art is stored in
London or in Singapore. It may actually be cheaper to store it in
Singapore as the insurance costs are likely to be lower for you," says
Northcott.
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Art Diary Dates
Upcoming Art Events
2009-2010 Art Fair Calendar:
- Pulse, Miami, FL: Dec 3-6
- Aqua Art, Miami (Wynwood District), FL: Dec 3-6
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Blue Tangerine Art provides art advisory services to private and corporate collectors. We source contemporary art from a wide range of sources, including direct from artists and galleries, from the US and Europe.
We offer paintings, drawings and limited editions by artists including: Chris Crossen, Patter Hellstrom, Angela Findlay, Rachel Holloway, Kathy Montgomery, Trudy Montgomery, Bella Pieroni, Anne Stahl, Nicola Wood, Suzan Woodruff and Eric Zener among others.
And photography-based work by: Sparky Campanella, Sebastien Davila, Bjornulf Dyrud, Allison Hunter, Cressandra Thibodeaux, Sieglinde Van Damme as well as many others not listed on our website.
We look forward to helping you find just what you're
looking for, whether it be limited edition prints or original works.
Please feel free to contact us with your request via email or on (415) 515-6094.
Happy Collecting!
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Trudy Montgomery
Art Advisor and Principal, Blue Tangerine Art
web: http://www.BlueTangerineArt.com
email: trudy@bluetangerineart.com
twitter: @trudymontgomery
tel: (415) 515-6094
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