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January 2010
Blue Tangerine Art Newsletter
Advice for the Contemporary Collector
In This Issue
Art for Haiti - AUCTION TONIGHT
MOCA stuns art world with NY dealer for Museum Director
Rise of the Outside Guarantor
ArtPrice's Top 15 Contemporary Artists by auction revenue
Spirited play about Rothko
Art Diary Dates
Must see
exhibitions

David Hockney
Nottingham Contemporary
(thru Jan 24)

Earth: Art of a Changing World
GSK Contemporary, London (thru Jan 31)


Anish Kapoor: Memory
Guggenheim, NYC
(thru Mar 28)

Richard Burton
MOMA NYC
Nov 22 - April 26

Dexter Dalwood
Tate St. Ives
(thru May 3)

MOCA's first 30 years
MOCA Los Angeles
(thru May 3)
 ARTicles
 ART Websites


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Dear Friends and Clients,

Happy New Year and Happy New Decade!  I was able to see in the new decade in London, and while there I saw John Logan's spirited new play about Mark Rothko, 'Red', at the Donmar Warehouse. Catch it if you can before February 6th.

In Los Angeles, the art world is abuzz with the surprise appointment of dealer Jeffrey Deitch as the new Director of MOCA. Deitch will close his New York gallery before June 1st, when his tenure begins. Read the media coverage below.

We also cover news that the auction houses are turning to third parties to guarantee lots. As expected, auction revenue figures for contemporary artists in 2009 contracted substantially. ArtPrice welcomes the end of speculative prices, which have settled at 2004 levels. See below for the Top 15 list of contemporary artists by auction revenue during the last decade.

The art fair circuit is underway with London and Palm Beach already hosting contemporary art fairs. Los Angeles also welcomes three art fairs this month: Photo LA, the LA Art Fair, which opens tomorrow, and the brand new Art Los Angeles Contemporary fair opening next week. (There is no Art LA fair this year - it is rescheduled for 2011. See our Art Diary Dates below.) I am attending the LA fairs and look forward to seeing you there.

Finally, if you're in LA this evening, please attend the Art for Haiti auction, in support of the Red Cross's relief efforts, 7-9pm at The Mandrake in Culver City. For Phone Bids Please Call 323.807.0995. 

Wishing you a wonderful new year filled with art and creativity.

Trudy Montgomery

"All art is contemporary if it's alive, and if it's not alive, what's the point of it?" - David Hockney
Art for Haiti - Art Auction Tonight 
7-9pm, Mandrake, Culver City, CA 90034


Art for Haiti logo

On January 12th, Haiti was struck by a devastating earthquake. Only three days later, the death tolls were estimated to reach between 50,000 and 100,000. In addition, up to 500,000 are suffering from injuries and lack of access to food, water, and shelter. Haitians desperately need our generosity in order to gain access to necessities and basic health care.

Art for Haiti is an impromptu art auction to help the Red Cross' relief efforts. The auction will showcase emerging artists from around the country.

We will begin the silent-auction at 7pm and continue accepting bids through 9pm.

Bidding will start as low as $100. All funds raised will go directly to Red Cross and are 100% tax-deductible.

Join us at the Mandrake at 2692 S La Cienega Blvd, Culver City, CA 90034 on January 19th.

For phone bids, please call 323.807.0995

Click for event details.

 
MOCA stuns art world with appointment of NY dealer Jeffrey Deitch as new director

Jeffrey Deitch, the new director at MOCA The Museum of Contemporary Art in Los Angeles confirmed that Jeffrey Deitch, a veteran New York gallery director, will be its new director as of June 1, 2010. This extraordinary move is "a straddling of the gallery and museum worlds that has few precedents," according to Carol Vogel and Randy Kennedy in the New York Times.

The NY Times art critic Roberta Smith also writes that the choice of Mr. Deitch "has stunned the art world, and not just because art dealers aren't often named to head major museums.

"For all the objections that will be raised, some legitimate, it is a brilliant stroke for the Museum of Contemporary Art and may be a harbinger of renewed institutional spirit and will," she continues. 

The move is being welcomed with cautious optimism in the art world. Despite possible conflicts of interest with artists Deitch has worked with, his commercial experience will be valuable. MOCA has been without a Director since December 2008 when MOCA founding board member Eli Broad bailed out the museum for $30 million.

Deitch has organized large exhibitions for museums in the past and he is acknowledged as having his finger on several pulses at once. Mr. Deitch said, "I feel as if I've been training for this position my entire life. I've always considered myself part of the whole field, because I've worked in museums."

The move is also exciting for the west coast art scene. "Mr. Deitch's selection should rebalance power and energy among the local institutions, a development that may very well make Los Angeles the most exciting city in the world for museums of contemporary art, the place where the future of museums takes shape," writes Smith.

His new job requires that he close Deitch Projects, his gallery in New York, which opened in 1996. Read on...

"I'm not going to be in the art business anymore," Deitch said in a separate interview with Art Info.


Read today's interview with Deitch in the LA Times: "Jeffrey Deitch on to another art adventure at MOCA".


Rise of the Outside Guarantor
The big auction houses are turning to third parties to guarantee lots

The Art Newspaper


The Art Newspaper, Issue 209, January 2010

by Lindsay Pollock


More than a year after Sotheby's began noting "irrevocable bids" in auction catalogues with a tiny horseshoe-shaped symbol, some are still uncertain about what it means. "It adds a layer of murk," said one dealer. "To print a symbol which no one can understand-it's confusing."

The "IB" is a twist on the "straight" guarantee. While both function as insurance for vendors that they will be paid regardless of the outcome of the sale, a straight guarantee means the auction house bankrolls the risk. In the worst-case scenario, the house will own a work if it fails to sell. In the best-case scenario-where the work sells above the guaranteed amount-the auction house and seller usually share the upside.

Irrevocable bids were developed about 15 years ago by Sotheby's as a way of passing on its exposure to an outside party. Christie's began to do similar deals in the last five years. What was new in November 2008 was Sotheby's decision to identify which lots were guaranteed by the house (a small circle is used), versus lots guaranteed by anonymous third parties (a circle plus a horse shoe). Christie's only indicates which lots are guaranteed, with no special marker for third-party guarantees.

Read the article...

The Highs and Lows of Contemporary Artists
2009's Speculative Market is over; a return to 2004 auction levels

The Art Market Insight, January 19

As expected, auction revenue figures for contemporary artists in 2009 contracted quite substantially (divided by 14 in the case of Damien Hirst, and by 3 in the case of Jeff Koons). However, for all that, the market is not in bad condition. The loss of the speculative element has essentially allowed prices to settle back to 2004 levels.

Artprice has established a Top 15 of contemporary artists by auction revenue that allows an appreciation of the key changes in the market during the last decade.

After 2003, four invincible figures occupied the highest positions in the Top 15 contemporary artist by auction revenue: Jean-Michel BASQUIAT, Damien HIRST, Jeff KOONS and Richard PRINCE. However since the rapid emergence of the first Chinese artists on the contemporary market (YUE Minjun , CHEN Yifei and ZHANG Xiaogang) in 2006, the ranking has undergone a spectacular metamorphosis. In fact, 2006 marked a veritable sea-change when Jean-Michel Basquiat lost his first place on the podium to Zhang Xiaogang whose annual revenue amounted to $24.9m.

Sharpest contractions
Damien Hirst passed a very discreet 2009 after literally hitting the auction fever jackpot in 2008: no fewer than 65 adjudications above the $1m line and a revenue total of $230m. Just six years earlier his annual total amounted to two millions dollars! However, Hirst's extraordinary performance came to an abrupt halt just after the Beautiful Indside My Head Forever auction at Sotheby's on 15 and 16 September 2008. His unsold rate rocketed from 11% to 55% between September and December 2008 and in just 12 months some of Hirst's pieces had fallen back to their 2004 prices, eliminating four years of speculative inflation.

Read the report...
Banal art debates color spirited Rothko play "Red"
Art comes to London Theater

Alfred Molina as Mark Rothko
 













Hollywood Reporter, Thu Dec 17, 2009
by Ray Bennett

Passion can be difficult to explain and harder to re-create, especially when abstract art is involved. But passionate acting and design just about make a success of John Logan's new play about Mark Rothko, "Red," which runs through February 6 at London's Donmar Warehouse.

Set during the time when Rothko had been commissioned to deliver what were known as the Seagram Murals for the walls of the Four Seasons restaurant in Manhattan in the late 1950s, the play is a two-hander between the artist (Alfred Molina) and his new young assistant, Ken (Eddie Redmayne).

Logan portrays Rothko as so passionate about his work that he's not convinced anybody should actually ever see it. "Selling a picture is like sending a blind child into a room full of razor blades," he says. Doggedly working class about his daily rituals, the painter demonstrates no interest in his new employee even though the lad tells him his parents were murdered and that he also is an artist.

Most of their exchanges involve Rothko lecturing Ken about every aspect of shapes, sizes and especially colors, having chosen red and black for the Seagram works. Foreshadowing the artist's later suicide, he says, "There is only one thing I fear in life, my friend: One day the black will swallow the red."

Read the article.

Read the NY Times review.

Art Diary Dates
Upcoming Art Events

2010 Art Fair Calendar:


  • Arco, Madrid, Spain: Feb 17-21
  • Scope, 355 West 36th Street, New York, NY: Mar 3-7
  • Pulse, 330 West Street (Soho), New York, NY: Mar 4-7
  • Verge, Dylan Hotel, 52 East 41st St, New York, NY: Mar 4-7
  • Art Dubai, Dubai, United Arab Emirates: Mar 17-20

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 DavilaBjornulf 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!

Miya_PC-555
Trudy Montgomery

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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