Auctions

Bidding Up: Escalating Prices are Putting Pressure on Dealers to Double Down on their Own Artists

(Illustration by Joseph Daniel Fiedler)

Last May, at Christie’s New York, the painting Park Avenue Façade by Abstract Expressionist Michael Goldberg soared to $461,000, well above the $100,000 to $150,000 estimate set by the auction house. The new artist’s record was set by Michael Rosenfeld, the Manhattan gallery owner who represents Goldberg’s estate. The art dealer said  he regularly buys Read More

Art Tech

World Edges Closer to Being Able to Buy Art With Bitcoins, Thanks to Paddle8 and the Winklevii

Paddle8, the auction startup backed by Damien Hirst, Jay Jopling and Matthew Mellon, is already a pioneering art world tech company. They made it possible for collectors to buy art from the comfort of an iPad screen.

Now, according to an article in Fast Company, it’s clearing even more antiquated road blocks—constantly fluctuating exchange rates, endless Read More

Kenny Schachter

An Auction House Morality Tale

H8-ART-MKT-PLATE-compressed

Kenny Schachter is a London-based art dealer, curator and writer. His writing has appeared in books on architect Zaha Hadid and artists Vito Acconci and Paul Thek, and he is a contributor to the British edition of GQ. The opinions expressed here are his own.

Some years ago, I was asked by an in-law with a Read More

Art

The 1% of the 1%: Stratospheric Prices at Auction Mask the Teeth Grinding of the Real Art Market

"Abstraktes Bild (849-3)" by Gerhard Richter. (Courtesy Sotheby's)

Last week’s outrageous auction results have left dealers and savvy collectors giddy, puzzled and mentally exhausted. A number of works soared to stupefying heights, defying the gravity of the euro crisis, the Middle East madness and the unexpected softening of gold prices. How and why, at times like these, can art values continue to peak, and Sotheby’s proudly report that it had the third-highest Contemporary sale results in its entire history? Read More