Tag: auction houses

Young collectors, new outlets contribute to the continued growth of the Korean art market

A preview of the 2021 edition of the Galleries Art Fair. The 2022 edition of Korea’s oldest art fair will kick off next Wednesday at the Setec Convention Center in Gangnam, southern Seoul. [THE GALLERIES ASSOCIATION OF KOREA] The boom in the Korean art market is expected to continue this year, driven by young collectors […]

Russian oligarchs still able to exploit loopholes in UK art market, experts say | The art market

Russian oligarchs will be able to exploit legal loopholes in the UK art market to evade sanctions and launder money, experts say, despite Boris Johnson’s claim there will be ‘nowhere to hide of a Kremlin-linked wealth crackdown. It comes as Labor MP Chris Bryant said ‘valuable assets’ were likely to be traded by supporters of […]

Treasury identifies art market money laundering as a concern

On February 4, the Financial Crimes Enforcement Network (FinCEN), an agency of the United States Department of the Treasury (the Treasury), released its long-awaited study on the facilitation of money laundering and the financing of terrorism through the trade in works . of art (studies). The Anti-Money Laundering Act of 2020, signed into law on […]

Department of the Treasury publishes an AML study on the art market | BakerHotelier

On January 1, 2021, Congress passed the Anti-Money Laundering Act of 2020 (AMLA) which expanded the definition of “financial institution” to impose anti-money laundering (AML) requirements on persons “engaged in the business of antiques, including an adviser, consultant or other person who engages as a business in the solicitation or sale of antiques.[1] AMLA also […]

US study finds additional art market regulation not needed now

Responding to concerns that the art market has become a breeding ground for illicit financial transactions, the Treasury Department released a study on Friday that says that while it has identified some vulnerabilities, it does not recommend immediate intervention. government to put in place new regulations. The study cited evidence of money laundering using high-end […]

Phillips launches fiduciary services to help clients navigate the art market

Phillips started a branch of fiduciary services. Courtesy of Phillips Text size Phillips launched a fiduciary services arm in response to demand from collectors and their advisers to navigate the increasingly complex issues of the art market. The international team will be led by Phillips’ three general counsel, Martin Wilson and Mathilde Heaton, based in […]

NFTs reached a $41 billion market in 2021, approaching the size of the fine art market

The size of the market for digital collectibles known as NFTs is catching up with that of the traditional art market. By the end of 2021, the market for non-fungible tokens, which are digital works of art related to blockchain technology, reached a value of $41 billion, according to blockchain data firm Chainalysis, which updated […]

The Art Market at a Glance: 5 Charts That Map the Biggest Changes in the Industry This Year

If a picture is worth 1,000 words, then a graphic should speak at least 3,000. At Artnet News Pro, we’ve worked to make sense of the wild and often obscure art market. Often the clearest way to do this is to track changes and trends with data. Below, we’ve rounded up five of our most […]

art market experts make their predictions for 2022

If the past two years have taught us anything, it’s that making predictions is a wild ride. But that didn’t stop us from asking various personalities from the art world to attempt such a mission. Several topics came up repeatedly: NFTs (what a surprise), industry collaboration, concerns over carbon emissions, and speculation about young artists. […]

Forbes India – Art: China continues to conquer the art market

Chinese paintings, calligraphy, antiques and porcelain still dominate auction halls, but the report notes growing interest in oil paintings and contemporary art. Image: Isaav Lawrence/AFP AAlthough landlocked, China is becoming a colossal engine of art. Auctions in the country accounted for 36% of the global market in 2020, according to a recent report – […]

Have price and value in the art market separated for good?

A cynic, as Lord Darlington put it so well in Oscar Wilde’s 1892 play Lady Windermere’s Fanis “a man who knows the price of everything and the value of nothing”. Distinctions between price and value have been a centuries-old concern of the collecting culture of the West, but in the present day they could hardly […]

The art market has changed radically. Here’s how to buy art today

Written by Jacqui Palumbo, CNN For a long time, the art market has been “a secret world of whispers” according to art consultant Kim Heirston, who began her career working in New York’s downtown galleries three decades ago. Then, as archivist for the late gallerist Robert Miller, she saved and shared only documents essential to […]

Magnus Resch’s Online Courses in the Art Market Inspire a New Generation of Collectors

Navigating the art market can often feel like walking through a maze that, by design, only a select few have a map to. Magnus Resch – art market economist, Yale professor, serial entrepreneur, and best-selling author of six books on the art market, including the recently published How to become a successful artist (2021) – […]

What was the art market like during the real roaring twenties? History offers lessons as we enter another decade of decadence

Gertrude Stein held lively salons in Paris. Diego Rivera traveled from Mexico City to Moscow to paint murals. Jacob Lawrence and Romare Bearden, whose families moved north as part of the Great Migration, fueled the vibrancy of the Renaissance from Harlem to New York. The 1920s were when “the world of modern art began to […]

Young emerging artists are propelling the art market skyward

What is clear from recent major contemporary art sales is that booming stock markets and low interest rates are pushing collectors to spend, and they seem to be more interested in works by younger artists. and more diverse. In London earlier this month, nine of the 10 Best Performing Works of Art, that is, pieces […]

How Streeth is changing the art market

NEW YORK, NEW YORK – MAY 12: People walk past the CryptoPunk (NFT) non-fungible digital art token … [+] displayed on a digital billboard in Times Square on May 12, 2021 in New York City. The image is part of SaveArtSpace’s “Pixelated” public art exhibit that will feature 193 CryptoPunks from Larva Labs on phone […]

In detail: How Young Money is changing the art market in Hong Kong

Sotheby’s senior auctioneer Ian McGinlay drew the attention of the sparsely populated downtown Hong Kong room, calling “Going once.” I go there twice! before slaughtering his hammer on “Sheng Shi Xue” by Franco-Chinese artist Chu Teh-Chun. After more than 70 bids and more than 20 minutes of deadlocked bidding, thunderous applause resounded in the auction […]

Can the London art market rebound?

Excerpt from the May 2021 issue of Apollo. Preview and subscribe here. With fairs canceled and galleries closed over the past year, London’s art market is a shadow of its former self. Will the city experience high attendance again, or are virtual viewings and dwindling sales here to stay? Below, art dealers Stephen Ongpin and […]

Covid lockdown is a blessing in disguise for the art market – The New Indian Express

Express news service In recent quarters, the art world has recorded astronomical auction prices for master pieces. Galleries such as Saffronart, Pundoles and others have seen collectors pay unprecedented prices for works.Ashvin Rajagopalan, director of the Piramal Foundation of Art, says that “The production of works of art was initially limited. But now artists are […]

Phillips and Poly Auction join forces in contemporary art auction in Hong Kong and Beijing

Gerhard Richter’s Abstraktes Bild (940-7) could fetch up to HK $ 95 million. Uncredited Text size Phillips and Poly Auction have teamed up to present their major spring auctions in a new duo format. The twentieth-century and contemporary art and design sales of the two houses will be held simultaneously in Hong Kong and Beijing […]

Sotheby’s is hosting an NFT art sale by Anonymous Artist Pak

World-renowned auction house Sotheby’s plans to hold its first NFT art sale soon, according to its CEO. Sotheby’s goes crypto Sotheby’s, one of the world’s most famous auction houses, is set to hold its first-ever Non-Fungible Token (NFT) sale. The planned sale, which features popular anonymous digital artist Pak, will take place next month. The […]

Art market shrank 22% in pandemic year, study finds

Global sales of art and antiques in 2020 are estimated to have declined by 22% from the previous year, according to the latest annual report Art Basel and UBS Art Market report, published Tuesday. The 359-page report, the most comprehensive analysis of the effect of the coronavirus pandemic on the international art trade to date, […]

the year of cancellation culture and bricks and clicks

There are many words that could describe 2020. Few are printable. It was a bit like making an army obstacle course blindfoldedAs Melanie Clore, co-founder of Clore Wyndham art Advisory puts it. In January and February, the coronavirus was widely – foolishly – viewed in the West as an Asian problem. The big question was […]

Kamala Harris Hosts Biden Campaign Art Sale

More than 100 well-known artists and estates, facilitated by approximately 50 galleries, donated works to a fundraising event in support of Joe Biden’s presidential campaign. The online sale, hosted by gallery owner David Zwirner on platform.art, kicks off with a videoconference with Kamala Harris, Biden’s running mate, on September 29. Tickets for this opening event […]

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