Art results of the week: 21.10.2019 – 27.10.2019

  • Art & Finance Report by Deloitte and ArtTactic is available in open access. According to the report global auction sales from Christie’s, Sotheby’s, and Phillips were worth US$5,55 billion in the first six month of 2019, down 20,3 percent fom the first half of 2018. The decline in auction sales had already started in the second half of 2018. 29 percent of experts beleive that the market will go up in the next six month, versus 51 percent who said the same in May 2019. The list of top-10 artists by auction guarantee value included Andy Warhol, Jean-Michel Basquiat, Mark Rothko, Roy Lichtenstein, Gerhard Richter, Willem de Kooning, Francis Bacon, Christopher Wool and Lucian Freud. 86 percent of wealth managers said they thought there was a convincing argument for including art in their wealth management service offering. 71 percent of wealth managers who offered art related services said they were focusing on client education. 71 percent of private bankers said that the difficulties accociated with measuring and assessing risk were a key challenge. Collectors and art professionals beleive technology could have a profound impact on a number of aspects of the art market, including transparency and regulation. 84 percent of the collectors surveyed and 76 percent of art professionals said that they beleived technology would improve provenence traching and the traceability of artwork.
  • US House of Representatives passes an anti-money laundering bill. This bill could affect art and antiquities dealers. Dealers would be required to report transactions exceeding $10,000.
  • Peer-to-peer lending firm Funding Secure collapsed, – The Art Newspaper reports. According to the report around £80m-worth of loans have been made available by around 3,500 Funding Secure investors who are now waiting to hear how much of their money will be recovered. Loans worth a total £24m were considered in default in May, while the terms on a further £33m-worth of loans had been extended.
  • Sotheby’s announced $25m Rothko for November Sale. Mark Rothko’s Blue Over Red will be a featured lot in their Contemporary Art Evening Auction on November 14th. The painting will be offered with an estimate of $25/35 million. Blue Over Red was acquired directly from the artist by legendary dealer and collector Harold Diamond, who owned seven Rothko works during his lifetime. The painting subsequently spent decades with Baltimore collectors Israel and Selma Rosen, who offered the work at auction in 2005, when it sold for $5.6 million. It has remained in the same private collection since 2007.