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- 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.
