When Chicago-based Leslie Hindman Auctioneers held its Asian arts sale in May of this year, they expected sales of somewhere around a million dollars. The sale ended up racking up $4.2 million—with 80% of the buyers coming from China. Leslie Hindman, the founder of that auctioneer and the former host of HGTV’s At the Auction,
It’s been amazing to follow the recent trend of record-breaking auction prices realized on major works of art ranging from Old Masters like Rembrandt to contemporary superstars like Andy Warhol. Despite a lingering recession, the trend seems poised to continue. This summer, the London-based auction house Christie’s expects to raise more than $400 million in
The Museum of Fine Arts has agreed to pay restitution to the heir of a Jewish art dealer killed at Auschwitz after determining that a 17th-century Dutch painting in its collection was once owned by him and was probably plundered by the Nazis. With the deal, which culminates a more than decade-long investigation by the
There’s more than one way to play the index game. While investors have long followed indexes to monitor the stock, bond and other financial markets, there’s no reason the same approach can’t be applied to other items whose values fluctuate over time. Why not an index for rare stamps or fine wines? Or even celebrity
With many affluent consumers utilizing their valuable collections as a means of diversifying their investment portfolios, too often they do not devote adequate time and effort to managing the risks involved with owning such prized collections, according to a white paper released today by ACE Private Risk Services, the high-net-worth personal insurance business of the
The Bay Area has long been knocked for its lack of commercial prospects for artists of all stripes, including visual ones. San Francisco may be teeming with young creative types, but most who want to make a living from art depart for New York or Los Angeles, where strong gallery scenes are complemented by scads
A unique 1945 Joan Miro wood sculpture, “Oiseau Lunaire,” priced at $5 million, was confirmed sold today at the opening of the world’s largest art-and-antiques fair. The Miro had been put on reserve at the booth of the Montreal-based gallery Landau Fine Art Inc. during yesterday’s VIP preview of Tefaf, the European Fine Art Fair,
When works of art are lent by Europe’s leading museums, the cost of buying commercial insurance can swallow as much as 15% of the borrower’s exhibition budget, research by an expert working group, funded by the European Commission, has revealed. Lending institutions frequently “over-evaluate risks, which in turn leads to high insurance premiums”, said Frank
Re-posted from Art Market Monitor: A few weeks ago, we noticed how the Art Loss Register kept popping up in a variety of fraud, theft and restitution cases. That prompted us to ask Chris Marinello, General Counsel of the Art Loss Register here in New York to sit down with us and walk through the basics.
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