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Archive for the ‘Corporate collectors’ Category

Financial meltdown impact on the art market – Time, Artinfo

Posted by artradar on September 22, 2008


ART MARKET RECESSION

At least for now, the US has managed to avert a complete collapse of the banking system permitting the press breathing space to ponder the potential impact of the financial crisis on businesses and individuals around the world.

How will the art market fare? The views are mixed.

From Indian art galleries to billionaire art collectors noone in the art market will be immune from the fallout claim some observers. Prices will alter, collections will change hands, art businesses will consolidate, change strategy or move. Others point out that art indices such as the Mei Moses index show that art has a low correlation with stock indices. But can you rely on art indices when art as an asset class is so illiquid and non homogenous compared with stocks goes the counterargument. According to Philip Hoffman of the Fine Art Fund a third of investible art assets is in the hands of just 20 or so very wealthy collectors providing some price protection. However others point out that the market is splitting and the upper end may have a different outlook to the lower end. 

Time will tell how events will unfold but in the meantime some press sources have started to report stories hinting at what they expect ahead.

Impact on Indian galleries – Time

It is easy to be dazzled and forget for a moment that India’s markets, like those around the globe, are in the throes of financial turmoil. But even here, worries are starting to surface reports Time. Mumbai is India’s financial capital, but it’s also the center of the country’s booming fashion industry and contemporary-arts community. Those three worlds feed each other here, just as they do in London, Tokyo and New York. As the markets plunge – the main Mumbai index, the Sensex, is down 36% since January – many of Mumbai’s wealthy financiers are beginning to spend less in the city’s galleries and luxury boutiques. “I’m extremely worried,” says Jai Bhandarkar, owner of an art gallery in Colaba, one of Mumbai’s toniest neighborhoods. “The spending power of the people who collect art is going to be affected. The art market has already gone down so much.”

The fate of Lehman’s art collection – Artinfo

Artinfo : When Lehman Brothers filed for Chapter 11 bankruptcy on Monday, it left out Neuberger Berman, its giant asset management unit and, according to Artnet, one of its “few profit-making divisions in recent months.” The investment bank is now taking bids for the unit – which includes an impressive corporate art collection – with five private equity firms reported as possible buyers: Kohlberg Kravis Roberts, Hellman & Friedman, Clayton Dubilier & Rice, Bain Capital, and CVC Capital Partners.

Neuberger Berman was cofounded in 1939 by Roy Neuberger, whose name also graces the Neuberger Museum of Art in Purchase, New York, established with the help of Nelson Rockefeller in 1974 so Neuberger could show off his collection. Neuberger Berman has had a fund since 1990 to buy works from “emerging to mid-career artists, with an emphasis on the former,” according to a press release for a 2004 touring show. That exhibition, “Crosscurrents at Century’s End: Selections from the Neuberger Berman Art Collection,” included pieces by such artists as Marlene Dumas, Andreas Gursky, Takashi Murakami, Neo Rauch, and Sam Taylor-Wood.

The firm is now reported to have some 600 works in its collection, which is displayed in its offices worldwide. It remains to be seen whether the new owner will keep the collection intact or sell the pieces off while the art market is strong.

Billionaire art collectors not immune – uTV

It is unlikely that art will retain its value in the current slump, despite the record-breaking Damien Hirst sale earlier this week says UTV Business News. This will come as a shock to Donald and Doris Fisher, the founders of the Gap clothing chain who returned to the Forbes Rich list in joint 377th place – on $1.3bn – thanks to their $1bn art collection which includes pieces by Chuck Close, Richard Serra and Alexander Calder.

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Posted in Collectors, Corporate collectors, Galleries, Individual, Market watch, Recession | Tagged: , , , , , , , , , , , , | Leave a Comment »

Niubi kids and American art – Top ten shows in Hong Kong September 2008 part 2 – Saatchi Online

Posted by artradar on September 7, 2008


 EXHIBITIONS HONG KONG

Top ten shows in Hong Kong this September part 2 published in Saatchi Online Magazine and written by Art Radar Asia’s editor Kate Evans.

Lee Waisler: Portraits and Abstractions
11 September to 11 October
Sundaram Tagore Gallery

Sundaram Tagore’s first solo show in its new gallery in Hong Kong features the eminent American artist Lee Waisler whose works are in permanent collections of prestigious institutions such as the Metropolitan Museum of Art and the Victoria and Albert Museum. Lee Waisler presents two series of works: portraits of iconic figures and abstracts, both in a trademark style in which he loads the canvas with layers of paints and organic materials to create thick sweeps of pigment separated by knife-sharp ridges. His portrait series includes the stylized over-bold faces of, amongst others, Marilyn Monroe, Mahatma Gandhi, Kafka and Albert Einstein. Their textured planes draw our hands to hover over the surface, curious, wanting to touch but not quite daring: a potent echo of the real life lure of iconic idols and our visceral compulsion to draw near, look closely and touch. For this show Waisler has created an interesting new body of work incorporating Chinese culture and imagery including a portrait of Anna May Wong, a famous Chinese-American actress of the 1930s and 1940s and Doctor Ho, a renowned healer from China.

 

Larry Yung: Desire – Loss

Amelia Johnson Contemporary
4 September to 27 September 2008

In the works of this much anticipated show two years in the making, Chinese American artist Larry Yung places idealized images of American and Chinese people alongside material objects of desire and cultural icons such as Mickey Mouse. Smiling characters are painted with a flatness reminiscent of the iconography of Chinese propaganda posters and 1950’s US advertisements of the American Dream. This juxtaposition invites us to examine the complex relationship between the demise of the American Dream and the rise of Chinese aspirations. His stiff stylized figures appear artificial and remind us material prosperity is impermanent and illusory: part of a fleeting cycle of lack, desire, success and loss. His work has been commissioned by Proctor & Gamble, Pierre Cardin and Nordstroms and is held in various private collections including those of Marvel Comics, Esquire Magazine and Microsoft.

 

Niubi Newbie Kids
Mixed media group exhibition: Chen Fei, Chen Ke, Zhou Jin Hua, Zhang Ye Xing, Zhou Yi Qian, Feng Wei
19 September to 13 October 2008
Schoeni Gallery

Schoeni was pivotal in the nineties in promoting the art of then unknown Chinese political pop artists such as Yue Min Jun, Zeng Fan Zhi and Zhang Xiaogang, many of whom have since gone on to achieve iconic status and high auction prices. This September the gallery is showing the next generation of 80s born unknowns, the rebellious Niubi Kids. Untranslatable and a play on Chinese slang curse words, the word ‘Niubi’ is used by young people to identify the new wave of rebellious cool young Chinese. Also termed China’s ‘Me’ generation, a product of China’s One Child policy, they are less concerned with politics than with themselves, issues of identity and alternative worlds. This provoking not-to-be missed show of mixed media works, replete with influences from the internet, comics, video games and Japanese culture, is the result of two years work by the gallery and is the first in a biannual series.

Posted in Acquisitions, Anime, Cartoon, Chinese, Collectors, Corporate collectors, Emerging artists, Manga, New Media, Painting, Photography | Tagged: , , , , , , , , , , , , , , , , , , , , | Leave a Comment »

Western art advisors turn to Asian new media art for their corporate clients – International Herald Tribune

Posted by artradar on September 5, 2008


NEW MEDIA ART FROM SOUTH EAST ASIA FOR COLLECTORS

Fortune Cookie projects, an art consulting service with clients who include Clifford Chance, Hermes, UBS and Saatchi, plan to set up headquarters in Singapore this year and they are on the look out for Asian new-media artists whom they can introduce to the West.

“Chinese artists have been the flavor of the month for the last five years,” founder Rutkowski said. “That will not cool, but it will change a bit. International collectors that went in early have got their works and they won’t buy an artist that they got for $20,000 a few years back for $4 million now; if anything, they’re going to sell. So many are looking along the Silk Road, and there is a very strong interest in the Southeast Asian region.”

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Posted in Acquisitions, Chinese, Collectors, Corporate collectors, Electronic art, Market watch, New Media, Video, Virtual | Tagged: , , , , , , , , , , , , , , | 3 Comments »