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Posts Tagged ‘Abramovich’

Daria Zhukova’s Garage Center is temporary, New York Times wrong – Moscow Times

Posted by artradar on November 18, 2008


Garage Center

Garage Center

 

ART SPACE RUSSIA

Daria Zhukova’s Garage Center for Contemporary Culture drew comparisons to New York’s Metropolitan Museum of Modern Art and London’s Tate Modern when it opened in a vast, reconstructed garage last month.But the Bakhmetevsky Bus Garage, an architectural landmark, is far from a permanent accommodation and will have to be vacated in two years to allow for the construction of the Russian-Jewish Museum of Tolerance.

“Daria’s center is absolutely temporary,” said Timor Kireyev, a spokesman for the Federation of Jewish Communities, which holds the lease on the building. “We never turned the lease of the building over to her. We allowed her to use the space.”

Several media outlets, including The New York Times, have reported that Zhukova has taken over the lease.

How Zhukova won the right to use the space for her art museum is a complicated tale of Russian bureaucracy and good ties — in this case the fact that her boyfriend, billionaire Roman Abramovich, is chairman of the Federation of Jewish Communities’ board of trustees.

In 2001, the Moscow city government granted the 8,500-square-meter garage, built by constructivist architect Konstantin Melnikov to the Federation of Jewish Communities, on the condition that it create a cultural and educational complex on the property. The government still owns the property.

Following massive reconstruction work on the building — expected to begin in late 2009 — the garage will become home to the Russian-Jewish Museum of Tolerance, said Alexander Boroda, the executive director of the Federation of Jewish Communities.

Although a press release issued by the gallery included two short paragraphs devoted to the history of the garage, neither the building’s future as a Jewish museum nor its connection to the Federation was mentioned.

Messages left at Zhukova’s London press office were not returned. A Moscow spokesperson for Garage said it is unclear where the Center will move when construction work for the museum begins.

Zhukova, 27, is the daughter of an oil tycoon and girlfriend of Abramovich, one of Russia’s wealthiest men.

The billionaire sponsored Garage’s first major event, last month’s exhibition by renowned emigre artists Emilia and Ilya Kabakov. How much funding he contributed is undisclosed.

The Federation had already made plans with the Kabakovs to host their retrospective in the garage before Zhukova had expressed an interest in creating an art center there, according to Baruch Gorin, the organization’s press secretary.

“It was on our initiative that Garage opened the exhibit,” he said. “We weren’t prepared to fund and organize the event and so we approached her to take the project over.”

Several sources close to the Federation say the deal allowing Zhukova to use the space temporarily was worked out between Abramovich and Alexander Boroda, the executive director of the Federation of Jewish Communities in Russia, behind closed doors.

For full article see Moscow Times, more on Russian art, news about art spaces

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Posted in Art spaces, Collectors, Dasha Zhukova, Individual, Russian | Tagged: , , , , | Leave a Comment »

Global downturn will not affect art market says Hoffman, The Fine Art Fund – Business Standard

Posted by artradar on September 15, 2008


MARKET WATCH The art market will not be affected by the vicissitudes of the global economy Philip Hoffmann chief executive of The Fine Art Fund said to the Business Standard at the August 2008 Indian Art Summit. “The trading in art only looks to the economy of the super-rich,” he cites the example of Russian billionaire Abramovich spending close to $100 million just this year to pick up a few Freuds and Bacons (at record-breaking prices) to furnish his new house. “The total art market is worth around $30-50 billion, of which only about $15-20 billion is investible. And of this, only 20 individuals account for $2-4 billion worth of art.”

Nevertheless, Hoffman feels, that art investment is best left to the super rich. “Our minimum investor typically puts in around a quarter of a million dollars; and our typical investor is usually one who’s put in a million to five million dollars. I don’t advise anyone with modest wealth to invest in art. Unless he’s putting in less than 5 per cent of his money into art, he shouldn’t do it.”

Hoffman does annual trade of $120-130 million every year through the five funds he manages.  Fine Art Fund I – the first of these that he announced in 2003 to invest in museum quality art – is the longest-running and most successful art fund globally, having announced last year an average annualised returns on assets sold of 44 per cent. 

Hoffman claims that he never buys any art for himself though. “I trained as a chartered accountant. I was working with KPMG [in their audit practice] when I was recommended as finance director of Christie’s. I had no interest in the arts whatsoever.” He went on to become deputy managing director of the auction house’s European business and later, managing the old masters’ division. At 33, he was member of Christie’s International Managing Board, the youngest ever.

So what makes the art world go round? What is it that determines whether a painting will sell for $1,000 or for $1 million? “It’s simple economics – rarity and some amount of marketing, even if it happened hundreds of years ago. Take Canaletto. He was commissioned by the Queen to paint important British monuments. The queen herself had 20 or so of them and the rich men decided that if the queen had something they wanted it as well, and so on. It’s the same today, you hang a Gupta on the wall and it’s like hanging bank-notes on the wall or putting your bank statement on the table. I’m worth millions, it says.”

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Posted in Art Funds, Collectors, Individual, Market watch, Recession | Tagged: , , , , , , , , , , | Leave a Comment »

Russian art collectors are changing their tastes – New York Times

Posted by artradar on August 29, 2008


 

Dasha Zhukova, the new art 'it' girl

Dasha Zhukova, the new art

RUSSIAN COLLECTORS

Until recently, market experts say, the Russians were primarily interested in the decorative arts. In 2004, for instance, the Russian billionaire Victor Vekselberg spent $100 million for the entire Forbes family Fabergé collection. Then about five years ago, some of those Russian collectors widened their sights to mostly Russian-born artists, like Chagall. Since then, the tide has turned, said Joachim Pissarro, a great-grandson of Camille Pissarro and an adjunct curator at the Museum of Modern Art in New York. “Now they’re going outside of Russia, buying artists like Jeff Koons,” he said. “The pendulum has swung 180 degrees, with Russians becoming one of the most powerful forces in the market.”

Many of the newly rich Russians, including Abramovich the oil tycoon and his girlfriend Zhukova, now make their homes in London. The Russians generally do not support British cultural institutions and seldom attend gallery openings or auction house parties, but Zhukova is different. She has agreed to be a co-host at the Serpentine Gallery’s fund-raiser next month, and she is keenly interested in meeting artists.

Zhukova who opens a 92,000 square foot contemporary art space this September acknowledges being a relative art neophyte. “I didn’t study art history and don’t remember names of artists,” she said. “But if I like an image, I remember it.” Overnight, Zhukova’s new center and her connections, including a billionaire art-collecting boyfriend, have made her an art-world It Girl. Her fame at the age of 27 attests to the seismic effect that Russian money – in some cases Ukrainian or Georgian money – is having.

Zhukova is the daughter of Alexander Zhukov, a deputy prime minister who made his fortune in oil. Roman Abramovich has riveted the art world recently by paying top dollar for works by Francis Bacon, Giacometti and others. (Forbes magazine estimated his net worth at $23.5 billion this year, putting him among the world’s 50 wealthiest figures.) An oil tycoon turned investor who owns the Chelsea soccer team in Britain, the 41-year-old Abramovich is also a friend of the Kremlin. He recently stepped down as governor of Chukotka, an impoverished region in the Russian Far East that he successfully helped to revive through his vast wealth.

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Posted in Acquisitions, Collectors, Market watch | Tagged: , , , | Leave a Comment »

Zhukova, girlfriend of Abramovich opens new 92,000 sf art space in Moscow 2008 – International Herald Tribune

Posted by artradar on August 25, 2008


Daha Zhukova, Abramovich

Daha Zhukova, Abramovich

 

 

 

 

RUSSIA NEW CONTEMPORARY ART SPACE opens September 2008

Dasha Zhukova is to open a contemporary art space in the Bakhmetevsky Bus Garage, a giant red-brick Constructivist-era landmark near the Olympic Stadium in Moscow. Popular with architects the garage was designed in 1926 by Konstantin Melnikov.

“I thought Moscow should have a space like this for contemporary art,” Zhukova said. “There is a huge thirst for knowledge among the younger generation for contemporary art, but most of them learn about it by going on the Internet.”

Under its new name the Garage Center for Contemporary Culture this 92,000 square foot space will open next month and its first show will be a retrospective of the artists Ilya and Emilia Kabakov.

Zhukova herself acknowledges being a relative art neophyte. “I didn’t study art history and don’t remember names of artists,” she said. “But if I like an image, I remember it.”

Born in Moscow in 1981, Zhukova is an only child. Her parents divorced when she was young, and when her mother, a molecular biologist, took a job at the University of California, Los Angeles, in the early 1990s, they moved there. Zhukova spoke not a word of English. But she quickly adjusted, she said, attending schools in Los Angeles and then the University of California, Santa Barbara.

A year ago few people in the art world had heard of her.

Zhukova said she isn’t modeling the Garage Center after any specific museum. “I’m taking different aspects of different institutions that are inspiring influences,” she said.

Besides aid from Abramovich, financing is also coming from other private sources and corporations. Admission will be free.

After the Kabakov exhibition that opens next month, the Garage Center plans to exhibit works from the collection of Christie’s owner, the luxury goods magnate François Pinault, whose foundation is based in the Palazzo Grassi in Venice. Dent-Brocklehurst said she was considering commissioning artists to create site-specific works for the space, analogous to installations in the vast Turbine Hall at the Tate Modern.

Asked if the Garage would have its own collection, Zhukova said that would be many years down the road, if ever.”For now I’m trying to learn as much as I can to make up for my lack of art history,” she said. “The more I read, the more I realize what I don’t know.”

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Posted in Art spaces, Collectors, Russian | Tagged: , , , , , , , , , , , , , , , , | Leave a Comment »

How Asians, Russians are changing the art market

Posted by artradar on June 12, 2008


RUSSIA Auction houses claim that today the auction market is better protected from a slump than in the early nineties. Then most buyers were American or Japanese and both countries were hit by the recession of the early nineties but today buyers are spread over more countries says the Economist. For example buyers who spent over US$500,000 on art at Sotheby’s auctions came from 36 countries but today they come from 58.

Americans struggling with the weakness of the dollar have become net sellers of art and while Asians – in particular new buyers from Russia. India, China and the Middle East – have taken up the slack.

Only last month, Roman Abramovich, a London-based billionaire, paid $86m for Francis Bacon’s “Triptych, 1976”, the highest price ever paid for a work of art at auction, and $34m for Lucian Freud’s “Benefits Supervisor Sleeping”, making Mr Freud the highest-selling living artist at auction.

Mr Abramovich has never been known as a major buyer but on Wednesday, June 4th, Mr Abramovich was seen touring Art Basel, a contemporary-art fair, accompanied by a new girlfriend, Daria Zhukova, who is transforming a disused bus garage designed by Konstantin Melnikov, a Constructivist architect, into the Centre for Contemporary Culture Moscow, due to open in September.

Mr Abramovich’s new art advisor, who accompanied the couple to Art Basel, is Mollie Dent-Brocklehurst, a former director of the Gagosian gallery in London and Damien Hirst’s agent. But Mr Abramovich is only the tip of the iceberg. In 2004, Viktor Vekselberg, an oil and metals baron, unexpectedly paid more than $90m for the Forbes family collection of Fabergé imperial Easter eggs.

The contemporary Russian market, where prices can leap from a few thousand pounds to millions in a short space of time, is where the richest pickings are. The traditional market is already more mature.

Source: Economist

http://www.economist.com/research/articlesBySubject/displaystory.cfm?subjectid=7933608&story_id=11520677

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