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Contemporary art trends and news from Asia and beyond

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    Art Radar Asia News conducts original research and scans global news sources to bring you selected topical stories about the taste-changing, news-making and the up and coming in Asian contemporary art.

Posts Tagged ‘art galleries’

Japanese gallery MEM re-opens in new Tokyo space with RongRong & inri exhibition

Posted by artradar on October 14, 2010


ART GALLERIES JAPAN ART EXHIBITIONS CHINESE ARTISTS

MEM, an art gallery based in Tokyo that represents mainly Japanese contemporary artists, has moved to a new gallery space in NADiff a/p/a/r/t in Tokyo. MEM announced this news in early September so should now be settled into the new space.

The gallery has announced the opening in conjunction with an exhibition of RongRong & inri, a pair of artists who live and work in Beijing, China. They are also the founders of Three Shadows Photography Art Centre, an important institute for Chinese contemporary art and photography.

 

 

RongRong and inri, Untitled, no. 25, 2008, gelatin silver print. Image courtesy of MEM.

RongRong & inri, Untitled, no. 25, 2008, gelatin silver print. Image courtesy of MEM.

 

NADiff is an art bookshop and gallery located just off the fashionable Omotesando strip in Tokyo’s youth culture centre of Shibuya.

KN

Related Topics: art spaces, gallery shows, Japanese venuesJapanese artists, Chinese artists

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Posted in Art spaces, Chinese, East Asian, Events, Gallery shows, Japan, Venues | Tagged: , , , , , , , , , , , , , , , | 1 Comment »

Artpartment a Hong Kong space for experimental art – video

Posted by artradar on September 21, 2010


ARTIST-RUN SPACES VIDEOS PERFORMANCE ART VIDEO ART STOP MOTION

We bring you another summary of an [art]attack show by ChooChooTV, this one profiling C&G Artpartment, founded by Clara Cheung, who studied art in the United States for four years, and Cheng Yee Man (Gum), an HKAPA and RMIT graduate. Artpartment is a gallery and studio space in Hong Kong dedicated to the production and exhibition of experimental art.

Artists Clara Cheung and Cheng Yee Man (Gum) on ChooChooTV.

Artists Clara Cheung and Cheng Yee Man (Gum) discuss their Hong Kong studio and gallery C&G Artpartment on ChooChooTV.

We set up Artpartment for two reasons. Firstly we wanted a place to exhibit artworks, like an art gallery or a space for experimental art, and secondly we wanted to create a studio to teach painting. Clara Cheung on [art]attack

The artists own collaboration lies in performance art pieces, mostly conducted on the streets of Hong Kong. Says Gum,

“I totally disagree that an exhibition doesn’t require an audience;… for any exhibition, the more audience you have the better it is. We want to do things that attract people and performing art can provide that. You are forced to view it since we are on location in front of you.”

The video focuses on art created by the pair for the stop motion art group exhibition, “No Money for Art vs. No Time for Art”, held at Artpartment. They use video, drawing and painting to create videos expressing the social aspirations behind their work.

“We went to Poland in September for an art camp, it’s similar to an artist residency programme, and there were a lot of artists from different countries. Our work that we are exhibiting was inspired during that programme.” Clara Cheung on [art]attack

Both artists have strong views about the job of an artist and these are expressed in the video.

“The direction of our artwork is firstly, about our society and secondly, about the art society…. Art should create awareness, it should also be something we’ve not seen before, so the way we should approach art is to use it to reflect the society and political issues.” Cheng Yee Man (Gum) on [art]attack

“Different art media should all be part of the art scene. We need to unite and strengthen the art scene.” Clara Cheung on [art]attack

Watch the video here (length 6:39 minutes)

KN/HH

Related Topics: videos, video art, performance art, Hong Kong artists, artist-run spaces

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Posted in Art spaces, Artist Nationality, Artist-run, China, Drawing, Emerging artists, Hong Kong, Hong Kong Artists, Medium, Painting, Performance, Social, Stop motion, Venues, Video, Videos | Tagged: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , | Leave a Comment »

Murakami opens new gallery in Taipei, says Taiwan’s art market 10 years ahead of Japan

Posted by artradar on July 22, 2010


ART GALLERIES OPENINGS JAPANESE ART TAIWANESE ART PAINTING

As reported in a recent Taiwan News article, world-renowned contemporary Japanese artist Takashi Murakami opened a new art gallery in Taipei, Taiwan, at the end of June this year.

Kaikai Kiki All Star exhibition flyer, currently showing at Takashi Murakami's new Taipei art space, KaiKai Kiki Gallery Taipei.

Kaikai Kiki All Star exhibition flyer, currently showing at Takashi Murakami's new Taipei art space, Kaikai Kiki Gallery Taipei. Taken from the KaiKai Kiki Gallery Taipei website.

Named the Kaikai Kiki Gallery Taipei, it is the second exhibition space opened by Murakami – the first was inaugurated in Tokyo in 2008.

In an interesting reflection on Taiwan’s art industry, the newspaper quoted Murakami as saying “that he has chosen Taipei as his art company’s first overseas foothold mainly because he feels Taiwan is 10 years ahead of Japan in terms of the maturity of its arts market.”

The gallery is reported to be unique in that it “does not impose any distance restrictions on visitors.”

Kaikai Kiki Gallery Taipei is located on first floor of the Taiwan Land Development Corp. office building in Taipei, Taiwan. It will showcase the “Kaikai Kiki All Star” exhibition of paintings by represented artists until 25 July.

KN

Related Topics: Takashi Murakami, art spaces, Japanese artists, Taiwanese artists

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Posted in Art spaces, Artist Nationality, Japanese, Taiwan, Takashi Murakami, Venues | Tagged: , , , , , , , , , , , , , , , , | 2 Comments »

What did the galleries say about ART HK 10? Art Radar Asia speaks to 19 dealers

Posted by artradar on June 1, 2010


HONG KONG ART FAIR

Art Radar Asia attended ART HK 10 on Sunday with the aim of getting a perspective on the who is selling what to whom. Below we lay out the comments from and opinions of 19 of the Asian and international galleries in attendance this year.

Nadi Gallery – Jakart

Meli Angkapradipta: ”We got more sales this year. We brought around 18 pieces and only four are unsold. Most of our buyers are from Asia, mostly Indonesia. All Gede Mahendra Yasa’s works are sold. His works are very decorative and very natural. People can accept them very easily.”

Gede Mahendra Yasa, Cannabis-Canniballis, 2010

Gede Mahendra Yasa, Cannabis-Canniballis, 2010

Ota Fine Arts – Tokyo

“I think this fair is getting stronger and stronger. About half of our nine pieces are sold at the price range of $2,000 to $380,000. The buyers are from Indonesia, Taiwan, Korea and Hong Kong. Yayoi Kusama’s work is very popular. We sold some new artist’s work too.”

Tang Contemporary Art – Bangkok/Beijing/Hong Kong

“We sold about forty percent of our works to Mainland, European, and US buyers. The most expensive piece was Liu Xiaodong’s painting.”

LEVY – Berlin/Hamburg

Thomas Levy: “Last year we brought some young artists and we sold nothing. I think [people] are buying well-know names or Chinese art. We sold 2 of 15 pieces. It’s not a disappointment but it could be better. The buyers are from Hong Kong but they are foreign people, no Chinese. It’s a problem of education and no modern art museum in Hong Kong and things like that. We are here to find new clients.”

Greenberg Van Doren Gallery – New York

“We’ve never done any fairs in Asia before. We really just want to get to know some of the collectors in Hong Kong and other cities around here. And I think we have met a ton of people. The sales haven’t been disappointing. Most of the collectors are from Asia and Australia. It’s just a very different set of people.”

Yayoi Kusama, Pumpkin, 2010

Yayoi Kusama, Pumpkin, 2010

Galerie Forsblom – Helsinki

Karl-Heinz Horbert: “This year’s fair has much more people than last year. Our works have sold in the range of US$8,000 to US$400,000. Hong Kong is an international place and the buyers come from all over the place. The European fairs and the American have a long tradition, that means in the States and in Europe there are serious collectors talking about collection. People buy to keep. Where’s the public museum in Hong Kong? This is the big difference between the European and Hong Kong markets.”

The Modern Institute – Glasgow

“The fair is very well organized, very well attended and the sales have been good. I think overall it’s been very strong. We didn’t have any expectations really because we’ve never done this fair before. We have collectors in Japan and Australia. We don’t have any collectors in China, so coming to the fair we didn’t have any expectations. About eighty percent of the collectors are new. The new collectors are from Beijing, Shanghai, Taiwan and some new collectors from Japan. The price ranges from 10, 000 pounds to 100,000 pounds.”

Eslite Gallery – Taipei

Hai-Ping Chang: “The quality of the fair is getting better and better. And there is [a bigger] audience. We brought the works of seven artists from China and Taiwan. The sales are pretty good. Buyers are from Hong Kong and overseas.”

Sakshi Gallery – Mumbai

Geetha Mehra, director: “It’s a very good fair. Well organized, good quality of work. In terms of the sales there’s a bit of conflict from the auction. The buyers are mainly from Asia. The fair has more Asian buyers and more works from the region but overall the quality is as good as anywhere else.”

Roslyn Oxley9 Gallery – Sydney

Tony Oxley: “It’s a very good fair. It has a nice Asian flavor. The buyers are from Hong Kong and Europe. We’ve done pretty well with Tracey Moffatt. I think people prefer figurative arts rather than abstract. I think we’ll be coming more often now. The future is here.”

Bernier/Eliades Gallery – Athens

Hidy Lam Hoi Tik: “There are more Asian collectors at this fair. A buyer was from Shanghai, a friend of the artist Wang Xingwei. There’s a trend that collectors start to collect their friends’ works.”

Damien Hirst, Domine, Ne In Furore (Diamond Dust), 2010

Damien Hirst, Domine, Ne In Furore (Diamond Dust), 2010

Hakgojae – Seoul

“Last year was really bad for us. This year is really good. We sold 5 of 21 pieces. Two videos were sold to Hong Kong buyers for $30,000 each on the preview. Song Hyun-Sook’s paintings are really popular with Asian people.”

Thomas Erben Gallery – New York

“This fair is very well organized, very well attended. We don’t have any link [to] Hong Kong and very few of our collectors are from Hong Kong. We’re kind of jumping into cold water [to] see what happens, basically getting new contacts. The sales don’t quite cover the cost yet, but it’s a good start. Many of the buyers are Americans.”

Hanart TZ Gallery – Hong Kong

Marcello Kwan: “We’ve only brought Qiu Anxiong’s video The New Book of Moutains and Seas Part Ⅱ to the fair as we have our galleries in Hong Kong. Videos are a little harder to sell but there is a big audience, so it’s good publicity. Our works are more experimental than commercial. I think we bring something different to the audience.”

Marianne Boesky Gallery – New York

Adrian M. Turner: “We’ve met new people and we made some sales. It’s good. We sold about 10 of 20 pieces. The buyers are mostly from Asia. The prices range from $12,000 to $300, 000.”

Song Hyun-sook, 9brushstrokes, 2003

Song Hyun-sook, 9brushstrokes, 2003

Galerie Zink – Berlin/Munich

“We’ve made some interesting contacts, sold mostly our Asian artists. It’s a little bit tough for young European or international artists from outside Asia to introduce them to people. Our artists are between 27 and 36 [years old]. It’s not that easy to get Asian collectors interested in their work for the first time. Collectors are mainly from Mainland China, Hong Kong and Australia. Yoshitomo Nara’s work sells the best.”

gdm – Paris

Claire Lauverier: “The opening is very social here. People are not here to buy the art works the first day. They are just here to enjoy the party. During the week it’s very low, very quiet, because I think people are working very hard. And during the weekend it’s like an explosion, everybody is coming. In other fairs it’s different. During the opening it’s like everybody is buying everything and afterwards it’s very quiet and very slow. People are much more direct here. If they are interested in buying something they’ll just say I want this, how much? Our buyers are mostly from Hong Kong and [the] mainland as well.”

Ayyam Gallery – Beirut/Damascus/Dubai

Myriam Jakiche, director: “More crowded, less interest selling wise compared to last year. Maybe because there are more galleries so there’s much more choice or something. Those bought are mainly colorful portraits. Buyers are mainly Europeans and Hong Kong people. I’m happy I know more people than last year.”

Gandhara-Art – Hong Kong/Karachi

Amna Naqvi, director: “It was more fabulous this year. We brought 13 pieces and 8 were sold. Buyers are from Asia and Europe. New buyers are from Asia. The price range of the works sold is $1,500 to $50,000.”

Overall, most participant galleries agreed that the quality of art available at ART HK is getting better and there was a much larger audience than last year. Many commented that while the fair is international, there are more Asian collectors and works than at European and US fairs. Notably, these Asian collectors tended to buy Asian works or the big names of international art. When compared with ART HK 09, the Asian galleries were more satisfied with their sales this year.

YNC/KN

Related Topics: business of art, collectors, events – fairs

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Posted in Asia expands, Business of art, China, Collectors, Events, Fairs, From Art Radar, Gallerists/dealers, Hong Kong, Market watch, Overviews, Professionals, Promoting art, Research, Resources, Trends, Venues | Tagged: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , | 2 Comments »

Art in storage, at fairs and sales – is it getting harder to insure?

Posted by artradar on October 28, 2009


ART FAIR INSURANCE

Last week, The Art Newspaper posted an interesting report that claimed that art is getting harder to insure. According to their source, Richard Northcott, executive director of the art, jewellery and private client division at Heath Lambert Group (London), firms that protect specialist fine art insurers are becoming cautious of insuring a large amount of art kept in one place at the same time, such as in storage warehouses and exhibitions. The article explains why:

“For a long time nobody in the insurance world was monitoring the cumulative value of art shown at fairs or kept in storage,” explains Northcott. “But in the last two or three years the industry has become a lot more sophisticated and a lot more aware of the issue.”

This is partly owing to 9/11 and Hurricane Katrina in 2005, which made insurers aware that a single catastrophe could wipe out an entire art fair or storage facility, and partly owing to recent developments in software that have made it much easier for re-insurers and specialist fine art insurers to track the location of the thousands of policies they have underwritten at any one time.

At Art 40 Basel in June, “there were already murmurs of a problem”, Northcott says.
At Art 40 Basel in June, “there were already murmurs of a problem,” Northcott says.

“There is a limit to the insurance market’s capacity for the cumulative value of policies for a single event like an art fair,” says Northcott. This stands at around $2bn; the insurance value of art at Frieze this year is much lower as the downturn in the contemporary market has led to declining prices, and the many younger galleries exhibiting for the first time are offering less expensive, emerging artists. But he believes that as the art market recovers, “all major art fairs will come under scrutiny by the industry”.

RM/KE

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Do you rank high on google? Why most art dealers don’t, why they should and what to do about it

Posted by artradar on July 30, 2009


ART MARKETING FOR FREE ON INTERNET

Getting a super-high google ranking is critical for anyone who is interested in promoting art. In this post we focus on the particular challenges facing dealers and give simple starter steps to help improve rankings massively. 

Neglected area of arts marketing

This is an area of marketing which is often neglected by gallerists who have no idea that they are missing out on engaging with valuable contacts and prospective customers. Think about it…if you learn how to harness Google, it can be your 24 hour online salesman who never goes sick and never needs to be paid. 

Google: the ideal salesman

Google attracts pre-selected interested buyers who are actively seeking information and Google provides these pre-qualified buyer with information about your gallery and artists. And what is more Google is selling to your customers wherever in the world they are day or night whenever they want the information. That is service!

Test your own keywords

Would you like to get Google selling for you? Then let’s try a test right now:

Open a new window, go to Google search and type in your gallery name and after that the names of your artists. 

How high up does your gallery name feature when you do a Google search on those terms? Does your gallery name get linked directly or is it mentioned in a press piece on the results page? Perhaps you cannot see your name at all? Take a good look at the other sites which are ranking on the first page for your artist names and other search terms – these sites are your competition so examine them carefully.

Research shows that customers increasingly seek information on big-ticket purchases from the net and this is a growing trend for art buyers too. Four or five years ago there was little art information available but today collectors go straight to the net to seek out reviews, prices and bios to help them decide who, where and what to buy. 

Now imagine…if a prospective customer is doing some pre-purchase research on an artist you represent, wouldn’t you like to be right there on the first page of google ready to help? If a museum curator or researcher is planning a show and wants information on potential artists to include and is researching one of your artists, wouldn’t you like to be their first port of call?

The next step is to take a look at how your results compare with the norm. So how did you do? Are you on the first page?

Most people do not click beyond the first page of Google’s search results – in fact many people do not take the trouble to scroll down to the bottom half of the screen. Is your gallery name listed “above the fold” for your artist names and other relevant search terms?

If it is not, then there is work to do. But don’t despair, improving your ranking is surprisingly easy and even better in many cases, completely free.

Most dealers will find that their gallery name is probably up on the first spot on the first page of Google but it will be hit and miss whether they rank for the names of their artists. Generally the artists’ own sites (if they are web-savvy) will rank top of the page for their own names and that is right and proper. However what dealers should do is take up as many spots as possible on the rest of Google’s first page for each of their artists. 

 Although this is a large topic – whole books have been written about search-engine optimisation – this post is going to give you an easy-to-implement tip and actions steps to get started. (If you would like information on several more techniques keep subscribing – we will be covering more techniques for making the most of the internet in future posts.)

TIP: Comment on high authority sites

For instant results leave comments on websites which already have a high page rank. These may include blogs, information sites, newspapers online and online forums and discussion groups.

Get into the habit of reading your newspapers online and subscribe to art-related feeds so that you can spot opportunities to comment. Sign up to google alerts so that you are alerted when your artist is mentioned.

When you find somewhere to comment, make sure that your comment is relevant and not merely promotional though.  Weave in your artist name, your gallery name and  – this bit is very important – try where possible to include the gallery link in your comment.  These words are your keywords which Google will use for indexing your comment in its database.

Three reasons why you need to leave comments

Leaving comments helps you boost your page rank and the higher your page rank the more likely you are to achieve a good position on Google search results.

Why is commenting so useful?

First,  make sure you leave a link to your website when you make a comment. Linking from other sites to your own can boost the ranking of your site. Google assigns page rankings based on a secret algorithm, part of which is concerned with how many websites of good standing link to yours. Websites with larger numbers of inbound links and with links from high authority websites are assumed to be more important and are given higher rankings. 

Second you are reaching people who will see your comment and click through your link to reach you. The more visitors you have, the higher your ranking. 

But the third reason is the most important, Google searches and indexes comments. This means that if you leave a comment on a high authority site, it is possible to achieve high visibility on the first page of google for your comment. For example recently there was an online feature in the travel section of the New York Times on the Hollywood Road district of Hong Kong which is developing into an interesting area for the arts. Readers left comments adding to the recommendations included in the piece. If you recommend a gallery in the area and if it was not already widely-written about in high authority sites (rare!) it is likely that your comment would appear on the first page of Google’s results for that gallery name. If that gallery name was yours you would be very pleased:  not only would you draw New York Times visitors, you would also have boosted your google ranking in three ways all in one go (attracting more visitors to your site, creating a high authority inbound link to your site and taking up another slot on Google’s first page for your gallery name).

Of course it is important that your comments are not blatantly self-serving; often administrators are employed to screen out pure promotion. However as long as your comment adds value to the article with extra information or by generating discussion, you will find that publishers love comments and are only too pleased to receive your input.

 

If you are interested in reading more tips on art business management and the use of the internet for art promotion, please rate this article and/or leave a comment below.

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Surprises in store at Singapore Art Fair October 2008 – Asian Art News

Posted by artradar on October 2, 2008


ART FAIR SINGAPORE

ARTSingapore 2008 has some important surprises in store says Asian Art News. There will be a new focus on art from Korea, India and Japan, first time gallery participants, a collector’s show of art never before displayed in public and specially featured emerging artists to watch.

 “This year’s event will highlight a sizeable representation from India Korea and Japan” says fair director, Chen Shen Po. Alongside 22 new Korean fair participants ARTSingapore will also welcome 13 Japanese art galleries including Megumi Ogita Gallery, Shonandai MY Gallery, Arte Gallery and Shinsedo Hatanaka. This marks a new milestone in the development of the fair which has historically been a showcase for South East Asian art.

First time gallery participants include Sundaram Tagore Gallery (USA), Cais Gallery (Korea), Hwas Gallery (China), Silverlens (Philippines) and Bruno Art Group (Israel). Click here for full gallery list.

Jirapat Tatsanasomboon 'Fighting over the Maiden 2'

Jirapat Tatsanasomboon

Rising artists to be featured at the fair include:

  • Wu Jianjun (China)
  • Kengo Nakamura (Japan)
  • Jirapat Tatsanasomboon (Thailand)
  • Dang Xuan Hoa (Vietnam)
  • Wayan Sujanda (Indonesia)
  • Thota Vaikuntam (India)

This year the popular Special Collector’s Showcase section is curated by Masanori Fukuoka owner and founder of Japan’s Glenbarra Art Museum and who according to Asian Art News is ‘recognised as the world’s top collector and connoisseur of Indian contemporary art’. Fukuoka has arranged a solo show of Jogen Chowdhury (b 1939), one of the foremost artists of post-Independent India which will contain 18 ink pastel and watercolour works never before displayed in public.

As well as the Collector’s Showcase there will be another important exhibition. Kim Soo Keong a leading collector in Korea and a director of Kwangju Biennale Foundation has agreed to loan the Fair a group works from her collection of more than 100 pieces of Nam June Paik’s works, some of which including TV Repair Man and Blue Buddha have never been shown in public. Kim Soo Keong’s Nam June Paik collection is widely regarded as being amongst the most important in the world.

In total the fair will feature 110 galleries and institutions from 16 countries who will showcase more than US$30 million of artworks before an expected 15,000 visitors. Despite the fair’s growth from just 19 galleries in 2000, the Singapore fair remains ‘one of the most friendly and accessible’ fairs in the region says Asian Art News.

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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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