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Today's Featured Article's Archives. November-December, 2008
December, 2008
The Dollar Slipped on Thursday
The dollar slipped against the yen in Asian trade on Thursday, December 25, after more bleak data on the US economy. The dollar was trading at 90.36 yen in the afternoon in Tokyo, down from 90.59 yen in shortened pre-Christmas New York trading on Wednesday. The greenback dipped due to sell orders from Japanese exporters, although importers' orders cancelled out much of the fall. The euro bought 1.3993 dollars, barely changed from 1.3991 dollars in New York, while slightly easing to 126.48 yen from 126.68. U.S. and European markets were to be closed Thursday. The dollar's fall was limited after another round of grim U.S. economic data. Positive figures would be a surprise but markets are well braced for bad data from the United States. The personal income contracted 0.2 percent in November from the previous month while consumption expenditures shrank 0.6 percent, in a further sign of consumer retrenchment. New U.S. jobless claims rose by 30,000 over the past week to 586,000. The pressure was easing somewhat on the U.S. currency as the economic downturn becomes increasingly global. For one thing, Japanese exporters' performance is rapidly worsening, and that means less dollar-selling for settlement. Non-Japanese investors are unlikely to buy Japanese stocks actively in this environment. So the money flow from overseas may become thinner. The dollar was mixed in regional Asian trade. It eased to 1,304.30 South Korean won from 1,309.70 on Wednesday, to 47.41 Philippine pesos from 47.66, to 1.4428 Singapore dollars from 1.4478 and to 32.95 Taiwan dollars from 33.05. The dollar firmed to 34.75 Thai baht from to 34.60 and to 11,200 Indonesian rupiah from 11,165.
Nakagin Capsule Tower in Tokyo Need Local Support for Maintenance
Nakagin was built in the Metabolist style of the 1970s by Japanese architect Kurokawa Kisho. The tower rises 14 floors and is composed of 140 individual capsules designed to be apartments or business offices. The Metabolism movement wanted to create a new system of architecture focused on adaptable, growing and interchangeable building designs, and is the forefather of things like stackable prefab housing.
The complicated nature of the Nakagin building and several design flaws may have ensured its demise. Budgetary concerns over repairing and maintaining the building caused residents to vote that it ought to be demolished. With it goes an integral piece of Japanese architectural history.
The unique Nakagin Capsule Tower in Tokyo is a futuristic-looking architectural marvel that without local support for maintenance and preservation may not survive long enough for the future to see it.
The U.S. Want Answers...
A senior military intelligence official said that while Moscow has sent out conflicting responses to reports on the sale of long-range S-300 missiles, the U.S. believes it is taking place. It appears no equipment has yet been delivered to Iran, said the official, who spoke on condition of anonymity. Russia's state arms export agency said it is supplying Iran with defensive weapons, including surface-to-air missiles, but did not say whether Russia includes sophisticated S-300 missiles. The U.S. is seeking clarification from Russia. The U.S. have repeatedly made clear at senior levels of the Russian government that the U.S. would strongly oppose the sale of the S-300, and this is not the time for business as usual with the Iranian government. Iran currently has an antiquated missile defense system, dating back to the 60s and 70s. The Russian sale would provide Tehran a much longer range, more mobile and lethal capability: with a range of 75 miles, the Russian system would allow Iran to reach coalition forces operating in Afghanistan and Iraq. Both the U.S strongly opposed the sale, saying that supplying such an advanced anti-aircraft system to Iran would shift the military balance of power in the Middle East and would make any strike at Iran's first nuclear power plant (which Russia is helping to build) more difficult. Officials acknowledge that the sale of the S-300 system is not prohibited by the resolution. The U.S. fear that Iran could use the S-300 missiles to protect its uranium enrichment plant at Natanz or the country's first atomic power plant now under construction at Bushehr by Russian contractors. Iran insists its uranium enrichment program is intended solely for civilian energy needs, but the U.S. and other nations believe Iran is secretly developing nuclear weapons.The sale of S-300 missiles presents a decision point for Israel, since once the anti-aircraft system is in place it could deter any strike.
From ArtPrice.com
Compared with the rising stars of the contemporary art market from China, India and the Middle-East whose markets have been stimulated by speculative temptation, the market for works by Old Masters is much less volatile and therefore much less risky. However, it is not completely sheltered. The Old Masters segment was badly hit during the last crisis: after the peak that was reached in 1990, its price index lost half its value in 1993, before stabilizing towards the middle of the decade. Masterpieces are rare and buyers are choosy. Hence when increasingly rare museum-quality pieces come up for sale in the Old Masters segment, the bidding tends to go exceptionally high.
Over the last decade, the segment has generated a number of highly publicised hammer prices. The absolute winner over the period is Peter Paul RUBENS with his Le Massacre des innocents which in July 2002 became the world's most expensive Old Master when it sold for £45 million (M$ 69,7) at Sotheby’s, pushing up the artist's annual sales revenue by 1,790%! When exceptional pieces finally come up for auction, their prices easily take off. For example, the market for Jean Antoine WATTEAU - whose key works are few and far between - was shaken by the arrival at auction of La surprise, a masterpiece that experts had believed lost for 160 years. Between 1996 and 2008 only 13 of his works were auctioned and, until that sale, none of the works presented had the requisite qualities to engender a 7-figure bid. In July 2008, his Surprise - estimated at between £3 and £5 million - fetched a bid of £11 million (M$ 21,7), illustrating the enthusiasm that such rare works generate and the strength of demand in the sector. Even in periods of crisis, major works by Old Masters are hotly disputed: on 2 December 2008 a new record was also generated for Portrait of a lady as Flora by Giovanni Battista TIEPOLO (1696-1770). The piece tripled its estimate with a winning bid of £2.5 million (M$ 3,7). However, collectors of Old Masters do not allow themselves to get carried away by the prestige of a signature even when faced with a diminishing number of works (rarefaction). The artistic excellence of a work and its physical condition are imperatives which not even Pieter II BRUEGHEL can escape, his lesser quality works selling for as little as half the price that one of his comparable works (in terms of theme and size) might fetch. For example, a version of The wedding Feast, of which he created several oil versions – modifying some colours and enhancing the composition at each stage – can cost anywhere between £130,000 to £280,000. The last version offered at Christie’s on 2 December sold beneath its low estimate (£250,000) at £220,000 ($333 630). However, the figure can be regarded as relatively good given the freeze observed on other autumn sales. In fact, that sale on 2 December at Christie’s posted a relatively low bought-in rate of 23%. The next day, the Old Masters sale at Sotheby’s was less successful with 39% of the works offered being bought-in.
Studio Space: The world's greatest comic illustrators at work by Joel Meadows and Gary Marshall, with introduction by Guillermo del Toro published by Image Comics in 2008. This unique title features artwork of twenty artists, including Brian Bolland, Tim Bradstreet, Howard Chaykin, Steve Dillon, Tommy Lee Edwards, Duncan Fegredo, Dave Gibbons, Adam Hughes, Joe Kubert, Jim Lee, and other creators of the best comics books. This book pulls the curtain and let reader to learn about the places and techniques many of the favorite artists use. The readers will be surprised that most artists use the same brush, eraser and the pen you use, and many of them use interior tools. You will get a sense of the uniqueness of their workspace, and you may catch a glimpse of what makes them special, and make them tick... 
The Art of Marc Silvestri with commentaries from David Finch, Brandon Peterson, Billy Tan, Mike Choi and Michael Broussard published by Top Cow Productions in 2008. Driven by his commitment to excellence, Marc Silvestri gained a lot of followers in late 80s. His popularity continued to grow when he founded Top Cow Productions. Top Cow has grown from comic books into a company with ongoing development in video games, anime, and future films.
November, 2008
The report, Global Trends 2025, is published every four years by the National Intelligence Council to give U.S. leaders insight into looming problems.
The Dollar Slipped on Thursday
The dollar slipped against the yen in Asian trade on Thursday, December 25, after more bleak data on the US economy. The dollar was trading at 90.36 yen in the afternoon in Tokyo, down from 90.59 yen in shortened pre-Christmas New York trading on Wednesday. The greenback dipped due to sell orders from Japanese exporters, although importers' orders cancelled out much of the fall. The euro bought 1.3993 dollars, barely changed from 1.3991 dollars in New York, while slightly easing to 126.48 yen from 126.68. U.S. and European markets were to be closed Thursday. The dollar's fall was limited after another round of grim U.S. economic data. Positive figures would be a surprise but markets are well braced for bad data from the United States. The personal income contracted 0.2 percent in November from the previous month while consumption expenditures shrank 0.6 percent, in a further sign of consumer retrenchment. New U.S. jobless claims rose by 30,000 over the past week to 586,000. The pressure was easing somewhat on the U.S. currency as the economic downturn becomes increasingly global. For one thing, Japanese exporters' performance is rapidly worsening, and that means less dollar-selling for settlement. Non-Japanese investors are unlikely to buy Japanese stocks actively in this environment. So the money flow from overseas may become thinner. The dollar was mixed in regional Asian trade. It eased to 1,304.30 South Korean won from 1,309.70 on Wednesday, to 47.41 Philippine pesos from 47.66, to 1.4428 Singapore dollars from 1.4478 and to 32.95 Taiwan dollars from 33.05. The dollar firmed to 34.75 Thai baht from to 34.60 and to 11,200 Indonesian rupiah from 11,165.
Nakagin Capsule Tower in Tokyo Need Local Support for Maintenance
Nakagin was built in the Metabolist style of the 1970s by Japanese architect Kurokawa Kisho. The tower rises 14 floors and is composed of 140 individual capsules designed to be apartments or business offices. The Metabolism movement wanted to create a new system of architecture focused on adaptable, growing and interchangeable building designs, and is the forefather of things like stackable prefab housing.
The unique Nakagin Capsule Tower in Tokyo is a futuristic-looking architectural marvel that without local support for maintenance and preservation may not survive long enough for the future to see it.
The U.S. Want Answers...
A senior military intelligence official said that while Moscow has sent out conflicting responses to reports on the sale of long-range S-300 missiles, the U.S. believes it is taking place. It appears no equipment has yet been delivered to Iran, said the official, who spoke on condition of anonymity. Russia's state arms export agency said it is supplying Iran with defensive weapons, including surface-to-air missiles, but did not say whether Russia includes sophisticated S-300 missiles. The U.S. is seeking clarification from Russia. The U.S. have repeatedly made clear at senior levels of the Russian government that the U.S. would strongly oppose the sale of the S-300, and this is not the time for business as usual with the Iranian government. Iran currently has an antiquated missile defense system, dating back to the 60s and 70s. The Russian sale would provide Tehran a much longer range, more mobile and lethal capability: with a range of 75 miles, the Russian system would allow Iran to reach coalition forces operating in Afghanistan and Iraq. Both the U.S strongly opposed the sale, saying that supplying such an advanced anti-aircraft system to Iran would shift the military balance of power in the Middle East and would make any strike at Iran's first nuclear power plant (which Russia is helping to build) more difficult. Officials acknowledge that the sale of the S-300 system is not prohibited by the resolution. The U.S. fear that Iran could use the S-300 missiles to protect its uranium enrichment plant at Natanz or the country's first atomic power plant now under construction at Bushehr by Russian contractors. Iran insists its uranium enrichment program is intended solely for civilian energy needs, but the U.S. and other nations believe Iran is secretly developing nuclear weapons.The sale of S-300 missiles presents a decision point for Israel, since once the anti-aircraft system is in place it could deter any strike.
From ArtPrice.com
Compared with the rising stars of the contemporary art market from China, India and the Middle-East whose markets have been stimulated by speculative temptation, the market for works by Old Masters is much less volatile and therefore much less risky. However, it is not completely sheltered. The Old Masters segment was badly hit during the last crisis: after the peak that was reached in 1990, its price index lost half its value in 1993, before stabilizing towards the middle of the decade. Masterpieces are rare and buyers are choosy. Hence when increasingly rare museum-quality pieces come up for sale in the Old Masters segment, the bidding tends to go exceptionally high.
Over the last decade, the segment has generated a number of highly publicised hammer prices. The absolute winner over the period is Peter Paul RUBENS with his Le Massacre des innocents which in July 2002 became the world's most expensive Old Master when it sold for £45 million (M$ 69,7) at Sotheby’s, pushing up the artist's annual sales revenue by 1,790%! When exceptional pieces finally come up for auction, their prices easily take off. For example, the market for Jean Antoine WATTEAU - whose key works are few and far between - was shaken by the arrival at auction of La surprise, a masterpiece that experts had believed lost for 160 years. Between 1996 and 2008 only 13 of his works were auctioned and, until that sale, none of the works presented had the requisite qualities to engender a 7-figure bid. In July 2008, his Surprise - estimated at between £3 and £5 million - fetched a bid of £11 million (M$ 21,7), illustrating the enthusiasm that such rare works generate and the strength of demand in the sector. Even in periods of crisis, major works by Old Masters are hotly disputed: on 2 December 2008 a new record was also generated for Portrait of a lady as Flora by Giovanni Battista TIEPOLO (1696-1770). The piece tripled its estimate with a winning bid of £2.5 million (M$ 3,7). However, collectors of Old Masters do not allow themselves to get carried away by the prestige of a signature even when faced with a diminishing number of works (rarefaction). The artistic excellence of a work and its physical condition are imperatives which not even Pieter II BRUEGHEL can escape, his lesser quality works selling for as little as half the price that one of his comparable works (in terms of theme and size) might fetch. For example, a version of The wedding Feast, of which he created several oil versions – modifying some colours and enhancing the composition at each stage – can cost anywhere between £130,000 to £280,000. The last version offered at Christie’s on 2 December sold beneath its low estimate (£250,000) at £220,000 ($333 630). However, the figure can be regarded as relatively good given the freeze observed on other autumn sales. In fact, that sale on 2 December at Christie’s posted a relatively low bought-in rate of 23%. The next day, the Old Masters sale at Sotheby’s was less successful with 39% of the works offered being bought-in.
What Your Blood Type Says About You
Type O: You are the social butterflies, self-confident and popular. You are creative and always the center of attention. You make a good impression on people, and you’re often attractive. Your stubbornness helps you reach your goals. You make good leaders. In love, O is most compatible with O and AB. Common career choices: banker, politician, investment broker, gambler, minister, and pro athlete.
Type A: Type As are filled with worry and anxiety. You’re perfectionists, often shy, sensitive. You are sensitive to color and your surroundings. Often introverted, you’re thoughtful and stable. You like are fashionable, but never flashy or gaudy. You often shun reality for fantasy worlds. A is most compatible with A and AB in the love. Career choices: accountant, writer, computer programmer, librarian, economist, and gossip columnist.
Type B: You often complete the ambitious tasks set before you. Very charming, you’re good at reading people. Though critical of appearance, you aren’t picky. Type Bs are impulsive individualists, they often create their own path in life, very strong, optimistic. B is most compatible with B and AB. Career choices: cook, talk show host, hairdresser, military leader, and journalist.
Type AB: ABs can be dualistic, possessing both A and B traits. You may be hesitant and confident, shy and outgoing, often stand out from others. You don’t like labels, are logical and determined to do things correctly. You like to help others, often speak in a serious manner. AB can find love and happiness with any other blood type. Career choices: teacher, sales representative, bartender, lawyer, and social worker.
Type O: You are the social butterflies, self-confident and popular. You are creative and always the center of attention. You make a good impression on people, and you’re often attractive. Your stubbornness helps you reach your goals. You make good leaders. In love, O is most compatible with O and AB. Common career choices: banker, politician, investment broker, gambler, minister, and pro athlete.
Type A: Type As are filled with worry and anxiety. You’re perfectionists, often shy, sensitive. You are sensitive to color and your surroundings. Often introverted, you’re thoughtful and stable. You like are fashionable, but never flashy or gaudy. You often shun reality for fantasy worlds. A is most compatible with A and AB in the love. Career choices: accountant, writer, computer programmer, librarian, economist, and gossip columnist.
Type B: You often complete the ambitious tasks set before you. Very charming, you’re good at reading people. Though critical of appearance, you aren’t picky. Type Bs are impulsive individualists, they often create their own path in life, very strong, optimistic. B is most compatible with B and AB. Career choices: cook, talk show host, hairdresser, military leader, and journalist.
Type AB: ABs can be dualistic, possessing both A and B traits. You may be hesitant and confident, shy and outgoing, often stand out from others. You don’t like labels, are logical and determined to do things correctly. You like to help others, often speak in a serious manner. AB can find love and happiness with any other blood type. Career choices: teacher, sales representative, bartender, lawyer, and social worker.
Christie’s and Sotheby’s in Hong-Kong: The State of Play
ArtPrice: In 2007, China redistributed the cards in becoming the third auction market globally. Beijing and Hong Kong have rapidly established themselves as new growth relays and the scene of some particularly aggressive investment over the past two years. The most impressive sale results have been achieved at Poly International Auction and China Guardian. In Hong-Kong, it is Sotheby’s and Christie’s who largely dominate the market, rocking the art market twice a year with their sales of modern and contemporary Asian art: Sotheby’s opens the proceedings in April with Christie’s following in December. The two auction houses had great hopes of 2008 but the year proved to be one of the most disappointing.Christie’s and Sotheby’s had become accustomed to seeing their Hong Kong sale proceeds increase by several million dollars every six months. Between April and May 2007, they recorded more than USD 120 million, followed by USD 173 million in the October to November period. In the spring of 2008, proceeds soared to USD 198 million. However, the first warning signs were already discernable: nearly 20% of the lots were bought in at Christie’s compared with the usual ratio of between 9% and 14%. In the autumn, their unsold rate reached a high of 35%!Asian contemporary art, and Chinese in particular, is being hit by the negative fall-out of two years of speculative price rises. It is worth remembering that, on 9 April 2008, Sotheby’s sold 90% of the works in the Estella collection. A private Asian collector spent the equivalent of USD 5.4 million on a work entitledBloodline: The Big Family No. 3byXiaogang ZHANG, a new record for the artist. Six months later, only one of the fourXiaogang ZHANGcanvases presented by Sotheby’s was to find a buyer in Hong Kong, with no-one prepared to bid higher than its low-end pre-sale estimate (USD 2.75 million,Bloodline: Big Family No.1). Still in the spring of 2008,Fanzhi ZENGachieved the world record for a contemporary Chinese artist. The work in question was theMask series 1996 No.6diptych which changed hands at Christie’s for close to USD 8.6 million (HKD 67 million), five times its pre-sale estimate. On 30 November 2008, Christie’s hoped to repeat this major exploit in again betting onFanzhi ZENGwithFrom the Masses, to the Masses. This work, created in 1993, had been billed as a "historic work", heralding the famous Mask series, so sought-after in the market. Advertised as the headline lot of the Asian contemporary art evening sale for a secret pre-sale estimate, the star of the Chinese contemporary art scene would not find a buyer that night… The following day the rate of unsold contemporary works reached 43% at Christie’s. As for modern art, nearly 52% of the lots offered on 1 December were bought in. Only a few private Asian collectors were prepared to bid up for abstract masters likeWou-ki ZAOandTeh-Chun CHU. The best result was achieved by aWou-ki ZAOabstract work,Hommage à Tou-Fou, sold for the equivalent of USD 5.16 million, a new record for the artist. A readjustment is under way but Asian art prices are maintaining a high level that was unimaginable even three years ago. The first million-ticket sales were effectively recorded in 2005, with prices accelerating in 2007 before peaking in the first half of 2008.The global economic crisis has put an end to the speculative frenzy and, with collectors becoming more cautious and more demanding, the estimated ranges indicated in the spring of 2009 are going to have to be revised down.
Studio Space: The world's greatest comic illustrators at work by Joel Meadows and Gary Marshall, with introduction by Guillermo del Toro published by Image Comics in 2008. This unique title features artwork of twenty artists, including Brian Bolland, Tim Bradstreet, Howard Chaykin, Steve Dillon, Tommy Lee Edwards, Duncan Fegredo, Dave Gibbons, Adam Hughes, Joe Kubert, Jim Lee, and other creators of the best comics books. This book pulls the curtain and let reader to learn about the places and techniques many of the favorite artists use. The readers will be surprised that most artists use the same brush, eraser and the pen you use, and many of them use interior tools. You will get a sense of the uniqueness of their workspace, and you may catch a glimpse of what makes them special, and make them tick...The Art of Marc Silvestri with commentaries from David Finch, Brandon Peterson, Billy Tan, Mike Choi and Michael Broussard published by Top Cow Productions in 2008. Driven by his commitment to excellence, Marc Silvestri gained a lot of followers in late 80s. His popularity continued to grow when he founded Top Cow Productions. Top Cow has grown from comic books into a company with ongoing development in video games, anime, and future films. Top Cow Productions is unique in the comic book publishing world. Its commitment to quality entertainment, and delivering this entertainment to fans on a consistent basissets Top Cow apart from the rest of the comics world.Comic books are unlike any other form of entertainment. It takes a company that understands the art form to allow the medium to bloom in today's competitive market: you will find most Top Cow books on the best sellers list. This is why Top Cow characters strike such a chord with the followers all over the world, and why Top Cow has set a new standard in today's comic book market. Top Cow has helped to keep the "classic" medium a vital form of entertainment in today's culture -Marc Silvestri understands what it meant to produce a quality comic book, and his popularity is continuing to grow...
Photography: Crisis-Proof
Confronted with the crisis, ArtPrice said, the results achieved on the sale of the last photographs in the Jammes collection on 15 November at Christie’s
were more measured than alarming.
were more measured than alarming.
Prices on old negatives are proving resilient, with modern and contemporary photography being harder hit. Whatever the period or medium, the photography market enjoyed the strongest growth in the last decade. Between the last speculative bubble in the art market in 1990 and last summer, the photography price index posted an increase of +131%, compared with +55% for sculpture, the second most popular medium over the same period.
The dispersal of the Jammes collection belonging to Marie-Thérèse and André Jammes effectively put 20th century photography in the spotlight. This dispersal which began in 1999 at Sotheby’s, was to continue in 2002 with two more sales, before concluding in 2008 at the same auction house. In 1999, a number of spectacular sales generated a real shock wave and a +191% rise in prices in two years. The sale of Grande vague, Sète Gustave LE GRAY (1820-1884) is an abiding memory: the print achieved ten times its estimate, the hammer coming down at GBP 460,000, a peak it has never again reached. Since then, the record for an albumin print of this same Grande Vague has been GBP 85,000.
During the last phase of the Jammes sale on 15 November, Sotheby’s catalogue cover boasted a very rare Baron Jean-Baptiste GROS daguerreotype, on which the hammer came down at EUR 180,000. A price level certainly in line with expectation in that it did not surpass its estimate, but which nonetheless beat its previous record by some EUR 90,000. Supported by the quality of the work and a historic provenance, the results were pretty positive with only 27.4% remaining unsold, a rather reassuring level in view of the 42% of prints bought in at other photography sales, irrespective of period, in October and November 2008 (rate recorded on 12 November).
The October sales have seen modern and contemporary rather than historic photography achieve more than their due, with five-figure sale results far more frequent for 20th century photographs. Some stars of the contemporary scene have even propelled photography to million-ticket highs. We might mention the USD 3 million achieved by the Richard PRINCE Cowboy at Sotheby’s NY in November 2007.
At the New York sales dedicated to photography, the most sought-after names suffered the greatest setbacks. More than half the works which had been expected to achieve USD 100,000 remained unsold. At Christie’s, for example, 53% of the negatives being auctioned at Rockfeller Plaza on 14 October remained on their books…
November, 2008
US Intelligence Predicton for 2025
The report, Global Trends 2025, is published every four years by the National Intelligence Council to give U.S. leaders insight into looming problems.
The U.S. and its dollar could further decline in importance during the next two decades...
The warming earth will extend Russia and Canada's growing season and ease their access to northern oil fields, strengthening their economies. Russia's potential emergence as a world power may be clouded by lagging investment in its energy sector, persistent crime and government corruption.
The organized crime plaguing Russia could take over the government of an Eastern or Central European country. The report is silent on which one...
Countries in Africa and South Asia may find themselves unstable and ungoverned, as state regimes collapse or wither away under security problems and water and food shortages brought about by climate change and a population increase.
As the world's population competes for declining and shifting food, water and energy resources, the potential for conflict will be greater in 2025 than it is now.
Al-Qaida's terrorist franchise could decay "sooner than people think."
The report contains info about a geopolitical rise in non-Arab Muslim states outside of the Middle East (including Turkey and Indonesia), and says Iran could also be a central player in a new world order...
The report suggests the world may complete its move away from its dependence on oil, and that the U.S. dollar, while remaining important, will decline to "first among equals" among other national currencies.
U.S. global power will likely decline, as Americans' concerns about putting resources into solving domestic problems may cause the U.S. to pull resources from foreign and global problems...
ArtPrice: Contemporary Art Market
Contemporary art looses its shine. The market for contemporary art, the most speculative segment of the art market (+108% since 2003), has not withstood the shocks of the current financial turmoil. The results of the prestigious November sales in New York organised by Sotheby’s and Christie’s on 11 and 12 November are most discouraging. Only 66% of the lots offered during the two prestigious evening sales found buyers and the total sales revenue generated amounted to just $ 204 million, well below the most pessimistic estimates of $ 429 million. Retrospectively, November 2007 increasingly looks like having been the market's peak. At the same evening sales last year, only 9% of the lots remained unsold and the total revenue amounted to $ 399 million, i.e. 20% above the combined low estimates. As at 15 November 2008, the prices of contemporary and post-war art have contracted by 36% compared with December 2007, returned, in just a few months, to their November 2006 levels.
A self-portrait by Francis BACON, a Concetto Spaziale Festa sul Canal Grande by Lucio FONTANA, a sculpture and a painting by Roy LICHTENSTEIN, a nude by Lucian FREUD and an oil painting by Brice MARDEN are among the key lots that remained in the hands of the auctioneers. Even more worrying... 10 of the 13 works by Damien HIRST offered last week were also bought in. Not even the veritable star of the contemporary art market in September with his highly successful Beautiful Inside My Head Forever sale at Sotheby's was able to seduce buyers.
In this black November for the art market there were nevertheless some consolations at Christie’s on the evening of the 12th. Firstly there was Jean-Michel BASQUIAT Untitled (Boxer) dating from 1982 which had belonged to Lars Ulrich and which fetched its low estimate of $ 12 million. An abstract painting by Gerhard RICHTER entitled Abstraktes Bild (710) fetched $ 13.2 million, a little over the $ 12m expected. However these relatively good results turned out to be just a short pause in the massacre as the following lot, a monumental painting by the same German artist entitled Ozu (2.6 x 4 metres) painted in 1987 and estimated at $ 10m ... was bought in. The previous evening at Sotheby’s an Archisponge (RE 11) by Yves KLEIN fetched the highest bid of the week at $ 19m, but well below the $ 25m low estimate. The other star lot of the evening was a painting entitled Beggar's Joys by Philip GUSTON which went under the hammer for $ 9m, significantly below the $ 15m expected. Beggar’s Joys was one of the 65 lots carrying a guaranteed price among the 138 offered (47%). Last year, at the same sales, 48% of the works were guaranteed by the two auction houses.
The week dedicated to Contemporary Art closed on 13 November at Phillips de Pury. Traditionally the works presented there are much more recent than those presented at Christie’s and Sotheby’s. With "emerging art" being a much more volatile sector, it was not surprising that only one of the six works offered above the $ 1m line found a buyer.
Zero in New York
Sperone Westwater is pleased to present, for the first time in the United States, a survey of works by members of the Zero group created between the late
1950s and late 1960s
1950s and late 1960s
Inspired by the recent survey "Zero: Internationale Kunstler-Avantgarde er 50er/60er Jahre," which opened at the Museum Kunst Palast in Dusseldorf and traveled to the Musee d'Art Moderne in Saint Etienne (2006-2007), "ZERO in New York" has been organized by David Leiber, Director of Sperone Westwater and Mattijs Visser, Founding Director of the Zero Foundation.
The Zero movement was initiated in the late 1950s by two Dusseldorf-based artists, Heinz Mack and Otto Piene. The term "Zero," which the artists coined to describe their concept, later came to define an international movement taken up by artists across Europe. "ZERO in New York" concentrates on the movement's artistic output between 1957 and 1966 and examines the unusually collaborative relationship that developed between groups of artists in Germany, The Netherlands, France, Italy, Belgium, and Switzerland in the late 1950s and early 1960s.
Reacting to the personally-charged expressionism of the Post-War period, Zero artists aimed to banish any trace of personal style and instead bring elements of the non-art world into their work. Informed by new materials and technologies, and incorporating elements of light, fire, and water, Zero was characterized by an idealistic spirit of collaboration in pursuit of new concepts of light, movement, and energy. Working in an environment without galleries and contemporary art spaces, these artists came together to exhibit their work in a series of one-day-only evening exhibitions, often staged in their studios. Manifestos were often published in association with the shows, such as "Zero1" (1958), "Zero 2" (1958), and "Zero 3" (1961). These included texts in multiple languages written by artists and curators active in the Zero circle who sought to define what they termed "The New Artistic Conception." With its serial preservation, vibrant light structures and strong theoretical component, Zero was a progressive art movement that revolutionized Post-War art and led to the formation of the Post-War Avant-Garde. In describing the meaning and significance of the name "Zero," Otto Piene wrote:
"From the beginning we looked upon the term [Zero] not as an expression of nihilism - or as a dada-like gag, but as a word indicating a zone of silence and of pure possibilities for a new beginning as the count-down when rockets take off - ZERO is the incommensurable zone in which the old state turns into the new."
From the original German Zero group, works by Heinz Mack, Otto Piene and Gunter Uecker will be shown in "ZERO in New York" till December 20, 2008. Of particular note there are three important light sculptures by Piene that were made for his first New York exhibition in 1995. Also on view works by other German practitioners, including Gerhard von Graevenitz, and Adolf Luther, works by a Dutch group of artists "Nul", and many more...
Kentish Town, London, U.K.
Mlinaric on Decorating by Mirabel Cecil and David Mlinaric published by Frances Lincoln in October, 2008. David Mlinaric never wanted to be anything other than an interior decorator and designer. He had been born in 1939, in London, on the eve of the Second World War, to an English mother and Yugoslav father. His cosmopolitan background gave him a feeling of objectivity towards the England in which he brought up. David always had been fascinated by buildings, inside and out. One of his childhood memories was as a small boy sheltering in the underground Grotto, built by the poet Alexander Pope on the banks of the Thames at Twickenham. It was used as a wartime air-raid shelter... Illustrated with 200 color photographs, Mlinaric on Decorating explores David Mlinaric's outstanding skills in the crafting classic modern interiors as elegant as the historic rooms. This fabulous title of style and glamour is a result of the collaboration with acclaimed writer and journalist Mirabel Cecil. Mlinaric on Decorating distills a lifetime of creative experience into a glorious volume. From his small practice 45 years ago in London, David has become the most acclaimed interior designer of our time, with offices in London, Paris, and New York. David Mlinaric's commissions include small country houses and retail spaces, museums and galleries, embassies and estates. His client list includes Mick Jagger, Eric Clapton, Mary Wells Lawrence and Lord Rothschild. You can find out more about it in this remarkable book.
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