Word: art
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...Berlin: Reinhard Onnasch Collection Reinhard Onnasch has been displaying his art collection for almost two years and still hasn't sold a thing. But that's O.K. - he's not looking for buyers. Onnasch owns vast amounts of contemporary art and he's content with sharing his cultural wealth with the public. Running through 2009, the rotating exhibition at the art gallery El Sourdog Hex highlights 19 artists from the 1950s to the '90s. Works by German sculptor Markus Lüpertz go on display March 9-April 25, followed, on May 4, by a show on American neo-conceptual...
Pulling in record prices for seven artists, the much-anticipated auction of Yves Saint Laurent's art collection got off to a flying start on Day One's sale of Impressionist and modern art. The $266 million tallied on Monday - a record auction for a private collection - is good news for the AIDS researchers who will get part of the proceeds; for Pierre Bergé, the designer's former companion and lifelong business partner who put their joint collection on the block; and for Christie's and the entire art market, which hopes the stunning performance will be the shot...
...think for a minute that all this lavish spending at the Grand Palais in Paris might be an indication of a positive turn of events for the world's economy. Indeed, it may be just the opposite. David Nahmad, one of the world's top private art dealers who doubles as a major world currency trader, says the eagerness to invest cash in art is a very visible confirmation of the skepticism that investors have about the crippled financial system. "People today don't know where to put their money. The banks are fragile, the hedge funds don't exist...
...dwindling supply on the market of top Impressionist 20th century art means museum-quality work should offer stable - and potentially stratospheric - growth over the coming years. In 1979, two years before the record-setting 1911 Mattise would wind up in Saint Laurent's hands, Nahmad paid about $300,000 for the piece. Although he is sanguine about the market, the dealer, based in Monte Carlo, Monaco, was staggered by Monday's sale, which also netted records for Piet Mondrian (two of the Dutchman's paintings sold for eight-digit figures), Giorgio de Chirico, Marcel Duchamp, Paul Klee and James Ensor...
...Giovanna Bertazzoni, head of Impressionist and modern art for Christie's London, is hoping that Monday's record results will give a boost to future sales, after several auctions have taken place with extremely limited supply. "This was a special case," she said of the Paris auction. "But we hope that this will help us unearth more masterpieces, to convince others that this is a good time to sell. We see tonight that people very much still want to invest in art." Nevertheless, the same logic - and the shaky world financial system - may yet convince collectors to hold...