Word: auction
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Dates: during 2000-2009
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...risen to the top of the contemporary art world - in April, he broke a record for a mainland Chinese painting when one of his works fetched $8.2 on auction. His subject matter deals invariably with the consequences of modernity, depicting the forgotten faces of peasants in the Tibetan desert, or families displaced by the rising waters of the massive Three Gorges damn project. He's also done portraits of prostitutes in Thailand, and high school students in Boston. Says Morgan Morris, the Rome-based curator of this latest project: "Every time there's something coming to a head, he captures...
...Artists, however, don't ordinarily get a dime from auction sales of their work. The money goes to the sellers and the auction house. But where is the rule that an artist can't sell his own work at auction? And it was always likely that Hirst would be the first artist to do that. He has the production capacity to supply a big sale, the name recognition, and a relationship with Sotheby's that began four years ago with a London auction of just about everything that wasn't nailed to the floor at Pharmacy, a celebrity-magnet restaurant...
...tour of some of the Sotheby's work to Daria Zhukova, a young, London-based art impresario. Her boyfriend is Roman Abramovich, the Russian owner of Chelsea Football Club, who this year alone was widely presumed to be the buyer of a $33.6 million Lucian Freud that set an auction record for the work of a living artist, and an $86.3 million Francis Bacon that set a record for postwar...
...buyers. "There's our global reach," says Cheyenne Westphal, Sotheby's European chairman of contemporary art. "We're everywhere, and we act as a magnet for all the new people coming into the market." And a lot of those people might be more comfortable in an auction house - where anyone with cash can flex their muscles - than in top galleries, where dealers sometimes try to place works only with important collectors who might lend or give them to major museums. It's all part of any dealer's service to the artist's long-term reputation, but it can have...
Individual sellers that use eBay or AbeBooks are breaking the law, says Ginsburg, but whether the sites are also liable for the auctions is unclear. Ebay recently won a court case absolving it of responsibility for policing its auctions for counterfeit items - although it will remove an auction if contacted by the company that owns the rights to an item - but international textbooks are not technically counterfeit. Like eBay, AbeBooks acts as a third party for sellers - generally stores in foreign countries. One copy of Organic Chemistry found on its site was being sold by the William Bookstore...