Word: auctioner
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Sitting in his loftlike Manhattan office amid stacks of auction catalogs, art monographs and fashion books, Krakoff points to his Marc Newson Event Horizon desk, one of only eight in the world. (He also has a carbon-fiber-and-corrugated-paper Ron Arad desk.) "It's as much sculpture as it is functional," he says. "These kinds of pieces straddle the line. The distinction between art and design is really blurred...
...piece in the post-1985 contemporary market, fetched $968,000 at Sotheby's in New York City--the highest price ever paid for the work of a living designer. According to James Zemaitis, director of 20th century design at Sotheby's, the average price for a piece at the auction house's December show, the biggest of the year, was $30,000. But based on the current interest in the market, Zemaitis estimates that over the next few years a rare piece that might sell for $60,000 now could start to escalate into the $250,000 range...
Dealers like Meyers and his partner Evan Snyderman are setting up shop at fairs such as Art Basel in Basel, Switzerland, and its newer outpost in Miami, which two years ago spawned a smaller venue called Design Miami. The major auction houses such as Sotheby's, Christie's and Phillips de Pury are cashing in too, staging big sales of 20th and 21st century design. The Christie's December 2006 sale of 20th century decorative art and design--the largest of the season--raked in $23.7 million, breaking all records...
...Internet, along with auction houses like Wright in Chicago, has also made the design market more accessible with mid-market price points on Danish and Italian mid-century design pieces, allowing more players to enter the game. "Because of the Internet, collecting design has become a pastime for a lot of people," says Krakoff. "Twenty-five years ago, the auctions were much less public. But now you can go on sites like 1stdibs.com and bid on them all over the world...
...charge carries up to five years,” Silverman added. “[The judge] can go up to 10, but that’s highly unlikely.” Purdy’s business is “probably all going to be sold, maybe at an auction or going-out-of-business sale,” Silverman said. “For his house, there may be an auction...he can’t support himself while in jail, and he has two children.” James Poulos, a family friend who had known Purdy...