Word: newes
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Dates: during 1980-1989
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...many dealers. But others think the idea is worth serious thought, though none believe it likely to happen while Washington still clings to the conservative catchword of deregulation. Besides, says Eugene Thaw, the doyen of U.S. private dealers, Sotheby's in particular may have enough political clout in New York to defeat a further tightening of the rules...
...case of Yo Picasso. Humana Inc. president Wendell Cherry, who bought it in 1981 for $5.83 million and sold it in 1989 for $47.85 million, got a "real net rate of return" (after commissions, insurance costs, inflation and so forth) of 19.6% a year. Handsome, but what about the new owner? If he sells it five years from now, the price must be $81 million before deductions for him merely to break even. And five years from then? Who gets left standing in this game of musical chairs...
...much of the auction action has shifted to contemporary art. It is a field that can still produce huge unsettling leaps of price that shake a market to its core, as publisher S.I. Newhouse's gesture of paying $17.7 million for Jasper Johns' False Start in New York a year ago proved. (It made sense, of a kind, for Newhouse to buy the Johns: he owns quite a few others, whose book value has accordingly multiplied...
...that he is pruning his collection, the bewilderment is great. What artists fear is not so much that their prices will falter -- though that happened to Italy's Sandro Chia when Saatchi dumped him -- as that new traders can move in and, by buying blocks from Saatchi, bypass the artists' dealers and force prices up out of all proportion to those of their new work. Robert Ryman, one of whose chaste minimalist paintings made $1.8 million at auction recently (gallery prices: from $50,000 to $300,000), now thinks it "unfortunate" that he ever let Saatchi have twelve...
...Scullys are trading on the secondary market as high as $350,000, and Saatchi recently unloaded a block of nine of them on the Swedish dealer Bo Alveryd, who last month spent $70 million at three London galleries (Marlborough, Waddington and Bernard Jacobson) before moving on to the New York fall auctions. There he underbid the $20.68 million De Kooning and bought, among other things, a Johns for $12.1 million. "I thought Saatchi had good intentions," Scully says. "Now it turns out that he's only a superdealer. These guys create price levels for themselves. They put one painting...