Private Equity Firm Abraaj Group to sell off its collection at Bonhams this October

The struggling private equity firm, Abraaj Group, is auctioning off its private art collection. All of the works in its collections are in the process of being sold at auctions in London this month, with some works being estimated to sell at less than ten percent of what the purported owner, Arif Naqvi, authorized to be paid for them. Abraaj and […]

Does Berlin’s skyrocketing real estate market make it another New York, London, or Paris?

Since German reunification in 1990, Berlin has provided artists the world over with a relatively inexpensive base and a vibrant, hip, and intellectual atmosphere to undertake their work. It ranks just second after New York among the most important centres for world art production. Ai Weiwei, Alicja Kwade, and Olafur Eliasson all have their primary studios in Berlin. The Art Newspaper reported recently […]

The contemporary art market looks like it may be cooling off

Since 2000, the contemporary art market has experienced immense growth. Artprice details in its report of 2017/2018 that the number of transactions since the turn of the millennium has multiplied 5.5 times while global turnover has risen a stunning 1,744% from $103 million USD to $1.9 billion USD in 2017/2018 period. In 2000, the average piece of […]

Russian billionaire Dmitry Rybolovlev launches $380 million USD lawsuit against Sotheby’s

The Bouvier Affair evolved further last week when Russian billionaire and notable art collector Dmitry Rybolovlev launched a $380 million USD lawsuit against Sotheby’s. Yves Bouvier, a Swiss arts dealer, has been alleged to have defrauded numerous of his clients by misrepresenting the costs of artworks and subsequently charging buyers grossly exaggerated prices. Lawsuits against Bouvier have been heard […]

Two more galleries close in Berlin

Berlin’s reputation as an indisputable Mecca for contemporary artists in the 21st century has been mostly deserved due to the reputation it gained as a Bohemian capital during the Cold War, as well as the vibrant neighbourhoods it still boasts of, its welcoming attitude, and its contagious open-mindedness and diversity. However, the city is beginning to show signs of wear […]

Turner Prize nominee criticized for profiting from minority suffering

2018 Turner Prize nominee, Luke Willis Thompson, has found himself in the middle of some controversy this year as a result of his most recent work’s pointed commentary on race. His chilling work, autoportrait, is a short film portraying the image of Diamond Reynolds, the American woman whose boyfriend, Philando Castile, was shot in cold blood on a […]

Swiss art sales draw interest, a Mosset sells for twice its expected value

Christie’s annual Swiss art auction in Zurich in September featured the likes of Felix Vallotton, Ferdinand Hodler, Giovanni Giacometti, and Albert Anker. The auction ultimately drew approximately CHF 5.4 million. The evening appeared to reverse a recent downturn in the sale of Swiss art that has occurred over the last few years. Swissinfo.ch reported that the auction attracted interest […]