Contemporary Art

COMING just hours after the election of Barack Obama in the US, a poster of the new President-elect sold at Bonhams & Butterfields in California for a double-estimate $4800 (£3145).

THE balloon-like market for contemporary art lost much of its air last week as both the Frieze Art Fair and its related auctions suffered the full force of the global economic crisis.

THE contemporary art downturn had a tangible effect on the market for urban art as the sales staged in London by Bonhams in New Bond Street on October 23 and Dreweatts in Shoreditch on October 14 witnessed greater selectivity amongst buyers.

THE question of authenticity remains high on the agenda in the Banksy market after a last-minute intervention by the self-styled guerrilla artist had a devastating effect on Lyon & Turnbull’s latest attempt to break into the London contemporary art market.

As experienced art dealers discussed the £95.6m sale of 233 new works by Damien Hirst (b.1965), it was the word 'celebrity' that cropped up the most to explain the phenomenal prices seen at the Beautiful Inside my Head Forever sale.

STREET art by Banksy – until now a problem area at auction because of authentication – is about to be brought in from the cold thanks to a new independent verification body.

SOTHEBY’S dependence on the contemporary art market could hardly be clearer than in their latest set of figures.

LONDON’S latest contemporary art sales saw vast sums of money continuing to be channelled into top-end post-War art as prices and confidence in the market remained high.

Sotheby’s have announced the highlight of their autumn series: an auction of new works consigned by Damien Hirst on September 15-16.

The latest addition to the London street art calendar took place at Village Underground in Shoreditch on June 17, where Dreweatts became the first auctioneer from outside London to host a dedicated Urban Art Sale.

THE gargantuan sums of money being spent at the top end of the contemporary art market continued unabated as the latest sales series in New York saw a staggering overall premium-inclusive total of $990m.

Dreweatts have secured a preview for their forthcoming Urban Art sale at Selfridges.

THE global contemporary art market received an important shot in the arm in London last week as Sotheby's set the highest total ever seen for a contemporary art sale in Europe.

Having dramatically grown the auction market for Banksy at their mixed media Vision 21 sales, Bonhams are embarking on a new venture – a dedicated sale of Urban Art.

Sotheby’s have agreed to sponsor Tate Britain’s Duveens Commission, thereby allowing this site-specific sculpture commission to become an annual rather than a biennial event.

The Art Fund have announced the five £1m winners of Art Fund International, the scheme dedicated to building collections of international contemporary art at regional UK museums and galleries.

LOUISE Walker, who has been organising antiques fairs in Harrogate for the past 27 years, will launch a contemporary art fair in the North Yorkshire town next Easter.

PHILLIPS de Pury look to have taken another step to increase their influence as a major player in London’s contemporary art market by forming a new partnership with The Saatchi Gallery.