Posted on September 30, 2011 by Daniel Schnapp

The State of the Art Market

The September mid-season sales were an overall success, showing that the art market has sustained itself despite the volatility of the greater financial markets. 

 

According to this article, Christie’s, for example, sold 73% of lots in its postmodern and contemporary September 21 sale while Sotheby’s made $13.3m, just short of its high estimate for their similar sale, the following day.

 

 

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Posted on September 30, 2011 by Daniel Schnapp

Indictment Handed Down on Antiquities Case

Several dealers and a collector were indicted in July for “conspiring to smuggle Egyptian antiquities into the United States and conspiring to launder money in furtherance of smuggling,” according to a press release  from the United States Attorney’s Office.  Most of the works have been recovered by law enforcement.  This case reinforces that the United States will seek to prosecute smugglers of cultural property, and each defendant will face a maximum sentence of 20 years in prison if convicted.

[Nicole Dornbusch assisted in drafting this entry].

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Posted on September 30, 2011 by Daniel Schnapp

Warhol Among "Toxic Assets"

The National Asset Management Agency of Ireland, also known as NAMA or Ireland’s “bad bank,” has consigned a collection of 14 works to Christie’s valued at up to $2.8 million.  This article claims that the collection includes a Warhol “Dollar Sign” painting valued at $400,000 to $600,000, previously owned by a NAMA debtor.  Though NAMA would not confirm the identity of the debtor, the Irish Times reported that the collection was previously owned by Derek Quinlan, an ex-tax inspector and hotelier. 

 

[Nicole Dornbusch assisted in drafting this entry].

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Posted on September 30, 2011 by Daniel Schnapp

Seventeenth Century Paintings Recovered

Two paintings stolen from the Bolivian National Monument, Templo San Andres de Machaca in La Paz in 1997 have been recovered.  According to this article, in May 2011, a U.S. art dealer contacted the Art Loss Register, claiming that he had received the works on consignment.  The works were identified as “Saint Augustin,” and '/St. Rose of Viterbo" and were returned on September 12, 2011.  Four works remained un-recovered as detailed in the article.

 

[Nicole Dornbusch assisted in drafting this entry].

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