Displaying items by tag: Auctions

It’s about to get more expensive to shop at Sotheby’s. The auction house announced late Monday that it was effectively raising the rates it charges many of its buyers by changing the rate thresholds.

The first change in Sotheby’s rate structure in nearly two years means that beginning Feb. 1 buyers at its auctions will pay 25 percent on the first $200,000 of a hammer price, up from a previous low threshold of $100,000; 20 percent on the value between $200,000 and $3 million, up from the previous range of $100,000 to $2 million; and 12 percent on any amount remaining above $3 million, up from the previous upper threshold of $2 million.

After four years as Christie’s Chief Executive Officer (CEO), Steven Murphy announced that he will leave his post at the auction house. The surprise announcement, which was issued on Tuesday, December 2, came just twelve days after William Ruprecht, the CEO of Sotheby’s for fourteen years, announced his resignation. The two auction houses have long battled for primacy in the art market, though Christie’s has been considered the leader in recent years thanks to a growing online presence, expanded markets in China and Mumbai, and astronomical contemporary art sales.

Murphy will be succeeded by Patricia Barbizet, the Executive Director of Artémis Group, the investment company founded by French billionaire François Pinault, who also owns Christie’s. Barbizet will retain her position at Artémis as well as her role as the Chairwoman of the Supervisory Board of Christie’s.

The gavel will not come down on the first lot of New York's major fall auctions until Tuesday, but records have already fallen and more are virtually certain once the bidding actually begins.

With a global pool of collectors competing for more than $1.5 billion worth of fine art, the city's top auction houses are expecting record values for trophy works at sales over the next two weeks.

A pair of Chinese porcelain vases fetched $1.2 million; a 7-inch-tall celadon vase sold for $2.3 million and a bronze Buddha statue went for $485,000 -- all blowing past their presale estimates many times over.

So went the buying spree during Asia Week in New York this week as Chinese dealers and collectors packed the salesrooms and snapped up pieces of their cultural heritage. Auctions at Sotheby’s, Christie’s, Bonhams and Doyle New York are expected to tally $95 million.

New York City will welcome nearly 30 of the world’s leading dealers in Master Drawings from January 24th through January 31st when the ninth edition of Master Drawings New York hosts themed exhibitions in more than two dozen Upper East Side galleries between East 63rd and 93rd Streets.

Founded in 2006 as a way to draw upon and buttress the presence of collectors and museum officials during the important January art-buying events, including the Old Master auctions and The Winter Antiques Show, Master Drawings New York has become an important part of the winter art scene in its own right, attracting the most influential dealers not only in New York but in England, France, Italy, Germany and Spain.

Records tumbled this season in the highest-grossing flagship summer auctions that Sotheby’s London has ever seen. Together, sales in the four key categories of Old Masters, Impressionist & Modern, Contemporary Art and ‘Treasures’ totalled a record £360 million - with top estimates repeatedly smashed and record numbers of participants engaging in the sales.

The strong results were fuelled by a burgeoning interest from collectors from the new markets - many of whom are making their presence ever more strongly felt in Sotheby’s London salerooms, their interest constantly expanding into an ever broader range of fields.

Convinced that consumers are finally ready to shop online for Picassos and choice Persian rugs in addition to car parts and Pez dispensers, Sotheby’s, the blue-chip auction house, and eBay, the Internet shopping giant, plan to announce Monday that they have formed a partnership to stream Sotheby’s sales worldwide.

Starting this fall, most of Sotheby’s New York auctions will be broadcast live on a new section of eBay’s website. Eventually the auction house expects to extend the partnership, adding online-only sales and streamed auctions taking place anywhere from Hong Kong to Paris to London. The pairing would upend the rarefied world of art and antiques, giving eBay’s 145 million customers instant bidding access to a vast array of what Sotheby’s sells, from fine wines to watercolors by Cézanne.

The antiques dealer and collector Joseph Kindig Jr. never fired a shot with any of his hundreds of American rifles made around 1800. He was not a hunter; he was a vegetarian who did not like to kill anything. At his store in York, Pa., he would refuse to sell his gun inventory to buyers who seemed snobbish or ignorant. He believed that the firearms represented the first major American artistic innovation.

His guns came mainly from Pennsylvania workshops, where a single artisan made and assembled each one: the maple stocks, iron mechanisms and brass floral ornaments. Each workman’s product “contained something of his spirit and soul,” Mr. Kindig told an interviewer in the 1950s.

Auction houses expect to sell as much as $2.3 billion of art in New York this month as billionaires from China to Brazil compete for trophy works by Claude Monet, Pablo Picasso and Jeff Koons in a surging market.

Two weeks of semiannual sales of Impressionist, modern, postwar and contemporary art at Christie’s, Sotheby’s (BID) and Phillips begin May 6, with online bidding as early as today. Their combined sales target represents a 77 percent increase from estimates for a similar round of auctions a year ago.

This fall, Phillips will sell photographs from the Art Institute of Chicago’s illustrious collection. Works by Robert Frank, Henri Cartier-Bresson, Edward Weston and Irving Penn will be offered during sales in October in New York and in November in London.

The Art Institute of Chicago began organizing photography exhibitions in 1900 and has been building its own collection for nearly 65 years. Ellen Sandor, Chair and Curator of the Art Institute of Chicago’s photography department, said, “In 2014 we celebrate our fortieth anniversary as a separate curatorial department and the fifth anniversary of our dedicated galleries in the Art Institute’s Modern Wing. Those two anniversaries represent continuity and change—both essential to our progress. We have spent three and a half years to assess our holdings, with a view to refining and diversifying the collection as well as better understanding the treasures that we possess. Proceeds from the sale will support future acquisitions, and we are grateful to Phillips for working with such care and consideration on this sale.”

The two sales will be complemented by an online selling exhibition in December. Highlights from the collection will go on view in New York, Chicago and London prior to the sales.