Art & Finance Report 2019
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Chapter 129 Consignments of Works of Fine Art
1 Updated 97−98 Wis. Stats. Database CONSIGNMENTS OF WORKS OF FINE ART 129.08 CHAPTER 129 CONSIGNMENTS OF WORKS OF FINE ART 129.01 Definitions. 129.05 Art dealer required to obtain written contract. 129.02 Art dealer and artist; relationship. 129.06 Art dealer; duties. 129.03 Trust property. 129.07 Waiver voided. 129.04 Trust property, art dealer’s creditors. 129.08 Penalty. 129.01 Definitions. In this chapter: ceeds of the resale are trust funds in the hands of the art dealer for (1) “Art dealer” means a person engaged in the business of sel- the benefit of the artist to the extent necessary to pay any balance ling works of fine art, other than a person exclusively engaged in still due to the artist. The trusteeship of the proceeds continues the business of selling goods at public auction. until the fiduciary obligation of the art dealer with respect to the (2) “Artist” means the creator of a work of fine art. transaction is discharged in full. History: 1979 c. 61. (3) “On consignment” means delivered to an art dealer for the purpose of sale or exhibition, or both, to the public by the art dealer 129.04 Trust property, art dealer's creditors. No prop- other than at a public auction. erty which is trust property under s. 129.02 or 129.03 is subject to (4) “Work of fine art” means an original art work which is: the claims, liens or security interests of the creditors of the art (a) A visual rendition including, but not limited to, a painting, dealer, notwithstanding chs. -
Hans Rottenhammer's Use of Networks in the Copper
arts Article Intermediaries and the Market: Hans Rottenhammer’s Use of Networks in the Copper Painting Market Sophia Quach McCabe Department of History of Art and Architecture, University of California, Santa Barbara, Santa Barbara, CA 93106, USA; [email protected] Received: 1 February 2019; Accepted: 16 June 2019; Published: 24 June 2019 Abstract: In Willem van Haecht’s Gallery of Cornelis van der Geest, The Last Judgment by the German artist Hans Rottenhammer stands prominently in the foreground. Signed and dated 1598, it is one of many copper panel paintings Rottenhammer produced and sent north of the Alps during his decade-long sojourn in Venice. That the work was valued alongside those of Renaissance masters raises questions about Rottenhammer’s artistic status and how the painting reached Antwerp. This essay examines Rottenhammer’s international market as a function of his relationships with artist-friends and agents, especially those in Venice’s German merchant community. By employing digital visualization tools alongside the study of archival documents, the essay attends to the intermediary connections within a social network, and their effects on the art market. It argues for Rottenhammer’s use of—and negotiation with—intermediaries to establish an international career. Through digital platforms, such as ArcGIS and Palladio, the artist’s patronage group is shown to have shifted geographically, from multiple countries around 1600 to Germany and Antwerp after 1606, when he relocated to Augsburg. Yet, the same trusted friends and associates he had established in Italy continued to participate in Rottenhammer’s business of art. Keywords: Hans Rottenhammer; social network; intermediaries; mediation; digital humanities; digital art history; merchants; art market; copper painting; Jan Brueghel the Elder 1. -
2020 Digital Catalog
CAP’S MISSION We support and empower all people living with or affected by HIV, reduce stigma, and provide compassionate healthcare to the LGBTQ+ REFLECTIONS ON 35 ON 35 REFLECTIONS YEARS OF SERVICE community & beyond. PRESENTING SPONSOR: WELLS FARGO AN EVENING BENEFITING GOLD SPONSORS: NIKE + ONPOINT COMMUNITY CREDIT UNION CAREOREGON + ONESOURCE STRATEGY CASCADE AIDS PROJECT HONORARY CHAIRS: DEB KEMP + MOLLY KING CAPARTAUCTION.ORG At a time when it can be difficult to feel celebratory amidst so much pain, turmoil and unrest, art gives us hope. When organizations like Cascade AIDS Project continue to respond in the moment with such compassion and collective action - they give us hope. We are so honored to be the chairs of this year’s CAP Art Auction and are proud to stand united for this cause, and together in community. We first learned of Cascade AIDS Project through our work with QDoc Film Fest, an annual LGBTQ+ documentary festival we now run. In addition to supporting and empowering folks living with or affected by HIV, Cascade AIDS Project has been a longtime community partner of hope you will be moved to do so as well. QDoc, helping us elevate the voices As Cascade AIDS Project continues to of marginalized groups through the support those they serve, let’s continue power of storytelling. We are grateful to support them. to reciprocate this relationship through our support of Cascade AIDS Project With love and pride, A WORD FROM A WORD FROM A OUR CO-CHAIRS OUR both personally and professionally and MOLLY KING & DEB KEMP SCHEDULE CAP SCHEDULEEVENING SCHEDULE ART AUCTION.ORG 6:30 PM Red carpet pre-show 7:00 PM Live event Poison Waters Red Carpet Host Johnna Lee Wells Auctioneer Dale Johannes Program Host ENTERTAINMENT ENTERTAINMENT We come together tonight to celebrate Cascade AIDS Project’s 35 years of service during a time when our country’s deep injustices are being again revealed. -
Business Analytics
SPRING 2017 Business Analytics Meeting the need for talent. PAGE 4 VIRGINIA TECH BUSINESS is published twice a year by: RANKINGS Pamplin College of Business, Virginia Tech No. 2 1030 Pamplin Hall (0209) U.S. 880 West Campus Drive Blacksburg, VA 24061 540-231-6601 No. 2 No. 7 No. 6 World www.pamplin.vt.edu Master of Evening Hospitality and Address changes: [email protected] Information Technology MBA Tourism Management Editorial inquiries and story suggestions: [email protected] U.S. News & World Report QS Top Universities In this magazine, alumni, with some exceptions, are DONNIE GRAY identified by degree and the year it was received. VIRGINIA TECH’S EVENING MBA ranking in U.S. News & World Report has improved DEAN to No. 7 among the nation’s part-time Robert T. Sumichrast MBA programs, according to the 2018 EDITOR survey released in March. It was ranked Sookhan Ho No. 16 for the previous two years. Offered DESIGN by the Pamplin College of Business, the Uncork-it, Inc. Evening MBA program serves aspiring FEATURE WRITERS business leaders in the Washington, D.C., Sookhan Ho, Dan Radmacher area with classes taught at the Northern PHOTOGRAPHERS Virginia Center, and has seen significant STUDENTS such as Mala Lal balance work, Christina O’Connor, Jim Stroup, Logan Wallace, growth in recent years. study, and family in the highly ranked Evening Oliver Meredith MBA program. ALUMNI INFORMATION Gina French, Bonnie Gilbert DISTRIBUTION MANAGER Jodi Jennings Charles Schwab Financial Planning Suite ABOUT enhances learning for business students Virginia Tech’s nationally ranked Pamplin College of JIM STROUP Business offers undergraduate and graduate programs in accounting and information systems, business information technology, economics, finance, hospitality and tourism management, management, and market- ing. -
Annual Art Investment Report Part 2
Transparency for the Global Art Market Since 2004 2012 ANNUAL ART INVESTMENT REPORT PaRT 2 155 East 56th Street, 4th floor, New York, NY 10022 USA +1.212.514.6010 WWW.SKATEPRESS.COM Introduction 3 Executive Summary 5 Key Art Industry Statistics Based on Skate’s Art Industry Scorecard 7 Exhibit 1: Businesses in the Art Industry 7 Exhibit 2: Skate’s Top 10 Art Industry Companies 8 Auction House Business as a Leading Art Industry Activity 8 Art Dealers (Galleries) Make Up 18% of Art Industry 9 Exhibit 3: Top 20 Art Dealers (Galleries) 11 Mushrooming Art Fairs: Opportunity or Threat? 11 ANNUAL ART Exhibit 4: Top 30 Art Fairs Worldwide 13 Online Art Trading as the Fastest Growing Art Industry Business 14 Exhibit 5: E-commerce Companies in Skate’s INVESTMENT Art Industry Scorecard 14 Exhibit 6: Top 10 E-Commerce Companies by Distribution Power 15 Exhibit 7: Top 10 E-Commerce Companies REPORT by Artistic Merit 16 Exhibit 8: Online Business Practice Penetration in Art Industry Space 18 STATE OF THE GLOBAL ART INDUSTRY Information as Art Industry Currency 18 PART 2 Art and Finance: Solid Art Industry Collaboration Explored in Three Ways: Art Investment Funds, Art Lending and Art Banking 20 New Influx of Art Investment Funds Expected 20 Art Lending Activity Among Fastest Growing Businesses 21 Art Banking: From Biggest Corporate Collections to Financial Services in Art 22 Exhibit 9: Top 10 Banks Involved in the Art Industry 24 Publicly Traded Companies in the Art Industry 24 Exhibit 10: Listed (Investable) Universe of the Global Art Industry 25 Exhibit 11: Skate’s Art Stock Index (Public Companies in the Global Art Industry) 27 Exhibit 12: Skate’s Art Stocks Index Performance 28 Exhibit 13: Skate’s Art Stocks Index vs. -
Discovering the Contemporary
of formalist distance upon which modernists had relied for understanding the world. Critics increasingly pointed to a correspondence between the formal properties of 1960s art and the nature of the radically changing world that sur- rounded them. In fact formalism, the commitment to prior- itizing formal qualities of a work of art over its content, was being transformed in these years into a means of discovering content. Leo Steinberg described Rauschenberg’s work as “flat- bed painting,” one of the lasting critical metaphors invented 1 in response to the art of the immediate post-World War II Discovering the Contemporary period.5 The collisions across the surface of Rosenquist’s painting and the collection of materials on Rauschenberg’s surfaces were being viewed as models for a new form of realism, one that captured the relationships between people and things in the world outside the studio. The lesson that formal analysis could lead back into, rather than away from, content, often with very specific social significance, would be central to the creation and reception of late-twentieth- century art. 1.2 Roy Lichtenstein, Golf Ball, 1962. Oil on canvas, 32 32" (81.3 1.1 James Rosenquist, F-111, 1964–65. Oil on canvas with aluminum, 10 86' (3.04 26.21 m). The Museum of Modern Art, New York. 81.3 cm). Courtesy The Estate of Roy Lichtenstein. New Movements and New Metaphors Purchase Gift of Mr. and Mrs. Alex L. Hillman and Lillie P. Bliss Bequest (both by exchange). Acc. n.: 473.1996.a-w. Artists all over the world shared U.S. -
Publication 5392 (2-2020) Catalog Number 73942R Department of the Treasury Internal Revenue Service Overview
The Art Advisory Panel Of the Commissioner Of Internal Revenue Annual Summary Report for Fiscal Year 2018 (Closed meeting activity) Publication 5392 (2-2020) Catalog Number 73942R Department of the Treasury Internal Revenue Service www.irs.gov Overview Created in 1968, the Art Advisory Panel of the Commissioner of Internal Revenue (the Panel) provides advice and makes recommendations to the Art Appraisal Services (AAS) unit in the Independent Office of Appeals for the Internal Revenue Service (IRS). Chartered under the Federal Advisory Committee Act (FACA), the Panel assists by providing value recommendations regarding the acceptability of tangible personal property appraisals taxpayers submit to support the fair market value claimed on the wide range of works of art involved in income, estate, and gift tax returns. When a tax return selected for audit includes an appraisal of a single work of art or cultural property valued at $50,000 or more, the IRS examining agent or appeals officer must refer the case to AAS for possible referral to the Panel, unless a specific exception exists. The AAS staff supports and coordinates the Panel meetings, while the AAS appraisers independently review taxpayers’ appraisals for art works not referred to the Panel. The Panel provides essential information to help foster voluntary compliance. The information and recommendations play an important role in the IRS’s efforts to cost- effectively address the potentially high abuse area of art valuation. The panelists provide information, advice, and insight into the world of art which cannot be obtained effectively from within the IRS. The Panel does not duplicate work performed in the IRS. -
Ali Banisadr / MATRIX 185 at the Wadsworth Marks Artist's First Solo
FOR IMMEDIATE RELEASE Media Contact: Kim Hugo, (860) 838-4082 [email protected] Image files to accompany publicity of this exhibition will be available for download at http://press.thewadsworth.org. Email to request login credentials. Ali Banisadr / MATRIX 185 at the Wadsworth Marks Artist’s First Solo Museum Exhibition in the U.S. Hartford, Conn. (September 15, 2020)—Ali Banisadr draws freely from an encyclopedic knowledge of the history of painting to create a distinctive visual language, resulting in works that explore a “between space,” like those of hallucinations and dreams. Ali Banisadr / MATRIX 185 at the Wadsworth Atheneum Museum of Art is the artist’s first solo museum exhibition in the U.S. Ten paintings and two prints by Banisadr join a selection of works from the Wadsworth collection chosen by the artist, as well as a video collage that Banisadr created to show additional inspiration works from the museum’s collection. The exhibition opens October 22, 2020 and will be on view through February 14, 2021. “Banisadr’s depictions of abstracted masses feel especially relevant right now,” says Patricia Hickson, Emily Hall Tremaine Curator of Contemporary Art at the Wadsworth. “His compositions echo the disquiet we are witnessing across the world today, including political rallies, protest marches, and street riots. And yet, as timely as they are, they are equally timeless.” Banisadr’s process has been related to synesthesia as sounds instruct the energy and rhythm in his painterly compositions. His perception of sound as inextricably linked to color and form began in his native Tehran, Iran during the Iran-Iraq War (1980–1988)— the artist recalls drawing while sheltering at home. -
Art Auction Sources Ingalls Library
Art Auction Sources Ingalls Library Going Once... Going Twice... Sold! 1 This bibliography was compiled by the Books about Auction Houses and Cleveland Museum of Art’s Ingalls the Auction Market Library reference staff to accompany a Faith, Nicholas. Sold: The Revolution in the series of three workshops on the auc- Art Market. London: Hamish Hamilton, tion market (fine arts, decorative arts, and 1985. prints and photographs) presented at the HF5477 .G74 S67 1985 Library. Given the scope and depth of A profile of Sotheby’s under the dynamic the Library’s collection, only the most leadership of Peter C. Wilson, the famous important titles, databases, and websites auctioneer, that provides an interesting are included. We hope this bibliography glimpse into the world of selling and col- will help you map a methodology for lecting works of art. researching objects. Lacey, Robert. Sotheby’s: Bidding for Class. For a history of the auction market, con- Boston: Little, Brown, 1998. sult the sources listed below as well as HF5477 .G74 G675 1998 the Grove Dictionary of Art entry under A gossipy history of the famous auction “Auction.” The Ingalls Library subscribes house. to many bibliographic databases which provide access to journal articles about McNulty, Tom. Art Market Research: A auctions, auction houses, etc. Guide to Methods and Sources. Jefferson, NC: McFarland, 2006. The bibliography is divided into eight N5200 .M39 2006 sections: “From the gallery to the auction house, • Books about Auction Houses and the this book explores the major venues of art Auction Market acquisition. It introduces basic terminology • Art Sales Sources for the Fine Arts for the art collector and covers the basics • Decorative and Applied Arts of artwork analysis and documentation, • Prints including a concise overview of database • Photographs researching methods and online resources.” • Auction House Publications and Websites Marquis, Alice Goldfarb. -
Private Sales
2 Private Sales n recent years, the commercial fragility of what were perceived to be preeminent New York art galleries was laid bare in newspaper head- lines and lawsuits that highlighted the financial woes of the hap- less collectors who consigned art to be sold, and the art purchasers Iwho acquired more (or less) than they bargained for. That fragility renders art transactions commercially unique when it is combined with the in- trinsic properties of fine art. The artwork, for one thing, is often singular and ir- replaceable. Moreover, its value, which largely depends on the artist’s reputation at the time of the sale, may fluctuate extensively because an artist’s reputation is largely subject to public whim. And artwork is frequently purchased on impulse by a shockingly uninformed buyer: The buyer often turns a blind eye to securing a written purchase contract (let alone to having the contract reviewed by legal counsel), neglects to have the property physically inspected or professionally ap- praised, fails to do a title search, and, if the work is a fine-art multiple, makes no inquiry about the technique of production. Defects abound in artwork as frequently as in other property. Accordingly, the art buyer should observe the same precautions ordinarily used by the prudent buyer in other commercial transactions of like value. Those precautions are ad- dressed at length throughout the three main sections of this chapter: Sales by Dealers, Sales by Collectors, and Secured Transactions. SALES BY DEALERS Whether the dealer is a private dealer, a single commercial gallery, or a gallery with numerous branches or franchised outlets, the dealer’s art sales are governed by principles of contract and tort law, by federal and state penal statutes, and in certain jurisdictions by specific legislation regulating sales of art. -
Modeling On-Line Art Auction Dynamics Using Functional Data
Statistical Science 2006, Vol. 21, No. 2, 179–193 DOI: 10.1214/088342306000000196 c Institute of Mathematical Statistics, 2006 Modeling On-Line Art Auction Dynamics Using Functional Data Analysis Srinivas K. Reddy and Mayukh Dass Abstract. In this paper, we examine the price dynamics of on-line art auc- tions of modern Indian art using functional data analysis. The purpose here is not just to understand what determines the final prices of art objects, but also the price movement during the entire auction. We identify several factors, such as artist characteristics (established or emerging artist; prior sales history), art characteristics (size; painting medium—canvas or paper), competition characteristics (current number of bidders; current number of bids) and auction design characteristics (opening bid; position of the lot in the auction), that explain the dynamics of price movement in an on-line art auction. We find that the effects on price vary over the duration of the auc- tion, with some of these effects being stronger at the beginning of the auc- tion (such as the opening bid and historical prices realized). In some cases, the rate of change in prices (velocity) increases at the end of the auction (for canvas paintings and paintings by established artists). Our analysis sug- gests that the opening bid is positively related to on-line auction price levels of art at the beginning of the auction, but its effect declines toward the end of the auction. The order in which the lots appear in an art auction is nega- tively related to the current price level, with this relationship decreasing to- ward the end of the auction. -
ARNY SCHMIT (Luxembourg, 1959)
ARNY SCHMIT (Luxembourg, 1959) Arny Schmit is a storyteller, a conjurer, a traveler of time and space. From the myth of Leda to the images of an exhibitionist blogger, from the house of a serial killer to the dark landscapes of a Caspar David Friedrich, he makes us wander through a universe that tends towards the sublime. Manipulating the mimetic properties of painting while referring to the virtual era in which we live, the Luxembourgish artist likes to surprise by playing on the false pretenses. In his paintings he creates bridges between reality, fantasy and nightmare. The medieval, baroque or romantic references reveal his profound respect for the masters of the past. Extracted from a different time era, decorative motifs populate his compositions like so many childhood memories, from the floral wallpaper to the dusty Oriental carpet, through the models of embroidery. Through fragmentation, juxtaposition and collage, Arny Schmit multiplies the reading tracks and digs the strata of the image. The beauty of his women contrasts with their loneliness and sadness, the enticing colors are soiled with spurts, the shapes are torn to reveal the underlying, the reverse side of the coin, the unknown. 1 EXHIBITION – DECEMBER 1st, 2018 to FEBRUARY 28th, 2019 ARNY SCHMIT – WILD 13 windows with a view on the wilderness. Recent works by Luxembourgish painter Arny Schmit depict his vision of a daunting and nurturing nature and its relationship with the female body. A body that Schmit likes to fragment by imprisoning it into frames of analysis, each frame a clue into a mysterious narrative, a suggestion, an impression.