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Dark Side of the Boom
dark side of the boom The Excesses of the Art Market in the Twenty-first Century Georgina Adam dark side of the boom First published in 2017 by Lund Humphries Office 3, 261a City Road London ec1v 1jx UK www.lundhumphries.com Copyright © 2017 Georgina Adam isbn Paperback: 978-1-84822-220-5 isbn eBook (PDF): 978-1-84822-221-2 isbn eBook (ePUB): 978-1-84822-222-9 isbn eBook (ePUB Mobi): 978-1-84822-223-6 A Cataloguing-in-Publication record for this book is available from the British Library. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electrical, mechanical or otherwise, without first seeking the permission of the copyright owners and publishers. Every effort has been made to seek permission to reproduce the images in this book. Any omissions are entirely unintentional, and details should be addressed to the publishers. Georgina Adam has asserted her right under the Copyright, Designs and Patents Act, 1988, to be identified as the Author of this Work. Designed by Crow Books Printed and bound in Slovenia Cover: artwork entitled $ made from reflector caps, lamps and an electronic sequencer, by Tim Noble and Sue Webster and One Dollar Bills, 1962 and Two Dollar Bills by Andy Warhol, hang on a wall at Sotheby’s in London on June 8, 2015. Photo: Adrian Dennis/AFP/Getty Images. For Amelia, Audrey, Isabella, Matthew, Aaron and Lucy Contents Introduction 9 Prologue: Le Freeport, Luxembourg 17 PART I: Sustaining the Big Bucks market 25 1 Supply 27 2 Demand: China Wakes 51 Part II: A Fortune on your Wall? 69 3 What’s the Price? 71 4 The Problems with Authentication 89 5 A Tsunami of Forgery 107 Part IiI: Money, Money, Money 127 6 Investment 129 7 Speculation 149 8 The Dark Side 165 Postscript 193 Appendix 197 Notes 199 Bibliography 223 Index 225 introduction When my first book, Big Bucks, the Explosion of the Art Market in the 21st Century, was published in 2014 the art market was riding high. -
FOE Issue Special May-16.Indd
FAMILY OFFICE ELITE SPECIAL EDITION BNY Mellon Cory McCruden FAMILY OFFICES - UHNWI - WEALTH - PHILANTHROPY- FINE ART - LUXURY - LIFESTYLE Subscription $100 per year www.familyoffi ceelite.com DOMOS FINE ART FINE ART DOMOS CONSULTANTS DOMOS FINE ART has a portfolio of very Fine Art on sale (Off Market) on behalf of our clients which include works by Caravaggio, Renoir, Monet, Van Gogh, Matisse, Rembrandt, Picasso, Rouault, Bonnard, Raphael and more. DOMOS FINE ART is experienced in dealing We off er the following services with rare off -market Valuation and Sale of Fine Art collections of fi ne art. Locate specifi c pieces of Fine Art Assist in verifying provenance of Art Auction representation UK Offi ce | TEL: + 44 (0) 29 2125 1994 | SKYPE: domosfi neart | [email protected] | www.domos.co.uk FAMILY OFFICEELITE MAGAZINE WHAT IS A FINE ART FAMILY OFFICE US CONGRESS INVESTING ENACT NEW TAX FOR FAMILY OFFICES EXAMINATION 03CAPLIN & DRYSDALE 37 ROLLS ROYCE BERNIE MADOFF BLACK BADGE THE INSIDE STORY ON 25 EXPOSING MADOFF FRANK CASEY 11 43 VIDEO ADVERTS MAYBACH THE FUTURE OF ADVERTISING SESURITY & PROTECTION WITH THE 600 GUARD 17 53 IMPACT INVESTING FAMILY OFFICE IN THE FAMILY OFFICE MULTI-FAMILY OFFICE SELECTION HOLLAND & HOLLAND 21 EXPLORE THE WORLD OF 57 ANTIQUE WEAPONS AFRICA THE SAFRA OPPORTUNITIES FOR FOUNDATION FAMILY OFFICES SAFRA FOUNDATION MAKES ING BANK DONATION TO CLINATEC 25 35 61 1 FAMILY OFFICE ELITE MAGAZINE GULF STREAM 63 100TH G-560 COREY McCRUDEN Cory McCruden BNY Mellon HADHUNTERS 71 Wealth Management, Advisory Services PROPER EXECUTIVE PLACEMENT SUPERYACHT 73 CHARTER - LUXURY VACATION FAMILY OFFICE 7 WHAT TO DO WITH CASH 77 MAN-VS-MACHINE INVESTMENT MANAGEMENT 79 PRIVATE BANKS 83 WITH AN INVESTMENT FLOVOUR AUTHENTICITY IN THE ART MARKET 95 IMPACT AND 101 PHILANTHROPY OTHER STORIES.. -
AN EXAMINATION of ART FORGERY and the LEGAL TOOLS PROTECTING ART COLLECTORS Leila A
ARE YOU FAUX REAL? AN EXAMINATION OF ART FORGERY AND THE LEGAL TOOLS PROTECTING ART COLLECTORS Leila A. Amineddoleh | Cardozo Arts and Entertainment Law Journal Document Details All Citations: 34 Cardozo Arts & Ent. L.J. 59 Search Details Jurisdiction: National Delivery Details Date: July 19, 2016 at 9:02 PM Delivered By: kiip kiip Client ID: KIIPLIB02 Status Icons: © 2016 Thomson Reuters. No claim to original U.S. Government Works. ARE YOU FAUX REAL? AN EXAMINATION OF ART..., 34 Cardozo Arts &... 34 Cardozo Arts & Ent. L.J. 59 Cardozo Arts and Entertainment Law Journal 2016 Article ARE YOU FAUX REAL? AN EXAMINATION OF ART FORGERY AND THE LEGAL TOOLS PROTECTING ART COLLECTORS r1 Leila A. Amineddoleh a1 Copyright (c) 2016 Yeshiva University; Leila A. Amineddoleh INTRODUCTION 61 I. BACKGROUND 62 A. Rise in Authorship 62 B. The Existence of Forgeries 64 C. A Robust Art Market Leads to Increasing Prices and the Prevalence of Forgeries 66 1. The Current Market is Full of Forgeries 66 2. There is a Circular Relationship: The Art Market Thrives, Prices Increase, and 69 Connoisseurship Gains Greater Importance II. HOW THE LAW GRAPPLES WITH AUTHENTICITY 70 A. The First High Profile Authentication Battle in US Courts: Hahn v. Duveen 70 III. WHAT DOES IT MEAN TO BE “AUTHENTIC”? 72 A. Authenticity as a Three-Legged Stool 72 B. The Vulnerability of Modern Masters Leads to the Shuttering of One of the Most 74 Prestigious American Galleries C. Sometimes There is No Definitive Answer Regarding Authorship 79 D. Authenticity Disputes Have Altered the Landscape for Art Experts 80 E. -
Art Forgery and Fakes
Art Forgery and Fakes What percentage of the art in museums would you guess are fakes? According to some estimates, it could be 20%. Particularly with old masters, it is often difficult to distinguish the authentic from the fake without extensive forensic analysis and the keen eyes of experts. Despite modern technology, the market remains riddled with forged masterpieces. Sometimes, a painting that has been attributed to a famous painter turns out to be the work of his/her apprentice. In 2009, the Prado Museum in Madrid announced that Colossus, long attributed to Francisco Goya, was probably painted by his apprentice. Colossus Frequently, paintings originally thought to be the work of a highly regarded artist are actually the work of expert forgers who are trying to dupe museums and collectors. Franco Modigliani, who died impoverished at the age of 35, is one of the most frequently forged artists in history. Partly because of his easily replicable style and partly because his paintings can garner extremely high prices, forging his works has been a temptation worldwide. His 1917 Nu Couché sold at Sotheby’s in 2018 for $157.2 million, at the time the fourth highest price paid for a piece of art at auction. In 2017, Genoa’s Ducal Palace hosted an exhibit of 21 of what were believed to be Modigliani paintings. Of the 21, 20 were determined to be fakes. The exhibit was shut down and the paintings turned over to police for investigation. Today, the investigation is ongoing. The police have said that they have identified suspects: an artist who may have forged them, two collectors, including an American who procured most of the works, the head of the organization who organized the exhibit and the curator. -
«Beauty Is the True Scandal in Today's Art»
6/28/2018 "Beauty is the true scandal in today's art" | NZZ INTERVIEW «Beauty is the true scandal in today's art» Wolfgang Beltracchi has made a career as an art forger and was convicted. Now he leads a second life as an artist with his own handwriting. He keeps little of the genius cult - as well as of the international art scene, which celebrates the ugly above all. In a big interview he disenchanted the myths of the art business. René Scheu 26.6.2018, 05:30 clock Mr. Beltracchi, when you perform or exhibit, people come in droves. Then fall reliably the predicates "master counterfeiters" or "century counterfeiters". What sound do these words have for you? Oh. Hm. "Master" is not bad. (Consider.) Look: I see myself as a master painter, that's how I really understand myself, as a master of my craft. I have, I believe, sufficiently proven that I master the subject. ADVERTISING inRead invented by Teads Alone, art is more than painting – or has the 20th century not taken place in your eyes? https://www.nzz.ch/feuilleton/schoenheit-ist-in-der-heutigen-kunst-das-wahre-skandalon-ld.1397738 1/15 6/28/2018 "Beauty is the true scandal in today's art" | NZZ Yes, yes, something has already happened. And art history is also one of my hobbyhorses. Only, I'm not one of those who think that art has to be ugly and repulsive so that it turns out to be art. That would mean that fine art is not art. -
Elmyrdehory, Artist and Faker
Elmyr de Hory, Artist and Faker Hillstrom Museum of Art Elmyr de Hory, creating a drawing with figures in the style of Modigliani, Picasso, and Matisse, photographed by Pierre Boulat for a February 6, 1970 Life Magazine article, at de Hory’s villa La Falaise, Ibiza Elmyr de Hory, Artist and Faker February 15 through April 18, 2010 Opening Reception February 15, 7 to 9 p.m. Public Lectures Jonathan Lopez, Sunday, February 28, 2010, 3:30 p.m. Mark Forgy, Sunday, March 21, 2010, 3:30 p.m. Lectures are free and open to the public, and will be presented in Wallenberg Auditorium, Nobel Hall of Science on the Gustavus Adolphus College campus. Elmyr de Hory, Artist and Faker is supported by a generous grant from the Carl and Verna Schmidt Foundation. The majority of the photographs of works lent by Mark Forgy are by Robert Fogt Photography. On the cover: Portrait of a Woman, in the style of Amedeo Modigliani, c.1975, oil on canvas, 21 x 14 ½ inches, Collection of Mark Forgy Hillstrom Museum of Art gustavus.edu/finearts/hillstrom DIRECTOR’S NOTES he exploits of numerous infamous art forgers have been widely recounted, and one of the most fascinating and notorious cases has to do with Hungarian-born Elmyr de Hory (1906-1976). After an early life of privilege that included art studies in Budapest, Munich and Paris, de Hory’s situation was turned upside down by World War II, during which he was imprisoned thrice, his family’s estate was Ttaken, and his father died in Auschwitz. -
Jeffrey Taylor Art Forgers and the Deconstruction of Genius
ISSN: 2511–7602 Journal for Art Market Studies 1 (2021) Jeffrey Taylor Art Forgers and the Deconstruction of Genius ABSTRACT ment at modern art and their incredulity at the system of attribution which sus- Since the art market’s inception, art for- tained its market. The mid-century would gery has been a constant presence. The contain no shortage of important forgery phenomenon derives from the market’s cases, but the topic did not become such prioritization of canonical masters. The significant fodder for popular culture art forger’s work often represents a resent- again until the explosion of Elmyr de Ho- ment by latter-day contemporary artists ry’s revelations in the late 1960s. In doing who often believe that their work deserves so, he launched the single greatest institu- equal praise and equal valuation to that tional critique of the genius artist and the of earlier master. A key role in the process system of expertise that controlled their of distinguishing fake from the authentic market. No one had yet achieved quite so would be played by the role of the expert. profound an attack on the art market’s One of the first public events to literally prioritization of geniuses and the opinion place the reigning connoisseurship sys- of experts. Duchamp, Warhol, and Hirst all tem on trial would be the Hahn v. Duveen mocked the art world, but Elmyr shook it lawsuit over two versions of a purported to its very foundations. His life represents Leonardo da Vinci. The trial captured the a Gesamtkunstwerk of artifice, and one general public’s attention, resulting in a that influenced multiple followers. -
Expert Found Liable for Opinion on Fake Max Ernst Painting Peter Bert Posted on May 28, 2013
AUTHENTICATION IN ART Art News Service Art Law: Expert Found Liable For Opinion On Fake Max Ernst Painting Peter Bert Posted on May 28, 2013 Le Monde reported yesterday that art historian and former Centre George Pompidou director Werner Spies had been ordered to pay damages in the order of EUR 650,000 to the purchaser of a painting. Tremblement de terre purportedly was a work of Max Ernst. Spies, a world-leading expert on Max Ernst and Pablo Picasso, had, according to the Tribunal de grande instance de Nanterre, authenticated the painting and delivered an expert opinion on which the purchaser had relied. Tremblement de terre, however, turned out to be fake. It had been produced by Wolfgang Beltracchi, the man at the centre of Germany’s biggest art scandal for decades. The Economist, in an article at the end of last year, concluded that “fear of litigation is hobbling the art market“. The Economist looked at the reactions of various foundations and authentication boards to the rising litigation risk, with most of the examples being drawn from the United States. There, the Andy Warhol Foundation dissolved its authentication board as a result of enormous legal costs incurred in defending claims by collectors. The Keith Haring Foundation stopped authenticating works, as did the Roy Lichtenstein Foundation. This new French judgment and a similar judgment by the District Court (Landgericht) Cologne of September 2012 which held auction house Lempertz liable over a fake Heinrich Campendonk painting, also by Beltracchi, appear to indicate that in Europe, in the wake of the Beltracchi scandal, the legal risks to experts and auction houses are also increasing. -
Worth—Relevant Pretension Areas: Comedie Humaine
Worth—Relevant Pretension Areas: Comedie humaine TAI: Do you think she’s pretty? CHER: No, she’s a full-on Monet. TAI: What’s a monet? CHER: It’s like a painting, see? From far away, it’s OK, but up close, it’s a big old mess. —‘Clueless’ Under what gardener's bell, with the help of what manure, as a result of what mixture of wine, beer, corrosive mucus and flatulent edema can have grown this sonorous and hairy pumpkin, this aesthetic belly, this imbecilic and impotent incarnation of the Self? —Alexandre Dumas fils I flooded the market with the ‘work’ of Palmer and many others, not for gain (I hope I am no materialist) but simply as a protest against the merchants who make capital out of those I am proud to call my brother artists, both living and dead. —Tom Keating Samuel Palmer (c.1831) Moonlight, a Landscape with Sheep Kurt Vonnegut’s Breakfast of Champions contains a short story where once a year on another planet the government use a kind of roulette wheel to decide what to put in art galleries. Citizens submit works of art to the government, and these are given numbers, then they were assigned cash values according to the spins of the wheel. A poor cobbler painted a picture of his cat and it had an unprecedented run on the wheel and his painting was worth a billion while other wonderful paintings were taken away and burned. The wheel turned out to be rigged. Vonnegut wrote it round about the time cultural commentators such as Tom Wolfe in The Painted Word, and art critics like Harold Rosenberg were writing about the effects of the Art Market: the Metropolitan Museum made the news with its secret deals, the falsification of art history and the use of museum prestige to enhance investments. -
'F for Fake' De Orson Welles
F POR FAKE, DE ORSON WELLES. LA BIOGRAFÍA ATÍPICA DE ELMYR D’HORY CATALINA AGUILÓ RIBAS MARÍA JOSÉ MULET GUTIÉRREZ Universitat de les Illes Balears Resumen: En 1973, Orson Welles filmó una biografía atípica de Elmyr d’Hory, un pintor de proyección en el mundo del mercado artístico internacional por su condición de falsificador. Se trata de una película excepcional que combina ficción y realidad. Su carácter interdisciplinar (la riqueza del lenguaje cinematográfico y las incursiones al ámbito de la historia del arte) y la filmación de parte de la película en Ibiza constituyen el punto de partida de esta comunicación. Palabras clave: Pintura, Montaje cinematográfico, Ibiza, Islas Baleares, Fraude, Falsificación Abstract: In 1973, Orson Welles filmed an Elmyr d’Hory’s biopic, a well known painter in the international art market for his forger’s condition. This is an exceptional film with a combination of fiction and reality. Its character with cinematographic rich language, the relation with art history and the filmig exteriors in Ibiza were the point of depature of this research work. Key words: Painting, Film editing, Ibiza, Balearic Islands, Fake, Forgery INTRODUCCIÓN Fraude es un fraude. Es un falso documental que ejemplifica el eterno combate entre la realidad y la ficción. Es un ejemplo de “film ensayo” que “aparte de reivindicar el poder mágico del montaje, como creador de sentido, formula la imposibilidad de distinguir entre la realidad y sus simulacros”.1 Los temas que trata Welles en el film son recurrentes en su universo creador: realidad y ficción, representación. Según el propio Welles: “hemos fingido una historia sobre el arte. -
Faking, Forging, Counterfeiting
Daniel Becker, Annalisa Fischer, Yola Schmitz (eds.) Faking, Forging, Counterfeiting Daniel Becker, Annalisa Fischer, Yola Schmitz (eds.) in collaboration with Simone Niehoff and Florencia Sannders Faking, Forging, Counterfeiting Discredited Practices at the Margins of Mimesis Funded by the Elite Network of Bavaria as part of the International Doctoral Program MIMESIS. An electronic version of this book is freely available, thanks to the support of libraries working with Knowledge Unlatched. KU is a collaborative initiative designed to make high quality books Open Access for the public good. The Open Access ISBN for this book is 978-3-8394-3762-9. More information about the initiative and links to the Open Access version can be found at www.knowledgeunlatched.org. This work is licensed under the Creative Commons Attribution-NonCommer- cial-NoDerivs 4.0 (BY-NC-ND) which means that the text may be used for non- commercial purposes, provided credit is given to the author. For details go to http://creativecommons.org/licenses/by-nc-nd/4.0/. To create an adaptation, translation, or derivative of the original work and for commercial use, further permission is required and can be obtained by contac- ting [email protected] © 2018 transcript Verlag, Bielefeld Bibliographic information published by the Deutsche Nationalbibliothek The Deutsche Nationalbibliothek lists this publication in the Deutsche Na- tionalbibliografie; detailed bibliographic data are available in the Internet at http://dnb.d-nb.de Cover concept: Maria Arndt, Bielefeld -
Beltracchi - Die Kunst
Präsentiert BELTRACCHI - DIE KUNST DER FÄLSCHUNG Ein Film von Arne Birkenstock Kinostart: 06. März 2014 PRESSEHEFT Beltracchi - Die Kunst der Fälschung 1 PRESSEBETREUUNG: Panorama Entertainment Senator Film Verleih GmbH Amélie Linder Antje Pankow (Leitung Publicity) Elena Schäfer Thalkirchner Straße 45 Schönhauser Allee 53 80469 München 10437 Berlin Tel: 089 / 30 90 679 – 33 /34 Tel: 030 / 880 91 - 799 Fax: 089 / 30 90 679 -11 Fax: 030 / 880 91 - 703 E-Mail: [email protected], E-Mail: [email protected] [email protected] VERTRIEB: Central Film Verleih GmbH Keithstr. 2-4 10787 Berlin Tel: 030 / 214922-00 MATERIAL / INFORMATIONEN: Über unsere Homepage www.senator.de haben Sie die Möglichkeit, sich für die Presse-Lounge zu akkreditieren. Dort stehen Ihnen alle Pressematerialien, Fotos und viele weitere Informationen als Download zur Verfügung. EPK und APK werden nach vorheriger Anmeldung unter www.digital-epk.de zum Download bereitgestellt. Beltracchi - Die Kunst der Fälschung 2 INHALT STAB & MITWIRKENDE TECHNISCHE DATEN KURZINHALT & PRESSENOTIZ INHALT INTERVIEW MIT ARNE BIRKENSTOCK BIOGRAFIEN / STAB Arne Birkenstock Markus Winterbauer Katja Dringenberg Der Protagonist Wolfgang Beltracchi KLEINES LEXIKON EUROPÄISCHER KUNSTFÄLSCHER Beltracchi - Die Kunst der Fälschung 3 STAB Regie ARNE BIRKENSTOCK Produzenten ARNE BIRKENSTOCK THOMAS SPRINGER HELMUT G. WEBER Koproduzenten THOMAS WEYMAR HELGE SASSE Kamera MARCUS WINTERBAUER Montage KATJA DRINGENBERG Ton PATRICK VEIGEL LUDWIG BESTEHORN Mischung MALTE