Bonus Time for Art Business? Colours the Return of Wall Street Wealth Should Give New York’S Art Fairs a Boost
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FOR A FREE COPY Download all editions OF OUR MONTHLY from www. PAPER GO TO STAND theartnewspaper. P92/L11 com/fairs UMBERTO ALLEMANDI & CO. PUBLISHING LONDON NEW YORK TURIN VENICE MILAN ROME THE ARMORY SHOW EDITION 2-3 MARCH 2011 Armory preview Gaddafi’s son reveals true Bonus time for art business? colours The return of Wall Street wealth should give New York’s art fairs a boost NEW YORK. It is bonus time on els,” says Michael Moses, Wall Street and although re- founder of the Mei Moses Fine wards are not back to pre-2008 Art Index. levels, bankers with a taste for Nonetheless, some pockets Getty works of art once again have in the industry are deeper than Saif at his Madrid show money to spend at the Armory others and “people with signif- Show, which opens today to icant sums to spend are more TRIPOLI. Saif Gaddafi is the invited guests. likely now to go for works by most powerful son of Libyan “New York’s financial established artists with well- leader Colonel Muammar industry concentrates its tested markets, which are Gaddafi, who has vowed pub- bonus pay at this time of year arguably more solid from licly to fight his father’s oppo- and a lot of spending happens an investment perspective,” nents “to the last bullet”. in its wake,” says Gregory says Miller. What is less well known Miller, art collector and a With fluctuating currency is that he is also an architect, managing director at levels, volatile stock markets urban planner, and investment bank Greenhill & and widespread inflation con- surrealist/symbolist painter. Co, who is visiting the cerns, art is increasingly seen Much of his art is political, and Armory and Independent fairs as a safe asset. “This idea is in the light of unfolding events, this week. Collector Julian spreading,” says Fred Alger, a it has gained a new resonance. Treger of investment fund former Wall Street tycoon and The Art Newspaper inter- Audley Capital, who will be at co-founder of new publication viewed Gaddafi when he was the Armory Show, agrees: The Art Economist. “There is in London for his exhibition in “People have a whole bunch no question that both the rising 2002. The show included the of money to spend in stars and the established ones work War (above, 2001) February, so March is the represent a fine store of value.” shaped, he said, by the Balkans perfect time to put it to Events this week are focusing in the late 1990s. “The painting work—it’s a good moment to Colour of money: artist Reed Seifer’s take on what makes New York hum, Armory P94/L21 on this potential, including the portrayed a ship and the sea. have an art fair.” panel discussion “Everything Then a civil war broke out in Is the timing deliberate? speculation that drove the art mory Show (P94/1011). same tactics to art. “There are you can’t afford to not know Kosovo, which shattered the “Bonuses are important, but in market to record prices and the “When it is good on Wall a lot of young people in the fi- about art as an investment”, picture and its theme. The sea reality it was about not clash- subsequent collapse, and deal- Street, it is good on 25th nancial industry who are buy- due to be hosted on Wednesday unleashed itself, anger fell ing with the auctions or spring ers are now coy about confirm- Street,” says Adam Sheffer of ing art, but not necessarily morning by Montage Finance. from the sky, which came up break,” says the Armory Show ing the industry’s importance. Cheim & Read, showing at speculating,” says Lower East “There will be plenty of against a stream of blood.” founder and director Paul Mor- Nonetheless, “it is a fact— The Art Show (A16), referring Side gallerist Augusto Arbizo bankers in the room,” said In The Challenge, 2000, ris, adding: “Though I would there are successful bankers to the Chelsea gallery district. of Eleven Rivington, at the Ar- Montage founder, and former Gaddafi depicted his father as love to take credit for thinking who buy art and pay for it with Just because bankers trade mory Show (P94/952). He has hedge-funder, James Hedges, an eagle floating in the sky, of that.” Lucy Mitchell-Innes, their bonuses,” says Thaddaeus for profit in their day jobs, it brought some works for under prior to the event. confronting what he calls “neo- president of the Art Dealers Ropac, participating at the Ar- does not mean they apply the $10,000 to the fair. This price- The increased liquidity and crusaders”, who are repre- Association of America, which point is attractive to financial confidence of the city’s finan- sented by three Christian opens the 23rd edition of its Sotheby’s bonus pot swells by $50m buyers, say some. “Many of ciers does not, however, figures on a beach. Gaddafi annual fair, The Art Show, to the bonuses going into the necessarily mean a gold rush said a small object glued to the the public today, and director NEW YORK. Sotheby’s, which this week reported $4.8bn of auction art market come from at the 13 New York fairs canvas was part of a bomb, of gallery Mitchell-Innes & sales in 2010, has rewarded staff with a total bonus pot of $68.2m, people starting to this week and numer- dropped by US aircraft on his Nash, says: “It’s a happy coin- up nearly $50m from the previous year ($18.3m). On a conference build their ous gallery shows. family home in Tripoli in 1986. cidence that there are fresh call to Wall Street analysts, Sotheby’s chief executive Bill wealth rather “You’re either an The show, “The Desert is things coming to the market at Ruprecht said that while bonuses rose, salary levels had remained than those art buyer or you’re Not Silent”, has toured to a time when people feel like flat compared with the previous year. Sotheby’s total revenues at higher- not,” says McCor- Paris, Berlin, Tokyo, Madrid, rewarding themselves, but we from its sales last year were up 60% to $774.3m (2009: $485m) priced lev- mack. ■ São Paulo and Moscow. Its didn’t design the fair with this and net profits were up to $161m compared with a 2009 loss of Charlotte Burns website is currently down “for in mind.” $6.5m. It has dramatically reduced its exposure to guarantees, Bottoms up and Melanie maintenance”. ■ While bonuses are down Ruprecht added (see p9). ■ M.G. on Wall St Gerlis Martin Bailey around 40% compared with the market’s peak in 2007, and some of the bankers will take home more in deferred stock Support for Austrian director forced to resign than hard cash this year, “peo- ple earning north of $1m won’t VIENNA. US artists Chris Burden, Noever “set the gold standard” day parties held for his mother I should have kept the events in be curtailing their lifestyles. Kiki Smith and Lawrence for museum directors. Krens at the museum. Noever, who the private sphere, even Affluent art enthusiasts will Weiner, architect Frank Gehry, declared: “Vienna and Austria was due to step down at the though, I believe, they served continue to have a strong ap- and Thomas Krens, the director is not a large enough stage for end of 2011, has now revealed the museum.” petite,” says David McCor- emeritus of the Solomon R. his talents,” adding that he has to trustees that the cost of the Noever transformed the mu- mack, a partner in global Guggenheim Foundation, are plans to “redistribute” No- parties was far greater than the seum during his 26 years in markets at Westwood Partners. among the online signatories ever’s talents internationally. €10,000 as first thought. He charge, working with artists in- America’s art world has his- who have pledged their support Allegations that Noever mis- has deposited €220,000 into cluding Anish Kapoor and Otto torically benefited from the pa- for Peter Noever, the Austrian managed funds first arose at an account while exact costs Muehl. Donald Judd and Jenny tronage of its great bankers, museum director who abruptly the end of last year. An inde- are determined. A report is due Holzer co-curated the collec- men such as John Pierpont resigned last week as an inves- pendent audit cleared him of to be completed by the end of tion. An interview with Noever Morgan and Andrew Mellon. tigation is reopened into his fi- most charges, recommending the month. appears in the March issue of Despite this illustrious past, nancial management of the that he refund the cost of birth- “I have made mistakes, for The Art Newspaper, see financiers were more recently Museum of Applied Arts (MAK) which I am solely responsible,” www.theartnewspaper.com. ■ associated with the fevered in Vienna. Burden wrote that Kapoor with Noever in 2009 Peter Kainz / MAK, Vienna 2009 Noever said. “In retrospect, Julia Michalska AUCTIONS MARCH 2011 DESIGN: VIENNA AND THE WIENER WERKSTÄTTE 3 MARCH CONTEMPORARY ART EVENING SALE 4 MARCH UNDER THE INFLUENCE 8 MARCH PHILLIPSDEPURY.COM 2 THE ART NEWSPAPER ARMORY SHOW EDITION 2-3 MARCH 2011 DiaryArtist Will Ryman’s Roses, the mammoth floral locals who were put off by the glare in their sculptures currently strewn along Park Avenue, apartments. Thankfully, Ryman quickly rectified have been a thorny issue for some residents the situation by changing the blinding bulbs. ARMORY SHOW EDITION living along the famous thoroughfare. Ryman His next dazzling project is due to take place at revealed that some of the lights illuminating the the Fairchild Tropical Botanic Garden in Miami Editorial and Production: Roses at night were proving a distraction for this December Editor: Javier Pes Deputy editor: Peres’ pals date hasn’t been determined Lu Gold and Sam Ske with Helen Stoilas yet,” said a project prices ranging from $1,500 to Copy editors: spokesman.