Russian Art Sales are Solid, but Not Spectacular

LONDON (REUTERS).- Russian art sales in London this week met expectations but failed to match dramatic recent rises in other sectors of the market, particularly impressionist, modern and old masters. Sotheby’s, Russian specialist auctioneer MacDougall’s and Christie’s all held twice-yearly sales this week, and, with one relatively minor auction to go at MacDougall’s, the overall tally was nearly 43 million pounds ($63 million). That was in line with pre-sale estimates and slightly higher than the previous series of sales in [...]

New Art Auction Record May Not be End, Experts Predict

LONDON.- A Giacometti statue smashed the art auction record at Sotheby’s late Wednesday, and, surreal though a price tag of $104.3 million may seem, experts predict there may be even higher numbers to come. “You only need two individuals to take something to $104 million or more,” said Philip Hoffman, founder of the Fine Art Fund Group which counts more than a dozen billionaires among its clients. “I am confident we will break $104 million in the next couple of [...]

Woman Taking Class at the Met Has Accident Involving Picasso’s “The Actor”

NEW YORK, NY.- An important Picasso painting accidentally damaged by a visitor last week will be repaired in time for a large exhibition of the artist’s works at the Metropolitan Museum of Art in April. “The Actor,” a painting from Picasso’s rose period, will be restored at the museum’s onsite conservation laboratory, the Met said Monday. The museum described the damage as an irregular 6-inch tear to the lower right-hand corner of the painting, Conservation and curatorial experts “fully expect” [...]

Police Seize Stash of Masterpieces Belonging to Founder of Dairy Company Parmalat

ROME.- Italian tax police said Saturday that they had seized works by Van Gogh, Picasso, Cezanne and other giants of art in a crackdown on assets hidden by the disgraced founder of the collapsed dairy company Parmalat. Authorities estimated the 19 masterpieces stashed away in attics and basements were valued at some euro100 million ($150 million). Parma Prosecutor Gerardo Laguardia said that, based on wiretapped phone conversations, officials believed at least one of the paintings hidden by Calisto Tanzi was [...]