Effects of Brexit already beginning to be felt by art market

The effects of Brexit are already rippling through the art market as British artist Jenny Saville set a sales record for her work at Sotheby’s London on Tuesday (28 June).

Buoyed by what one London art adviser described as a “10% discount” on account of the drop in value of the pound, Chinese billionaire Liu Yiqian picked up Saville’s “Shift” (1996-97) for the Long Museum in Shanghai for £6.8 million with buyer’s premium. Last year, Liu made headlines when he purchased Modigliani’s “Nu couché” for £113 million. Continue reading

Rare paintings by Lucian Freud head to auction

With London’s auction season fast upon us, art enthusiasts are gearing up for the opportunity to view three works by Lucian Freud, one of which is tipped to fetch £10 million.

‘Pregnant Girl’ (1960-61), Freud’s portrait of his teenage lover Bernadine Coverley while she was pregnant with their daughter Bella goes on sale at Sotheby’s on 10 February 2016. Privately owned, it will be the first time the painting is sold at auction and carries an estimated price of £7-10 million. Continue reading

Should artist royalties be an international issue?

In July copyright experts, figures from the art world, and government officials from eight countries gathered in Geneva to discuss the royalty rights for artists. As detailed in a summary provided by the Art Newspaper’s Art Market supplement, they were calling for an international review of royalty rights for artists following a conference at the World Intellectual Property Organisation (WIPO) in Geneva. Continue reading