Auctionata closes its doors
Following the conclusion of Auctionata Paddle8 AG’s preliminary insolvency proceedings, the online auction house has announced that it is closing, having failed to secure “sufficient funds” to continue operating.
Liquidation proceedings will begin on March 1. The subsidaries Paddle 8 and Value My Stuff will continue to operate independently, having been sold to US and UK investors. CEO Thomas Hesse, who had joined the company last October, is among the more than 100 outgoing employees. Read more on artnet news.
Thomas P. Campbell leaves the MET
After 21 years at the institution and 8 as its director, Thomas P. Campbell has resigned from his role at the Metropolitan Museum of Art, (MET) effective June 30.
The news comes after months of speculation about the museum’s financial health — as part of a major financial restructuring, the museum had offered voluntary buyouts to its employees last Summer, and considerably cut down on its staff, including a series of high-profile departures. Whilst Campbell will stay until the end of the fiscal year, MET president and CEO Daniel H. Weiss will serve as interim chief executive, working on a transition plan with Campbell. Daniel Brodsky, the museum’s chairman, has specified that the MET is not going to appoint a successor immediately and will consider its leadership needs “in a thoughtful and deliberate way” before making a decision. The New York Times has more information.
New artist representations
Victoria Miro gallery will now represent the estate of American painter Milton Avery.
Seminal to American abstract painting, Avery’s work was profoundly influenced by Henri Matisse. Victoria Miro has commented that thanks to his “singular vision and daring ambition,” Avery “is a perfect fit within the gallery’s program.” The painter’s inaugural exhibition at the gallery is scheduled for June 2017 — ten years after the last London show dedicated to his work took place. More information via Artforum.
Galerie Templon has announced exclusive representation of the late American sculptor George Segal in France.
To honor the new representation, the gallery will show Woman Lying on a bed III by the artist at its booth at The Armory Show, opening today in New York. Read more on ARTnews.
George Segal, Street Crossing (1992) — Courtesy Galerie Daniel Templon
A new record for Magritte at Christie’s
Despite a global downward trend within the art market, Christie’s keeps on delivering.
Its London Art of the Surreal and Impressionism and Modern Evening sales on February 28 have realized a combined total of £136.9 million, up 45% compared to last year. The surrealist sale realized £43.4 million against a £32.8/44.9 million estimate, with only 9% of lots unsold whilst the first part of the Impressionist and Modern art sale fetched £94.3 million, near its high estimate of £97.6 million, with only 8% of lots unsold. A new auction record was also set for René Magritte, whose painting La corde sensible sold for £14.4 million, smashing the artist’s previous record of £7.8 million for L’empire des lumières, sold at Christie’s New York in 2002. Further information on Christie's.
A good night for Urban Art at Artcurial
The sale of a private collection of street art realized €1.7 million at Artcurial yesterday evening, with 82% of the 23 lots offered sold. Foreign collectors were responsible for 50% of the purchases — which only confirms Artcurial’s place as the international leader in Urban Art sales.
Under the hammer of Arnaud Oliveux, a work by American artist Barry McGee, Untitled,(2010), was acquired by a Middle Eastern collector for €106,000 with fees. Among other remarkable results, a Banksy sculpture titled Picasso Quote (2009) realized €393,400. Companion (Original Fake) (2010) by American artist KAWS was sold for €381,000. Read more here.
Barry McGEE , Untitled (2010)
