Between July 2015 and June 2016, the total went from $2 million to $1.5 million, a fall of 12% in one year — and 47% in China. The sector, which experienced a growth of 1,370% since 2000, “has seen a healthy period of adjustment which was necessary as well as predictable,” Thierry Ehrmann, the director of ArtPrice, said to AFP. More on PR Newswire.
Two years since opening its first Los Angeles space, José Freire’s Team Gallery has announced it will open a second branch in L.A. in early 2017. Housed in a 1,000 square foot renovated post-office building in Venice Beach, the new location will be called Team Satellite, which is currently open for private viewings. The first show will open on January 29, and will feature work by Gary Lee Boas, David Godlis, Nan Goldin and Gordon Matta-Clark among others. More via Artforum.
The international contemporary art gallery Hauser and Wirth now represents the estate of the Armenian-born artist Arshile Gorky, who was highly influential to the abstract expressionist movement. Hauser and Wirth’s first exhibition of his work will open in New York in 2017, and will then travel to Los Angeles. More on Art Market Monitor.
The fourth plinth in London’s Trafalgar Square, which over the past 11 years has played host to a series of temporary public installations by artists such as Marc Quinn, Katharina Fritsch, and most recently Hans Haacke, has just unveiled its latest artwork: a bronze sculpture of a human hand by British artist David Shrigley. The sculpture, entitled Really Good, is a giant thumbs up gesture with an elongated seven-meter-high thumb that echoes Nelson’s column. Shrigley claims that the sculpture is intended to confer a sense of optimism on the British capital. The Guardian has more.
With a large-scale retrospective at MoMA already in the pipeline, Bruce Nauman will now also be honoured by London’s Tate Modern with another survey of his work, set to take place in 2019. The Tate show will take place after the MoMA retrospective, which is co-organized by Schaulager in Basel and is due to open in Switzerland in 2018 before travelling to the US. More info on The Art Newspaper.
Shirley Jaffe, a New Jersey–born abstract painter who lived and worked in France for more than 60 years, has passed away at the age of 93. After moving to France in 1949, Jaffe began producing paintings that bore the influence of abstract expressionism, but later adopted a more geometric style. Jaffe’s paintings are in the permanent collections of many institutions including New York’s MoMA, Buffalo’s Albright-Knox Art Gallery, and the Centre Georges-Pompidou in Paris. More info on Artforum.
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October 3 | Contemporary art market down by 25%, according to ArtPrice
The most recent report published by ArtPrice has demonstrated that revenues made by auction houses on contemporary art works have reduced by a quarter.
