Art Business

Art market commission rip off is over, says Artplode CEO

The days of paying commission to sell art are over, according to Maureen McCarthy, founder and CEO of Artplode, a platform where art is traded direct between buyers and sellers all over the world. The site has attracted millions of dollars in listings of artworks from sellers in more than 40 …

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Art Insurance

AM Best downgrades issuer credit rating of AXA Art Insurance Company

Ratings agency AM Best has downgraded the issuer credit rating to “a” from “a+” and affirmed the financial strength (FSR) rating of A (Excellent) of AXA Art Insurance Corporation (AXA Art) (New York, NY). The outlook for these ratings has been revised to negative from stable. Concurrently, AM Best has affirmed the …

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Auctions & shows

Christie’s France’s Asian art sale realises €19,295,200

Christie’s Paris’ Asian Art sale on June 9 achieved €19,295,200 / £14,085,496 / $21,610,624 with strong sell-through rates of 71% by lot, 94% by value and 50% of the lots selling above presale estimates. Leading the auction was an 18th century 11 meters long handscroll depicting the five hundred Luohan attributed …

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Art Business

Unique collectors’ app attracts venture capital interest

A unique app that enables collectors to manage their collections on their iPhones is attracting interest from venture capital firms. Prime Collector is an Apple-compatible (iOS) app that enables collectors to digitise, manage and secure their assets. It was launched in November 2014 by Prime Art Capital, a global art …

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Own art

Art storage: have you chosen wisely?

With the number of storage facilities on the increase, how do you choose the best place to keep your art? Nick Brett, CEO of AXA ART, warns that not all storage facilities are equal. “One off the perks of the job is that you do get to go out and …

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Art Business

Brook Hazelton appointed president, Client Management, Christie’s Americas

Brook Hazelton has joined Christie’s as president, Client Management Americas. In this newly created role, Hazelton reports to Jussi Pylkkänen, Christie’s global president, and works closely with Marc Porter, Christie’s chairman of the Americas, to lead the firm’s client-focused teams and activities throughout the region. As a key member of the firm’s global …

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Art Business

Hugo Weihe: how Saffronart will grow the Indian market

For Hugo Weihe, his new role as CEO of auctioneer Saffronart is a chance to take the market for Indian art to the next level – primarily in India, but also internationally. It’s a market he knows well: he previously spent 16 years at Christie’s, where he was instrumental in …

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Art Restitution

One of Klimt’s greatest portraits to be offered at Sotheby’s London

Gustav Klimt’s portrait Bildnis Gertrud Loew of 1902 will be offered for sale at Sotheby’s London in its 24th June Impressionist & Modern Art Evening Sale. The sale has been arranged following a settlement between the Felsöványi family and The Gustav Klimt | Wien 1900-Privatstiftung (Klimt Foundation). The painting (est. …

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Art Business

Artprice and Artnet deny acquisition rumours

Art market information providers Artnet and Artprice have denied rumours that Artprice is planning to acquire Artnet. “The company Artprice has no outstanding bond debt and no bank debt and has never conducted any capital increases except to exercise employee share options,” said Artnet founder and CEO Thierry Ehrmann. “Artprice …

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Art Insurance

Time to get that Picasso revalued?

Christie’s record breaking sale of Picasso’s Femmes d’Algers for $179m last month raises an interesting question for collectors: should they rush to get their Picassos revalued in the light of this stellar sale, and is existing insurance adequate to cover these paintings should loss or damage occur? “You have to …

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