Hiscox
Art BusinessNews

Hiscox states online art sales climbed 24% to $3.27 billion during 2015

Online art sales reached $3.27 billion, up 24% in the last 12 months despite a decrease in global art auction sales in 2015, according to a new report by insurance giant Hiscox. The Hiscox Online Art Trading Report has indicated that the lower end of the art market could be …

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Sotheby's
Art BusinessAuctions & showsNews

Sotheby’s profits down 63% as staff exodus takes hold

Sotheby’s is to be hit by a series of staff departures following poor financial results that saw the world famous auction house post disappointing financial results. For 2015 profits crashed by 63%, from $117.8m to $43.7m. Departures at the firm will include Cheyenne Westphal, Sotheby’s worldwide head of contemporary art, …

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Buy art

Auction Houses Adapt to Serve the Next Generation

Sotheby’s, Christie’s and other auctions houses are adapting to serve the next generation. Auctions today are facing up to the fact that while the older audiences have traditionally supported them are still vital, their survival hinges on looking to the next generation. “It’s absolutely critical, essential,” said Jussi Pylkkanen, Christie’s …

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Art BusinessNews

Artnet CEO: why the online art market is at a tipping point

Although the number of lots offered decreased in the global art market, Artnet Auctions saw an increase of over 7% in the first half of the year, as compared to the second half of 2014. The number of lots sold also increased 20% in the same time period, bolstered by …

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Art BusinessNews

Is art market growth slowing?

While auction records have continued to be broken in the first half of 2015, Christie’s half year results, released last week, may suggest that the growth rate of the art market is slowing. Christie’s reported record half year sales of £2.9 billion, up 8% ($4.5 billion, up 0%) on the …

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Auctions & shows

Sotheby’s Old Masters week ignites keen interest from Asia and Russia

The Old Masters Week auctions at Sotheby’s London realised a total of £64.1m, with Lucas Cranach the Elder’s La Bocca della Verità selling for a record £9.3m, the highest price for any Old Master sold at auction this year. The Old Master & British paintings and drawings sale saw keen …

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Art Business

An auction revolution: Tim Goodman’s vision of the future

Since online auction house Fine Art Bourse launched last month, its founder Tim Goodman has been flooded with emails of congratulations from delighted collectors keen to save money through its cut-price commission fees. FAB’s first auction is scheduled for September. How will things unfold after that? Private Art Investor asked …

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Auctions & shows

Sotheby’s has record European contemporary sale, despite Bacon not selling

The Sotheby’s evening sale achieved £130.4 million ($204.7 Million) the auction house’s highest total for an auction of Contemporary Art in Europe. The previous record was £123.5 million set in February. However the presale estimate of the sale was between £142.2 and £202.6 million, meaning that although some lots sold …

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Auctions & shows

Sotheby’s to re-launch Irish art sales this October

Sotheby’s is to re-launch Irish art sales in London on October 21 2015. Highlighting the forthcoming auction is Nude Girl Reading by Sir William Orpen. Estimated at £300,000-500,000, the work was last seen on the market 30 years ago. Ahead of the auction, Sotheby’s will open its new premises in …

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Art FinanceArt Lending

Sotheby’s increases its lending power to attract customers

As it feels pressure to increase its profits, Sotheby’s has dramatically increased the amount it can borrow in order to offer credit to clients. GE Capital, Corporate Finance is serving as administrative and collateral agent on $1.335 billion in senior credit facilities for Sotheby’s. The new facilities include a $485 …

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