Tethered Art

The world’s most notorious banana sold for $6.2 million in its auction debut last night at #SothebysNewYork. Maurizio Cattelan’s iconoclastic 'Comedian' has captivated the world once again—this time in our salesroom, closing at 6X its estimate of $1 million.   After over 6 minutes of heated bidding, Jen Hua, Deputy Chairman of Sotheby’s Asia and Chairman of Sotheby's China, placed the winning bid on behalf of Justin Sun, Chinese collector and founder of cryptocurrency platform TRON.   Sun remarked, “when I first heard about this work back in 2019, I thought it was pure genius. And when I heard it was back on the market, I knew I had to have it. Cattelan’s humour and sense of adventure strike a strong chord with me, and I’m thrilled to now be its proud owner.”

Sotheby’s contemporary auctions in New York total $96m, 63% less than last year, despite Cattelan’s Comedian selling for $6.2m https://ow.ly/WPHv50UbFUj

A new auction record has been set by Maurizio Cattelan's Comedian, a banana duct-taped to a wall, which sold for $6.24 million (paid in crypto) at Sotheby's. The artwork critiques the art market and its excesses while sparking debates about its true meaning and value. The piece was purchased by cryptocurrency entrepreneur H.E. Justin Sun, who views it as "not just an artwork; it represents a cultural phenomenon that bridges the worlds of art, memes, and the cryptocurrency community. I believe this piece will inspire more thought and discussion in the future and will become a part of history." Sun, however, plans to eat the banana, adding another layer to its history as a performance artwork. Critics remain divided on whether Comedian is genius satire or a farce. With its impermanence and high price, it questions the boundaries of art, value, and consumption. “Art is in the eye of the beholder,” as the artwork continues to provoke reactions across the industry. Is this genius satire or simply bananas? Opinions remain split. THE VALUE Yue Ting Kong November 21, 2024 #FineArt #ArtMarket #ContemporaryArt #ArtNews #AuctionRecord #CryptoArt #ArtInvestment #PerformanceArt #ArtDebate #ModernArt #CulturalPhenomenon

Italian police bust a Europe-wide ring of fake Banksy sellers, arresting 38 suspects in the art fraud operation https://ow.ly/H25g50U5gUY

Authorities have seized over 2,000 artworks from a criminal network responsible for forging some of the most notorious artists. The collection includes frauds of Banksy, Andy Warhol, Pablo Picasso, Joan Miró, Claude Monet, Amedeo Modigliani, Marc Chagall, Wassily Kandinsky, and others. Led by Italian police with support from agencies in Belgium, France, and Spain, the investigations began in March 2023; now claiming to have squashed an operation causing up to $212.5 million (€200 million) in economic losses for the art market, with 38 suspects facing charges for conspiracy to forge and sell fraudulent art. Complicit auction houses across Italy published catalogs and hosted exhibitions, giving credibility to the fake works. "This major seizure of counterfeit works is a reminder to collectors of the importance of verifying artwork provenance... For buyers, ensuring authenticity through independent appraisers is essential, as is consulting with trusted dealers and verifying certificates and ownership histories." Artsy Josie Thaddeus-Johns Nov 12, 2024 #ArtProvenance #ArtFraud #ArtForgeryAlert #ArtMarketInsights #ArtLaw #ArtWorldNews #InvestmentSecurity #ArtAuthentication #ForgeryPrevention #CollectibleInvestments #HighValueAssets #ArtCollectors #Banksy #Warhol #Picasso

Thank you Julie Mehretu!

Gen X leads art spending as millennials pull back, UBS/Art Basel survey shows, with stable Chinese buying and a strong lower-end market https://ow.ly/LEgp50TSJvx

Christie’s CEO Guillaume Cerutti dismisses the 'Paris vs London' debate as a 'non-troversy,' stressing the real issue is Europe's declining art market while America and Asia surge ahead https://ow.ly/e8zp50TRwaV

Pawning fine art is becoming popular for high-net-worth individuals to access liquidity. As global trends shift, South Africa is following suit with a significant rise in loans secured against valuable artwork. Lamna Financial's CEO, Charles Meyerowitz, highlights the increasing demand for art-backed loans with 50-70% loan-to-value ratios. “Art loans are particularly good because art is so unique, you can’t sell it and buy it back later unlike a car or a watch,” according to Meyerowitz. The global market for art-secured loans is expected to exceed $20 billion by 2025, with institutions like Sotheby's and Christie's offering art-backed financing solutions. The Citizen News (Gauteng) Citizen Reporter 18 Oct 2024 #Art #ArtWorld #ArtMoney #ArtFinance #ArtMarket #HighNetWorth #ArtInvestment #FinancialFlexibility

President Biden awards National Medal of Arts to Mark Bradford, Carrie Mae Weems, Alex Katz, and others for their contributions to American culture https://ow.ly/Tokf50TQCqY