THIS WEEK IN THE ART MARKET – FRIDAY 12TH JULY 2024
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JIM CARREY TO AUCTION PERSONAL COLLECTION OF ART AND DESIGN
Renowned actor Jim Carrey, also an avid art collector, is set to auction his extensive collection at Bonhams L.A. on July 25. The sale, part of the Modern Design | Art auction, includes 35 lots featuring fine art, design objects, and photography amassed over nearly three decades. Highlights include Adam Kurtzman’s Pair of Hands ($2,000–3,000), Martin C. Herbst’s stainless-steel Sphere ($3,000–5,000), and unique furniture pieces like Paula Swinnen’s lily pad-shaped coffee table ($6,000–8,000) and Joris Laarman’s cloud-shaped table ($60,000–80,000).
The auction also showcases Philippe Hiquily’s provocative 1960s designs, including a console co-designed with Jean-Claude Farhi ($20,000–30,000) and a brass and steel armchair ($20,000–30,000). Additionally, Alexander McQueen’s handwoven hummingbird rug ($15,000–20,000) adds a luxurious touch.
Fine art pieces include Kenny Scharf’s Ice Mont ($30,000–40,000) and a David Hockney work depicting one of his iconic pools ($10,000–20,000). Carrey’s collection is rounded out with photographs by Ruth Bernhard, Jacques Lowe, and historic images of Bob Dylan, the Beatles, and Jimi Hendrix by Danny Lyon, Gered Mankowitz, and Astrid Kirchherr.
Carrey expressed his delight in sharing his collection, stating, “It’s been my very good fortune to be surrounded by many of the finer things in life, and I’m always gratified when it’s time to let them go so that others may enjoy them as well.”
SOTHEBY’S PAYS £66M DIVIDEND AMID SLIGHT DIP IN FINANCIAL PERFORMANCE
Sotheby’s has paid a substantial £66 million dividend to its billionaire owner, Patrick Drahi, despite a minor decline in financial performance. Newly filed documents with Companies House reveal the UK arm of the auction giant reported a turnover of £144.8 million for 2023, down from £150.9 million the previous year. Auction sales decreased from £131.3 million to £125.8 million, and private sales slightly dipped from £19.5 million to £19 million. Pre-tax profit also fell from £29.9 million to £27.2 million.
The auction house, acquired by Drahi in 2019 for $3.7 billion, paid dividends of £41 million during the year and an additional £25 million in June 2024. Despite the slight downturn, Sotheby’s directors expressed satisfaction with the 2023 results and confidence in the company's long-term success, highlighting ongoing global investments.
Reports surfaced in late 2023 that Sotheby’s might sell a minority stake to address debt concerns at Drahi's telecoms group Altice, with potential buyers including European billionaires and the Qatar Investment Authority. Established in 1744 in London, Sotheby’s is now headquartered in New York.
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ART BASEL MIAMI BEACH 2024 WELCOMES 32 FIRST-TIME EXHIBITORS
Art Basel Miami Beach 2024 will feature 283 exhibitors, up from last year's 277, with 32 newcomers—the largest influx since 2008. Highlights include Jakarta’s ROH Gallery, the first Indonesian gallery to participate, South Korea's Leeahn Gallery, Pearl Lam Galleries from Hong Kong and Shanghai, and Gallery Wendi Norris from San Francisco. The fair, running from December 6 to 8 at the Miami Beach Convention Center, promises a dynamic showcase of global talent.
Bridget Finn, Art Basel Miami Beach’s director, emphasized the importance of creating equitable opportunities for small and mid-sized galleries, evident in the diverse range of new participants. However, some 2023 exhibitors will be absent, including Chicago's Corbett vs. Dempsey and South Korea’s Kukje Gallery, along with recently closed galleries like Cheim and Read.
The fair will feature special sections: Nova, for recent works by younger galleries; Positions, showcasing solo projects from emerging galleries; and Survey, focusing on curatorial projects of pre-2000 works. Despite Florida Governor Ron DeSantis's veto of over $32 million in arts and culture grants, Art Basel Miami Beach remains a vital event in the contemporary art scene.
CONTROVERSY OVER SALE OF DONOR'S BEQUEATHED PAINTINGS
Three valuable paintings bequeathed to Berlin’s state museums by art collector Erich Marx have controversially ended up for sale at Gagosian in New York. Marx, who died in 2020, left Andy Warhol’s Ten-Foot Flowers (1967) and Do It Yourself (Seascape) (1962), and Cy Twombly’s Empire of Flora (1961) to the Prussian Cultural Heritage Foundation (SPK). The works were on permanent display at the Hamburger Bahnhof museum.
According to the Frankfurter Allgemeine Zeitung, Marx’s 2014 loan agreement explicitly prohibited the removal or sale of these works. However, SPK transferred care of the paintings to Marx’s heirs in 2022, allegedly in exchange for eight Joseph Beuys works donated to Berlin’s Nationalgalerie.
SPK president Hermann Parzinger defended the transfer, claiming it complied with all legal requirements. Despite reports of an investigation by Germany’s culture minister Claudia Roth, SPK maintains no such investigation is underway.
Critics, including art historian Hubertus Butin, argue that Parzinger had the authority to veto the removal of the paintings but chose not to, raising concerns about the transparency and motivations behind the exchange. Warhol’s Do It Yourself (Seascape) has reportedly already been sold to a private collector in the U.S.