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Andrew McClellan

In 

Article

Bénédicte Martin

(b Roubaix, March 5, 1949).

French businessman, patron, and collector. Born into an industrial family from northern France, Bernard Arnault studied at the Ecole Polytechnique in Paris. After completing his studies, Arnault took over the family’s construction business, Ferret-Savinel, which he converted into a real estate company by the name of Ferinel in the 1980s. He then took over the Boussac Group, which was facing financial difficulties but controlled the department store Le Bon Marché and the fashion label Dior, among other assets. The ‘Arnault System’, which evolved from these moves, relied on a series of acquisitions that culminated on 13 January 1989 in his being appointed chairman of France’s foremost luxury goods conglomerate, Louis Vuitton Moët Hennessy (LVMH). With a net worth of an estimated 37.2 billion euros in 2015, Bernard Arnault became the second wealthiest individual in France. The entrepreneurial structure of the French luxury industry is oligopolistic, with three international conglomerates dividing the market among themselves: LVMH, PPR (Pinault-Printemps-Redoute, controlling Gucci), and Richemont. This structure was created through the absorption of a number of independent small-scale businesses (so-called PMEs) associated with specific products and well-known brands. Since the late 20th century, the luxury houses have maintained privileged relationships with the art market. Window displays of luxury brands are frequently designed by artists, while the auction houses play more and more with the codes of the luxury industry, making the demarcations between these two worlds increasingly tenuous; art is central to the marketing strategy of the LVMH group....

Article

Thomas P. McNulty

International modern and contemporary art fair. The brainchild of three Swiss art dealers (Ernst Beyeler, Trudi Bruckner, and Balz Hilt), the first annual Art Basel fair was held in 1970, at which 90 galleries and 30 publishers from 10 countries exhibited. Participation has grown significantly, with its 2014 iteration showcasing 527 galleries in its three locations (Basle, Miami Beach, and Hong Kong).

In terms of longevity, Art Basel is exceeded only by Art Cologne, the current name for the international fair that was first held in September 1967 as Kölner Kunstmarkt. Art Basel was, from the start, international in scope; Art Cologne, by contrast, allowed only German galleries to participate. In its earliest days, Art Basel projected a democratic, almost populist image; in addition to its inclusion of large, unique masterworks by established contemporary artists, it also offered a wide range of prints and other multiples, which were within the reach of new collectors with relatively modest budgets....

Article

Bruce Tattersall

revised by Natasha Degen

The arena in which a buyer seeks to acquire, either directly or through an agent, a particular work of art for reasons of aesthetics, connoisseurship, investment, or speculation. The historical beginnings of the art market lie in patronage. With the growth of Collecting for aesthetic and worldly motives rather than religious ones came a corresponding growth in dealing, with the dealer acting as middleman as the number of artists and collectors increased and spread geographically. The dealer, often an artist, discovered and promoted other artists and persuaded collectors to buy at a price determined by him. His role was strengthened by the 16th-century distinction between artist and artisan and the concept of a Masterpiece. This precept, allied to a growing antiquarian interest, reinforced the position of the dealer as arbiter of taste, and his status was further enhanced as great collections were amassed and disposed of in the 16th and 17th centuries. During this period collecting became popular with the middle classes and the art market expanded accordingly; the sale of art by ...

Article

Christophe Spaenjers

Set of financial methods, instruments, and business models that are used in the Art market. Important developments since the 1960s include the spreading availability and use of art price information and price indexes (see Art index), the emergence of loans collateralized by artworks, repeated efforts to create art investment structures, and a strong growth in art market advisory services provided by wealth managers and new entrepreneurs (see also Investment).

The first major development has been the spread of art price information and art price indexes over the last half-century. After a few difficult decades, art price levels and public interest in the art market were going up again in the 1950s and 1960s. A number of books on the history of the art market and on art investment that were published around that time—Le Vie Etrange des Objets (1959) by Maurice Rheims, Art as an Investment...

Article

Bénédicte Martin

French auction company, headquartered in one of the most prestigious hôtels particuliers at the intersection of the Champs Elysées and the Avenue Montaigne in Paris. Artcurial was created in 2001 and specializes in fine art sales, design, and fashion; it also has built a reputation for sales of multiples, including comics and photographs, as well as watches, jewellery, and collectable cars. The rise of France’s foremost domestically owned auction house should be perceived in the context of events unfolding in 1992, when Sotheby’s filed a complaint with the European Commission against France’s state monopoly of auctioneers clustered in the Hôtel Drouot, alleging impediments to free competition. In 1995 France was given formal notice by the Commission to reform the status of auctioneers. Five years later, on 10 July 2000, this led to the passage of law number 2000-642. The law’s main provision was the abolition of the state’s auction monopoly and the removal of the auctioneers’ status as ministerial officials. The law’s passage reshuffled the French art market. Until then, the distinction between auction houses and galleries was rigid and narrowly defined: art dealers were able to organize private sales only, while auctioneers could not engage in public sales of new goods and bulk merchandise....

Article

(b New York, March 31, 1848; d Hever Castle, Kent, Oct 18, 1919).

British collector of American birth. He was a member of a wealthy family whose fortune came from fur trading; he became interested in art and antiquity during his appointment as American Minister in Rome (1882–5), rapidly acquiring a fine collection of ancient and Renaissance sculpture. He transferred the collection to England when his term as minister ended, dividing it between his country houses at Cliveden, Bucks, and Hever Castle, Kent. His eclectic, Neo-classical displays were in keeping with the nostalgic grandeur of Edwardian England. At Cliveden, eight Roman sarcophagi in the forecourt were matched on the rear terraces by Renaissance fountains and balustrades exported from the Villa Borghese in Rome. Hever Castle, the childhood home of Anne Boleyn, was restored and enlarged by Astor far beyond its medieval extent, and a Renaissance atmosphere was achieved by means of the placement of numerous Roman sculptures, including further fine sarcophagi (sold in ...

Article

Molly K. Dorkin

Prior to the 20th century, the attribution of works of art was not governed by rigid regulations, and art dealers and auctioneers assigned attributions based purely on aesthetic grounds. Works were attributed to the artist whose manner they most closely resembled, but they were not further distinguished on the basis of quality; as a result, many paintings purchased as Renaissance masterpieces in the 18th or 19th century have since been downgraded to studio works or even much later pastiches.

Historically, the patrons who commissioned Old Masters placed a premium on subject-matter rather than originality, and popular narratives were requested by multiple patrons, creating conditions in which the demand for copies could flourish (see Copy). Popular compositions were often reproduced many times: by the master himself, an apprentice in his workshop, or even a later follower or imitator. A master trained his apprentices to approximate his manner as closely as possible, and sold the finished work under his own name. In some cases a master would paint the most important part of a work (such as the faces of the central figures) before delegating the rest to apprentices. Through the 19th century, pupils at prestigious institutions were taught by making copies of works by acknowledged masters. Many pieces, particularly drawings (which for much of their history were working tools, rather than art objects), were unsigned. Damaged or incomplete works of art were subjected to extensive restoration or reworking by later artists, a process that can cloud the question of attribution....

Article

Malcolm Gee

(b Berlin, Jan 6, 1914; d Paris, Feb 23, 2007).

German American art dealer and collector, active in France. Berggruen came from a middle-class Jewish family. He immigrated to the USA in 1937, and was granted American citizenship in 1941. He served in the army between 1942 and 1945. After a period working as a journalist in Munich and in the museum section of UNESCO, he set up as an art dealer in Paris in 1948, based from 1950 onwards in a modest gallery on the Rue de l’Université. The Berggruen Gallery specialized in modern graphic art, including Pablo Picasso, and was the principal source in Paris of the work of Paul Klee. Berggruen retired in 1980 and focused on his personal collection of classic modern art. In 1996 Berggruen was invited to put his collection on public display in Berlin in what was originally barracks for the Gardes du Corps, designed by Friedrich August Stüler, where it was known as the Berggruen Collection. In ...

Article

Bénédicte Martin

(b 1939).

French art dealer. Blondel became active as an art dealer in Paris in the late 1960s, and his high-profile gallery in the Marais district closed in December 2014. Blondel is best remembered for restoring attention, in the market and in the scholar community, to figurative painters from between the two world wars such as Tamara de Lempicka, Aleksandr Yakovlev, and Bernard Boutet de Monvel (1881–1949). Blondel was also interested in the applied arts, dealing for instance in Jean-Jacques Ruhlmann furniture and Gallé glass, when few collectors were interested in these objects. After studying architecture, Blondel became keenly interested in art, developing a special fascination with Hector Guimard, the Art Nouveau architect and furniture designer who famously created the iconic Parisian Métro entrances. In 1966 Blondel’s passion inspired him to open his first gallery, the Galerie des quatre vents (Gallery of Four Winds), in the sixth arrondissement of Paris. His intention at the time was to re-value forgotten artists from the first half of the 20th century. Due to public indifference, many paintings and objects from this period were very accessibly priced. Demand for such objects was very low, and a functioning market for this niche hardly existed. At the same time, Blondel and Laurent Sully Jaulmes began an urban photography project, which they pursued between ...

Article

Bonhams  

Molly K. Dorkin

[Jones and Bonham; Bonhams & Brooks; Bonhams & Butterfields; Bonhams & Goodman]

Auction house established in London 1793 by William Charles Bonham, a book dealer (also recorded as Walter Bonham), and George Jones, from a gallery founded by Thomas Dodd (1771–1850), a dealer in antiquarian prints. Bonhams originally specialized in sales of prints in the 18th and 19th centuries, at which time the market was robust. By the 19th century Bonhams was also holding sales of antiques, which were advertised in the London press alongside similar offerings from Christie’s and Phillips. In the 1820s Dodd and fellow print dealer Martin Colnaghi catalogued the print collection belonging to Horace Walpole prior to its sale. Dodd and Colnaghi also catalogued the 50,000 works in the collection of Francis Douce for their donation to the Bodleian Library, University of Oxford. By the 1850s Jones’s son Henry and Bonham’s son George had taken over the business, which became known as Jones and Bonham. Paintings had been offered in their sales alongside print collections since the 1840s....

Article

Simon Pepper

(b Dunfermline, Scotland, Nov 25, 1835; d Lenox, MA, Aug 11, 1919).

American industrialist and patron of Scottish birth. Aged 11, Andrew Carnegie immigrated with his parents to Allegheny, near Pittsburgh, PA, where he educated himself while working as an office messenger and telegraph operator, before rising to enormous wealth through railroads, oil, and the iron and steel industries. During his lifetime he gave more than $350 million to a variety of social, educational, and cultural causes, the best known being his support for public libraries, which he believed would provide opportunities for self-improvement without ‘any taint of charity’. Here communities had to pay for the building site and the books, and to commit at least 10 per cent of Carnegie’s initial gift in annual support. As Carnegie struggled to give away money—for ‘to die rich was to die disgraced’—music, fine art, archaeology, and technical schools also became beneficiaries, together with programmes for the education of minorities in recognition of civilian heroism and world peace (still a central concern of the Carnegie Foundation)....

Article

Titia Hulst

(b Trieste, Austro-Hungarian Empire [now Italy], Sept 4, 1907; d New York City, Aug 21, 1999).

American art dealer. Leo Castelli opened his eponymous gallery in 1957 and he gave Jasper Johns his first solo show in 1958, which established both the artist’s and the dealer’s reputations as Castelli sought to identify the successor generation to the Abstract Expressionism; the gallery’s stable included Robert Rauschenberg, Frank Stella, Lee Bontecou, and Pop artists Roy Lichtenstein, James Rosenquist, and Andy Warhol. After the Green Gallery closed in 1965, the Minimalist artists Robert Morris, Larry Poons, Donald Judd, and Dan Flavin joined as well, establishing Leo Castelli as the pre-eminent dealer in American avant-garde art.

Leo Castelli obtained a law degree from the University of Milan in 1924 and started his career in banking and insurance. He married Ileana Shapiro, the daughter of a wealthy Romanian industrialist in 1933 (they divorced in 1959), and moved to Paris in 1934. He partnered in 1939 with interior designer René Drouin to open the Galerie d’Art Décoratif. A childhood friend from Trieste, the artist ...

Article

Linda Whiteley

In 

Article

Noël Annesley

[Christie, Manson & Woods]

Auction house founded in London by James Christie (1730–1803). After a few years spent in the navy, James Christie worked as an assistant to an auctioneer named Mr Annesley in Covent Garden, London. He left Annesley in 1763 to set up on his own and in 1766 established his firm at the print warehouse of Richard Dalton in Pall Mall, where the Royal Academy held its exhibitions in its early years. In 1770 he moved his premises next door to Schomberg House, Pall Mall, where Thomas Gainsborough lived. The first known catalogue is dated 5 December 1766; it includes little of value except for a picture by Aelbert Cuyp. Christie rapidly established himself as one of the foremost auctioneers, however, cultivating a circle of friends and advisers that included Gainsborough, Reynolds, Horace Walpole, David Garrick, Richard Brinsley Sheridan, and Edmund Burke, and receiving many auction consignments from royalty and the nobility. During the French Revolution the firm did particularly well through the abundance of works then coming into Britain. Among the more notable early Christie sales were that of the former collection of Pope ...

Article

Stephen T. Clarke, Harley Preston and Lin Barton

English family of silversmiths, industrialists, collectors, and patrons, of French origin. The family originated from the town of St Pierre on the Ile d’Oléron off La Rochelle. They arrived in London a few years after the Revocation of the Edict of Nantes in 1685, and between 1708 and 1780 three generations of Courtauld silversmiths were registered at the Goldsmiths’ Company. Augustine Courtauld (c.1686–c. 1751) was apprenticed to Simon Pantin in 1701 and, after becoming a freeman of the Goldsmiths’ Company in 1708, he started a business as a plateworker in Church Court, off St Martin’s Lane in London. The majority of his work is of high quality, for example a silver tea-table (1742; St Petersburg, Hermitage) and the state salt of the Corporation of the City of London (1730; London, Mansion House). Augustine’s brother Pierre Courtauld (1690–1729) registered a mark in 1721...

Article

Joseph R. Givens

The sociologist Pierre Bourdieu (1930–2002) developed cultural capital theory as way to examine the influence of intangible resources on the phenomena of social reproduction and social mobility. He described a society of competing classes, arranged in a hierarchy of prestige. The classes are composed of individual agents who attempt to climb the socio-economic ladder by maximizing the use of capital resources, which include both material objects of symbolic value and intangible attributes that imply prestige and power. Bourdieu identified four types of capital: economic, social, symbolic, and cultural. Economic capital represents one’s financial resources, social capital consists of one’s social support system, symbolic capital describes one’s prestige, and cultural capital includes the knowledge, values, and skills that support an understanding of cultural relations and cultural artefacts. The forms of capital are inequitably distributed among classes, and one form of capital can be converted to another. Since the value of capital is defined by social relations within a specific field, agents strategize the best way to leverage their capital for maximum gain of the valued capital within that field....

Article

A. Deirdre Robson

In 

Article

Thomas P. McNulty

International art exhibition held since 1955 every four to five years in the German city of Kassel (and subsequently other venues as well), which features avant-garde art and culture. Each exhibition lasts for 100 days and its primary exhibition space is in the Museum Fridericianum. Since its inception, the focus of documenta became increasingly global, culminating in the election of the first non-European artistic director, Nigerian-born Okwui Enwezor (b 1963), who organized documenta11 (8 June–15 September 2002).

The first documenta exhibition was held in 1955 at the Museum Fridericianum in Kassel and exhibited work by 148 artists, attracting 130,000 visitors. Its aim, under director Arnold Bode (1900–77), was to exhibit avant-garde art which had been banned under Nazis as ‘degenerate art’. The second installment of documenta (1959), directed by Bode and Werner Haftmann, took as its subject the artworks produced during the 14-year period following the end of World War II. By contrast, documenta III (...

Article

Molly K. Dorkin

The world’s oldest auction house, founded in Vienna in April 1707 by Joseph I, Holy Roman Emperor (reg 1705–11). Originally called the Versatz- und Fragamt zu Wien (‘The Pawn and Query Bureau of Vienna’), the firm moved in 1777 to the site of an old monastery, the Dorotheerkloster, from which the name ‘Dorotheum’ is derived. By the end of the 19th century the premises were outdated, so Emperor Francis-Joseph I (reg 1848–1916) commissioned the architect Emil von Förster (1838–1909) to design a suitably grand building. This new structure, called the Palais Dorotheum, was completed and formally opened in 1901 by the Emperor, in whose honour the central hall was named. In the early years of the 20th century the Dorotheum introduced many innovations to their auctioneering process, such as the division of sales into categories by object type. The first unique categories, introduced in 1900, were art and numismatics....