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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

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

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

Joseph R. Givens

(b Hartford, CT, July 9, 1952).

American art dealer, curator, and critic. Deitch is best known for transforming the American art market with the introduction of post-industrial business practices. A Connecticut native, he studied art history at Wesleyan University (1970–74) and opened his first gallery in 1972 at the Curtis Hotel in Lenox, MA. He studied the economics of art at Harvard Business School, and earned an MBA in 1978. His 1980 essay, The Warhol Product, was one of the first publications to address the post-modern phenomenon of art as commodity. In 1979 Deitch helped guide financial institutions into the business of art investment services by co-developing Citibank’s Art Advisory Service, a comprehensive service model that provided élite clients with loans, strategic collection consultation, historical information, and shipping and insurance management. After transitioning to a full-time, self-employed art dealer in 1988, Deitch brokered the secondary market sale of Jasper Johns’s White Flag (...

Article

Joseph R. Givens

(b Los Angeles, CA, April 19, 1945).

American art dealer. Gagosian is considered a catalyst for the globalization of the art market. Raised in Los Angeles by a middle-class family, Gagosian did not recall visiting an art museum until he was in college. After studying literature at the University of California, Los Angeles (UCLA), from 1963 to 1969 he worked in several entry-level office jobs before making the transition to entrepreneur with a kitsch poster business near UCLA. Within a year, Gagosian transformed the poster business into a frame shop and art gallery, and over the course of the following three decades, he became the sole owner of a powerful art empire.

Realizing the limited sales potential in Los Angeles, he moved to New York and opened a gallery in SoHo with business partner Annina Nosei. In 1980 he returned to Los Angeles and arranged shows that rivalled New York dealers, including a notorious Jean-Michel Basquiat residency in April of ...

Article

[emerging art markets]

Since the 1980s art markets have developed rapidly outside of Europe and the USA. In the so-called BRIC countries (Brazil, Russia, India, and China) this development has been particularly dynamic. With aggregate sales estimated at €11.5 billion, China is the second largest market for art and antiques in the world after the USA (McAndrew 2014). Works of art made by modern and contemporary artists from all four countries regularly fetch more than $1 million at auction.

The rise of the BRICs has coincided with the global integration of what used to be local art markets: demand for and supply of particular artists or artistic movements may now be dispersed across the globe. The boom which global art markets have witnessed in the new millennium can be attributed partially to new buyers from countries like China and Russia developing an interest in art, both old and new. In describing the emergence of the BRICs, the focus in this article will be on modern and contemporary art, since that is where market development has been most significant, both qualitatively and quantitatively....

Article

Joseph R. Givens

(b Los Angeles, CA, May 3, 1932; d Los Angeles, CA, March 20, 2005).

American dealer, curator, and museum director. Hopps pioneered international awareness of Pop art and helped to establish Los Angeles as an internationally recognized art centre. He opened museum doors to contemporary art and paved the way for the explosion of the contemporary art market in the 1980s.

As a teenager, Hopps was introduced to modern art through frequent visits to the famous collection of Walter and Louise Arensberg. Hopps went to college to study medicine at the behest of his parents, first at Stanford University then at the University of California, Los Angeles (UCLA), but classes in art history, jazz concert promotion, and the creation of Syndell Studio eclipsed his science curriculum. Hopps’s ambition for a large-scale exhibition of West Coast Abstract Expressionism outgrew Syndell’s salon-style space. In 1953 he arranged Action 1, one of the first exhibitions of action painting outside New York. Hopps’s partnership with artist Edward Kienholz...

Article

[tribal art]

The market for ‘tribal art’ emerged in the first decades of the 20th century. By way of avant-garde artists and pioneering dealers, African and Oceanic art slowly became accepted as ‘art’—with its inclusion in the Musée du Louvre in Paris in 2000 as a decisive endorsement. Initially, it was referred to as ‘primitive art’—alluding to an early ‘primitive’ stage in human development; later replaced by the equally biased ‘tribal art’. While still used widely among dealers and collectors (for want of a better word and being conveniently short), the term ‘tribe’, or its derivative ‘tribal’, is frowned upon by the scholarly community.

The foundations of the tribal art market were laid at the turn of the 20th century. European powers colonized large overseas territories in both Africa and Oceania and, along with other commodities, there arrived ethnographic artefacts. Europeans had conducted coastal trade with many African regions over centuries, but systematic explorations of the continental hinterland did sometimes not take place until the first decades of the 20th century. These resulted in the discovery of previously unknown cultures whose ritual objects, such as masks, were displayed during world’s fairs and colonial exhibitions. Many of these objects ended up in newly established museums, such as the Royal Museum for Central Africa in Tervuren, outside Brussels. Vigorous competitors in the collection of ethnographic objects in both Africa and Oceania, these museums became the leading players in the early phases of the tribal art market’s development. Next to these large-scale official collecting activities, colonial, military, or missionary personnel also brought home exotic objects....

Article

Molly K. Dorkin

[Messrs Phillips & Son; Phillips, Son & Neale; Phillips de Pury & Company]

Auction house founded in London in 1796 by Harry Phillips (d 1840), formerly senior clerk to James Christie (1730–1803). Phillips’ inaugural sale of household furniture was held on 23 April 1796. The auctioneer soon distinguished himself by combining the skills he had learnt from observing Christie’s methods with a talent for ceremony and showmanship. Many of his innovations, such as holding lavish evening receptions for his clients and translating the business of sales into theatre, are widely employed by auction houses today. In his first year of business Phillips oversaw 12 auctions. He was soon charged with selling some of the most distinguished collections of the era, including those of Marie Antoinette, Stanisław II Poniatowski of Poland, and Napoleon Bonaparte. In 1823 Phillips was commissioned to auction the collection at Fonthill Abbey, a sale originally offered to Christie’s. Instead, it was Phillips who conducted an epic 30-day sale of the contents of the house. Some 7200 people attended the pre-sale viewing. Phillips also presided over the only auction ever to be held in Buckingham Palace, in ...

Article

Joseph R. Givens

(b Abadan, May 15, 1943).

Iranian photographer, curator, and art dealer, active in the USA. Shafrazi introduced graffiti to the mainstream art market and contributed to the contemporary art boom of the 1980s. Raised in Abadan, a small port town that experienced an oil boom in the post-war years, Shafrazi was fascinated by Western popular culture and art. He moved to England in 1956 and three years later began formal art study at Hammersmith College of Art and Building, before continuing at the Royal College of Art, where he graduated in 1967. Following college, Shafrazi pursued a career as an artist while also teaching, first at the Manchester College of Art then at the School of Visual Arts in New York in 1969.

A newfound interest in political activism shifted his creative focus from art objects to art actions. His involvement with the latter culminated in an infamous incident that took place on 28 February 1974...

Article

Tom Williams

Exhibition of contemporary art held periodically at the Whitney Museum of American Art in New York. It was first held in 1932, shortly after the museum first open its doors to the public and has consistently showcased a broad range of trends in contemporary art. Its organization and frequency has varied wildly over the years. In its early years, the exhibition typically alternated between painting and other media, and it occurred either on an annual or biennial basis. In 1973, however, it assumed its current form as a single exhibition of painting, sculpture, and other media occurring every two years. The exhibition has often been controversial and widely criticized, but it continues to be regarded as a crucial barometer of current trends in contemporary art.

It was originally conceived as a continuation of an earlier series of annual exhibitions that were organized for members of the Whitney Studio Club. This organization was founded in ...