Ancient bronze statuette lost after the Second World War returns to Berlin: A valuable Etruscan bronze statuette portraying a warrior with lance and helmet has returned to Berlin’s state museums more than 70 years after it disappeared.
01.03.2017, The Art Newspaper: Ancient bronze statuette lost after the Second World War returns to Berlin
Son of top Nazi official returns looted art: The son of a senior Nazi official has returned three stolen works of art to their rightful owners in Poland. In what the Polish government believes is a first, Horst Waechter returned an 18th-century map of Poland, built into a small table, and two historic drawings taken by his late mother from a museum in the city of Krakow.
28.02.2017, BBC: Son of top Nazi official returns looted art
27.02.2017, Apollo: Nazi governor’s son returns looted art to Poland
Sale of Klimt portrait to go ahead at Sotheby’s: Auction house says it has resolved questions over the provenance of Girl in the Foliage.
28.02.2017, The Art Newspaper: Sale of Klimt portrait to go ahead at Sotheby’s
A Paris exhibit of Nazi-looted art honors a Europe many fear is under threat again: For Anne Sinclair, the prominent French journalist and granddaughter of the legendary Parisian art dealer Paul Rosenberg, the modernist masterpieces in her family’s collection contain multitudes of often dissonant stories. Since her grandfather’s death in 1959, Sinclair and her family have worked to recover as many missing works from the Rosenberg collection as possible — sometimes engaging in lengthy legal battles.
28.02.2017, Washington Post: A Paris exhibit of Nazi-looted art honors a Europe many fear is under threat again
Russian Billionaire Takes 74% Loss on $85 Million Gauguin: Russian billionaire Dmitry Rybolovlev paid 54 million euros (then $85 million) for a landscape by Paul Gauguin in a private transaction in June 2008. On Tuesday, he took a 74 percent loss on his investment. Gauguin’s 1892 landscape “Te Fare (La Maison)” fetched 20.3 million pounds ($25 million), including commission, at Tuesday evening’s sale of Impressionist and modern art at Christie’s in London.
28.02.2017, Bloomberg: Russian Billionaire Takes 74% Loss on $85 Million Gauguin
01.03.2017, Artnet: Bad Russian Deals Yield Bargains at Christie’s Auction as Magritte Breaks Record
London art market boosted by record auction prices: Record-breaking art sales in London this week have boosted the optimism of auction houses after an underwhelming 2016.
02.03.2017, The Financial Times: London art market boosted by record auction prices
01.03.2017, Antiques Trade Gazette: Gustav Klimt landscape sells for £42.5m at Sotheby’s auction – third highest price ever for an artwork sold in Europe
02.03.2017, Artnet: Sotheby’s Raises the Bar With Record-Smashing Sale Led by a $59 Million Klimt
Weighing the Risks and Returns of Art and Antiquities: Investing in art is about more than flipping works for a quick profit, especially today when the risks are dramatized in one scandal after another. Buying a beautiful painting, unique antiquity, or culturally significant object can yield personal, aesthetic and financial returns.
28.02.2017, Wealth Management: Weighing the Risks and Returns of Art and Antiquities
Auctionata closes down after failure to find buyer: Online auction house Auctionata is closing down after an attempt to find new investment failed to materialise.
01.03.2017, Antiques Trade Gazette: Auctionata closes down after failure to find buyer
28.02.2017, Artnet: Auctionata Shutters After No Investor Is Found to Save Company
What If the Market Isn’t Slumping But Is Really Broadening: Artprice has released its report on 2016. The French art database has crunched the numbers. In the process, they discovered that the price volume of art may be falling but the numbers of lots sold is increasing … dramatically.
28.02.2017, Art Market Monitor: What If the Market Isn’t Slumping But Is Really Broadening
28.02.2017, Artprice: General market consolidation
A Suit Over Schiele Drawings Invokes New Law on Nazi-Looted Art: When the Holocaust Expropriated Art Recovery Act was adopted unanimously by Congress in December, it was widely praised as a necessary tool to help the heirs of Holocaust victims recover art stolen from their families during World War II. Now the efficacy of the HEAR Act, as it is known, may get an early test in New York State Court, where the heirs of Fritz Grunbaum, an Austrian Jewish entertainer, are citing it in efforts to claim two valuable colorful drawings by Egon Schiele.
27.02.2017, The New York Times: A Suit Over Schiele Drawings Invokes New Law on Nazi-Looted Art
28.02.2017, Artnet: Lawsuit Over Egon Schiele Artworks Gets Boost From New Legislation
01.03.2017, Art Law Report: Sea Change in Nazi-looted Art Claims? The HEAR Act is Put Into Action
WJRO Welcomes Congressional Action on Holocaust Restitution: The World Jewish Restitution Organization welcomed the introduction of bicameral, bipartisan legislation in the United States Congress requiring the State Department to report on the progress European countries are making on Holocaust-era property restitution.
28.02.2017, WJRO: WJRO Welcomes Congressional Action on Holocaust Restitution
Will New York Get Its Own Freeport for Art? ARCIS Plans a Tax Haven in Harlem: Is Harlem set to become the new Geneva? In what will undoubtedly be music to the ears of art buyers all over the world—and alarm bells to those who feel the super-wealthy already enjoy too many tax loopholes—New York City, the veritable capital of the art world, may be about to get a state-of-the-art storage facility with “foreign trade zone” (FTZ) status, aka a “freeport.” Due to open for business this summer, the fortress-like facility will be located on 146th street.
02.03.2017, Artnet: Will New York Get Its Own Freeport for Art? ARCIS Plans a Tax Haven in Harlem
Sotheby’s Jumps 15% as Fourth-Quarter Profit Beats Estimates: Sotheby’s, the New York-based auctioneer of art and collectibles, reported a fourth-quarter profit as its deal-making strategy helped improve commission margins. Shares jumped as much as 15 percent in New York.
27.02.2017, Bloomberg: Sotheby’s Jumps 15% as Fourth-Quarter Profit Beats Estimates
27.02.2017, The Art Newspaper: Asian buyers helped bolster Sotheby’s revenue in 2016, auction house reveals
27.02.2017, Artnet: Earnings Report: A Retooled Sotheby’s Beats Expectations in Uncertain Climate
When art dealers just won’t name their price: Getting prices for art out of dealers can be like pulling teeth — but there are moves to break through the opacity. Available again from the app store is the Magnus app, founded by art entrepreneur Magnus Resch, that gives access to about a million prices for new works on the market sold through galleries in London, New York and Berlin, as well as at art fairs around the world. Using image recognition to identify and collate details about art works, the app bills itself as being “like Shazam for art”.
24.02.2017, The Financial Times: When art dealers just won’t name their price
China’s Art Market Is Booming – But Not for Foreigners: The demand for Chinese art and antiquities is booming. But despite the buying frenzy, China’s domestic market remains highly controlled, with the government restricting foreign firms’ access while aggressively encouraging Chinese firms to expand overseas. This market distortion doesn’t just artificially help Chinese auction houses – it could also fundamentally change the standards of the art market today.
03.03.2017, The Huffington Post: China’s Art Market Is Booming – But Not for Foreigners
Russian and Syrian forces retake Palmyra from Isil: Syrian government troops have retaken Palmyra from Islamic State forces, with help from Russian air support, the Syrian army said in a statement on Thursday. Politicians in Russian welcomed the news as a triumph, as widely reported by the state’s media, but few details have emerged about the condition of the ancient site, where Isil has previously wreaked large-scale destruction.
02.03.2017, The Art Newspaper: Russian and Syrian forces retake Palmyra from Isil
On 19 January 2017, ArtTactic launched the inaugural South Asian Art Market Report 2017 in Mumbai. The Report addresses key trends in the South Asian art market at what is a truly exciting time in its growth and development. Constantine Cannon LLP are delighted to partner with ArtTactic for this project, and have contributed to the Report an analysis of the ways in which South Asian artists can go about protecting their legacy, an issue that is of great importance to artists worldwide.
Here is a link to the Report:
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