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The third and final part of the review is about the auction season. Werner Remm tells the exciting story of the rediscovered "Portrait of Miss Lieser" by Gustav Klimt, the most expensive work of art ever offered at an auction house in Austria with an estimate of 30 to 50 million, in Artmagazine: "The work itself, a prime example of a ... read more
As the first international art fair of the year, Art SG in Singapore is testing the market with its second edition. Naima Morelli reports in The Art Newspaper of - surprise! - "swift sales": "While the gallery participation dropped by 29% this year, this is not felt when walking around the stands. Works of art now have more breathing space, with galleries ... read more
The year 2024 is halfway over; it's time for a look back, as always in three parts. Hubertus Butin's thematisation of the backdating of artists' own artworks at the beginning of the year must be considered almost prophetic. He addresses the not entirely unproblematic practice of some artists of backdating their own works in the FAZ: "In contrast to Ernst Ludwig ... read more
Daniel Cassady reports the falling credit rating of Sotheby's at Artnews: "S&P Global Ratings has downgraded Sotheby's credit rating from B to B- due to falling revenues and rising costs during the first quarter of 2024, according to a report from the Wall Street Journal (Paywall). S&P ratings, which are issued to both companies and ... read more
It was Art Basel in Basel again, which this year was very European in character on the visitor side. There were still hotel rooms available in the city at triple-digit prices, the crowds in the exhibition halls seemed less intense than usual at the opening and the mood among the dealers was rather subdued. In Handelsblatt (possibly paywall), Susanne Schreiber ... read more
The good news first: the VAT in Germany rate will be reduced again to a uniform seven per cent, reports Ursula Scheer in the FAZ: ‘The Federal Cabinet has approved the draft for an annual tax law 2024 presented by the Ministry of Finance - and thus the reduced tax rate of seven per cent instead of the previous 19 ... read more