New buyers may lift London art sales to $1 billion - Reuters UK
LONDON |
LONDON (Reuters) - London's art market is attracting the lion's share of business from an emerging class of super-wealthy collectors from Russia, the Middle East and China, and they are likely to be a big factor in a summer season of sales valued at up to $1 billion (638 million pounds).
Christie's, Sotheby's and smaller rivals like Phillips de Pury hold a three-week series of auctions featuring works by artists as diverse as Rembrandt, Renoir and Gerhard Richter.
Euro zone turmoil and slowing Chinese economic growth are giving investors the jitters, yet the high-end art market has defied gravity on a record-breaking streak.
New York has long been considered the global capital of the auction world -- most recent records have been set there, including the $120 million paid for Edvard Munch's "The Scream" at a Sotheby's sale in May.
London, a more natural fit for Russian tycoons who have homes in the city and Middle Eastern buyers just a mid-haul flight away, may be closing that gap.
Sotheby's has calculated that, while the number of lots sold to buyers from "new" markets has risen in both cities so far this year, the increase has been far more marked in London (33 percent) than New York (six percent).
"Particularly the Russians feel very comfortable bidding in the London sales as many of them have second homes and are very active here," said Helena Newman, chairman of Sotheby's impressionist and modern art department in Europe.
"I think that because of our geographic situation, we are the gateway to the East ... Central Asia, the Middle East and the East," she told Reuters at the company's London headquarters where star lots from the upcoming sales were on display.
"We definitely see that in the sales of recent years. It is a growing trend."
BILLION-DOLLAR BONANZA?
Beyond bragging rights, auctioneers are not overly concerned with who buys what where. Key lots for sale in London come from the United States, for example, and the market overall has become more globalised.
One of the prize lots of the season is English artist John Constable's "The Lock", being offered by Christie's for 20-25 million pounds and the only one of a series of six important landscapes by the painter to be in private hands.
It goes under the hammer on July 3 and should eclipse the 10.8 million pounds raised when it was sold in 1990 - a British painting record it held for 16 years.
On the same night, Rembrandt's "A Man in a Gorget and Cap" is on course to raise 8-12 million pounds.
On Wednesday, a Renoir nude is set to fetch 12-18 million pounds and the next week the same auctioneer offers Yves Klein's "Le Rose du Bleu", estimated at 17-20 million pounds and Francis Bacon's "Study For Self-Portrait" (1964) (15-20 million).
Christie's, the world's largest auction house, expects to raise at least 310 million pounds from its sales of impressionist, modern, contemporary art as well as those of British paintings and Old Masters.
The upper estimate is closer to 500 million pounds, and combined with Sotheby's low target of 210 million pounds, a billion-dollar art bonanza looks within reach.
"The four week summer season of major international auctions at Christie's ... is set to become one of the richest and most valuable series of auctions in company history," said Jussi Pylkkanen, head of Christie's Europe.
MIRO RECORD IN SIGHT
At Sotheby's, the top work of the season could be Joan Miro's "Peinture (Etoile Bleue), valued at 15-20 million pounds and in sight of the artist record set this year of 16.8 million.
Its appearance so soon after the February record is no coincidence -- auction houses tailor sales to reflect the latest tastes, and the Miro, along with works by Henry Moore and Surrealist Paul Delvaux, all follow recent auction highs.
The prominence of large, colourful, figurative works at Sotheby's, including Kees van Dongen's "Lailla", Marc Chagall's "L'Arbre de Jesse" and Delvaux's "Deux Femmes couchees", also reflects emerging market tastes.
Soaring prices for coveted works of art at a time of global economic uncertainty have long prompted warnings of a sharp correction and even collapse, but time and again in the last three years the market has defied the gloomiest predictions.
There has been weakening in Chinese demand and tastes can be fickle, but the very best works of art have generally risen in value since a sharp but brief drop in auction turnover in 2009.
The contraction was as much a reflection of sellers backing away as of falling demand, experts say, and auction houses believe they are back in a "virtuous cycle" of rising prices in turn attracting the very best works on to the market.
Institutional acquisitions have also played a key role in the recovery, with Qatar emerging as one of the biggest buyers of art in recent years as it fills a growing network of museums.
Widespread reports said the Gulf state paid $250 million for Paul Cezanne's "The Card Players" in a private deal, believed to be the highest price ever paid for a work of art. (Reporting by Mike Collett-White, editing by Paul Casciato)
London athletes get top healthcare - Yahoo! Eurosport
'},"otherParams":{"t_e":1,".intl":"us"},"events":{"fetch":{lv:2,"sp":"2142181228","ps":"LREC","npv":true,"bg":"#FFFFFF","em":escape('{"site-attribute":"_id=\'521ad1dc-61c2-33f3-8ce7-e86a08518a07\' ccc=\'\' csect=\'\' ctopid=\'2212000\' ctype=\'News\' rs=\'lmsid:a0770000004M8zTAAS\' content=\'no_expandable;ajax_cert_expandable;\' ADSSA"}'),"em_orig":escape('{"site-attribute":"_id=\'521ad1dc-61c2-33f3-8ce7-e86a08518a07\' ccc=\'\' csect=\'\' ctopid=\'2212000\' ctype=\'News\' rs=\'lmsid:a0770000004M8zTAAS\' content=\'no_expandable;ajax_cert_expandable;\' ADSSA"}')}}};var _createNodes=function(){var nIds=_conf.nodeIds;for(var i in nIds){var nId=nIds[i];var dId=_conf.destinationMap[nIds[i].replace("yom-","")];n=Y.one("#"+nId);if(n)var center=n.one("center");var node=Y.one("#"+dId);var nodeHTML;if(center && !node){nodeHTML=_conf.nodes[nId];center.insert(nodeHTML);};};};var _prepareNodes=function(){var nIds=_conf.nodeIds;for(var i in nIds){var nId=nIds[i];var dId=_conf.destinationMap[nIds[i].replace("yom-ad-","")];n=Y.one("#"+nId);if(n)var center=n.one("center");var node=Y.one("#"+dId);if(center && node){center.set("innerHTML","");center.insert(node);node.setStyle("display","block");};};};var _darla;var _config=function(){if(YAHOO.ads.darla){_darla = YAHOO.ads.darla;_createNodes();};};var _fetch=function(spaceid,adssa){if(typeof spaceid != "undefined") _conf.events.fetch.sp=spaceid;adssa = (typeof adssa != "undefined" && adssa != null) ? escape(adssa.replace(/\"/g, "'")) : "";_conf.events.fetch.em=_conf.events.fetch.em_orig.replace("ADSSA", adssa);if(_darla){_prepareNodes();_darla.setConfig(_conf);_darla.event("fetch");};};Y.on("domready", function(){_config();});;var that={"fetch":_fetch,"getNodes":_conf.nodes};return that;}();/* Backwards compatibility - Assigning the latest instance to the main fetch function */YUI.PhotoAdsDarla.fetch=YUI.PhotoAdsDarla.photoslightboxdarla.fetch; }); Y.later(10, this, function() {Y.Media.Editorial.LiveEvent.init(); }); Y.later(10, this, function() {new Y.Media.BListMixedInplaceRefresh({"xhr_base":"\/_xhr\/temp\/mediablistmixednewsforyouca\/?list_source=MediaBListMixedNewsForYouCA&mod_id=mediablistmixednewsforyoucatemp&list_id=4454ea04-abff-11df-8418-00505604e304&list_style=disc&apply_filter=&filters=%5B%5D&show_author=0&show_date=0&show_popup=0&template=title&title_length=100&show_provider=0&content_id=521ad1dc-61c2-33f3-8ce7-e86a08518a07&desc_length=&popup_desc_length=&cache_ttl=TTL_LEVEL_30&instanceUuid=bc95bbdf-ddc7-3f36-83bd-5eefa2fefd32","spaceid":"2142181228","list_count":"8","list_start":"1","mod_id":"mediablistmixednewsforyoucatemp","total":100,"show_more_link":"0","auto_rotate_duration":"7","total_override":""}); }); Y.later(10, this, function() {if(typeof YUI.AdsDarla === "undefined")YUI.AdsDarla={};YUI.AdsDarla.darla_lrec=function(){var _conf={"callFrame":"yom-ad-darla-callframe-darla_lrec","callScript":"/darla/fc.php","rotation":5000,"autoRotation":false,"beaconsDisabled":false,"property":"media","destinationMap":{"LREC":"yom-ad-LREC-iframe","N":"yom-ad-N-iframe","NT1":"yom-ad-NT1-iframe"},"nodeIds":["yom-ad-LREC","yom-ad-N","yom-ad-NT1"],"nodes":{"yom-ad-LREC":'',"yom-ad-N":'',"yom-ad-NT1":''},"templates":{"LREC":'
London 2012: IOC suspends ticket sales for 2014 during investigation - The Guardian
The International Olympic Committee is to suspend the sales process for the Sochi 2014 Winter Games while it investigates allegations that Olympic officials and agents representing 54 countries offered London 2012 tickets on the black market.
In the wake of a Sunday Times investigation that sparked an immediate IOC probe, it is understood that the process of approving the list of Authorised Ticket Resellers contracted by the Sochi organising committee has been suspended until after it reports. The investigation is expected to lead to a shake-up of the way Olympic tickets are allocated ahead of the Rio 2016 Olympics.
The London 2012 organising committee chairman, Lord Coe, said the revelations were "deeply depressing", especially after he had warned the Association of National Olympic Committees of the risks of breaking IOC rules on the resale of tickets at their general assembly in Acapulco in 2010.
The Sunday Times, which is expected to hand its dossier of evidence to the IOC this week, alleged that 27 agents representing 54 countries were prepared to sell thousands of tickets for up to £6,000 each.
Spyros Capralos, the president of the Hellenic Olympic Committee who was implicated in the illicit sale of tickets to undercover reporters, claimed the allegations were "untrue and misleading".
"The whole process was totally transparent and in accordance with the laws of the Greek state," the HOC said in a statement. "Therefore, there can be no issue on creating a 'black market' by the HOC which did not buy any tickets, whatsoever."
The HOC also claimed that quotes attributed to Capralos were "fragmentary and a patchwork of answers, made in a way that served the authors of the article".
It added: "The journalists of the Sunday Time, violated all principles of journalistic ethics, pretended to be representatives of a ticket selling company, and had even created a fake webpage."
It said that its entire allocation had been signed over to a company controlled by the Ipswich Town owner, Marcus Evans, so it did not have any tickets to sell.
Evans paid €300,000 – 10 times more than the HOC received during the Beijing Games – for the exclusive rights to resell the tickets but it said all the money went towards team preparation.
"The whole sum was exclusively allocated to the preparation of Olympic athletes of top level, at a time when, due to difficult economic conditions, the state stopped funding the Olympic preparation," it said. They claimed that the conversation with The Sunday Times journalist referred to the Sochi Games.
The former Olympic swimmer Yoav Bruck, authorised to sell tickets in Israel and Cyprus, also denied allegations that he offered undercover reporters the best seats in the house at the 100m final.
"The report is swamped with untruths, lies and inventions that cries to the heavens," he told Israel's Channel 2 TV. "I am saying that we are clean … we are not selling anything we are not allowed to."
London 2012 organisers will continue to lobby to return any unsold tickets from the 1.1 million allocated overseas to the British public. They claim that more than 50% of unsold tickets have already been re-routed for UK sale, the first time that has happened. But they will not seek to requisition tickets already allocated to the regions implicated, for fear of disadvantaging genuine purchasers in those regions.
Denis Oswald, the head of the IOC's co-ordination commission and a member of the executive board that held an emergency meeting in response to the claims, has said anyone found guilty of breaking IOC rules should be expelled from the Olympic movement.
"If you know you are breaking the rules and still do it, it is unacceptable. It is an attitude which is not acceptable and which is why I am sure the IOC want to take this very seriously and take appropriate sanctions," he said.
The IOC ethics commission is highly unlikely to report before London Games, although interim action could be taken against a handful of individuals in the meantime.
The report was the latest in a string of similar allegations. In May, a top Ukrainian Olympic official resigned following allegations that he offered to sell tickets for the London Games on the black market.
Volodymyr Gerashchenko, secretary general of Ukraine's national Olympic committee, was accused by the BBC of telling an undercover reporter posing as an unauthorised dealer that he was willing to sell up to 100 tickets for cash.
Facebook's Explore London 2012: Get Social With The Summer Games - PC Advisor
Facebook is getting into the Olympic spirit with Explore London 2012 on Facebook, a portal where you can find and get Facebook updates from your favorite athletes, national teams, and individual sports during the Olympic Games in London.
Facebook says it intends to add national Olympics broadcasters such as NBC and Olympic sponsors to the London 2012 portal in the coming weeks.
The Facebook portal is the first of several efforts from the International Olympics Committee to get social during London 2012. The IOC also plans to launch London 2012-themed pages on Twitter, Tumblr, and Google+, as well as a partnership with Foursquare.
How To Like London 2012
To get Olympic updates on Facebook, all you have to do is “like” the pages for your favorite athletes, sports, or national teams via the Explore London 2012 portal. Then updates from that person's or sport's page, including personal status updates, medal standings, and photos, are pushed to your news feed. It's a simple way to keep up with personal updates from athletes such as swimmer Ryan Lochte or all the latest news from Team USA.
Explore London 2012
Facebook's London 2012 portal is well organized with a cover photo at the top, and then two profile photos for the Olympic Games and London 2012. Below that is a section of highlighted Olympic athletes, including LeBron James, swimmers Dara Torres and Michael Phelps, beach volleyball player Misty May-Treanor, and U.K. soccer star David Beckham. The site features about 200 of the several thousands of Olympic athletes competing in the games.
Below the athletes section are links to the Olympic national teams, and then to specific Olympic sports such as boxing, gymnastics, tennis, triathlon, and volleyball. Thirty-six sports are represented at London 2012, but the portal currently has links to 25.
Each Olympic sport is linked to the page for that sport's official international body. For example, liking aquatics will give you Facebook updates from Federation Internationale de Natation (FINA), the world governing body for swimming. Liking Tennis means you'll get updates from the International Tennis Federation (ITF).
A Facebook spokesperson says the company will add more sports and athlete pages to its portal before the Games begin.
Effective Use of London 2012
Facebook's portal is a handy way to find your favorite parts of the Olympics, but you might want to check out each individual page before liking to make sure you'll get updates during the games.
In my perusal of some of the top athletes' pages, most are maintaining their official pages with regular updates. But some weren't particularly active. That may change once the Olympics kicks into gear, but just be aware that some pages may not be as active as you'd like.
The Summer Olympic Games begin Friday, July 27 in London.
Connect with Ian Paul (@ianpaul) on Twitter and Google+, and with Today@PCWorld on Twitter for the latest tech news and analysis.
London 2012: Olympic Games portal opens on Facebook - BBC News
Facebook has announced a dedicated portal for London 2012 to allow fans to "connect with their favourite Olympians" at the Games.
The section features dedicated pages for athletes and sports, including a complete timeline history of the competition since the 1800s.
The IOC said the portal would create a "social media stadium".
However, restrictions on what athletes can or cannot post will restrict some content from being published.
Participants are subject to tight guidelines over content posted on Facebook and Twitter, particularly in relation to brands and broadcasting deals.
It restricts the posting of any video from within an Olympic venue.
'Ambush'Mark Adams, from the International Olympic Committee (IOC), said that while visitors to the Games would be able to post videos and stills, athletes' activities would be curbed.
“Start Quote
End Quote Boris BeckerIt's impossible to think all day and all night about the next match, interacting with fans is a good thing”
"It depends on where they are," he said.
"If they're in a stadium, they can't. We have a relationship with various broadcasters around the world which provides the funding [for the Games]."
In addition, he said, the IOC would be watching for any attempted "ambush" marketing.
"It's something we always have to keep in our mind," he said.
"It does take away money from the Olympic movement. It's something that we have to protect."
Facebook, which announced the portal at its central London offices, said it hoped the portal would mean Olympics fans could interact with athletes in a way that had not been possible in previous Games.
Alex Balfour, from the London Organising Committee of the Olympic Games (Locog) said there was now a "perfect storm" of technology to allow a "really rich experience" wherever fans were in the world.
"We want make sure our Games is available to that new audience of digital consumers," he added.
Facebook said it would allow fans to use the network to discover footage of their favourite athletes - but some content would be geo-targeted, meaning certain footage might not be available in certain regions of the world.
Mr Adams admitted that the IOC had been slow to adopt social networking, but was now ready to embrace it for London 2012.
"The way I like to think about the IOC and our relationship with social media is that the Olympics is one of the oldest social networks that has ever been.
"Everyone has an experience and shares that experience with their friends and their family - everyone has an emotional attachment to the Games. We're just digitising that experience."
Hot waterFormer world tennis number one and Olympic gold medallist Boris Becker told the BBC that using social media could help athletes prepare.
"It's very positive. It gives athletes the chance to get real opinions and real questions and to answer back.
"It's fun - everyone's online anyway. It's impossible to think all day and all night about the next match, interacting with fans is a good thing."
However, he warned that it was inevitable that some athletes might not think before they tweeted and so land themselves in hot water during the Games.
"The world and people are not perfect," he said.
"There will always be athletes who will take it out of line, but that doesn't mean that the platform is wrong."
0 Responses to "New buyers may lift London art sales to $1 billion - Reuters UK"
Post a Comment