More

    The Back Room: Punking the Market

    Every Friday, Artnet News Pro members get exclusive access to the Back Room, our lively recap funneling only the week’s must-know intel into a nimble read you’ll actually enjoy. You’re now viewing the final free promo edition, so become a member (and click the “subscribe” box during checkout) to receive it next week and beyond.

     

    This week in the Back Room: Crypto-friction at Christie’s, a record store’s lessons for dealers, Alice Neel (finally) gets her due, and much more—all in a 6-minute read (1,473 words).

    _______________________________________________________________________

     

    Wet Paint
    Crypto Culture Clash

    Nine CryptoPunks at Christie’s 21st-century evening sale on May 13, 2021. Courtesy of Christie’s.

    If you bet anyone this past New Year’s Eve that Christie’s would trip into a beef with a crypto-whale named G Money over an NFT sale before Memorial Day, congratulations, Nate Freeman reports that it is time for you to collect.

    • G Money is a member of the Flamingo DAO, a group of 100 accredited investors who have described themselves as the “Medicis of NFT.”
    • DAOs, for the uninitiated, are “decentralized autonomous organizations”: groups of crypto-compatriots who pool their resources and use smart contracts to automate transactions toward a common end.
    • To juice bidding for the sale of nine Cryptopunks at its recent 21st Century evening auction in New York, Christie’s officials (led by NFT czar Noah Davis) gave G Money a VIP preview of the sale at the house’s Rockefeller Center galleries.

    So then why did G Money later launch a Twitter assault titled “How Christie’s Fucked Up the Punks Auction”?

    • Because Christie’s displayed the (digital-only) Punks as tiny physical reproductions scattered comically high up in the galleries—a pseudo-homage to street artist Invader.

    • G Money took the presentation as a symbol of either cluelessness or disrespect to crypto-collectors. He questioned why future Punks sellers wouldn’t either sell on NFT marketplaces for much lower commissions, or take their business to rival Sotheby’s.

    • Davis (under his admirably self-aware @PoseurNoah handle) took to the Punks Discord channel post-sale to apologize; G Money later did the same on Twitter.

    • Christie’s declined to comment further. G Money did not respond to a DM.

    _______________________________________________________________________

     

    The Bottom Line

    The whole saga is a reminder that the art and crypto worlds still have a long way to go on their mission to integrate. Still, the Cryptopunks set sold on auction night for $17.1 million to another group of investors led by Haralabos Voulgaris. So if that counts as “fucking up” a sale, then Christie’s: please feel free to fuck me up anytime.

    _______________________________________________________________________

    Paint Drippings

    • Christina Quarles is now repped by Hauser & Wirth on both U.S. coasts, with a solo show set for the gallery’s New York space in fall 2022.
    • Pilar Corrias will continue as Quarles’s London dealer; Regen Projects is out as her LA gallery.
    • Francois Pinault tasked his tech-fluent son, Kering CEO Francois-Henri Pinault, with monitoring the Cryptopunks sale at Christie’s on his behalf.
    • Downs and Ross is opening an apartment project space at 65 Reade Street in Tribeca.
    • The Los Angeles gallery shared by Mexico City’House of Gaga and New York’s Reena Spaulings is leaving its longtime MacArthur Park home.
    • White Cube now represents the South African artist Cinga Sampson.
    • Sonia Boyce, who will rep Britain at the 2022 Venice Biennale, joined Simon Lee.
    • Anna GrayFranklin Parrasch, and Carolyn Ramo are opening a gallery called Airfield at 26 Downs Street in Kingston, New York.

    [Read More]

    _______________________________________________________________________

    The Gray Market
    Trade Secrets

    The record shop Rough Trade's Brick Lane shop in London. The store's Brooklyn location is now moving to 30 Rockefeller Center. Photo by David Corio/Redferns.

    The record shop Rough Trade’s Brick Lane shop in London. The store’s Brooklyn location is now moving to 30 Rockefeller Center. Photo by David Corio/Redferns.

    This Tuesday, the record mecca and countercultural hub Rough Trade will reopen its New York store in a new location few vinyl heads would have anticipated: 30 Rockefeller Plaza (30 Rock). The move demanded the store work through tensions between art, identity, and commerce that nearly every gallery faces in 2021.

    So I talked to co-owner Stephen Godfroy about the thought process that led him and his colleagues to migrate from what the AV Club called “a special place” in Brooklyn to “every New Yorker’s worst nightmare”—and change much more than an address along the way. His answers hinged on three core themes that impact dealers, too:

    _______________________________________________________________________

     

    The Bottom Line

    Rough Trade’s thinking raises three parallel questions for galleries in a post-shutdown economy:

    • Can you thrive by doubling down on your core audience, or do you need to risk ridicule by reaching out to new constituencies?

    • Could you build a stronger community by thinking flexibly about space, geography, and tech?

    • Does a digital age demand selling digital art, or just designing better digital strategies for the analog works you believe in most?

    [Read More]

    _______________________________________________________________________

    Data Dip

    Neel Early, Rise Late

    Data © Artnet Price Database.

    Data © Artnet Price Database.

    As recently as 2001, Alice Neel racked up the same auction-sales total as I did: a cool zero dollars.

    But in May 2021, the lines to get into her retrospective at the Met look like the lines to buy toilet paper and canned food last March, young stars like Jordan Casteel laud her as an essential influence, and bidders have already bought more than $5.1 million worth of her art—the most in any single year yet, with seven months of auctions still to go.

    So what the hell happened in the two decades between? The short version is…

    • The art market started foraging for overlooked (and undervalued) artists in the early 2000s.

    • Neel’s estate jumped from the quiet Robert Miller Gallery to powerhouse David Zwirner in 2008.

    • Figurative painting moved from the art market’s fringes to its center starting around 2015 (when the Zombie Formalist fever broke).

    For the more nuanced answer, check Katya Kazakina’s deep dive below.

    [Read More]

    _______________________________________________________________________

     

    “It’s impossible that we have become so stupid today that there are no human beings alive capable of creating tomorrow’s masterpieces.” 

    —Mega-collector and Christie’s owner François Pinault recounting why he began buying contemporary art in the 1980s.

    _______________________________________________________________________

     

    Express Checkout
    Baldessari Estate Reshuffles the Dealer Deck + Three More Market Morsels

    John Baldessari’s estate will now be represented worldwide by Sprüth Magers. (Financial Times)

    • The gallery will debut his final series of works, titled “The Space Between,” in a show at its LA space from June 12 through September 11, with prices in the region of $400,000 each.

    • The estate, run by Baldessari’s two children, will continue working with longtime dealers Mai 36 (Zurich) and Greta Meert (Brussels)… but ended its relationship with Marian Goodman.

    _______________________________________________________________________

    David Zwirner wrestled the estate of Robert Ryman away from Pace; artist Merrill Wagner, Ryman’s wife of 50 years, joined the roster alongside her late husband. (Artnet News)

    • Zwirner also announced the hire of dealer Susan Dunne (who worked with Ryman for almost 30 years), just nine weeks after she resigned from Pace following an investigation into its “toxic” workplace culture.

    _______________________________________________________________________

    At least 11 Korean cities, towns, and counties are vying to host the $2.2 billion collection of late Samsung chairman Lee Kun-hee. Their pitches range from “Lee was born here, so naturally… ” to “Listen, we have the world’s fifth-largest airport!” (Wall Street Journal)

    _______________________________________________________________________

    The Fine Art Group, the London-headquartered advisory and art-finance firm, acquired U.S.-based Pall Mall Art Advisors for an undisclosed sum. (Artnet News Pro)

    _______________________________________________________________________

    Artwork of the Week
    Kevin McCoy’s Quantum

    Kevin McCoy, Quantum (2014). Courtesy of Sotheby's.

    Kevin McCoy, Quantum (2014). Courtesy of Sotheby’s.

    Date:                      2014

    Seller:                    The Artist

    Price:                     Bids start at $100 

    Selling At:              Sotheby’s “Natively Digital” auction

    Sale Date:              Thursday, June 3–Thursday, June 10

    Starting next week, Sotheby’s will host “Natively Digital” a weeklong online auction foregrounding 28 influential new media artists whose works surface the historical roots and future prospects of NFTs as a medium. Anchoring the sale is Quantum, a generative digital animation backed by the first non-fungible token ever minted.

    The work’s origin is the 2014 edition of Rhizome’s “Seven on Seven” conference, where Kevin McCoy and collaborator Anil Dash premiered what they then (semi-ironically) called the monetized graphic (or “monegraph”)—a digital image time-stamped and registered to its creator on the blockchain, allowing the artist to retain ownership (and be paid appropriately for authorized use) of a file that is otherwise by its nature infinitely replicable.

    Seven years later, Quantum isn’t just the cornerstone of a Sotheby’s auction making every effort to thoughtfully engage with early adopters and true believers in crypto. It has also become the unexpected cornerstone of a speculative-trading phenomenon rampaging outside the art-tech nexus. Let’s see if bidders reward a well-intentioned NFT pioneer to the same degree they’ve rewarded some recent arrivals making transparent cash grabs with, frankly, boring art.

    _______________________________________________________________________

     

    Thanks for joining us in The Back Room. See you next Friday.

    Follow Artnet News on Facebook:


    Want to stay ahead of the art world? Subscribe to our newsletter to get the breaking news, eye-opening interviews, and incisive critical takes that drive the conversation forward.

    Related articles

    Comments

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    Share article

    Latest articles

    Atlantis Exchange Received 30,000,000 Advanced Bitcoin as Liquidity

    SEATTLE, WA, May 20, 2022 /24-7PressRelease/ — Atlantis Exchange is pleased to announce that a deposit of 30,000,000 Advanced Bitcoin (“aBTC”), a green cryptocurrency...

    These indicators show how the equities sell-off is influencing crypto prices to fall down

    Cryptocurrencies experienced on May 10 a large market crash, losing over 10% in a single day of most of the coins. This is the...

    Xendit Raises $300M to Grow Payments Platform

    Southeast Asia payments platform Xendit closed a $300 million Series D funding round that brings its total investment capital since 2015 to $538 million,...

    Top Cryptocurrency Prices Today, May 20: After crypto crash, Bitcoin, ETH, Solana, ADA, Polkadot, Matic rise upto 6%

    Top Cryptocurrencies of the World Prices Today in India (May 20, 2022): The global crypto market cap recovered 2.87% in the last 24 hours...

    Ethereum to Merge in August as Final Testing Begins

    The Merge is a milestone upgrade that transitions the Ethereum network consensus mechanism from proof-of-work mining to proof-of-stake (PoS). It is a significant step...

    Newsletter

    Subscribe to stay updated.