11th Oct - Art News in 5 Minutes

Your trusted Friday collection of the latest news in the ever-evolving art world. Each week, the Maddox Research Team curates a snapshot of art trends, events and insights that you need to know about from the past week.

1) Damien Hirst Dominates Frieze Week with ￡15M Art Lineup at Christie’s

Damien?Hirst?is Christie’s biggest consignor? during this year’s Frieze week sales, offering six works from his collection estimated at ￡12 to ￡15m. All of which are guaranteed, either by Christie’s or third parties. The most valuable of which is?Jeff Koons’s?Balloon Monkey (Blue), estimated between ￡6.5 to ￡10m. Hirst is also parting with a ￡3.5–￡5m?Richard Prince?painting, a large Georg Baselitz painting and others.

2) Historic Bristol Building with Banksy Artwork Faces Sale Threat

The future of a Bristol building that houses one of?Banksy's oldest artworks is at risk due to plans for its sale. Once home to the Dug Out youth club, where Banksy and other street artists like Inkie and Cheo began their careers, the site holds significant historical value. Community members are mobilising to preserve the building and its artistic legacy amidst financial pressures, with a meeting scheduled this week to discuss its future.

3) Yayoi Kusama’s ￡6M Bronze Pumpkin to Dazzle at Art Basel Paris 2024

For Art Basel 2024 in Paris,?Yayoi Kusama?will display?PUMPKIN (L), 2014, one of her iconic bronze pumpkin sculptures, on Avenue Winston Churchill as part of the fair’s public program. This pumpkin is from an edition of eight, with one from the edition selling for over ￡6 million at Sotheby’s Hong Kong in 2023 exceeding its high estimate.

4) MZ Wallace Celebrates 25 Years with Shrigley & Meier Duo

MZ?Wallace, a NYC-based luxury handbag brand, launched its 25th anniversary campaign by pairing?David Shrigley’s drawings, with the surreal still lifes that photographer Raymond Meier shot in response to them. The ads are presented in diptych form with one Shrigley drawing matched with the corresponding Meier image. “The wit, depth and universal appeal of Shrigley’s drawings perfectly resonate with the ethos of MZ Wallace,” said the brands founder Monica Zwirner.

5) KAWS Teases Exciting New Collection Ahead of NYC November Show

KAWS?recently teased a new collection of paintings on Instagram, set to debut at an upcoming show this November in New York,? aligning with the prominent November sales. The exhibition also coincides with the?KAWS: Time Off?exhibit at the Parrish Art Museum in New York, and the?KAWS + Warhol?exhibition at the Warhol Museum in Pittsburgh.

Evening Sales

• Christie's evening sale?reached ￡83.8M - 14% above the low estimate, with an 85% sell-through rate and 51% of lots selling within or above estimates.
• Sotheby’s evening sale?achieved ￡37.5M - 10% above the low estimate, with an 81% sell-through rate and 49% of lots selling within or above estimates.
• David Hockney's?More Woldgate Timber, October 13?sold for ￡4.6M, a significant increase from a similar work's 2018 sale at ￡900,000.
• Christie’s sold 48/56 lots, with 23 (41%) guaranteed, while Sotheby’s sold 18/22 lots, with 6 (27%) guaranteed in their respective evening sales.

Whether you want to start your art journey, or you're a seasoned collector, the Maddox Team are on hand to help you with whatever your art needs are. Please explore our New Arrivals here or explore our Current Exhibitions page here.

Created by the Maddox Research Team on the 11th October 2024.