12th July - 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) Young V&A Triumphs as UK’s Top Museum of 2024

The Young V&A, a museum aimed at children that reopened in London in 2023 after an extensive overhaul, was selected from five shortlisted candidates as the winner of the UK’s Art Fund Museum of the Year 2024 prize. The museum welcomed more than 590,000 people in the first nine months after reopening—more than three times the number who visited its predecessor.

2) In Memory of Dorothy Lichtenstein: Art World Mourns a Pioneer

Dorothy Lichtenstein, wife of Roy Lichtenstein and the President of the Roy Lichtenstein Foundation, sadly died on July 4th 2024 at the age of 84.

3) Art Basel Miami Beach 2024 Welcomes Record Newcomers

The exhibitor list for the 2024 edition of Art Basel Miami Beach has been released, this year’s lineup has 283 exhibitors, up from 277 last year, with 32 participating in the fair for the first time—the largest batch of newcomers since 2008.

4) Long Museum’s Art Sale Reflects Shifts in Global Market

The Long Museum, established by Chinese collectors Liu Yiqian and Wang Wei, has transitioned from buying to selling art, mirroring a wider trend among Asian collectors. High-profile pieces, such as a $120 million Warhol "Mao," are being sold back to the West. Gagosian's recent New York exhibition, "Icons From a Half Century of Art," features significant works by Andy Warhol, Jean-Michel Basquiat, and others, accessible only to collectors by appointment.

This particular "Mao" is one of four 15-foot-high "giant Maos," created with financial backing from galleries Knoedler & Co. and Castelli, and collector Peter Brant, each receiving one of the paintings. The "Mao", consigned and exhibited at Gagosian, was offered in Hong Kong by Christie’s in 2008 for $120 million but didn’t sell in part due to the recession. It eventually sold privately in 2013 for a similar amount.

The Basquiat painting, bought for $29 million at Christie’s London in 2013, is also featured in the Gagosian exhibition. This piece was part of an 11-work Basquiat show in Hong Kong in May 2021, organised by Homeart with Christie’s, showcasing strong interest and bidding from Asian collectors. The two works reappearance in the Gagosian show suggests a strategic effort to leverage its increased value and appeal to Western buyers. The sale of these notable artworks from Chinese collections back to the West indicates broader economic and strategic shifts in the global art market. Prominent collectors like Liu Yiqian and Wang Wei are responding to financial pressures and market dynamics, affecting the movement and availability of major artworks.

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 12th July 2024.