Between January and June 2015, an sales by public auctions worldwide generated 8.1 billion US dollars! the biggest markets for public auctions are the United States, the United Kingdom and China with France and Germany completing the top 5 (ref Arnet). Record sales occur on a regular basis. During their public auctions in London in February 2015, Sotheby's benefited from a strong market with masters of impressionist and modern art (Monet, Matisse, ToulouseA� Lautrec) where one sale reached 247.3 million Euros.
The Polygone Riviera on France’s Côte d’Azur is the latest shopping mall which not only features retail stores, but also exhibits contemporary art. t’s where the middle classes go on coffee dates, watch movies and spend their hard-earned cash on buying designer clothes and getting manicures. While shopping centres may be at the heart of contemporary consumer culture, these spaces are not usually synonymous with contemporary art. At least, not until now.
Lately, wealthy art collectors have been saving millions of dollars by using the legendary A� 1031 exchange A�. The provision refers to a section in the American Internal Revenue Code that allows investors the opportunity to defer federal taxes indefinitely. Yet whilst the provision in the tax system is surging in popularity, the 2016 budget under the Obama administration foresees a considerable tax loss in need of rectifying.
In Venice, ita��s all about location, it is pavilion placement that reminds us that not everyone starts out on an even foot, with each country assigned their spot. Powerful Westerners, and some of their former colonies are located in the beautiful Giardini, whilst others must settle for the Arsenale - a respectable location if you dona��t mind being squeezed in. Finally, those for whom art and soft power is clearly not a priority, often rely on generous donors and rent somewhere snazzy in the city for six months.
It is doubtful that Russian billionaire and Chelsea Football club owner Roman Abramovich felt that sensation of buyersa�� regret after his A?60 million 24-hour spending spree at Christiea��s and Sothebya��s in New York in 2008. He paid A?17 million for Lucian Freuda��s Benefits Supervisor Sleeping, and then proceeded to acquire Francis Bacona��s Triptych (1976) for A?43 million the next day.