The world of modern art is changing. Just visit a contemporary art auction for a clue. Unknown artists find the value of their works quadrupling within years. Chinese and Indian artists are finding greater audiences, and wealthy patrons of the arts aren't just paying thousands - they're paying millions.
Traditionally, an artist's older works garnered higher bids and more frenzied requests. However, painters like Brice Marden are changing the status quo with a whole collection of recent, sought-after work.
The top 10 contemporary artists, whose works sold for over $5 million at auction, are as follows: Lucian Freud, Jasper Johns, Jeff Koons, Brice Marden, Bruce Nauman, Robert Rauschenberg, Gerhard Richter, Richard Serra, Frank Stella, and Cy Twombly. Other artists (in the $1 - $4 million range) to look out for include: Chuck Close, David Hockney, Ellsworth Kelly, Anselm Kiefer, Claes Oldenburg, Robert Ryman, and Wayne Thiebaud.
Jasper Johns, one of the highest paid modern artists, can't seem to keep up with the demand. He paints two projects each month (which will sell for no less than $1 million), but the waiting list is still long. Entertainment giant David Geffen paid $40 million for "Gray Numbers" a few years back and New York City's Metropolitan Museum of Art allegedly paid over $20 million for "White Flag."
John's colorful paintings touch upon Americana themes -- with lots of flags, maps and targets - with subtle messages that affect every onlooker differently. If a collector is fortunate enough to find a Jasper Johns in an art auction house, then there's no telling how much it'll sell for.
One can't help but wonder about what accounts for the noticeable trend towards modern art? Most of the buyers (42%) at the Sotheby's contemporary art auction continue to be Europeans, with the US trailing at 19%, and Asia / Middle Eastern sales at 12%.
It seems that the high price of the pound is hurting many Americans more than the credit crunch, but London's weekend auctions saw many advances from interested Indian and Chinese buyers looking for a piece of cultural heritage. For instance, two bidders fought over Yue Minjun's "Execution" for six minutes, which finally sold for a record breaking $2.93 million. Likewise, one of Putu Sutawijaya's paintings ("Silent Road") sold for $350,000 (11 times its estimated price) at the Borobudur Auction!
The art world is changing from the traditional swanky event, complete with fine wine, cheese and fashionable attire - to one of sitting behind the computer screen, credit card in hand. While it may seem impersonal to some, it's advantageous to others, who have the ability to hop between sites, checking the fair prices for the particular work they've got their eye on. After browsing online catalogues, art lovers can get a good idea of what's available in the up-to-date marketplace, and then make the best purchase later at a contemporary art auction.
Institute Of Contemporary Art
From 1990 to 2004 Palazzo Fabroni, building of the 18th century in the heart of Pistoia (Tuscany - Italy), had an important role in the planning of exhibitions of both Italian and international artists, like Roberto Barni, Enrico Castellani, Giuseppe Chiari, Luciano Fabro, Jannis Kounellis, Michelangelo Pistoletto, Giuseppe Uncini.
After few years of works of renovation, from 2004 to 2007, Palazzo Fabroni has now reopened and houses the exhibition of Claudio Parmiggiani, supervised by the art historian Jean Clair; the exhibition goes over the artist's International experiences and represents one of his highest achievements.
Many and meaningful have been the intuitions which, from the mid 60s, have been connoting in an early, very original and innovative way his research; as well as obstinate has been his determination to pursue independence within the Italian artistic context, in a lonely path, intentionally out of any group or classification; however this has not meant estrangement and has not prevented him from crucial encounters with other protagonists of contemporary art. With them he shared that path which, from the zeroing of the representative painting, has led through different ways to a new art grammar. His language comes out from associations of images, able to provoke real mind short-circuits.
During the years, side by side with extraordinarily powerful and evocative works which have been object of lectures and critical essays by well known personalities from different fields, philosophy, art history, literary, he alternated with works of absolute radical vision and environmental dimensions.
The Delocazioni (from 1970), works made by using fire and smoke, are his most powerful images of absence; Terra (1988-89), a huge terracotta sphere with the artist's hands imprinted on it, given back to the earth and buried in the cloister of the Mus'e des Beaux-Arts de Lyon, is a tragic and desperate gesture; Il faro d'Islanda (2000), the tall, solitary, radiant steel tower, a metaphoric self-portrait of the artist, erected in the desolate and deserted land of Iceland, a light of hope in its immense geographical remoteness.
In many occasions Parmiggiani has also created works for public areas, museums, galleries, religious buildings. In the twelve rooms of palazzo Fabroni Parmiggiani he shows twelve new works, specially made and created through an extraordinary free use of materials which contribute strongly, in a real inner journey, to perceive them as a unique great work, as a unique mental object. The itinerary consists of a succession of spaces and the artist gathers the diversity of each one and creates new and vital connections with his work.
The works exhibited are visible only in conditions of natural light, since artificial lighting has been purposely abolished in order to highlight in the space that particular feeling and that particular emotion only the slow passing of light and shade on things can create when observed.
Until 23.03.2008
Palazzo Fabroni
Arti Visive Contemporanee
Via Sant'Andrea 18, 51100 Pistoia (Tuscany - Italy)
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