Latest news with #DavidHockney
The Star
12 hours ago
- Business
- The Star
Global art market banking on new generation of collectors
The global art market is not immune to current economic and geopolitical tensions, and is counting on a new generation of collectors to revitalise the momentum. Some big transactions were concluded last week during Art Basel, the world's top contemporary art fair, notably by London's Annely Juda Fine Art gallery, which sold a David Hockney painting for between US$13mil and US$17mil, without disclosing the exact price. The David Zwirner gallery sold a sculpture by Ruth Asawa for US$9.5mil and a Gerhard Richter painting for US$6.8mil. However, prices did not reach the heights achieved in 2022, when the art market was in full swing. Back then, a sculpture by French-American artist Louise Bourgeois was purchased for US$40mil. "The market is certainly softer," Art Basel's chief executive Noah Horowitz told AFP, though major sales still happen at such fairs "despite, somehow, all that's going on in the world". Switzerland's biggest bank UBS and the research and consulting firm Arts Economics prepared a report for the fair. According to their estimates, the art market slowed in 2023, then fell by 12 percent globally in 2024, to US$57.5bil, with the decline particularly affecting works valued at more than US$10mil. The four-day Art Basel fair, which closed last Sunday, featured more than 280 galleries presenting works by around 4,000 artists. Photo: AFP "In the next six to 12 months, I don't see any changes on the horizon," said Hans Laenen, an art market specialist at insurer AXA XL. In a time of economic and geopolitical uncertainties, "investors are turning very strongly to gold", he told AFP. In the art sector, behaviour is "more conservative" among both buyers and sellers, who prefer to wait before putting works on the market in the current climate, he continues. "The number of transactions is increasing," but in "lower price segments," he noted. According to the insurance firm Hiscox, the number of lots sold for less than US$50,000 increased by 20 percent in auction houses in 2024, while very highly priced works saw a sharp drop, indicating a change in collector behaviour. New generation According to Jean Gazancon, chief executive of art insurer Arte Generali, a younger generation of collectors is entering the market. "We are insuring more and more 30-somethings for collections of 300,000, 500,000, or a million euros," he noted. "These are successful start-uppers, investment bankers, lawyers, or sometimes people who have inherited," and they begin their collections "very young", sometimes making "very radical" choices, he said. A view of Ukrainian painter Sana Shahmuradova Tanska's 'Zhai-Liza (Angel), 2024' at Gunia Nowik Gallery's booth at Art Basel on June 17. Photo: AFP UBS expects that trend to increase. According to its projections, an unprecedented wealth transfer will take place over the next 20 to 25 years with the general ageing of the population. Globally, around US$83tril in assets will change hands, it says, meaning "there's a whole new generation of collectors coming to the market with different buying patterns", said Eric Landolt, global co-head of the family advisory, art and collecting department at UBS. The four-day Art Basel fair, which closed last Sunday, featured more than 280 galleries presenting works by around 4,000 artists. It is a must for collectors, who can buy everything from Pablo Picasso paintings to very recent works. The Thaddaeus Ropac galleries notably offered a portrait of Pope Leo XIV by the Chinese-French artist Yan Pei-Ming. It also highlights young artists, such as Joyce Joumaa, 27, who jointly won the 2025 Baloise Art Prize for her work focusing on the energy crisis in Lebanon. - AFP
Kuwait Times
3 days ago
- Business
- Kuwait Times
Art market banking on new generation of collectors
The global art market is not immune to current economic and geopolitical tensions, and is counting on a new generation of collectors to revitalize the momentum. Some big transactions were concluded last week during Art Basel, the world's top contemporary art fair, notably by London's Annely Juda Fine Art gallery, which sold a David Hockney painting for between $13 million and $17 million, without disclosing the exact price. The David Zwirner gallery sold a sculpture by Ruth Asawa for $9.5 million and a Gerhard Richter painting for $6.8 million. However, prices did not reach the heights achieved in 2022, when the art market was in full swing. Back then, a sculpture by French-American artist Louise Bourgeois was purchased for $40 million. 'The market is certainly softer,' Art Basel's chief executive Noah Horowitz told AFP, though major sales still happen at such fairs 'despite, somehow, all that's going on in the world'. Switzerland's biggest bank UBS and the research and consulting firm Arts Economics prepared a report for the fair. According to their estimates, the art market slowed in 2023, then fell by 12 percent globally in 2024, to $57.5 billion, with the decline particularly affecting works valued at more than $10 million. 'In the next six to 12 months, I don't see any changes on the horizon,' said Hans Laenen, an art market specialist at insurer AXA XL. In a time of economic and geopolitical uncertainties, 'investors are turning very strongly to gold', he told AFP. In the art sector, behavior is 'more conservative' among both buyers and sellers, who prefer to wait before putting works on the market in the current climate, he continues. 'The number of transactions is increasing,' but in 'lower price segments,' he noted. According to the insurance firm Hiscox, the number of lots sold for less than $50,000 increased by 20 percent in auction houses in 2024, while very highly priced works saw a sharp drop, indicating a change in collector behavior. A visitor walks past 'Gobbler, 2025' by French artist Caroline Achaintre. Visitors stand next to 'Gesture to Home, 2024', a work by Haitian-American artist Didier William. An work by Belgian visual artist Hans Op de Beeck entlited "Zhai-Liza (angel), 2024". Visistors walk past an art work by German contemporary artist Thomas Schuette entlited "Weepin Heroes" on display at the gallery Peter Freeman during the Art Basel fair for Modern and contemporary art. Visitors walk past the artwork "Into the Woods to Lose Our Way, 2025" by South Korean artist Hyunsun Jeon. A visitor looks at the artwork "Da geht sie, die Leseratte one to six, 2025" (There she goes, the bookworm one to six,' 2025) by German contemporary artist Cosima von Bonin. A visitor looks at artwork entitled "Bodies circling fire, 2025" by Swiss artist Andriu Deplazes. A visitor walks past artwork entitled "Forward 2015-2016" by Russian artist Erik Bulatov. A visitor has a close look at the artwork "Untitled 2019-2021" by Greek postwar and contemporary artist Antonis Donef. Visitors walk past the artwork "In God We Trust, 2020" by Danish contemporary artist Danh Vo. Visitors walk past the artwork "Testimoni (2009)" by Italian sculptor, painter and printmaker Mimmo Paladino. A visitor walks past the artwork "Evidenza di 987, 1978" by Italian artist Mario Merz. A visitor face the artwork "Periodic Sights, 2025" by Lebanese Canadian visual artist Joyce Joumaa, awarded by the 2025 Baloise Prize, at the booth of the gallery Eli Kerrhq during the Art Basel fair. New generation According to Jean Gazancon, chief executive of art insurer Arte Generali, a younger generation of collectors is entering the market. 'We are insuring more and more 30-somethings for collections of 300,000, 500,000, or a million euros,' he noted. 'These are successful start-uppers, investment bankers, lawyers, or sometimes people who have inherited,' and they begin their collections 'very young', sometimes making 'very radical' choices, he said. UBS expects that trend to increase. According to its projections, an unprecedented wealth transfer will take place over the next 20 to 25 years with the general ageing of the population. Globally, around $83 trillion in assets will change hands, it says, meaning 'there's a whole new generation of collectors coming to the market with different buying patterns', said Eric Landolt, global co-head of the family advisory, art and collecting department at UBS. The four-day Art Basel fair, which closed on Sunday, featured more than 280 galleries presenting works by around 4,000 artists. It is a must for collectors, who can buy everything from Pablo Picasso paintings to very recent works. The Thaddaeus Ropac galleries notably offered a portrait of Pope Leo XIV by the Chinese-French artist Yan Pei-Ming. It also highlights young artists, such as Joyce Joumaa, 27, who jointly won the 2025 Baloise Art Prize for her work focusing on the energy crisis in Lebanon. — AFP
Straits Times
4 days ago
- Business
- Straits Times
Art lovers stay conservative at Art Basel, with art market staying soft amid global challenges
A work by Ukrainian painter Sana Shahmuradova Tanska entitled "Zhai-Liza (angel), 2024" is on display at the booth of Gunia Nowik Gallery during the Art Basel fair on June 17. PHOTO: AFP ZURICH – The global art market is not immune to current economic and geopolitical tensions, and is counting on a new generation of collectors to revitalise the momentum. Some big transactions were concluded last week during Art Basel, the world's top contemporary art fair, notably by London's Annely Juda Fine Art gallery, which sold a painting by English artist David Hockney for between US$13 million and US $17 million (S$16.6 million and S$21.7 million), without disclosing the exact price. The David Zwirner gallery sold a sculpture by American visual artist Ruth Asawa for US$9.5 million and a painting by German visual artist Gerhard Richter for US$6.8 million. However, prices did not reach the heights achieved in 2022, when the art market was in full swing. Back then, a sculpture by French-American artist Louise Bourgeois was purchased for US$40 million. 'The market is certainly softer,' said Art Basel's chief executive Noah Horowitz, though major sales still happen at such fairs 'despite, somehow, all that's going on in the world'. An artwork titled The Voyage - A March To Utopia, 2022 by Dutch Atelier Van Lieshout on display at Art Basel. The fair ran from June 19 to 22. PHOTO: AFP Switzerland's biggest bank UBS and the research and consulting firm Arts Economics prepared a report for the fair. According to their estimates, the art market slowed in 2023, then fell by 12 per cent globally in 2024, to US$57.5 billion, with the decline particularly affecting works valued at more than US$10 million. 'In the next six to 12 months, I don't see any changes on the horizon,' said Mr Hans Laenen, an art market specialist at insurer AXA XL. In a time of economic and geopolitical uncertainties, 'investors are turning very strongly to gold', he added. An artwork, Untitled, 1957-58, by American artist Joan Mitchell at Art Basel. PHOTO: AFP In the art sector, behaviour is 'more conservative' among both buyers and sellers, who prefer to wait before putting works on the market in the current climate, he said. The number of transactions is increasing, but in 'lower-price segments', he noted. According to insurance firm Hiscox, the number of lots sold for less than US$50,000 increased by 20 per cent in auction houses in 2024, while very highly priced works saw a sharp drop, indicating a change in collector behaviour. A new generation An artwork titled Bodies Circling Fire, 2025 by Swiss artist Andriu Deplazes at Art Basel. PHOTO: AFP According to Mr Jean Gazancon, chief executive of art insurer Arte Generali, a younger generation of collectors is entering the market. 'We are insuring more and more 30-somethings for collections of €300,000, €500,000 or a million euros,' he said. 'These are successful start-uppers, investment bankers, lawyers, or sometimes people who have inherited,' and they begin their collections very young , sometimes making 'very radical' choices, he added. An artwork, Into The Woods To Lose Our Way, 2025, by South Korean artist Hyunsun Jeon at Art Basel. PHOTO: AFP UBS expects that trend to increase. According to its projections, an unprecedented wealth transfer will take place over the next 20 to 25 years with the general ageing of the population. Globally, around US$83 trillion in assets will change hands, it says, meaning 'there's a whole new generation of collectors coming to the market with different buying patterns', said Mr Eric Landolt, global co-head of the family advisory, art and collecting department at UBS. The four-day Art Basel fair, which closed on June 22 , featured more than 280 galleries presenting works by around 4,000 artists. It is a must for collectors, who can buy everything from Pablo Picasso paintings to very recent works. The Thaddaeus Ropac galleries notably offered a portrait of Pope Leo XIV by Chinese-French artist Yan Pei-Ming. It also highlights young artists, such as Lebanese-Canadian Joyce Joumaa, 27, who jointly won the 2025 Baloise Art Prize for her work focusing on the energy crisis in Lebanon. AFP Join ST's Telegram channel and get the latest breaking news delivered to you.
Express Tribune
4 days ago
- Business
- Express Tribune
Art market dependent on new generation of collectors
The global art market is not immune to current economic and geopolitical tensions, and is counting on a new generation of collectors to revitalise the momentum. Some big transactions were concluded last week during Art Basel, the world's top contemporary art fair, notably by London's Annely Juda Fine Art gallery, which sold a David Hockney painting for between $13 million and $17 million, without disclosing the exact price. The David Zwirner gallery sold a sculpture by Ruth Asawa for $9.5 million and a Gerhard Richter painting for $6.8 million. However, prices did not reach the heights achieved in 2022, when the art market was in full swing. Back then, a sculpture by French-American artist Louise Bourgeois was purchased for $40 million. "The market is certainly softer," Art Basel's chief executive Noah Horowitz told AFP, though major sales still happen at such fairs "despite, somehow, all that's going on in the world". Switzerland's biggest bank UBS and the research and consulting firm Arts Economics prepared a report for the fair. According to their estimates, the art market slowed in 2023, then fell by 12 per cent globally in 2024, to $57.5 billion, with the decline particularly affecting works valued at more than $10 million. "In the next six to 12 months, I don't see any changes on the horizon," said Hans Laenen, an art market specialist at insurer AXA XL. In a time of economic and geopolitical uncertainties, "investors are turning very strongly to gold", he told AFP. In the art sector, behaviour is "more conservative" among both buyers and sellers, who prefer to wait before putting works on the market in the current climate, he continues. "The number of transactions is increasing," but in "lower price segments," he noted. According to the insurance firm Hiscox, the number of lots sold for less than $50,000 increased by 20 per cent in auction houses in 2024, while very highly priced works saw a sharp drop, indicating a change in collector behaviour. New generation According to Jean Gazancon, chief executive of art insurer Arte Generali, a younger generation of collectors is entering the market. "We are insuring more and more 30-somethings for collections of 300,000, 500,000, or a million euros," he noted. "These are successful start-uppers, investment bankers, lawyers, or sometimes people who have inherited," and they begin their collections "very young", sometimes making "very radical" choices, he said. UBS expects that trend to increase. According to its projections, an unprecedented wealth transfer will take place over the next 20 to 25 years with the general ageing of the population. Globally, around $83 trillion in assets will change hands, it says, meaning "there's a whole new generation of collectors coming to the market with different buying patterns", said Eric Landolt, global co-head of the family advisory, art and collecting department at UBS. The four-day Art Basel fair, which closed on Sunday, featured more than 280 galleries presenting works by around 4,000 artists. It is a must for collectors, who can buy everything from Pablo Picasso paintings to very recent works. The Thaddaeus Ropac galleries notably offered a portrait of Pope Leo XIV by the Chinese-French artist Yan Pei-Ming. It also highlights young artists, such as Joyce Joumaa, 27, who jointly won the 2025 Baloise Art Prize for her work focusing on the energy crisis in Lebanon.
The Independent
4 days ago
- Entertainment
- The Independent
King and Queen meet artists to celebrate 25 years of Royal Drawing School
The King and Queen have marked 25 years of the Royal Drawing School with a reception at St James's Palace. The exhibition, The Power Of Drawing, features 50 works by well-known names and emerging talent, celebrating the act of drawing as a universal form of expression. Among the contributors were artists David Hockney and Tracey Emin, filmmaker Tim Burton, designer Thomas Heatherwick and the King himself. The King, who co-founded the school in 2000 with artist Catherine Goodman, praised its legacy in a speech to guests. He said: 'I thought Catherine was the ideal person (to start the school).' 'We owe her a huge debt of gratitude. 'Seeing the paintings and drawings today – you can imagine how proud I am. 'I've always believed in investing in talent for the future.' Highlights include Hockney's original charcoal pieces, Cut Trees And Timber Gone, and Burton's untitled watercolour, a rare public showing of his work on paper. Emin, who contributed a 2024 piece titled Because You Left – I Held On, told the PA news agency: 'I think he's a fan of my work. 'What I feel really good about is it's for a good cause. 'King Charles has always loved and appreciated art and he's an artist himself. 'It makes sense and it's very appropriate.' A standout moment from the evening came from Douglas Farthing, 58, a former Parachute Regiment soldier turned artist, who spent 16 months in Ukraine working with humanitarian teams. His pencil sketches, drawn on the ground in and around Odesa, include portraits of civilians and scenes from the trenches. 'I retired and got into drawing through the school,' he said. 'When Ukraine happened, I spent 16 months out there with a humanitarian team. 'The King and I spoke briefly about it – he was very interested. 'He was my Colonel-in-Chief, so it meant a lot.' Farthing, who has also worked in Gaza and South Sudan, said the school had been 'brilliant' at supporting its alumni long after graduation. Grayson Perry, who attended the reception and is set to feature in the anniversary talks programme later this year, added: 'The Royal Drawing School is important. 'It's human, in a world of AI, drawing is the quintessential thing about being a human.' Also in attendance was singer-songwriter Rufus Wainwright, who performed Hallelujah on piano for the King and also contributed a piece to the exhibition. 'This is my first exhibit,' he said. 'I waited for the right venue. What's great about him is the world needs decent people – and he's great.' The King's own contribution, a pencil sketch of the gardens at Highgrove, is also on show. Founded as a not-for-profit institution, the Royal Drawing School offers more than 350 in-person and online courses a year, including its flagship postgraduate drawing year programme. The Power of Drawing runs from July 1-26 at the Royal Drawing School in Shoreditch, east London. A wider public programme of talks, masterclasses and events continues into 2026.
