Summarize this content to 2000 words in 6 paragraphs in Arabic Sotheby\u2019s and Christie\u2019s are trimming their teams as the weaker market environment brings down the value of auction sales this year. At Sotheby\u2019s, redundancy consultations are in process for about 50 people from its London team, people close to the company say, although the auction house would not confirm this number nor its total staff count in the capital. Redundancies are also happening at Christie\u2019s, according to senior figures; a statement says that \u201cwe constantly review our global resourcing needs to ensure we remain commercially resilient and adaptable; this can impact roles.\u201d The statement adds that \u201cwe are not in a collective consultation process\u201d.Sotheby\u2019s is not commenting on its redundancies, but reaffirms a commitment to business in London, which \u201cis and will continue to be our largest and most important centre for sales, exhibitions and talent in Europe and our second-biggest sales location in the world\u201d.Separately this week, The Art Newspaper revealed that a Christie\u2019s client based in Dallas, Efstathios Maroulis, filed a class-action complaint in New York over the auction house\u2019s alleged \u201cfailure to properly secure and safeguard sensitive information of its customers\u201d during its recent data attack. Personally identifiable information \u201cremains in the hands of those cybercriminals\u201d, the filing claims, while the data breach is described as \u201ca foreseeable and preventable cyber attack\u201d.\u00a0Christie\u2019s declined to comment on ongoing litigation.A disappointing year of auctions in Hong Kong showed little improvement in May as Christie\u2019s sale of 21st-century art fell short of its HK$369mn (US$47.2mn) low estimate to make a total HK$275mn (HK$338mn with fees). Two works \u2014 by Matthew Wong and Kaws \u2014 were withdrawn, while 10 of the remaining 47 lots went unsold. Phillips\u2019s Modern and contemporary sale landed just below estimates, with a total HK$173mn (HK$210mn with fees).Christie\u2019s 20th-century works performed more in line with expectations, albeit just within estimates at HK$328mn (HK$405mn with fees). Its top price across both sales was the catalogue cover lot, Andy Warhol\u2019s \u201cFlowers\u201d (1965), which went below expectations for HK$55mn (HK$67mn with fees).\u00a0Anders Petterson, managing director of research company ArtTactic, finds that evening sales in Hong Kong in the first half of the year are down 40 per cent on 2023 to their lowest level since 2017. He notes that the vastly reduced number of high-end artworks (above HK$10mn) follows the dynamic seen at sales in London and New York so far this year.Despite the results, Christie\u2019s continues to double down in Hong Kong, citing \u201cAsia\u2019s global market demand\u201d while confirming that its next 20th- and 21st-century art auctions will be in its new Asia-Pacific headquarters on September 26-27. These will be followed by a week of luxury sales in October and of Asian art in November. Christie\u2019s new headquarters is in four floors of The Henderson building, recently developed by Zaha Hadid Architects in the Central district.Three works from the House of St Barnabas, a London homeless charity and not-for-profit members\u2019 club that went into liquidation this year, are on offer online through Sworders auction house until June 9. The works, donated by either the artists or their galleries, are topped by Banksy\u2019s 2005 artist\u2019s proof print \u201cSoup Can (White, Orange and Raspberry)\u201d, est \u00a330,000-\u00a340,000, a pastiche of Andy Warhol\u2019s Campbell\u2019s series instead using the budget-range branding of Tesco, a UK supermarket chain. In 2005, another version of this work was surreptitiously hung in New York\u2019s Museum of Modern Art, undetected for six days. The Sworders work is signed and comes with a certificate of authenticity issued by Pest Control, Banksy\u2019s authentication body.The other two works from The House of St Barnabas are a papercut by illustrator Rob Ryan (\u201cThe Map of My Entire Life\u201d, 2012, est \u00a32,000-\u00a33,000) and Wanda Bernardino\u2019s \u201cSisters\u201d (2015, est \u00a3800-\u00a31,200), a disturbing painting of two faceless Edwardian women.This summer, a London emerging art gallery, Pipeline, will exchange its space with Slugtown, a non-profit based in Newcastle upon Tyne in the north-east of England. Pipeline takes its artist Conor Rogers to Slugtown\u2019s space (July 19-August 3) while Slugtown moves to Fitzrovia with a two-hander of work by Rachel Adams and Hilda Kortei (July 12-27).Each space opened in 2022 \u2014 Pipeline by Tatiana Cheneviere, previously at Gagosian for seven years, and Slugtown by Matt Antoniak and Max Lee, both artists. \u201cWe started out with a spotlight on artists who aren\u2019t from London, but I began to feel uncomfortable always taking from the [UK] regions and it felt necessary to create a conversation properly,\u201d Cheneviere says of the roots of the gallery swap.Their audiences will be different \u2014 Pipeline attracts the central London art crowd, she says, while Slugtown, which sits among public housing in Newcastle\u2019s developing Shieldfield district, has more local residents and families. Rogers has made \u201csite-responsive\u201d work for the Newcastle show, Cheneviere says. Lee says that \u201cthe spirit of collaboration is key to growing and supporting artists,\u201d contributing to \u201ca more interconnected arts scene across the UK\u201d.Pace Gallery now represents Australia\u2019s Northern Territory artist Emily Kam Kngwarray (1910-66), in partnership with the Melbourne-based D\u2019Lan Contemporary. Pace\u2019s first show of her work will be in London in May 2025, ahead of the artist\u2019s landmark retrospective opening at Tate Modern on July 10.Kngwarray has a healthy following on the art market with an auction record of $1.6mn \u2014 \u201cShe is not a discovery,\u201d says Elliot McDonald, Pace senior vice-president. He describes Kngwarray as \u201ca revolutionary, abstract artist who made cosmic paintings\u201d and sees a natural fit with the gallery\u2019s artists, from Mark Rothko to Pam Evelyn.Kngwarray made objects for private ceremonies and rituals for most of her life and only started painting acrylic on canvas in her late seventies. Today, her collectors include actor and writer Steve Martin. Pace brings two Kngwarray works to Art Basel next week, her trademark pointillist \u201cEmu \u2014 Yuyara and Yam \u2014 Annlara Dreaming at Alalgura\u201d (1990, $220,000) and \u201cYam Story\u201d (1995, $250,000).Find out about our latest stories first \u2014 follow FT Weekend on Instagram and X, and subscribe to our podcast Life & Art wherever you listen<\/p>\n","protected":false},"excerpt":{"rendered":"
Summarize this content to 2000 words in 6 paragraphs in Arabic Sotheby\u2019s and Christie\u2019s are trimming their teams as the weaker market environment brings down the value of auction sales this year. At Sotheby\u2019s, redundancy consultations are in process for about 50 people from its London team, people close to the company say, although the<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[65],"tags":[],"class_list":{"0":"post-107096","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-culture"},"_links":{"self":[{"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/posts\/107096","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/comments?post=107096"}],"version-history":[{"count":1,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/posts\/107096\/revisions"}],"predecessor-version":[{"id":107097,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/posts\/107096\/revisions\/107097"}],"wp:attachment":[{"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/media?parent=107096"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/categories?post=107096"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/tags?post=107096"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}