Summarize this content to 2000 words in 6 paragraphs in Arabic Unlock the Editor\u2019s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.It looks like just another Picasso, one of many on offer during this month\u2019s season of megawatt art auctions and fairs in New York. But such quick judgments are symptomatic of an oversaturated market, says Lo\u00efc Gouzer, who is selling Picasso\u2019s richly drawn and vibrant \u201cT\u00eate d\u2019homme \u00e0 la pipe\u201d (1971) for between $6mn and $8mn via his app called Fair Warning.\u201cThere is too much art to focus on and everything that everyone sells is now called a \u2018masterpiece\u2019. I challenge anyone to find a Picasso work from this [late] period that is better than the one we have, but will people realise that? In a world where it is hard to know what is true from what is fake, how can you know what is good from bad?\u201d Gouzer says.Such saturation is part of the thinking behind the Fair Warning app, which sells just one work every one to two weeks to the sound of an auctioneer\u2019s inviting patter. \u201cIt\u2019s about making space to look at something in a way you wouldn\u2019t if the work was, say, one of thousands in an art fair,\u201d says Gouzer, who cut his teeth at Christie\u2019s where he was instrumental in selling Leonardo da Vinci\u2019s $450mn \u201cSalvator Mundi\u201d, the most expensive work ever at auction. For Fair Warning, Gouzer has an unusual vision: \u201cI imagine people are sitting on the toilet to look at the app, because that is the only time they have to focus.\u201dMeanwhile, Christie\u2019s has recently orchestrated two private auctions, for a handful of select clients, confirms Guillaume Cerutti, former CEO and now chair of the auction house. He can\u2019t reveal the works sold this way, though he says both were by \u201c20th-century masters\u201d and resulted in a final price of \u201cmore than $100mn\u201d, a level that has been largely missing from the traditional auctions of late. \u201cFor both sales [in 2021 and 2023], clients were excited by the format and flattered to be included in a select group,\u201d Cerutti says. Sellers, he notes, got the best of both worlds \u2014 the possible upside of auction and the discretion of a private sale, though he adds, \u201cit is only for the very top works.\u201dThe art market is rethinking its methods, now that its protagonists are facing some uncomfortable realities having benefited from a powered-up scene since the turn of the millennium. \u201cThe old models are under stress. Expenses are exploding while revenues and margins are contracting. Suddenly, the industry is asking, where do we go now?\u201d says Marc Glimcher, chief executive of the international gallery business Pace.\u00a0His company was embroiled in one of the strongest industry rumours this year \u2014 talk of a deal with the auction house Sotheby\u2019s took a long time to die down (though now has) \u2014 while other speculations, such as Christie\u2019s being in the running to buy the Frieze art fair and publishing group, characterised a market that knows it needs to shift gear.\u00a0No one is commenting on any of it, while Frieze last week confirmed its near $200mn sale to the Hollywood super-agent Ari Emanuel, fresh from his role as CEO of the fair\u2019s previous owner Endeavor. It might seem more of the same, but, Glimcher says, \u201cAri has a lot of good ideas, it means something exciting is going to happen.\u201dThat will be needed \u2014 art fairs represent a significant and increasing external expense to galleries. This year\u2019s Art Basel & UBS Art Market Report found that while art fair sales accounted for 31 per cent of dealers\u2019 totals in 2024, up by 2 per cent on 2023, as an expense these rose by 10 per cent to 27 per cent of the pie. An anonymised dealer is quoted saying that \u201ccosts, in general, are constantly growing. The offer [from fairs], on the contrary, always remains the same, without major innovations or improvements.\u201d\u00a0Against this backdrop, alternative art fairs, which tend towards the more experimental and smaller galleries, are increasingly on the scene. To New York this week comes the second edition of Esther (May 6-10), a fair that positions itself as less commercially driven than the big brand events, and geared towards socialising. This year\u2019s events include performances, dinners and even a drag clown bingo night, confirms its gallerist co-founder Margot Samel. At London\u2019s Minor Attractions, which will run its third edition to coincide with the Frieze fairs in October, the emphasis is as much on music as art, with DJs and bands thrown into the mix \u2014 rapper AJ Tracey might join the fray this year, says co-founder Jonny Tanna. \u201cWe have a cultural gap in this city and I want to show people what London has to offer,\u201d he says. His fair, like many of the alternatives and unlike the major events, is free to visit.Christie\u2019s Cerutti says that collaborations between auction houses and galleries \u2014 for long seen as verboten in the industry \u2014 are very much on the cards, though as partnerships rather than shared business ventures. In Hong Kong, the auction house has just closed a selling exhibition of 18th-century French furniture held in partnership with the Paris gallery Steinitz. Pace\u2019s new outpost in Berlin is shared with the city\u2019s Galerie Judin \u2014 each takes turns to host an exhibition in a restored 1950s petrol station on Potsdamer Strasse. Other galleries are breaking the mould: during this year\u2019s Art Basel fair and to mark its 15th anniversary, Clearing Gallery has rented a villa to fill with art from the bedrooms to the basement, offering an alternative to its art fair booth and the usual gallery \u201cwhite cube\u201d format (Maison Clearing, Wettsteinallee, June 15-21).\u00a0It remains to be seen if any new models will pull through the current stasis but there is a sense that many market players regret the rampant financialisation of art in recent years \u2014 though skirt over the part they have played in it. Glimcher talks about \u201cgoing back to the artists, not losing sight of what we do\u201d, while Gouzer says: \u201cA lot of people who said they were collectors turned out to be investors and then the magic, that layer of the intangible, left the art world.\u201d With $1bn of art on the auction block next week \u2014 including quite a few Picassos \u2014 some magic might be what\u2019s needed.<\/p>\n","protected":false},"excerpt":{"rendered":"
Summarize this content to 2000 words in 6 paragraphs in Arabic Unlock the Editor\u2019s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.It looks like just another Picasso, one of many on offer during this month\u2019s season of megawatt art auctions and fairs in New York. But such<\/p>\n","protected":false},"author":1,"featured_media":304299,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[65],"tags":[],"class_list":{"0":"post-304298","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-culture"},"_links":{"self":[{"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/posts\/304298","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=304298"}],"version-history":[{"count":1,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/posts\/304298\/revisions"}],"predecessor-version":[{"id":304300,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/posts\/304298\/revisions\/304300"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/media\/304299"}],"wp:attachment":[{"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/media?parent=304298"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/categories?post=304298"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/tags?post=304298"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}