Mark Bradford: “Constitution IV” (2013)

Mark Bradford’s “Constitution IV” (mixed media on canvas, 2013) sold, from the collection of Fredric Brandt, plastic surgeon to the stars, for £3,778,500 at the Phillips London Contemporary Art Evening Sale of 14 October 2015. This sale set an auction record, since exceeded, for the artist.

Mark Bradford, born in Los Angeles, California in 1961, continues to live and work in Los Angeles. He has been exclusively represented by Hauser & Wirth since 2015.

Christopher Bedford, director of the Baltimore Museum of Art, considers Mark Bradford to be “the most important living abstract painter”.

The catalogue prepared by Phillips observes that “Mark Bradford’s vast tactile works characterized by their décollaged surfaces, evoke a sense of transience and instability. In compositions such as ‘Constitution IV’ however, these ideas transcend material objects and infiltrate less physical subjects consequently, indicating the fragility of seemingly solid notions.”

The essay continues, “Using printed text through his collage and décollage technique the canvas becomes a surface offering insights into further meanings and depths … Thus, the viewer is drawn into Bradford’s works in order to try and draw meaning from the myriad of letters flickering in and out of focus.”

See:

Phillips, Contemporary Art Evening Sale, London, 14 October 2015, Lot 21

Phillips Rebounds With $48.8M Contemporary Art Haul in London, Setting Records for Bradford and Nara,” Nate Freeman, ArtNews, 14 October 2015;

This Painting Will Put Mark Bradford among the Most Expensive Living Artists,” Nate Freeman, Artsy, 22 February 2018

 

#art #artmarket #markbradford #contemporaryart #abstraction #collection #artcollector #hauser&wirth #baltimoremuseumofart #christopherbedford #baltimore #maryland #losangeles #california #venice #luxury #newyork #paris #berlin #london #beijing #shanghai #hongkong #seoul #tokyo #taipei #jakarta #singapore #realestate #commercialrealestate

 

 

“Suprematist Composition” (Kazimir Malevich, 1916) to be sold in May

Loïc Gouzer, Christie’s Co-Chairman of Post-War and Contemporary Art, has announced that he will be selling the painting “Suprematist Composition” (Kazimir Malevich, oil on canvas, 1916) in May. Estimate: $70 million.

“Suprematist Composition” was last sold at Sotheby’s on 3 November 2008 by the heirs of the artist (after being in the collection of the Stedelijk Museum Amsterdam for several decades). Art dealer David Nahmad purchased the painting for US $60,002,500.

Mr. Gouzer is confident of the art historic, and current market, value of this work. “‘A work like this one should be the corner stone of every major collection or museum and if the market was indexed to the art historical importance of works, then this should be a billion $ painting (although we as specialists have to sadly take into account the laws of gravity and the estimate will be in the region of $70m).'”

Sixth sense matters. “’I relate it a lot to my spearfishing—you don’t know why, but you know that if you dive now the big fish is going to come. When you’re at the surface, you don’t see anything, but you just have this instinct that it is going to happen. In art, it is the same thing—this instinct sometimes that I know a painting is going to move.’”

Company matters too. “’If you start putting works around another work, they give each other meaning. Each of the works are in dialogue, and they help each other.'”

 

See:

Loïc Gouzer’s $70m Malevich for May,” Marion Maneker, Art Market Monitor, 10 April 2018

The Daredevil of the Auction World,” Rebecca Mead, The New Yorker, 4 July 2016

Sotheby’s “Impressionist & Modern Art Evening Sale,” Lot No. 6, Kazimir Malevich, “Suprematist Composition,” 3 November 2008, New York

 

#art #artmarket #kazimirmalevich #christie’s #loïcgouzer #russia #suprematism #suprematistcomposition #modernism #abstraction #geneva #switzerland #vienna #austria #brittany #france #sothebys #davidnahmad #luxury #beijing #shanghai #hongkong #taipei #seoul #jakarta #singapore

A Tesla of Real Estate Development

Perch Harlem is a style-intensive newly-constructed market-rate rental building at 542 West 153rd Street in Manhattan that uses 90% less gas and energy than a traditional building.

One of the goals we had was to build this at market rate, so that we could prove it could be done,” says Justin Palmer, founder of Synapse Development Group. “We really look to a design company like Tesla for a lot of inspiration, because everyone was a naysayer. The traditional car manufacturers told them, nobody will ever buy it, you don’t have enough range, it can’t be done. Well, we heard it all, too.”

Developed by Synapse Development Group with Taurus Investment Holdings and designed by Brooklyn-based architect Chris Benedict who builds to passive standards at no extra cost, Perch features triple insulation, windows strategically placed and sized to maximize natural solar heat, and high-tech heat exchangers that recycle air to heat and cool its interior.

Using using innovative construction methodologies, like Passive House, that have direct, tangible benefits for our investors, tenants, and the environment, [the Synapse Development Group] approach is laser focused: reduce energy consumption in our buildings while still maintaining the amenities of 21st century living. Through relentless innovation, we bring the latest technology and design practices to what we build.”

Far from compromising the “direct bottom line,” placing environmental interests alongside the interests of investors and tenants makes sense observes Justin Palmer, founder of Synapse Development Group, and provides the development industry a better paradigm for evaluating and leveraging risk and profit.

Building passive is necessary for a changing climate, both figuratively and literally, he says, and the energy cost-savings are a win-win scenario for developers and tenants. “We’re trying to provide a solution to the high carbon footprint that most cities have from the built environment, as well as solve the ongoing affordability issue through intelligent design,” Palmer says, and through reliable energy-performance metrics, “provide better risk-adjusted returns to our investment partners.”

See:

Meet the Developer Who Wants To Be the Tesla of Housing” | Aileen Kwun, FastCoDesign, 12 March 2018

Synapse Development Group

#realestate #realestatedevelopment  #luxuryrealestate #builtenvironment #Tesla #passivhaus #passivedesign #architecture #design #innovation #tech #energy #luxury #risk #return #CO2

luxury

Luxury.

What is luxury? Why do we love works of luxury so much?

The word luxury connotes quality, craft, artistry, and appeal on many levels (including aesthetic pleasure, physical comfort, and social prestige)

Items of luxury appeal on so many levels. Often works of luxury are beautiful, visually very appealing. Such works carry provenance – of material, artistry, craft, the hand of the maker, history. They are manufactured through a highly specialized, skill- and knowledge-intensive production process. They are comfortable – crafted to satisfy our every sense, of sight, touch, smell, taste. Luxury gives us a sense of security, moreover. Works of luxury are durable and can be handed down through the generations.

Thomaï Serdari of the Sotheby’s Institute of Art in New York describes luxury as follows.

Luxury does not necessarily mean expensive. Pricing luxury products is a very complicated process that takes into account costs similar to those other businesses are assuming. Additionally, it takes into account a highly intensive production process that is usually greatly specialized, rare (in terms of raw materials, specialized labor, proper facilities in specific locations, and intellectual property), and very much dependent on artistic output.”

 

See: “Understanding the Luxury Market: Five Things You Need to Know” | Thomaï Serdari, Luxury Brand Strategist and Lecturer at Sotheby’s Institute of Art in New York, Sothebys.com, 21 April 2014

#luxury #aesthetics #craft #artistry #provenance

art, real estate, luxury, & global risks

“Humanity has become remarkably adept at understanding how to mitigate conventional risks that can be relatively easily isolated and managed with standard risk-management approaches. But we are much less competent when it comes to dealing with complex risks in the interconnected systems that underpin our world, such as organizations, economies, societies and the environment.

“There are signs of strain in many of these systems: our accelerating pace of change is testing the absorptive capacities of institutions, communities and individuals.

“When risk cascades through a complex system, the danger is not of incremental damage but of “runaway collapse” or an abrupt transition to a new, suboptimal status quo.”

See: “The Global Risks Report 2018, 13th Edition” | World Economic Forum (WEF); Strategic Partners: Marsh & McLennan Companies, Zurich Insurance Company; Academic Advisors: National University of Singapore, Oxford Martin School, University of Oxford, Wharton Risk Management and Decision Processes Center, University of Pennsylvania

#art #artmarket #collectionsmanagement #data #analytics #risk #riskanalysis #riskmanagement #riskmitigation #climaterisk #insurance #insurancerisk #realestate #commercialrealestate #culturalrealestate  #culturalheritage #luxury #resilience #CO2

art, real estate, luxury, & billion-dollar storms | the new normal?

The superstorms and wildfires of 2017 cost the US $306 billion.

As the temperatures of the oceans rise, the increasing temperatures will increase how strong hurricanes can become.

As global temperatures continue to rise, things will get more costly.

The new normal?

There are proactive steps you can take to protect and enhance the value of your tangible assets.

See: “Billion-Dollar Storms: Is This the New Normal?” | Deborah Acosta, The New York Times, 29 January 2018

#art #artmarket #collections #collectionsmanagement #artrisk #insurance #insurancerisk #realestate #commercialrealestate #culturalrealestate #realestaterisk #GRESB #GlobalRealEstateSustainabilityBenchmarks #climaterisk #financialrisk #CO2 #resilience #luxury #smartluxury

 

magic that can be created through space & art | Victoria Hagan

“Tapping into the magic that can be created through space and art,” Victoria Hagan highlights the “extra layer of depth, texture, color, and mood” that Old Masters’ paintings bring, as members of the family, into contemporary homes.

See: “Award-Winning Designer Reveals the Magic of Old Masters” | Sotheby’s

#art #collections #collectionsmanagement #interiordesign #VictoriaHagan #OldMasters #luxury #smartluxury #realestate

Paris floods | the Louvre, the Musée d’Orsay, & the Musée de l’Orangerie launch their Plans de Protection Contre les Inondations (PPCI)

The Louvre, the Musée d’Orsay, and the Musée de l’Orangerie have each launched their Plan de Protection Contre les Inondations (PPCI; protection plan against flooding). The Musée du Louvre has closed the lower level of its department of Islamic Arts until Sunday (28 January) as a “preventive measure” from flood damage.”

See: “Rising River Seine causes closure at Musée du Louvre” | Anna Sansom, The Art Newspaper, 25 January 2018

#Louvre #MuséeduLouvre #Muséed’Orsay #Muséedel’Orangerie #art #artcollections #collectionsmanagement #risk #riskmanagement #Paris #flooding #PPCI #PlandeProtectionContrelesInondations #museums #resilience #luxury #smartluxury #CO2 #realestate #culturalrealestate #design #engineering

art, risk management, & “rolling disasters” as the new normal

There is worry in the insurance industry that “rolling disasters” may become the new normal, the effects of climate change that many scientists believe have resulted in dryer conditions in the west coast and more intense hurricanes in the east coast. “Climate change is a great concern to the art insurance industry, particularly because of the hurricanes we are seeing,” Quinn said. Both AXA and Chubb are active in promoting research in climate change, recognizing that catastrophic natural events may prove to be an annual occurrence.

Insurers are concerned especially over works of art in private homes.

Insurers in areas such as California may seek to limit their risks. The extent of the damage in regions of California affected by the recent wildfires, for instance, may well increase the cost and limit the availability of fine art insurance.

See:

As Natural Disasters Loom, What You Should Know About Insuring Your Art” | Daniel Grant, The Observer, 18 January 2018

#art #artmarket #collections #collectionsmanagement #insurance #fineartinsurance #climaterisk #risk #riskmanagement #fire #wildfire #hurricanes #flooding #risingseas #luxury #smartluxury #resilience #realestate #CO2 #H2O

global investment in renewable energy & energy-smart technologies

Annual figures from Bloomberg New Energy Finance (BNEF) show that global investment in renewable energy and energy-smart technologies reached $333.5 billion last year, up 3% from a revised $324.6 billion in 2016, and only 7% short of the record figure of $360.3 billion, reached in 2015.

Chinese investment in all the clean energy technologies was $132.6 billion, up 24% setting a new record. The next biggest investing country was the U.S., at $56.9 billion, up 1% on 2016.

Solar led the way, as mentioned above, attracting $160.8 billion – equivalent to 48% of the global total for all of clean energy investment.

Wind was the second-biggest sector for investment in 2017, at $107.2 billion. Down 12% on 2016 levels.

The third-biggest sector was energy-smart technologies, where asset finance of smart meters and battery storage, and equity-raising by specialist companies in smart grid, efficiency, storage and electric vehicles, reached $48.8 billion in 2017, up 7% on the previous year and the highest ever.

See:

Runaway 53GW Solar Boom in China Pushed Global Clean Energy Investment Ahead in 2017” | Bloomberg New Energy Finance, 16 January 2018

#cleanenergy #renewableenergy #energy #finance #solar #wind #energy-smarttech #tech #investments #luxury #smartluxury  #realestate #commercialrealestate #resilience #CO2