LEADERSHIP RESHUFFLE AT SOTHEBY’S AMIDST MARKET CHALLENGES

Sotheby’s has announced significant senior-level promotions and title changes in Europe and Asia, appointing Elaine Holt as the chair of Modern and contemporary art and deputy chair of Sotheby’s Asia, starting in July. Holt, a prominent figure in the Asian art market, takes over from Alex Branczik and Max Moore, who had led Sotheby’s Asia since 2021. Holt’s focus will include leading the new headquarters in Central Hong Kong's Landmark Chater Building amidst economic challenges in China. Joining Holt are Joseph Yang and Boris Cornelissen, both seasoned contemporary art specialists. Branczik will return to London as Sotheby’s Europe chair, and Moore will move to New York to head Sotheby’s sealed and senior private sales. Additionally, Helena Newman, James Sevier, Michael Macaulay, and André Zlattinger have received new titles, aligning with the auction house's broader strategic shifts and upcoming redundancies.

https://www.theartnewspaper.com/2024/06/26/sothebys-shakes-up-senior-level-staff-in-asia-and-europe

SOTHEBY’S LONDON SALE NETS $105 MILLION DISMISSING MARKET UNCERTAINTY

Sotheby’s contemporary art evening sale in London achieved a total of $105 million, despite challenging economic conditions and a cooling art market. The highlight, Jean-Michel Basquiat’s "Portrait of the Artist as a Young Derelict," sold for $20.2 million, lower than its 2022 estimate but still the evening’s top lot. The auction saw 90% of lots sold, mirroring recent New York sales. Key sales included Cy Twombly’s "Formian Dreams + Actuality," which doubled its estimate at $3.11 million, and Pierre-Auguste Renoir’s "Bouquet de Iilas," which fetched $8.7 million. Sotheby’s executives remain optimistic about London’s status as a global art hub, citing strong participation from 35 countries and a robust market for high-quality contemporary art.

https://www.artnews.com/art-news/market/sothebys-london-contemporary-art-auction-report-june-2024-1234710750/

GAGOSIAN DEBUTS IN SEOUL WITH 'DERRICK ADAMS: THE STRIP'

Gagosian will host its inaugural exhibition in Seoul, showcasing Derrick Adams’ new series inspired by beauty-supply store window displays. The exhibit, "Derrick Adams: The Strip," runs from September 3 to October 12 at the Amorepacific headquarters. This marks both Gagosian's and Adams' first foray into South Korea, facilitated by Jiyoung Lee, Gagosian’s operations lead in the region. The paintings feature mannequin heads with vibrant wigs amidst urban scenes, reflecting Adams’ Brooklyn studio and travels. The exhibition aligns with Gagosian’s long-term strategy to enhance the visibility of Western artists in Asia. Seoul, emerging as a significant Asian art market hub, benefits from the declining influence of Hong Kong due to Chinese censorship and pandemic lockdowns.

https://www.theartnewspaper.com/2024/06/27/gagosian-first-exhibition-in-seoul

AI IN ART MARKET TO REACH USD 40.4 BILLION BY 2033

The AI in Art Market is projected to grow from USD 3.2 billion in 2023 to USD 40.4 billion by 2033, at a CAGR of 28.9%. Key drivers include advancements in machine learning, computer vision, and natural language processing (NLP) technologies, enabling AI to create, critique, and curate art. AI-generated art is transforming the creative landscape by allowing artists to produce novel works that challenge traditional notions of creativity and authorship. AI is also democratising access to art through virtual and augmented reality, enabling immersive experiences that transcend geographical barriers.

The market presents opportunities for collaboration between artists, technologists, and entrepreneurs to develop AI-driven tools, platforms, and marketplaces. These innovations can foster a vibrant ecosystem for AI-generated art, while addressing ethical questions regarding originality and human creativity. Significant growth areas include cloud-based and machine learning segments, with North America leading the market share. The future of AI in art looks promising, with new creative possibilities, enhanced analytical tools, and global market expansion. However, ethical concerns, data privacy, and market volatility need to be addressed for sustainable growth.

https://scoop.market.us/ai-in-art-market-news/