HOKUSAI’S ‘THE GREAT WAVE’ PRINTS HEAD TO AUCTION AMID STRONG MARKET DEMAND

Two prints of Katsushika Hokusai’s iconic The Great Wave will be auctioned in September during Asia Week New York by Bonhams and Christie’s. The auctions come amid high demand for the work, with recent sales exceeding estimates. Last March, a Great Wave print sold for a record $2.8 million at Christie’s, well above its $500,000 to $700,000 estimate.

Christie’s print, estimated at $500,000 to $700,000, comes from a private Japanese collector, while Bonhams’ example, described as an “outstanding print,” is estimated at $700,000 to $900,000. Bonhams highlighted that their print is an early impression with vibrant colours and no in-painting, a rarity for this work.

These auctions are particularly notable as The Great Wave remains one of the most sought-after prints globally, with buyers increasingly drawn from modern and contemporary art fields. The auctions will also feature other works by Hokusai, including rare watercolours and paintings.

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VICTORIA SIDDALL APPOINTED FIRST FEMALE DIRECTOR OF LONDON’S NATIONAL PORTRAIT GALLERY

Victoria Siddall, former global director of Frieze art fair, has been appointed as the director of the National Portrait Gallery (NPG) in London, marking the first time a woman has held the position. She will take up the role this autumn, succeeding Nicholas Cullinan, who left to become director of the British Museum.

Siddall, who served as a trustee and a member of the NPG's reopening committee during its £41.3 million refurbishment, brings extensive experience from the commercial art world. She founded Frieze Masters in 2012 and led Frieze fairs in London, New York, Los Angeles, and Seoul. Siddall has also chaired the board at Studio Voltaire, a non-profit gallery, and co-founded environmental charities Gallery Climate Coalition and Murmur.

Siddall's appointment is seen as a historic and significant step for the NPG. Her predecessor, Cullinan, praised her in an Instagram post, expressing confidence in her leadership during this pivotal time for the gallery.

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L.A. MUSEUMS UNITE WITH MEGA COLLECTOR TO LAUNCH MOHN ART COLLECTIVE

Los Angeles has taken a pioneering step in the art world with the creation of the Mohn Art Collective: Hammer, LACMA, MOCA (MAC3). This new initiative, driven by collectors Jarl and Pamela Mohn, unites three major L.A. museums—the Hammer Museum, LACMA, and MOCA—under a shared mission to promote local artists. MAC3 will steward a 356-artwork collection, with contributions from the Mohns’ extensive contemporary art holdings, and 80 additional pieces from the Hammer’s Made In L.A. Biennial. The Mohns are also establishing a $15-20 million endowment to support the collection’s care and growth.

Curators from all three institutions will collaborate on acquisitions, focusing on works from Made In L.A. and other local exhibitions. The collection will be accessible for display and loaned globally, enhancing the visibility of L.A.’s vibrant art scene. This groundbreaking collaboration reflects a deep commitment to supporting and showcasing Los Angeles’ artistic talent.

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FRIEZE SEOUL RETURNS AMID EFFORTS TO STRENGTHEN KOREA’S ART MARKET

Frieze Seoul is returning this September as South Korea’s art market seeks firmer foundations in a globally challenging economic environment. Since Frieze Seoul’s debut in 2022, international interest in the Korean art scene has surged, with more galleries opening in Seoul and featuring Korean artists. Despite global economic challenges, local players, including fairs, biennales, and government agencies, are working together to create a sustainable art ecosystem.

The Korean government’s recent Art Promotion Act, which introduced measures like a Warranty for Buyers and an artist’s resale right, aligns with international standards and supports market growth. Additionally, coordinated efforts, such as the unified Korea Art Festival, aim to foster closer cooperation between the private and public sectors.

Frieze Seoul has benefited from increased institutional support, including collaboration with the Busan Biennale. As the market continues to evolve, experts emphasise the importance of clear goals and high-quality exhibitions to ensure long-term growth and sustainability. Frieze Seoul runs from 4-7 September 2024.

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