CELEBRATING 30 YEARS OF ARTISTIC ALLIANCE: ART BASEL AND UBS

Art Basel and UBS mark three decades of partnership, a cornerstone of the art world's corporate collaborations. Since 1994, their alliance has flourished, culminating in UBS's role as the Global Lead Partner of Art Basel. Notable milestones include the inception of the Video Art Prize and the extension to Art Basel's Unlimited exhibition platform. Together, they've expanded globally, with shows in Miami Beach and Hong Kong, shaping insightful dialogues through initiatives like the Art Basel and UBS Global Art Market Report. To honour this legacy, artist Petrit Halilaj presents "When the sun goes away we paint the sky" on Basel's former Hotel Merian façade during Art Basel week, symbolising hope and inspiring new narratives in the art world. Noah Horowitz, CEO of Art Basel, and Christl Novakovic, Head of Wealth Management EMEA and Chair of the UBS Art Board, reflect proudly on their enduring collaboration's impact.

ANISH KAPOOR LEADS HURUN INDIA ART LIST 2024, INDICATING BUOYANT ART MARKET

For the sixth consecutive year, London-based Indian-origin artist Anish Kapoor secures the top spot on the Hurun India Art List, reaffirming his status as one of the most successful Indian artists alive. The list, released by the Hurun Research Institute, ranks the top 50 living Indian artists based on the sales of their works at public auctions as of January 1, 2024. Anas Rahman Junaid, Managing Director and Chief Researcher of Hurun Report India, highlights the significant growth in the Indian art market, with the entry point for the top 10 artists rising by nearly 287% from 2021 to 2024. The report also reveals a 46% increase in the total number of lots sold last year compared to the previous year, indicating a growing demand for Indian art as a stable investment asset. Notable artists featured on the list include Baroda-based Gulammohammed Sheikh and Delhi-based Arpita Singh, alongside new entrant Paresh Maity. With the Indian art market showcasing exceptional performance, including a sold-through rate of over 95%, it positions India as a significant player globally, ranking seventh in terms of art auction turnover.

SOTHEBY’S TO CUT DOZENS OF UK EMPLOYEES

Sotheby’s, a prominent global auction house, is reportedly planning to lay off around 50 employees based in London, as per a report by the Art Newspaper. This move may also extend to New York and other European locations in the future. While Sotheby’s has yet to comment on the report, it is said to be entering a consultation period to assess its financial situation. The decision follows recent auction weeks in London and New York, which, while not stellar, were deemed satisfactory by Sotheby’s leadership. This news comes after a series of layoffs last year, including senior employees and individuals involved in NFT-related sales, amid speculation about potential financial restructuring since Sotheby’s transition to private ownership under Patrick Drahi in 2019. Rumours of a potential public offering have circulated since 2021, suggesting ongoing changes within the auction house.

RANSOMHUB CLAIMS RESPONSIBILITY FOR CHRISTIE'S CYBER ATTACK

RansomHub, a hacking group, has asserted its involvement in the recent cyber attack on Christie's auction house. In a post on the dark web, the group stated they possess sensitive personal information from over 500,000 of Christie's private clients worldwide. Although RansomHub claims to have sought a resolution, Christie's allegedly ceased communication. While the auction house has acknowledged unauthorised access by a third party to parts of its network, they assure that only a limited amount of personal data was compromised, with no evidence of financial or transactional records being accessed. Christie's is actively notifying privacy regulators and government agencies while communicating with affected clients. Described as a recently emerged ransomware group with likely origins in Russia, RansomHub's actions underscore ongoing cybersecurity challenges faced by major institutions.