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Indian Express
22-05-2025
- Business
- Indian Express
Giacometti bust goes unsold: How do art auctions work?
Expected to be the highlight of Sotheby's sale in New York, Swiss artist Alberto Giacometti's 1955 bust Grande tête mince (Grande tête de Diego) failed to find a buyer last week. One prominent reason for this failure was likely the bronze head's estimate — a whopping $70 million. In contrast to the 2015 auction record of $141.3 million for Giacometti's 1947 sculpture Pointing Man, the $70 million figure proved too intimidating. The auction market disappointment came mere days after a $30 million Andy Warhol painting was withdrawn from a Christie's sale when the consignor, who had put the work on auction, arguably realised it might not meet its asking price. These setbacks are seen as a sign of a struggling market, one that may require a reassessment of pricing expectations and collector sentiment. What are auction houses? An auction house essentially serves as an intermediary between sellers and buyers, receiving commissions from both. They may task a team to source and screen artworks based on market demand. 'Every auction is curated based on the different arts we want to feature, modern or contemporary,' Manoj Mansukhani, Chief Marketing Officer, AstaGuru Auction House, told The Indian Express. 'We need to create a mix that appeals to both seasoned collectors and new buyers. A few months are also dedicated to prepare the catalogue.' When is an artwork put up for auction? 'Historically, the primary reasons that prompt individuals to consign artworks to auction are the three D's: debt, death, and divorce', according to the Sotheby's Institute of Art. 'However, other factors such as a shift in personal taste or the need to downsize may also influence the decision to sell.' An auction house may be alerted about the existence of a rare or high-value artwork and subsequently collaborate with the owner to facilitate its sale. Christie's, for instance, remained in touch with Oslo University Hospital for over 13 years before it put MF Husain's 1954 canvas Untitled (Gram Yatra) on sale at an auction in New York in March 2025. This evocative homage to rural and pastoral life in India achieved a remarkable $13.7 million (approximately ₹118 crore), setting a new benchmark as the most expensive work of Indian art ever sold at an auction. How is the value of an artwork determined? The value of an artwork is estimated once it is verified and its provenance and authenticity are checked. Before a lot (comprising an item or a collection of items) is put up for auction, it is assigned a low and high estimate, providing a range of the expected value it could achieve. The auction catalogues reflect these estimates alongside the details of the artwork. The lower estimate typically serves as the reserve price, the minimum a seller will accept for the artwork, and below which a sale will not be made. The Husain mural sold at nearly four times its higher estimate of $3.5 million. The signature on the artwork and its provenance traced from the artist's studio onwards play a significant role in its valuation. Where it was exhibited and published are also factors taken into account. Similarly, its past or present ownership may also elevate the value. In 2016, Greek Landscape by the 'Grammarian of Art', Akbar Padamsee fetched Rs 19.9 crore at a Saffronart sale in Delhi, then a record price for the modernist. The piece was owned by Krishen Khanna, Padamsee's fellow artist and close friend, who had purchased it from artist-collector Bal Chhabda (also their close friend) over five decades back for Rs 1,000. After Saffronart sold Amrita Sher-Gil's canvas The Story Teller for Rs 61.8 crore in 2023 – then a record high price for Indian art – Dinesh Vazirani, co-founder of Saffronart told The Indian Express, 'The importance of the work in the oeuvre of the artist also plays a significant role. So, an MF Husain (who was very prolific) from the 1950s and 1960s compared to a later Husain will have a completely different (higher) value, and it will be the same for an SH Raza from the 1980s, a VS Gaitonde from the 1970s and 1980s, and a Tyeb Mehta from the 1990s (the periods during which each of these masters produced their most critically acclaimed works).' It is largely believed that the best works of Indian modernists are perhaps already with serious collectors and therefore rarely come under the auction hammer. When they do, they grab instant attention and escalating bids. In addition, some artists were less prolific than others, leading to even fewer of their works in the market. Sher-Gil, for instance, is known to have produced fewer than 200 paintings, of which a large number are with the National Gallery of Modern Art, and some are with her estate. This leaves approximately only 30-40 of her works with private collectors. How a work has been preserved or if there has been heavy restoration are considerations. Additionally, some media are traditionally more commercially favoured than others. For instance, canvases by the same artist are likely to be priced higher than drawings. A particular artwork might be distinctive in an artist's oeuvre. For instance, in the 1960s, VS Gaitonde had already started moving towards abstraction, inspired by Zen philosophy and spiritual teachings. His 1961 untitled oil with layers of pigment in tones of blue belonged to the same genre, but was cited as one of his last few horizontal canvases. When it came up for auction at a Saffronart sale in 2021, it fetched Rs 39.98 crore — a record for the highest price achieved for a work of Indian art in an auction at the time. Along with the historical sale price of similar works, the current market demand for the artist's work is also used to calculate the auction estimate. If there are no bids for a lot, or if the bidding does not reach the reserve price, the lot is bought in, meaning it remains unsold. Unsold artworks are usually returned to the consignor, who could ask the auction house to offer the artwork for auction again. This may be done after a delay, since the unsold work is considered burned, making it more difficult to find a buyer immediately at a similar price. A different scenario emerges if the artwork has a guarantee, done to ensure that it secures a pre-decided minimum price on its sale. This is practised occasionally for high-value or significant works that come up for auction. A guarantee may be offered by the auction house itself, in what is called a house guarantee. Alternately, it may be provided through an external undertaking, through a collector, gallery, or art dealer known as a third-party guarantee. The Giacometti sculpture, put on sale from the estate of real estate magnate Sheldon H Solow, who died in 2020, came to the auction without a minimum guarantee.
Time of India
06-05-2025
- Entertainment
- Time of India
Met Gala 2025: How a flower from Greek mythology became the star of fashion's biggest night
(Image: X) No one expected a flower to steal the show at the 2025 Met Gala, but that's exactly what happened. Forget the usual red carpet. This year, guests floated into the Metropolitan Museum of Art on a deep midnight-blue carpet scattered with dreamy white and yellow daffodils. Not a random floral choice, mind you—this was a poetic move. The flower? The Narcissus—aka the daffodil. The artist behind the carpet, Cy Gavin, pulled inspiration from the ones growing near his studio in upstate New York. But it wasn't just about spring vibes. Gavin tapped into the Greek mythology behind the flower. You know the one—Narcissus, the guy who was so obsessed with his own reflection, he fell in love with it and basically faded into nothing. Dark? Totally. But also. .. kinda perfect for fashion's most self-aware night. Gavin's idea was brought to life by set designer Derek McLane and event planner Raúl Àvila, turning that myth into a literal runway moment. His painting, Untitled (Sky), where narcissus flowers looked like glowing stars, was also projected at the event. Suddenly, this wasn't just a carpet—it was a whole vibe about self-reflection, identity, and how we see ourselves. Let's rewind a sec. In case you missed mythology class: Narcissus was the original heartbreaker. Gorgeous, aloof, and totally uninterested in love—until he saw himself in a pool of water and couldn't look away. Classic 'it's not you, it's me' energy, right? In some versions, he dies staring at himself, and in that very spot, a narcissus flower grows. Hence, the name—and the metaphor. Fast forward to 2025, and this little daffodil isn't just about vanity anymore. These days, it's more about growth, rebirth, and self-awareness. So when the Met Gala leaned into that symbolism? It made sense. Because if there's one night where fashion turns philosophical, it's this one. This year's theme was deeper than your average couture gown. The exhibit, 'Superfine: Tailoring Black Style,' was a powerful celebration of 300 years of Black fashion, identity, and the legacy of Black dandyism. It pulled major inspiration from none other than the late, legendary André Leon Talley, whose presence was definitely felt throughout the night. The co-chairs this year were Colman Domingo, Lewis Hamilton, Pharrell Williams, and A$AP Rocky—each of them known not just for their talents but for their unique sense of personal style. Fashion moments? Oh, there were plenty. Zendaya turned heads in a modern take on the zoot suit by Pharrell for Louis Vuitton. Diana Ross gave us pure diva realness with a gown that trailed for 18 feet. Teyana Taylor's Marc Jacobs look gave a nod to Harlem's legacy, while Lewis Hamilton wore a design by Grace Wales Bonner that spoke volumes without shouting. Even Sabrina Carpenter and Ayo Edebiri used their looks to challenge gender norms—sharp tailoring, bold silhouettes, and all the edge. And yes, it rained. And yes, LeBron James had to skip the night due to an injury. But did that dampen the drama? Not a chance. The fashion kept coming. The symbolism hit hard. And that daffodil-covered carpet? It wasn't just a backdrop for selfies—it told a story. So whether you're into mythology, red carpet looks, or just scrolling to see who wore what—this year's Met Gala gave us more than fashion. It gave us a reminder: how we present ourselves is never just surface-level. It's rooted in history, identity, and yes, sometimes a centuries-old myth about a guy who looked too long in the mirror. And that's what made Narcissus the true star of the night. Masterclass for Students. Upskill Young Ones Today!– Join Now
Vogue
05-05-2025
- Entertainment
- Vogue
The Story Behind the 2025 Met Gala Narcissus Flower Centerpiece
On May 5, 2025, guests from Pharrell Williams to A$AP Rocky entered the Museum of Modern Art to a spectacular visual: a climbing tower of narcissus flowers, which extended all the way up to the ceiling like stars in a sky. The motif of the narcissus flower came from artist Cy Gavin. While wandering the landscape outside his upstate New York studio, Gavin happened upon a field dotted with daffodils. It sparked a curiosity about the spring perennial and the inspiration for its Latin name: the Greek myth of Narcissus. While Gavin acknowledges that there are many interpretations of the story, one thing in particular struck him as especially poignant. 'It seems that must have been the first time that he set eyes on herself,' he says. 'I became really interested in that moment of self recognition—not love necessarily, but of recognition. I think that it's very easy to not see yourself clearly because of all of the kind of selves that other people tell us we are.' He then played with the orientation of the flower. When turned at different angles, they looked like stars. So he broke out his brushes and got to work. The result? The painting 'Untitled (Sky)'—which not only is the inspiration of this year's centerpiece, but will also be projected onto the ceiling of the Temple of Dendur during dinner at the 2025 Met Gala.
Business Mayor
03-05-2025
- Entertainment
- Business Mayor
barbara kruger's latest installation wraps a passenger train traveling across ukraine
The railways of Ukraine become the site for a major new installation by artist Barbara Kruger titled, 'Untitled (Another Again).' Set against this landscape of persistence and uncertainty, the traveling artwork has launched on May 1st, 2025. Rather than a museum or gallery, the moving skin of an Intercity train hosts the work, which marks a solemn moment for public art, one that travels alongside the people it hopes to honor. Barbara Kruger uses the moving canvas of a Ukrainian Railways Intercity train to create a site of visual and emotional resonance. Covering the train's exterior with bold typography, Kruger's work will echo through Ukraine's wartime landscape. 'Untitled (Another Again)' is developed in collaboration with RIBBON International and Ukrainian Railways, two organizations committed to cultural preservation and public engagement. Curated by Masha Isserlis, the installation runs from May 1st — July 14th, 2025, acting as an expression of solidarity with the people of Ukraine. Barbara Kruger, Untitled (Another Again) 2025, Ukrainian Railways Intercity Train, Ukraine. courtesy of the artist, RIBBON International, Ukrainian Railways, and Sprüth Magers. photo: Vitalii Halanzha Barbara Kruger's text voices cycles of endurance and hope Artist Barbara Kruger, together with nonprofit RIBBON International, emphasizes local voice by presenting her typographic text primarily in Ukrainian, with an English translation accompanying it. This choice highlights the importance of cultural self-definition at a time when Ukraine's sovereignty, heritage, and language face ongoing threats from outside forces. In Ukrainian and English, respectively, the text of Kruger's upcoming work reads: 'ЩЕ ОДИН ДЕНЬ ЩЕ ОДНА НІЧ ЩЕ ОДНА ТЕМІНЬ ЩЕ ОДНЕ ЗАРЕВО ЩЕ ОДИН ЦІЛУНОК ЩЕ ОДИН БІЙ ЩЕ ОДНА ВТРАТА ЩЕ ОДИН ЗДОБУТОК ЩЕ ОДНЕ БАЖАННЯ ЩЕ ОДИН ГРІХ ЩЕ ОДНА ПОСМІШКА ЩЕ ОДНА СЛЬОЗА ЩЕ ОДНА НАДІЯ ЩЕ ОДИН СТРАХ ЩЕ ОДНА ЛЮБОВ ЩЕ ОДИН РІК ЩЕ ОДНА СУПЕРЕЧКА ЩЕ ОДНЕ ЖИТТЯ.' ' Another day another night another darkness another light another kiss another fight another loss another win another wish another sin another smile another tear another hope another fear another love another year another strife another life .' Barbara Kruger, Untitled (Another Again) 2025, Ukrainian Railways Intercity Train, Ukraine. courtesy of the artist, RIBBON International, Ukrainian Railways, and Sprüth Magers. photo: Vitalii Halanzha drawing from historic agit-trains of Ukraine Barbara Kruger finds precedent in the 'agit-trains' of Vasyl Yermylov's 1920s Ukraine, whose mobile art campaigns delivered revolutionary messages by rail. Kruger's intervention similarly travels through sites of survival and struggle, acknowledging the train's double role as both a physical vehicle and a symbolic one — carrying civilians, aid, memory, and hope through a fractured terrain. 'Untitled (Another Again)' launches against the backdrop of Ukraine's closed airspace and battered infrastructure, where rail lines remain critical arteries of movement. Beginning at Kyiv-Pasazhyrskyi Railway Station and traveling to Darnytsia Station, the work will continue along routes to Lviv, Kharkiv, and Kramatorsk — stations tied to the ongoing realities of war. Barbara Kruger, Untitled (Another Again) 2025, Ukrainian Railways Intercity Train, Ukraine. courtesy of the artist, RIBBON International, Ukrainian Railways, and Sprüth Magers. photo: Vitalii Halanzha Read More How to Export Figma to HTML, Best Free Plugins Barbara Kruger, Untitled (Another Again) 2025, Ukrainian Railways Intercity Train, Ukraine. courtesy of the artist, RIBBON International, Ukrainian Railways, and Sprüth Magers. photo: Vitalii Halanzha Barbara Kruger, Untitled (Another Again) 2025, Ukrainian Railways Intercity Train, Ukraine. courtesy of the artist, RIBBON International, Ukrainian Railways, and Sprüth Magers. photo: Vitalii Halanzha
Yahoo
30-04-2025
- General
- Yahoo
Child accidentally damages $50 million Rothko at Dutch museum
A Mark Rothko painting thought to be worth tens of millions of dollars is undergoing restoration after a child accidentally damaged the artwork at a museum in the Netherlands. 'Grey, Orange on Maroon, No. 8' sustained some visible scratches when a child brushed against the abstract painting at the Depot, a public storage area of Museum Boijmans Van Beuningen in Rotterdam. In the Depot, much of the art is displayed similarly to how it would in a gallery without traditional exhibition protections. The Depot is currently showing highlights of its vast collection as the main museum undergoes renovations. 'It happened because a child, in an unsupervised moment, touched the lower part of the work. There was no intent. This was not vandalism,' museum spokesperson Vincent Cardinaal told ABC News. The painting has since been moved to the museum's conservation lab. Cardinaal said the restoration process was expected to be successful and that the painting would be able to be displayed in the future. The museum did not release images of the damage, further description or estimates of repair costs. A vandal who wrote on another Rothko piece at the Tate Modern in London caused about $250,000 in damages that cost 18 months to repair. 'Grey, Orange on Maroon, No. 8' has never been auctioned but it's estimated to be worth between $50 and $60 million. 'Untitled, 1968' — another of Rothko's 'color field' paintings — sold for $23.9 million at Sotheby's in 2023. The Dutch museum acquired the piece in 1970 after Rothko's death. _____
