The rich donate fractions of paintings to have their art and get tax relief, too + Other stories
Art Industry News is a daily summary of the most important developments in the art world and the art market. Here’s what you need to know this Wednesday, November 3.
NEED TO READ
Discover the art collection of Alicia Keys and Swizz Beatz – If you want to embark on a fantasy of real estate and art collecting, take a look at the latest Architectural Summary broadcast featuring the LA home of Alicia Keys and Kasseem Dean (also known as Swizz Beatz). Their art collection of over 2,000 works includes works by Kwame Brathwaite, Kehinde Wiley, Lynette Yiadom-Boakye, and Barkley L. Hendricks. “When [our son] Egypt practices the piano, he has a Basquiat behind him and the Toyin [Ojih Odutola] in front of him,” Keys said. “Without even knowing it, he manages to absorb this excellence.” (Architectural Summary)
Mexico seeks to stop two auctions in Paris – Mexican authorities are seeking to block two auctions of pre-Columbian objects taking place this month at Artcurial and Christie’s. Despite the refusal of the Mexican government, the Artcurial sale opened online and several pieces have already sold. Christie’s sale on Nov. 10 could fetch more than 41 million euros ($47 million) for its 78 lots. Neither auction house has publicly responded to the Mexican government. (ART news)
A strategy for the wealthy to donate art and get tax relief – How can the rich have their art and also get a tax break? The answer is co-ownership. The strategy of donating part of an artwork and sharing custody with a museum has become increasingly popular as the wealthy seek new strategies to protect their wealth from the taxman. It’s especially helpful for those who split their time between two houses: “You won’t even miss the art,” noted one accountant. (Bloomberg)
A Monet could fetch $40 million at Sotheby’s – Sotheby’s lined up Corner The Water Lilies Pond (1918) for its Impressionist and Modern sales in New York later this month. The work last surfaced at auction in 1997, when it sold for $6.7 million at Christie’s to an American collector. Similar works of water lilies proposed in recent years have exceeded their estimates. (ART news)
MOVERS AND SHAKERS
Tupac gets a traveling exhibit – The Estate of Tupac Shakur is hosting a traveling exhibit that will debut at a new 20,000 square foot complex in Los Angeles on January 21, followed by a national and international tour. The show is “a story of race in America using Tupac as a proxy,” organizer Arron Saxe said. (New York Times)
Lehmann Maupin appoints a new director – Allie Card joins the gallery as Senior Director after 20 years at Metro Pictures, which announced its closure earlier this year. She will focus on artist management and sales. (Press release)
Fine Arts Paris opens in an expanded location – The fifth edition of the show will take place from November 6 to 11 at the Carrousel du Louvre with more than 60 exhibitors, including 21 first-time buyers. The fair is also expanding to offer new areas of expertise such as jewellery, rare books and art from Asia and the Pacific. (Press release)
Murakami is back on the NFT train – Takashi Murakami — who dove headfirst into NFTs in March only to retire when he realized he didn’t fully understand them yet (#relatable) — is dipping his toe back into virtual waters. The Japanese artist is collaborating with metaverse brand RTFKT on an NFT avatar project called Clone X avatars. The 3D files on sale – a total of 20,000 – can be used in Zoom meetings, social media profiles and elsewhere. (Colossal)
Follow Artnet News on Facebook:
Want to stay one step ahead of the art world? Subscribe to our newsletter to receive breaking news, revealing interviews and incisive reviews that move the conversation forward.