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Author Archives: Michelle Falkenstein
Broad’s L.A. Decision Draws Both Kudos and Complaints
It was widely anticipated that billionaire businessman and philanthropist Eli Broad, who is on ARTnews’ list of the Top 200 Collectors, would make an outright gift of his highly prized modern and contemporary art collection to one or more fortunate museums. Read More
Salander-O’Reilly Faces Three New Lawsuits at Once
Three lawsuits have been filed against Salander-O’Reilly Galleries, Manhattan, and its director, Lawrence Salander. One seeks payment of the outstanding balance reportedly owed the seller by Salander-O’Reilly on a painting by Charles Sheeler; another, filed by the son of artist Stuart Davis, accuses the gallery of selling his father’s works without authorization or proper recompense. Both complaints were originally reported in the Maine Antique Digest. Read More
Investors Find Tax Break In Complicated Deferral
As art values continue to sky-rocket, investors are slowly increasing their use of an Internal Revenue Service (IRS) code, called Section 1031, which makes it possible to defer paying capital-gains taxes by selling artwork and using the proceeds to buy more art. Read More
Prices Climb Steadily for Works of Artist-Musician Don Van Vliet
Over the past 20 years, interest has grown slowly but steadily in the work of Don Van Vliet, a seasoned artist sometimes known as the musical innovator Captain Beefheart. Read More
Wynn Dismisses Suit Against Lloyd’s of London
The tale involving a painting by Pablo Picasso, the insurer of the work and an art-collecting billionaire appears to have reached a conclusion. Read More
MoMA Director’s Perks Draw Scrutiny from Senator Grassley
This raises very serious issues about what is going on at MoMA [the Museum of Modern Art, New York],” Sen. Charles Grassley (R-Iowa) said in a statement to ARTnewsletter. “I plan to seek a detailed explanation from all parties: How much the head of a charity is being paid, and where those funds are coming from, should be crystal clear.” Read More
Steve Wynn Sues Insurer Over Damaged Painting
Steve Wynn, the casino mogul and art collector, says insurer Lloyd’s of London owes him $54 million. Last September, Wynn accidentally poked his elbow through Pablo Picasso’s 1932 painting Le Rêve—one day after he had reached an agreement to sell the work for $139 million to hedge-fund founder Steven Cohen of SAC Capital Partners. Following the incident, Wynn reportedly canceled the deal. Read More
The Case of the Escaped Spirit
Artworks are damaged in ways you would never imagine—careless movers, overenthusiastic cleaning persons, neurotic pets. And then there was the broken Joseph Cornell box. Read More
Lighting
Two art collectors with important works on paper left their living–room blinds open during an extended summer vacation. It was a decision they lived to regret. What happened reads like a third–grade science experiment. First, water seeped into the wall … Read More
