Sotheby's and Beijing GeHua Art Company, a state-owned company, have entered into a joint venture agreement to create Sotheby's (Beijing) Auction Co., Ltd. Sotheby's says the deal would make the company the first international fine art auction house in China.
The agreement, which the Chinese government has not yet officially approved, would greatly expand Sotheby's business operations in China, an important and quickly expanding art market.
The US District Court in Manhattan fined Shepard Fairey $25,000 and sentenced him to two years of probation and 300 hours of community service this morning for tampering with evidence related to his 2009 copyright suit. Fairey pleaded guilty to one count of criminal contempt in February for destroying and fabricating evidence. Prosecutors had asked for the maximum six-month prison sentence.
Fairey, a graphic artist known for his graffiti-inspired street art, released a statement after his sentencing, saying, "My wrong-headed actions, born out of a moment of fear and embarrassment, have not only been financially and psychologically costly to myself and my family, but also helped to obscure what I was fighting for in the first place—the ability of artists everywhere to be inspired and freely create art without reprisal."
Wassily Kandinsky's Study for Improvisation 8 (1909) will be the highlight of Christie's Impressionist and modern art auction in New York on November 7.
The auction house expects the work to fetch $20-$30 million, which could set a record for a Kandinsky painting. The current record is the $20.9 million Sotheby's obtained for Fugue (1914) in 1990. Improvisation studies rarely come to market; nearly all of the finished paintings reside in museums.
Singapore's National Arts Council has announced that the country will not participate in 2013 Venice Biennale.
The council released a written statement to the press explaining that they would use the time to "critically re-assess Singapore's long-term participation" in the Biennale, but gave no further explanation for the move. The NAC had not posted an announcement or further comment on its website at the time of publication.
Margo Leavin has announced plans to close her eponymous gallery in Los Angeles.
A prominent gallery representing artists such as John Baldessari and William Leavitt, Margo Leavin Gallery will shut its doors to the public after September 30. It will remain open by appointment for one year before closing entirely, according to the Los Angeles Times.
Currently on view in the group show "Redux" at New York's Cristin Tierney Gallery (through Feb. 4) are two works by Joe Fig, both related to his 200