Joan Mitchell’s Mid 1900’s Paintings Provide the Breakout Fall Show of 2018

Last week Joan Mitchell: Paintings from the Middle of the Last Century, 1953–1962 opened at Cheim and Read in Chelsea. The exhibition considers one of the most productive nine-year periods of the painter’s life. Mitchell came to fame in the 1950s and continued to make waves within the art world for her large-scale gestural abstract expressionist paintings in the decades to come. Within the almost entirely male-dominated art scene, Mitchell managed to carve out her own space.

Joan Mitchell at Cheim & Read

Garden Party, Courtesy of the Joan Mitchell Foundation

In this latest show at Cheim and Read, over ten paintings are featured. Each one showcasing different elements of Mitchell’s genius as well as her progression as an artist. In some works, there are more muted earth tones with an occasional burst of goldenrod yellow or dollop of purple. These paintings are easy to get lost in, with the depths of the tones and hues Mitchell has achieved. The works are expansive, which is apparent from both from the scale and the matter in which the paint was used.

In Mitchell’s 1959 painting Slate, she used several colors, although black and chartreuse are most prominent – the black and green brush strokes combine to create a larger central mass. It is accented with pops of brown, a bit of purple, and even the slightest hint of blue. Around it, other brush strokes surround it in longer, harder lines. The paint and brush strokes are thicker and take up a different kind of space that is different from her later works.

Joan Mitchell at Cheim & Read

Slate, Courtesy of the Joan Mitchell Foundation

Born in Chicago in 1925, Mitchell would go on to study painting in college and in graduate school. Studying at both the acclaimed School of the Art Institute of Chicago and famous seven sister school, Smith College. Mitchell went on to earn a BFA in 1947 and completed her MFA three years later. She then moved to Manhattan to try her hand at making it as an artist. However, after a small stint in New York, Mitchell quickly moved to Europe where she would spend the better half of her life.

During the 1950s, Mitchell started to come to prominence among her male counterparts within the Abstract Expressionist movement. Mitchell, at the young age of 28, achieved a level of success as an artist that some of her male peers such as Rothko, Willem de Kooning, and others only received later in their careers. It is through her use of vivid colors, treatment of the canvas, and gestural strokes, in which Mitchell stood out among other painters of this era. Like Pollack, and others, Mitchell asserted herself as a key player within the New York School and became a pivotal part of this movement.

Upon moving to Paris in 1959, a new phase of her work began. Mitchell began to break away from brighter colors and opted towards more muted hues. This resulted in her works created in 1960-64 taking on a life of their own. Mitchell’s painting style became more aggressive during this era which is evident from the way she handled her medium, essentially “attacking” the canvas.

In Mandres for example, which was painted between 1961-62, Mitchell’s “violent” attack of the paint is apparent. She incorporates a variety of colors including taupe, red, purples, blacks and blue. There is an intensity that is emitted from the work and her brushstrokes seem to leap off the canvas.

Joan Mitchell at Cheim & Read

Mandres, Courtesy of the Joan Mitchell Foundation

Mitchell’s work in recent years has also started to gain more attention at the auction block. Even though the artist passed away in 1992, her works have become more valuable over time. In June, one of Mitchell’s work went for $14 million at Art Basel. That same week, another piece from the 1950s sold for $7.5 million as well. This is an impressive feat and only adds to her importance as an artist.

Given the prominence Mitchell’s work has had on the art world, her work has also started to see a bit of a revival. Recently the Baltimore Museum of Art and the San Francisco Museum of Modern Art unveiled plans for a retrospective of the artist’s work in 2020. This show will eventually make its way to the Whitney in 2021. David Zwirner Gallery is also planning a solo show of the artist’s work for 2019.

Mitchell’s work has continued to capture the imagination of art-goers for the last five decades. Joan Mitchell is a vital artist who made critical contributions to the painting world and beyond which is made evident by this show. Joan Mitchell: Paintings from the Middle of the Last Century, 1953–1962 is one of the most important shows of the fall art season and should not be missed.

It will be on extended view on Cheim and Read until November 4, 2018.  

About the Author
Anni Irish has been a contributing writer to several online publications including Boston based publication, The Dig, New York Arts Magazine, and ArteFuse among others. She holds a BFA from the School of the Museum of Fine Arts/Tufts University, an MA in Gender and Cultural Studies from Simmons College, and an MA in Performance Studies from New York University

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2018 Monterey Car Week Review

The 2018 Monterey Car Week brought hundreds of thousands of people to California’s Central Coast for arguably one of the most exciting automotive gatherings of the year. Spearheaded by the four to five days of sales held by global and regional auction houses, the weekend was capped off with the Pebble Beach Concours d’Elegance. This year, out of the 209 Concours entries, a 1937 Alfa Romeo 8C 2900B Touring Berlinetta won the prestigious best of show award.

Other special cars that passed through the auctions include a 1962 Ferrari 250 GTO, a 1966 Ford GT40 Mk II, a 1972 Ferrari Dino 246GTS, a 1998 Mercedes-Benz CLK GTR and a 1985 Modena GT Spyder California, also known as the Ferrari from Ferris Bueller’s Day Off.

Sales Overall

The 2018 Monterey Car Week auctions realized $371,000,000 overall, an increase in total sales by $53,100,000. Another positive was the overall sale rate of 61%, which outperformed last year’s rate of 51%. The $371 million in total sales is the third-highest total ever, behind $463 million in 2014 and $397 million in 2015. View the table below for results broken down by auction house.

Auction Total Sales ($) Lots Sold (#) Lots Offered (#) Sale %
Bonham’s  $    37,700,000 110 135 82%
Gooding & Company  $  116,502,500 120 146 82%
Mecum Auctions  $    47,000,000 364 690 54%
RM Sotheby’s  $ 157,931,940 125 150 83%
Russo and Steele  $      8,500,000 95 196 48%
Worldwide Auctioneers  $      5,500,000 33 59 56%
Total  $ 371,000,000 843 1376 61%

RM Sotheby’s Sets the Record for Most Expensive Car Ever Sold

Monterey Car Week 2018

Courtesy of RM Sotheby’s

RM Sotheby’s had another successful 2018 Monterey Car Week, bringing in around 43% of the total sales, and one of the companies top all time performances. It also set the all time record for the most expensive car ever sold at auction, a 1962 Ferrari 250 GTO (pictured above). The Ferrari sold for $48.4 million, and along with the other marquee sales, Kenneth Ahn, President of RM Sotheby’s was quoted called this year’s auction “nothing short of historic.

Overall, 125 of 150 lots sold, bringing in a total of $157,931,940 and an 83% sell-through rate. View the full results on RM Sotheby’s website here.

Gooding & Company Sets Record for Most Expensive American Car Ever Sold at Auction

Monterey Car Week 2018

Courtesy of Gooding & Company

Headlining Gooding & Co.’s Pebble Beach auction was a 1935 Duesenberg SSJ previously owned by Gary Cooper (among others). With only two ever made, the record setting price of $22 million was well worth it.

Overall, 120 of 146 lots sold, bringing in a total of $116,502,500 (2nd behind RM Sotheby’s), and an 82% sell-through rate. View the full results at Gooding and Co.’s website here.

Bonhams Has Strong Showing Dominated by European Sports Cars

Montery Car Week 2018

Courtesy of Bonhams

The top result at the Bonhams Quail Lodge auction went to the 1948 Alfa Romeo 6C 2500 Competizione Berlinetta, which sold of $3,525,000 to a private European collector. This sale saw several new model benchmarks set, like a 1953 SIATA 208 S Spider ($1,655,000) and 1928 Bentley 6 1/2-Liter Open Sports Tourer ($1,655,000).

Overall, 110 out of 135 lots sold for a total of $37.7 million in sales for an 82% sell-through rate. View the full results at Bonhams’ website here.

Mecum, Russo & Steele and Worldwide Remain Solid

Mecum’s auction was highlighted by a 1933 Duesenberg Model J Bohman and Schwartz Convertible Victoria which sold for $3,850,000. Overall 364 out of 690 lots sold for a total of $47 million and a sell-through rate of 54%. You can view the full results at Mecum’s website here.

Russo and Steele sold a 2017 Ford GT Coupe previously owned by WWE wrestling superstar John Cena for $1,540,000. Overall 95 out of 196 lots sold for a total of $8.5 million and a sell-through rate of 48%. You can view the full results on Russo and Steele’s website here.

Worldwide’s auction featured a 1931 Duesenberg Model J Derham Tourster which sold for $1,320,000. Overall 33 our of 59 lots sold for a total of $5.5 million and a sell-through rate of 56%. You can view the full results at Worldwide’s website here.

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The 3rd Generation Bentley Continental GT is proof that the grad tourer is still at the forefront of the luxury automotive space. Even as brands like Lamborghini, Rolls Royce and even Bentley itself roll out SUVs, the Continental GT still retains the pure luxury you’d expect.

Bentley Continental GT

The Bentley Continental GT: A Brief History

The Continental GT has captivated the hearts (and pockets) of the world’s wealthiest car buyers for well over a decade. After first being unveiled in May earlier this year, models are finally available to order online, and deliveries are expected to arrive at the start of the New Year.

The Continental GT has been a steady source of revenue for Bentley over the years since the first model rolled out of production. The Drive reports that Bentley has shifted 70,000 units of the Continental GT since 2003, which equates to almost 5,000 units per year.

This prompted Mark Del Rosso, the CEO of Bentley North America, to refer to the Continental GT along with the SUV Bentayga as a representation of the “future of Bentley.”

With the newfound spike in interest of luxury SUV vehicles, the Bentayga will lead the way for the Bentley in coming years. As close second in Bentley’s fleet, the Continental GT plays a pivotal role for the British firm.

Bentley Continental GT

So, is the heightened price tag of the third generation Continental GT justified by a wealth of new features, or is this just a clever marketing gimmick from Bentley?

2nd vs. 3rd: Performance & Price

The second generation V8 version of the GT was first debuted in 2010 at the Paris Motor Show, the souped-up W12 variant’s first deliveries began in the latter half of 2011.

The 3rd generation model features an improved version of The Bentayga W12 6 liter TSI engine. This allows for a roaring 626 bhp, propelling the car to 207 mph, an improvement of the second generation’s 192 mph top speed.

The third generation model also features an 80kg reduction in weight, along with an extended wheelbase. The biggest overall design change comes from the rear taillights, which have gone from a square shape to more rounded and oval.

Bentley Continental GT

It may sound like a subtle change, but it applies a much-needed softness to the car, which is designed as much for aesthetics and comfort as it is for performance.

In terms of price, the 3rd generation model has a base price of £156,700, which is similar to the original starting price of the 2nd generation model. Now production of the 2nd generation model has been discontinued, pre-owned prices vary between $50,000-$100,000.

3rd vs 2nd: Interior

The interior has been vastly improved, and in typical Bentley fashion, its leather (which requires 310,675 stitches) is available in 15 customizable color options. Its fair to say attention to detail has not been compromised.

Bentley Continental GT

Arguably the coolest feature of the 3rd generation interior is the world’s first rotating dashboard display that sees the 12-inch screen rotate when not in use, which you can watch here.

The plush, bespoke interior of the new generation Bentley remains classy and timeless while catering for a 21st century customer. It leaves the once ground breaking interior of the 2nd generation model looking out-dated and frankly sub par.

Bentley Continental GT

This is not a complete overhaul of the previous model. As expected, Bentley have made many subtle changes contributing to an overall improved design and engine performance, utilizing state of the art features to compete with the other highest luxury coupe’s of today.

It certainly remains at the top of its game for those who haven’t been swept up in the SUV craze, while offering a refreshing upgrade on a classic. Whether it’s worth splashing the extra cash, well, that’s up to you.

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Borro Private Finance’s Top 5 NYC Fall 2018 Art Shows

Fall marks the busiest in the contemporary art world. With things in full swing, this also means a brand new crop of shows to see. From major museums like the Whitney and MoMA, to galleries across the city, everyone is gearing up to see just what’s in store for this season. Although it can sometimes be daunting to keep up with everything that is currently on view, our list has you covered for some of the top 5 NYC Fall 2018 art shows.

David Wojnarowicz: History Keeps Me Awake at Night, The Whitney

NYC Fall Art Show

This exhibition offers one of the most comprehensive looks at artist David Wojnarowicz’s work to date. The show explores over three decades of the artist’s work featuring photographs, paintings, video, sculpture, performance, writing and more. A mostly self-taught artist, Wojnarowicz came of age during the AIDS epidemic, which also became a large theme explored in his art. Inspired by the world around him, Wojnarowicz incorporated elements from many genres into his artistic practice, and in the process made work about his life and political realities of the time. Queer and HIV-positive, Wojnarowicz also became an outspoken advocate for the LGBT community at a time when many people were not aware of the magnitude of the AIDS crisis and other issues facing this group. The retrospective is on view until September 30th.

Anne Truitt Paintings at Matthew Marks

NYC Fall Art Show

Known primarily for her sculptures within the art world, Anne Truitt’s latest show at Matthew Marks is attempting to confound those expectations. Featuring 15 paintings that were created between over a thirty-year span, many of which have not been seen before, this is one show that is a must-see this season.  Although the works nod to minimalism, Truitt has always sought the capture the tension between the materials she uses. This can be seen in her bold color choices, and the often sparse lushness that are created on her canvases. Truitt’s work has also been widely exhibited throughout the US with shows that have been featured at the National Gallery, the Whitney Museum and the Baltimore Museum of Art among others. Anne Truitt Paintings is on view from September 14 to October 27.

Judith Eisler: Riffs. Jarman’s Caravaggio at Casey Kaplan

NYC Fall Art Show

In her first show with Casey Kaplan Gallery, painter Judith Eisler showcases a new series of paintings based on the 1986 movie “Caravaggio.” For this exhibit, Eisler took photographs from paused scenes from the movie “Caravaggio” and created paintings based on her images resulting in detailed canvases. Eisler’s unique approach to painting combines a series of complicated elements to create work that art that considers larger issues of psychological and physical space. Her art also seeks to address issues surrounding the role of the gaze, and how larger depictions of representation and abstraction intersect and diverge. Eisler, who is a professor of painting at the University of Applied Arts in Vienna, Austria has also exhibited extensively internationally and was also a recipient of a Guggenheim Fellowship. Riffs. Jarman’s Caravaggio will be on view at September 6th through October 20th.

Joan Mitchell: Paintings from the Middle of the Last Century, 1953–1962 at Cheim and Read

NYC Fall Art Show

Paintings from the Middle of the Last Century chronicles one of the most fruitful decades of painter Joan Mitchell‘s life. Mitchell who would come to carve out her own space within the male-dominated Abstract Expressionist movement of the last century, creates bold works that jump out beyond the confines of the canvas. This exhibition takes into account when Mitchell first started to gain critical acclaim early on in her career. However, she has continued to capture the imaginations of those her view work even almost three decades after her death. It is also the ninth show of her work at Cheim and Read. Paintings from the Middle of the Last Century is open from September 6 until October 27th.

Jojakim Cortis and Adrian Sonderegger Icons at Bryce Wolkowitz Gallery

NYC Fall Art Show

Zurich artist duo Jojakim Cortis and Adrian Sonderegger are back at it again this fall in their first show with Bryce Wolkowitz Gallery. In Icons, Cortis and Sonderegger have recreated iconic photographs with a twist. Cortis and Sonderegger are complicating what photography, sculpture, and performance are often thought of through their funny and often absurd recreations. The images they chose to re-stage are usually easily recognizable and come from historical events and pop culture. The works are meticulous, at times funny, and ironically comment on the way in which narratives and imagery are made. Icons open September 13th and will be up through November 3rd.

With the art world kicking into high gear, these shows will be at the top of many people’s lists to see this fall. This season seems to have a little something for everyone and with so much great work on view, it’s hard not to be inspired.

About the Author
Anni Irish has been a contributing writer to several online publications including Boston based publication, The Dig, New York Arts Magazine, and ArteFuse among others. She holds a BFA from the School of the Museum of Fine Arts/Tufts University, an MA in Gender and Cultural Studies from Simmons College, and an MA in Performance Studies from New York University

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Ask any car enthusiast and they will tell you the Goodwood Revival is just around the corner; and of course the annual Revival sale and all of the commotion and anticipation that comes with it. It’s a truly English affair in the automotive space this month; expect Goodwood and RM Sotheby’s: London to dominate the car sales.

It doesn’t stop with luxury cars. Scroll down to discover a host of jewelry, watch and fine art sales along with our featured auctions to wet your appetite:

RM Sotheby’s: London

5th September – London, England

September 2018 Auction Calendar

RM Sotheby’s hail this as one of the most successful sales on the European calendar since 2007, and for good reason. The sale is set in the stylish and affluent area of Knightsbridge and features an array of modern supercars combined with highly important and desirable classics. The top lot falls into this category and sees yet another Aston Martin set to fetch millions.

The 1961 Aston Martin DB4GT has silver screen prowess after being the star of the British comedy crime caper, the Wrong Arm of the Law (1963). Peter Sellers is believed to have been the owner and it is one of only 75 DB4GT’s originally built. However, a car of this rarity and provenance does not come cheap. It is expected to go under the hammer for between $3.8-4.3 million.

Bonhams Goodwood Revival

8th September – Chichester, England

September 2018 Auction Calendar

After RM Sotheby’s classic gem, the Goodwood Revival sale features a modern beast as its top lot. Goodwood Revival is easily one of the biggest dates on the calendar for motoring enthusiasts and draws crowds from near and far. Typically in the motor industry, such a spectacular event comes with an auction to match and the Goodwood Revival certainly lives up to that notion.

So what is the aforementioned beast featured as Goodwood Revival’s top lot you ask? The jet black 2017 LaFerrari Aperta is described by Bonham’s as the ‘ultimate evolution of the ground breaking LaFerrari.’ It is one of just 210 examples made worldwide, giving it limitless investment potential as a collectible for the future. It is offered in pristine condition, with just one owner and less than 510 kilometers on the clock. All of these factors contribute to a price estimate of between $6.4 million – $8.3 million.

Bonhams Watches & Wristwatches

11th September – London, England

September 2018 Auction Calendar

Here we see yet another featured auction coming out of Knightsbridge. From Rolex’s to rare Tag Heuer’s this sale incorporates a diverse array of timepieces for collectors and horologists to get excited about. Judging from the auction preview the standout piece will be the Faberge limited edition platinum and titanium manual tourbillon wristwatch.

Production of the limited edition version was limited to 30 pieces, 15 of which were platinum; leading Bonham’s to describe the timepiece as ‘fine and rare’. The Faberge also comes with a matching pair of 18K white gold and diamond cuff links. The sale is estimated to fall between $38,000 and $51,000 when the hammer falls on the 11th September.

 See the full list of auction dates below:

AuctionAuction HouseCategoryStart DateEnd DateLocationURL
WineHeritageFine WineSeptember 15, 2018September 15, 2018Beverley Hills, CAhttps://goo.gl/Gjp1Hp
Luxury AccessoriesHeritageLuxury HandbagsSeptember 28, 2018September 30, 2018Beverley Hills, CAhttps://goo.gl/U5qa35
BooksHeritageBooksSeptember 14, 2018September 15, 2018Dallas, TXhttps://goo.gl/2N2Ua8
Fine & Decorative ArtsHeritageFine Art and AntiquesSeptember 22, 2018September 23, 2018Dallas, TXhttps://goo.gl/rstXcy
Americana & PoliticalHeritageMemorabilliaSeptember 25, 2018September 26, 2018Dallas, TXhttps://goo.gl/DF5uFZ
Finest and Rarest WinesSotheby'sFine WineSeptember 29, 2018-Hong Konghttps://goo.gl/cYk9tF
Finest and Rarest WinesSotheby'sFine WineSeptember 30, 2018-Hong Konghttps://goo.gl/cYk9tF
Jewels & JadeiteBonhamsJewellery & WatchesSeptember 19, 2018-Hong Konghttps://goo.gl/q7HztX
Las Vegas 2018Barrett JacksonLuxury CarsSeptember 27, 2018September 29, 2018Las Vegas, NVhttps://goo.gl/V6ub6g
RM Sotheby's: LondonSotheby'sLuxury CarsSeptember 5, 2018-Londonhttps://goo.gl/nCv614
Irish ArtSotheby'sFine Art and AntiquesSeptember 11, 2018-Londonhttps://goo.gl/qvpQez
WineChristie'sFine WineSeptember 13, 2018-Londonhttps://goo.gl/jUPfjs
Made in BritainSotheby'sFine Art and AntiquesSeptember 18, 2018-Londonhttps://goo.gl/Cb6sar
The Collection of PerfectionSotheby'sFine Art and AntiquesSeptember 19, 2018-Londonhttps://goo.gl/cYk9tF
Yellow Ball: The Frank and Lorna Dunphy CollectionSotheby'sFine Art and AntiquesSeptember 20, 2018-Londonhttps://goo.gl/gNPVKg
Fine TimepiecesSotheby'sJewellery & WatchesSeptember 25, 2018-Londonhttps://goo.gl/n5vgop
Prints & MultiplesSotheby'sFine Art and AntiquesSeptember 26, 2018-Londonhttps://goo.gl/AXzUyF
InteriorsChristie'sFurnitureSeptember 12, 2018-Londonhttps://goo.gl/Gu2TNn
Prints and MultiplesChristie'sFine Art and AntiquesSeptember 20, 2018-Londonhttps://goo.gl/rQyFaY
Watches and WristwatchesBonhamsJewellery & WatchesSeptember 11, 2018-Londonhttps://goo.gl/wAf8FP
JewelryBonhamsJewellery & WatchesSeptember 12, 2018-Londonhttps://goo.gl/6oMxLg
Instruments of Science and TechnologyBonhamsJewellery & WatchesSeptember 20, 2018-Londonhttps://goo.gl/w5uJgQ
Fine JewelryBonhamsFine Art and AntiquesSeptember 20, 2018-Londonhttps://goo.gl/nsj175
Fine JewelryBonhamsJewellery & WatchesSeptember 26, 2018-Londonhttps://goo.gl/Vj3VjH
CurrencyHeritageCoinsSeptember 5, 2018September 11, 2018Long Beach, CAhttps://goo.gl/LnjXaa
World CurrencyHeritageCoinsSeptember 5, 2018September 11, 2018Long Beach, CAhttps://goo.gl/LnjXaa
US CoinsHeritageCoinsSeptember 6, 2018September 10, 2018Long Beach, CAhttps://goo.gl/qHuQuU
World CoinsHeritageCoinsSeptember 6, 2018September 22, 2018Long Beach, CAhttps://goo.gl/eHM5fx
Louisville 2018MecumLuxury carsSeptember 7, 2018September 8, 2018Louisville, KYhttps://goo.gl/TWY9J8
Finest & Rarest WinesSotheby'sFine WineSeptember 7, 2018-New York, NYhttps://goo.gl/cYk9tF
Important Chinese ArtSotheby'sFine Art and AntiquesSeptember 11, 2018-New York, NYhttps://goo.gl/gj9eRL
Fine & Decorative Asian ArtHeritageFine Art and AntiquesSeptember 11, 2018-New York, NYhttps://goo.gl/68MSRD
Fine Chinese Paintings & CalligraphySotheby'sFine Art and AntiquesSeptember 13, 2018-New York, NYhttps://goo.gl/7eMZEc
Saturday at Sotheby's: Asian ArtSotheby'sFine Art and AntiquesSeptember 15, 2018-New York, NYhttps://goo.gl/i95ivw
Finest & Rarest WinesSotheby'sFine WineSeptember 22, 2018-New York, NYhttps://goo.gl/cYk9tF
The Air and Space SaleBonhamsMemorabilliaSeptember 26, 2018-New York, NYhttps://goo.gl/HT5fQi
New NowPhillipsFine Art and AntiquesSeptember 26, 2018-New York, NYhttps://goo.gl/zqGNCL
HOME & InteriorsBonhamsFine Art and AntiquesSeptember 26, 2018-New York, NYhttps://goo.gl/3LR1fz
Old Master Copies OnlineSotheby'sFine Art and AntiquesSeptember 5, 2018-Onlinehttps://goo.gl/15Q9mg
Yellow Ball: The Frank and Lorna Dunphy Collection OnlineSotheby'sFine Art and AntiquesSeptember 11, 2018-Onlinehttps://goo.gl/RxLrtp
First OpenChristie'sFine Art and AntiquesSeptember 14, 2018September 20, 2018Onlinehttps://goo.gl/Qxo4Qq
Christie's Wine OnlineChristie'sFine WineSeptember 25, 2018October 9, 2018Onlinehttps://goo.gl/Qxo4Qq
Christie's Jewels OnlineChristie'sJewellery & WatchesSeptember 25, 2018October 4, 2018Online https://goo.gl/Qxo4Qq
First Open | ShanghaiChristie'sFine Art and AntiquesSeptember 21, 2018-Shanghaihttps://goo.gl/EQAuBF
20th Century & Contemporary Art (Evening Sale)Christie'sFine Art and AntiquesSeptember 21, 2018-Shanghai https://goo.gl/fBRbHv

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Borro Private Finance Featured in Antiques & The Arts Weekly

Our Chief Commercial Officer, Claire Hillier, joined Antiques & The Arts Weekly for their featured story to discuss what the first 10 years of Borro Private Finance have been like and what the future holds.

Borro Private Finance Antiques & The Arts Weekly

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Borro Private Finance is a relatively new player in the luxury asset market, but instead of buying and selling, they provide loans secured against such assets, tapping into a large network of appraisers and auctioneers and providing non-bank financing options for immediate access to capital. With a few different options for clients, Borro Private Finance has funded more than $400 million since 2008. As the company marks its 10th anniversary, Antiques and The Arts Weekly caught up with Claire Hillier, Borro Private Finance’s Chief Commercial Officer, for additional insights into Borro Private Finance’s success.

In a nutshell, how does the process work? What are the differences and benefits of each of them?

We offer three types of loans. In a “sale advance loan,” Borro Private Finance advances a client money and manages the sale of their asset through a global network of auction houses. This is ideal for clients who have made up their mind to sell, who do not have an emotional attachment to the value of an item, and who are willing to wait for the best and most appropriate auction. With a “bridge loan,” the client uses their asset as collateral without having to sell the asset. The asset is returned to the client at the end of a loan period once the client has paid the loan amount and accrued interest. That option is great for clients who need money quickly and can repay Borro Private Finance within six months. A “term loan” is like a bridge loan but differs in that the length of the loan is longer.

Are there minimum / maximums for these loans? Is there a typical loan amount?

In general, we do not loan against very many items valued below $50,000. At the moment, we will loan as much as $30 million against an item. Our average loan is currently $150,000 but we are on track for that to rise to $500,000. We find that our sweet spot is for items valued between $500,000 and $5 million.

Is Borro Private Finance unique in the industry? What sets Borro Private Finance apart?

Borro Private Finance is not completely unique, but we were the first game in the industry, the first to leverage high-end assets. We occupy a space with fewer competitors, and because we lend against a relatively broad spectrum of assets, not just art, we can represent a higher volume of assets. We use our extensive network of contacts of appraisers and experts to identify the best venue for a specific item, even if that means a collection is sold across multiple venues. Clients come to Borro Private Finance because they want our expertise to guide them.

What is the advantage of working with Borro Private Finance over, say, a fine art dealer or other agent to negotiate the sale?

Borro Private Finance provides a very independent, unconflicted role in the market. We do not make money selling assets, we are only interested in making money through lending.

When looking for an auction house to consider selling an asset, what factors do you consider? Which auction houses does Borro Private Finance work with? Do you ever work with a private gallery?

Borro Private Finance looks at the track record of an auction house with that asset. We gauge their excitement in an item, the strategy they propose for selling it, if there is anything comparable in the sale. Another influencing factor is the timing of the sale and how that fits into our client’s needs. Borro Private Finance has a great track record and strong relationships with all of the houses: Christie’s, Sotheby’s, Bonhams, Phillips, Heritage. Approximately 95 percent of the items we sell go through auction, though there are some instances where we will work with a gallery.

Does Borro Private Finance transact Private Sales? Do you do guarantees?

Borro Private Finance will work with auction houses that do private sales, but in general, we do not partner with houses to secure guarantees.

Auction estimates are not guarantees of sale results. What if an item goes to sale at auction but the sale result falls short of the estimate? What if the sale result exceeds expectations?

In the case of the former, Borro Private Finance assumes that risk and the client would not be obligated to pay the difference. In the case of the latter, the client would benefit from any upside achieved at sale after repaying the loan amount, which frequently happens.

What are some of the more unusual or unique items Borro Private Finance has loaned against?

Borro Private Finance has lent against an Olympic gold medal, an Oscar, a Super Bowl ring, some costumes and some sports memorabilia.

Is Borro Private Finance looking to expand into other asset categories in the near future? Conversely, are there asset categories Borro Private Finance is likely to stop loaning against?

Borro Private Finance is not likely to expand our asset categories. Right now, musical instruments and items with restricted materials, such as ivory or rosewood, can be very challenging. Borro Private Finance has to be sensitive of downward trends that might cause many items in a specific asset class — such as furniture or other decorative arts — to become limited in terms of what we would loan against.

Borro Private Finance is celebrating a ten-year anniversary this year — what do the next ten years look like?

We are in the middle of a rebrand. We are planning to expand our presence in Los Angeles, to join our existing offices in London and New York City. Other areas we might expand into include Miami, Dallas, possibly Denver. There is less focus on expanding on the Continent because there is so much opportunity for growth in the United States.

This entry was posted in: News

Borro Private Finance Featured on WealthManagement.com

Our Chief Commercial Officer, Claire Hillier, joined WealthManagement.com to discuss the personalized services Borro Private Finance provides to clients that enables them to raise liquidity efficiently and discreetly.

Borro Private Finance WealthManagement.com

“Whether it’s hefty legal bills, private school tuition or an unpredictable cash flow, there are several reasons why high net-worth individuals may need to raise liquidity in a timely manner. Yet regulatory issues can make it difficult to access loans from traditional lenders, whatever your financial status, says Claire Hillier, Chief Commercial Officer for international private lender Borro Private Finance.

Difficulty in raising liquidity can lead individuals to methods of funding that can hurt their financial plans. “Wealth managers tell me that if they are doing a good job at managing their client’s money they just shouldn’t have large quantities of cash sitting around”…..”

Read the full article here https://www.wealthmanagement.com/wealth-planning/tapping-value-luxury-items

 

This entry was posted in: News

5 Must See NYC Art Shows Before the End of Summer

With summer quickly drawing to a close, that means there’s only a limited amount of time to see art exhibitions around the city. From painting to performance art, there is a lot is happening around the five boroughs this time of year. Here are five must see NYC art shows to see before summer is over.

All Over the Moon Laurel Sparks, Lily Stockman, and Richard Tinkler at Cheim and Read

NYC Art Shows

All Over the Moon features the work of art heavy hitters Laurel Sparks, Lily Stockman, and Richard Tinkler. Each painter’s unique approach to abstraction has come together in this group show to further parse the way painting is thought of, and how each of these artists approach their canvases. While this is a group show, each artists’ work is on view in a separate gallery space, giving you a wider sense of their versatility and their studio practice. Sparks is known for incorporating a variety of mediums into her paintings from beads, papier-mâché and gold leaf which often creates patterns that become abstracted. Stockman has a more minimalist approach often filling her canvas with simple shapes that are offset by bold color choices. Tinkler’s works which are often done in just a day, incorporate symmetry, abstraction, and bold patterns and shapes that are offset by the lush images he creates. All Over the Moon is on view until August 31 at Cheim and Read.

The Incomplete Araki: Sex, Life, and Death at The Museum of Sex

NYC Art Shows

Over the last three years, the Museum of Sex has continued to surprise viewers with an ever-changing rotation of fascinating exhibitions. This show at the Museum of Sex is no different and continues to push the bounds between sexuality and art in complicated ways.  The Incomplete Araki: Sex, Life, and Death, features the work of Japanese photographer Nobuyoshi Araki. Ar?k?, as he is also known, has become famous within the fine art world and beyond for photographing women in often highly suggestive sexual scenes that often incorporates kinbaku-bi, a kind of Japanese knot art. The exhibition showcases over 400 books, 150 prints and 500 hundred Polaroids from this prolific and often controversial artist. It is on view until August 31.

Land: Zhang Huan and Li Binyuan at PS1

NYC Art Shows

PS1 has been always a cut above the rest when it comes to showcasing ground breaking contemporary art. In Land, this exciting performance art survey features the work of established artist Zhang Huan and emerging artist Li Binyuan. Together they address larger issues surrounding the body and the contemporary state of China and more. The tension between urban and rural spaces, and other elements dealing with the political and personal are also explored within the context of this show. Where Huan has been a pioneer within the performance art world, Binyuan work is both a response and an attempt to push beyond the bounds of how performance art functions and the way it has come to be thought of today. Land is on view until September 3.

Notes from Downtown, Jonas Mekas at James Fuentes

NYC Art Shows

James Fuentes is one gallery that is always surprising viewers with interesting and bold shows even during off times of the year. Notes from Downtown does not disappoint. This exhibition features a 1990 video piece by artist and writer Jonas Mekas as well as a series of film still photographs, and portraits of John Lennon over a thirty-year period. The show brings together a number of elements drawing on video documentation, and photograph, while also touching on themes of ephemera and nostalgia. The show also features more contemporary work by the artist as well. The exhibition open to the public until September 5.

History Refused to Die at the Met

NYC Art Shows

Featuring over thirty works in various mediums from paintings to quilts, History Refused to Die, explores the larger artistic contributions of self-taught African American artists. The show features work by Thornton Dial as well as some of the now famous quilters from Gee’s Bend, Alabama including Annie Mae Young, Lucy Mingo and Loretta Pettway among others. The exhibition brings together everyday objects and more traditional art pieces to further explore the African American experience in this very political fraught moment. It seamlessly weaves personal and cultural histories to offer a larger commentary on issues of oppression, power, and more. It is on view until September 23.

These five shows represent some of the best work that is up right now. With fall right around the corner, and the art world gearing up for an intense exhibition calendar, these shows offer a much-needed breath of fresh air. Be sure to check these NYC art shows out and learn something in the process!

About the author: 

Anni Irish has been a contributing writer to several online publications including Boston based publication, The Dig, New York Arts Magazine, and ArteFuse among others. She holds a BFA from the School of the Museum of Fine Arts/Tufts University, an MA in Gender and Cultural Studies from Simmons College, and an MA in Performance Studies from New York University.

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