Art Partners Presentation MSPWM May 7 2012
Transcript of Art Partners Presentation MSPWM May 7 2012
art partners
Art | Asset | Class
Fund Presentation
May 2012
May 2012 Art Partners | Confidential
Art Partners is an off shore partnership focused on art as an investment,
through selectively building a portfolio of Post War and Contemporary works
of art.
Art Partners mission statement is to generate attractive returns on its
portfolio of investments by deploying the skills of the group of professionals
who manage the partnership.
Art Partners I started operating on September 2007 and has thus far returned
to its investors approximately 50% of their committed capital.
Art Partners II is a second fund managed by the same team. This
presentation is made to potential investors.
Introduction
May 2012 Art Partners | Confidential
The Art Market
3 major categories in 20th - 21st centuries art market :
Modern Art
Constantin Brancusi Le Baiser (The Kiss), sold for $3.6M (est. $3-4M) Nov 2005 Christie’s NY
Henri Matisse Bouquet de fleurs pour le quatorze juillet, sold for $28.6M (est. $18-25M) May 2010 Sotheby’s NY
Pablo Picasso Dora Maar au chat sold for $95.2M, May 2006 Sotheby’s NY
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The Art Market at a Glance
3 major categories in 20th - 21st centuries art market :
Post-War Art (WWII)
Donald Judd Untitled (in 10 parts) sold for $4.9M (est. $2.5-4.5M) Nov 2009 Christie’s NY
Andy Warhol Self-Portrait sold for $38.4M (est. $20-30M) May 2011 Christie’s NY
John Chamberlain Big E sold for $4.6M (est. $2-3M) Nov 2007 Sotheby’s NY
May 2012 Art Partners | Confidential
The Art Market at a Glance
3 major categories in 20th - 21st centuries art market :
Contemporary Art
Jeff Koons Balloon Flower (blue) sold for $16.8M (est. $12-16M) Nov 2010 Christie’s NY
David Hammons Untitled sold for $1.5M (est. $1.5-2M), May 2007 Phillips de Pury NY
Urs Fischer Untitled (Lamp/Bear) sold for $6.8 May 2011 Christie’s NY
May 2012 Art Partners | Confidential
The Art Market at a Glance
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US & European auction markets of Post War & Contemporary Art increased from
$254 million (2000) to $2.1 billion (2011)*
Post War & Contemporary Art is the largest growing segment in past decade
China becomes second largest art market in the world (holds 23% in value of
global art sales) and first in art auction revenues
Middle Eastern art market growing, auctions sales totaled $30 million (2010),
Qatar & Abu Dhabi museums, Dubai Art Fair, Abu Dhabi Art Fair.
Christie’s: NY sales (November 2011) realized its second highest Post-War and
Contemporary evening auction total in its history grossing over $300.00 million.
Impressionist & Modern Art evening sales in New York achieved less than low
estimates at Sotheby’s + Christies. In London (June 2011), Christie’s Evening
Sale achieved a remarkable results (Beyeler). Quality is the name of the game
London June 2011 Evening Sales returned to the the level of 2008. Sotheby’s
May 2012 sale second highest sale ever.
Market Overview
May 2012 Art Partners | Confidential
Market Overview – Art Tactic
May 2012 Art Partners | Confidential
Market Overview – Art Tactic
May 2012 Art Partners | Confidential
Major transition in geographical reach & structure (Internet, technology,
online art fairs, auctions, numerous art fairs worldwide) changes how art is
promoted, valued, traded, sold in past few years
Strong recovery in the global art market in 2011 helped by strong Asian
demand
Continued growth of Asian markets (China, HK, India) due to better economic
growths – Sotheby’s and Christie’s HK show 300% sales increase in 2010;
China – the second largest art market (23% of global art sale by value)
Robust demand for high-quality rare works continued to draw high end
buyers in the Post War & Contemporary Market throughout 2011
A Look Ahead
May 2012 Art Partners | Confidential
Market Overview – Mei & Moses Indexes
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Growth of art market and infrastructure in past 10 years increases interest in
art as asset class
Private wealth managers show awareness and increasing interest in offering
wealth management services related to art and collectibles
Well recognized alternative to other investment classes offering:
Investment diversification
Low correlation with other investments or asset classes
Relative inflation proof
Art outperformed equities in all periods between 2000 – 2011 (Mei Moses)
With industry competition and client demand, the private banking sector
focuses on new ideas, constantly evaluating art products
Art as an Asset Class
May 2012 Art Partners | Confidential
Art is one of the best performing asset classes in recent years; contemporary
art market up an average of 25% against FTSE’s 11% and Dow Jones 9%*
Over past decade HNWI increased with 51% to 10.9 million, art investment
accounts for 22% of HNWI’s Passion Investments **
Many passion/emotional investments prove to be resilient in economic
downturns
This phenomenon is likely to grow in line with global growth of HNWI
More investment vehicles in art and similar assets (wine, diamonds)
SWAG *** (silver, wine, art, gold) – professionals imply art could enter
mainstream spectrum of alternative assets
* Art Tactic ** Merrill Lynch Cap Gemini World Wealth Report 2010, 2011 *** Investment Week, 23.9.11
Art as an Asset Class
May 2012 Art Partners | Confidential
Art Partners II
Generate attractive returns by investing into Post-War & Contemporary art
segment.
Capitalizing on art as growing asset class - investment diversification, low
correlation with other investments or asset classes.
Experienced team of art professionals and venture capital professionals;
Investment Committee identical to Art Partners I.
Art Partners I initiated on September 2007 with over $10M under management.
Art Partners II - Profile
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May 2012 Art Partners | Confidential
Use team’s extensive premium network to invest in high quality works of art
Focus on established/mid-career international artists (80%) and
emerging/young artists (20%) – diversified investment
Utilize market fluctuation to maximize returns
Establish criteria for art evaluation: auction record, CV, reputation, quality
(‘AAA’)
Build portfolio provenance - lend, exhibit in high profile art events
Average holding period of 5 years
Strengthened ability to monitor global economic changes (team of Art Partners
now includes Eitan Raff)
Co-Investment strategy - on higher value investments
Investment Strategy
Gil Brandes Amalia Dayan Mark Fletcher
May 2012 Art Partners | Confidential
Chemi Peres Isaac Hillel Eitan Raff Vered Gadish
Art Partners II - Team
Gil Brandes – Founder, Managing Director and Investment
Committee Member
Practices hi-technology law as a partner with Naschitz Brandes & Co
Member of the Acquisition Committee and Co-Chair of Here and Now Acquisition
Group of Israeli Art, The Israel Museum
Member of the Schiff Prize for Figurative Art Committee, Tel-Aviv Museum
Previously served on the Executive Board of Bezalel Academy of Art and Design
and Helena Rubinstein Pavilion Committee of Tel-Aviv Museum
Collector since 1990, initiated contemporary art collection of over 500 works by
acclaimed international and local artists
Holds L.L.B degree, University of Buckingham
Art Partners II – Investment Committee
May 2012 Art Partners | Confidential
Amalia Dayan – Founder and Investment Committee Member
Co-owner of Luxemburg Dayan, A NY and London private dealership
Previously founder and co-owner of the Bortolami Dayan gallery
Director of Gagosian Gallery, New York
Specialist in Contemporary Art at Phillips, de Pury & Luxembourg
Director at Deitch Projects gallery
Holds B.A. Art History, Tel Aviv University; M.A. Art Management , New York
University
Art Partners II – Investment Committee
May 2012 Art Partners | Confidential
Mark Fletcher – Founder and Investment Committee Member
Founded Contemporary Art advisory services, Artha Advisory (1998), providing
all aspects of contemporary art collecting and management with international
presence in Europe, Asia and the US
Previously director of the Anthony d'Offay Gallery, London
Director of Barbara Gladstone Gallery, New York
Holds M.A in International Management, Ecole des Cadres, Paris
Art Partners II – Investment Committee
May 2012 Art Partners | Confidential
Chemi Peres – Investment Committee Member
Managing General Partner and Co-Founder of the Pitango Group
Chairman of Al-Bawader Private Equity Fund
Serves on the boards of numerous Pitango portfolio companies, including publicly
traded ones
Founded Mofet Israel Technology Fund, a VC Fund publicly traded on Tel Aviv
Stock Exchange, co-founded IVA (Israel Venture Association) known as HTIA
Chairman of Israel America Chamber of Commerce. Previously held executive
positions at DSI (Decision Systems Israel), IAI (Israel Aerospace Industries),
board of Koor, board of Ramot
Member of the Board of Trustees of Bezalel Academy of Art and Design
Holds B.Sc and MBA in Industrial Engineering & Management, Tel Aviv University
Art Partners II – Investment Committee
May 2012 Art Partners | Confidential
Isaac Hillel – Investment Committee Member
Managing General Partner, Pitango Venture Capital
Focuses on investments in mobile, wireless, e-commerce
Over 15 years of experience in executive management, in Europe and US
Previously Executive VP, NEC Computers International
Established operation of Packard Bell EMEA
Extensive board-level experience
Holds B.Sc. in Electrical Engineering, Tel Aviv University; MBA, UCLA
Art Partners II – Investment Committee
May 2012 Art Partners | Confidential
Eitan Raff – Chairman of the Advisory Board
Member of the Board of Directors of VeriFone Holdings Inc.
Senior Advisor of Morgan Stanley, Chairman of Aeronautics, Chairman of Jarvinia
Member of the Board of Directors and Member of Audit of Israel Corporation Ltd;
Director and Chairman of EPiC Ltd.; Director of ITS Telecom Ltd.
Previously Chairman of Boards of Directors, Bank Leumi Israel, Bank Leumi UK
and Bank Leumi US (‘95-2010), Chairman of Board of Directors Yozma Venture
Capital (‘93-‘95), Director of Israel Chemical Industries (‘90-‘92), Accountant
General (Treasurer) Ministry of Finance of the Government of Israel (‘79-‘83),
Director of El-Al Israel Airlines (‘79-’83)
Chairman of Management Committee, Hebrew University
Holds BA in Economics and Political Science and MBA, Hebrew University
Art Partners II - Team
May 2012 Art Partners | Confidential
Vered Gadish - Senior Advisor
Director of Outset Contemporary Art Fund, a philanthropic Israeli foundation with
foundations based in UK, Germany, India and Israel
Art Consultant based in Tel Aviv
Previously a curator of Doron Sebbag Art Collection ORS Ltd
Worked at Guggenheim Museum New York at the Public Affairs Dept.; Museum of
Modern Art at the Development & Membership Dept.; Christie’s Tel Aviv
Holds B.A Art History, Tel Aviv University; M.A. Art Management , New York
University
Art Partners II - Team
May 2012 Art Partners | Confidential
Two main levels of investments $150,000 – 600,000; $750,000 – 1,500,000
Frequent visits to art fairs, auctions, dealers, exhibitions previews across the
world
Monitoring professional database tools that analyze international art markets
Routine operational aspects: legal, accounting, finance / professional crating,
shipping / storage / insurance / loaning policy
Monitor exit alternatives for each portfolio investment and enhanced value
during holding period
Art Partners II - Investment Activity
May 2012 Art Partners | Confidential
Target Fund size: US$20.0M - $25.0M [Israel/ROW discussion]
Term of fund: 10 Years
Investment Period: up to 5 years
Annual Management Fee: 2.5%
Carried Interest: 20%
Institutional Investment: US$1,000,000
Private/Individual Investment: US$250,000
Deploy capital on call
Art Partners II - Key Terms
May 2012 Art Partners | Confidential
May 2012 Art Partners | Confidential
Art Partners I Overview
May 2012 Art Partners | Confidential
14 art works by international artists purchased since closing for: $8.45M
Average Acquisition Price ~ $600,000
5 successful exits (see portfolio) – 3 exits made in 2011
Average return on capital – 1.54
IRR on works sold (calculated as a group) – 31.3%
Proceeds from sales equal to $5.9M
Distribution to investors $4.35M + $386,000 (capital commitment reduction)
with reinvested $1.15M
Two co-investments (Damien Hirst, Urs Fischer)
Value of current portfolio - $4.7M (cost basis of current portfolio $4.5M)
John Chamberlain recently sold at Sotheby’s Nov 2011 Sale for $1.5M
Art Partners I – Track Record
May 2012 Art Partners | Confidential
Art Partners I – Portfolio Analysis
May 2012 Art Partners | Confidential
Art Partners I - Return Analysis for Sold/Consigned works
HOLDING PERDIOD
ARTWORKS DETAILS
INVESTMENT DATE
COST BASIS SALES PROCEEDS
DATE OF SALE
ROC GROSSIRR
SOLD Rudolf Stingel Untitled
Oct-07
$620,000 $988,000 Feb-08 1.59 246.9%
SOLD Takashi Murakami Pity
Dec-07 $935,000 $1,500,000 Nov-08 1.60 52.6%
SOLD Cindy Sherman Untitled Film Stills
Oct-07 $396,000 $550,000 May-11 1.39 9.8%
SOLD Takashi Murakami Bokan
Feb-09 $962,000 $1,400,000 May-11 1.46 18.2%
SUBTOTAL SOLD $2,913,000 $4,438,000 1.53 35.9%
Recently Sold
John Chamberlain Blue Flushing
Jun-09 $935,000 $1,500,000 Nov-11 1.60 21.6%
SUBTOTAL CONSIGNED
$935,000 $1,500,000
TOTAL
$3,848,000
$5,938,000
1.54
31.3%
May 2012 Art Partners | Confidential
Art Partners I Portfolio Highlights
Works sold (2011)
Takashi Murakami Bokan - camouflage pink, 2009 Acrylic on canvas 300x300cm Purchase: $962,000 Feb/09 Sold: $1,400,000, May/11 Sotheby’s NY ROC: 1.46 IRR: 18.2%
May 2012 Art Partners | Confidential
Works sold (2011)
Cindy Sherman Untitled (Film Still #5), 1977 Black and white photograph 76x101cm Purchase: $396,000, Oct/07 Sold: $550,000, May/11 Sotheby’s NY ROC: 1.39 IRR: 9.8%
May 2012 Art Partners | Confidential
Works sold (2011)
John Chamberlain Blue Flushing, 1975 Painted and chromium-plated steel 140x75x158cm Purchase: $935,000, Jun/09 Sold: $1,500,000, Nov/11 Sotheby’s NY ROC: 1.60 IRR: 21.6%
May 2012 Art Partners | Confidential
‘John Chamberlain early welded-iron sculpture was heavily influenced by Abstract Expressionism. In 1957 he moved to New York where he made his first works out of crushed car parts, a practice for which he became immediately recognized and recognizable.
Much discussion surrounding his work has centered upon his sympathy for the objet trouvé and his chance inventions, elements common to the art of Marcel Duchamp, John Cage and others.
The relationship between his use of cultural waste and the implied violence of his constructions is an issue which harmonizes equally well with his perceived allegiance to modern American painting.’ -Museum of Modern Art, New York
May 2012 Art Partners | Confidential
- Continued
Rudolf Stingel Untitled, 2004 Oil & enamel on canvas, 240x200cm Purchase: $620,000 Oct/07 Sold: $988,000 Feb/08 C’s London ROC: 1.59 IRR: 246.9%
Takashi Murakami Pity, 1997 Acrylic on canvas 61x50.8 each (5 panels) Purchase: $935,000 , Dec/07 Sold: $1,500,000 Nov/08 Sotheby’s NY ROC: 1.60 IRR: 52.6%
May 2012 Art Partners | Confidential
Works sold (2008)
Works acquired (2011)
David Hammons Untitled, 2009 Mixed media 233.7x183cm Purchase: $915,750 Mar/11 May 2012 Art Partners | Confidential
Works acquired (2011)
Urs Fischer To be Titled (Foxmask/Green Chair), 2010 Silkscreen print on mirror-polished stainless steel sheets, edition ½ 4 parts:2x120.7x108.1x162.9cm; 2x 107x81.6x89.9cm Purchase: $395,000, Dec/10 Co-investment
May 2012 Art Partners | Confidential
Previously acquired works
Damien Hirst Serenity, 2007 butterflies and household gloss on canvas 223.5cm framed diameter Purchase: $1,540,000, Apr/08 Co-investment May 2012 Art Partners | Confidential
The first artist to have a 3-part
solo auction at Sotheby’s
London with 100% lots
sold on September 2008
(Eve of LB collapse)
Expected to have major
Retrospective exhibition at
Tate, London 2012
‘‘Damien Hirst’s wide-ranging practice – installations, sculpture, painting and drawing – has sought to challenge the boundaries between art, science and popular culture. His energy and inventiveness, and his consistently visceral, visually arresting work, has made him a leading artist of his generation.’ -White Cube Gallery, London
May 2012 Art Partners | Confidential
- continued
Previously acquired works
Donald Judd Untitled (89-49 Ballantine), 1989 Douglas Fir plywood wall boxes 4 units, 50x100x50cm/each Purchase: $1,100,000, Jul/08
May 2012 Art Partners | Confidential
‘One of the most significant American artists of the Post-War period, Donald Judd changed the course of modern sculpture. Judd became known as one of the key exponents of ‘Minimalism’, but it was a label that he strongly rejected…he preferred to describe his own work as ‘the simple expression of complex thought’.
Judd broke new ground in his exploration of volume, interval, space and color. By encouraging concentration on the volume and presence of the structure and the space around it, Judd’s work draws particular attention to the relationship between the object, the viewer, and its environment.’ Tate Modern, London
May 2012 Art Partners | Confidential
- continued
Previously acquired works
Franz West Untitled, 2007 papier-mâché, paint, metal 126x109x74cm base: 46x102x77cm Purchase: $247,500, Feb/08
May 2012 Art Partners | Confidential
Previously acquired works
Sol LeWitt
Wall drawing #1185, Scribbles 1 October, 2005 Graphite on wall 305x305cm (loan Centre Pompidou Metz) Purchase: $385,000, Oct/09
May 2012 Art Partners | Confidential
Previously acquired works
Anselm Reyle Untitled, 2008 Mixed media on canvas 250.2x199x25cm Purchase: $264,000, Apr/08
May 2012 Art Partners | Confidential
‘For Anselm Reyle, revisiting Modernism opens a wealth of possibilities. Resurrecting the styles, genres, and concepts of 20th century art history, Reyle adopts formalism whole-heartedly, embracing both the integrity of the original movements, as well as their contemporary renditions in the form of graphic design and Ikea décor.
Addressing the commodification of culture, Reyle reclaims the cliché and the kitsch to create his own brand of ‘authenticity’, meeting the shifting aspects lifestyle and art industry demands.’ -Saatchi Gallery, London
- continued
May 2012 Art Partners | Confidential
Portfolio Highlights Israeli works
Avner Ben Gal Power Plant, 2007 Acrylic on canvas 180x220x3cm Purchase: $30,000, May/09
May 2012 Art Partners | Confidential
Portfolio Highlights Israeli works
Gil Marco Shani Untitled, 2008-9 Acrylic and marker on canvas 240x190cm Purchase: $17,500 , Mar/09
May 2012 Art Partners | Confidential
Portfolio Highlights Israeli works
Yehudit Sasportas The Last Name, 2008 Ink on MDF (diptych) 200x150cm (each) Purchase: $38,000 , Oct/09
May 2012 Art Partners | Confidential
Portfolio Highlights Israeli works
Shai Azolay Hammock #3, 2010 Oil on canvas 192x208cm Purchase: $14,500 Feb/11 May 2012 Art Partners | Confidential
May 2012 Art Partners | Confidential
Art Partners I invested in 14 art works by international artists purchased
$8.45M
5 successful exits with proceeds of $5.9M (return on capital for the works sold
equal to x1.54 and Gross IRR 31.3%)
Distribution to investors $4.35M + $386,000 commitment reduction,
reinvested $1.15M
John Chamberlain sold at Sotheby’s November 2011 sale for $1.5M
Art as investment valid investment tool, a growing asset class with relatively
low risk compared to other liquid and non-liquid assets
Market becoming more transparent with steady research published
Experienced professional team with track record and strong connections
continue to lead the fund
Art Partners I - Summary
Exclusive access to active database upon request (password protected area in
fund’s website, Artnet, ArtTactic – periodical conference call with ArtTactic CEO),
periodical newsletters, online events calendar (available on fund’s website)
Annual investors’ events in conjunction with a major artistic event (Gallery
Weekend Berlin, Venice Biennale, Fresh Paint Art Fair)
On-line information and newsletter about major art events & galleries’
recommendations
Invitations to major art events and programs
Art Partners II - Investors Program
May 2012 Art Partners | Confidential
Art as investment valid & secured investment tool, a growing asset class
Relatively low risk compared to non-liquid assets, in general low correlation to
other asset classes
Market is getting more confident and solid. Better visibility, optimistic forecast
Experienced professional team with track record and strong connections continue
to lead Art Partners
Like in the first fund, continue to invest in works by recognized artists, many of
whom with proven auction record
Art Partners - Summary
May 2012 Art Partners | Confidential
‘Making money is art and working is art and
good business is the best art’
-Andy Warhol
www.artfunds.com
May 2012 Art Partners | Confidential
Thank You!
May 2012 Art Partners | Confidential
The Art Market – Key Players
100 influential artists: Damien Hirst, Jeff Koons, Cindy Sherman, Ai Weiwei,
Takashi Murakami, Franz West, Marina Abramovic
50 influential galleries mostly in NYC and London (over $10M annual) –
Gagosian – branches in New York (3), LA, London (2), Rome, Paris, Athens,
Geneva and office/representation in HK and Israel
Hauser & Wirth - branches in London (2), Zurich, New York
Pace Gallery – branches in NY (4), Beijing, Pace Prints/Primitive
10 dominant museums directors: Hans Ulrich Obrist, Glenn Lowry, Sir
Nicholas Serota, Adam Weinberg, Jeffrey Deitch
15 key collectors: Eli Broad, François Pinault, Charles Saatchi, Dakis Joannou,
Steven Cohen, Victor Pinchuk
5 major international art exhibitions: Venice Biennale, Whitney Biennial,
Documenta, Sao Paulo Biennial, Istanbul Biennial
May 2012 Art Partners | Confidential
4 Major Art Fairs
Art Basel – premier international art fair (1969) each June. In 2010
nearly 300 galleries from around the globe, more than 2,500 artists,
attendance 62,500 visitors
May 2012 Art Partners | Confidential
Art Market– Major Trade Fairs
Art Basel Miami Beach – sister fair to Art Basel every December. In
2010 showing 250 galleries, 2,000 artists with 46,000 visitors
The Armory Show – New York art fair (1998) taking place every
March. In 2010 nearly 290 galleries and 60,000 visitors
Frieze Art Fair – London art fair (2003) every October. In 2010 showing 173 galleries, 1,000 artists and over 60,000 visitors
FIAC, ARCO, VOLTA, , Art Cologne, HK Art Fair, Art Forum, Art Dubai …
May 2012 Art Partners | Confidential
Sotheby’s
Established in 1744 in London, a publicly traded auction house, operates in 40
countries with 4 major centers (NY, London, Paris, HK). Stock now fully
recovered (from $6.50 during Q1 2009 to over $50.00 during Q1 2011)
2010 brought best financial results for Sotheby's in its 267-year history, apart
from 2007
Contemporary Evening Art sales:
Nov/11 New York - totaled $315.8M
Oct/11 London – £17.8M / $28M
June/11 London - £108.8M / $174M (versus June last year - £90.7M)
May/11 New York - $128.1M
Feb/11 London – £44M / $71M
Nov/10 New York - $222.4M (versus November last year - $134.4M)
Art Market – Major Auction Houses
May 2012 Art Partners | Confidential
Christie’s
Established in 1766 in London, a privately owned auction house, operates in 32
countries with 10 salesrooms
In 2009 consolidates sales totaled $3.3 Billion
The First half of 2010 sales totaled $2.57 Billion
Contemporary Evening Art sales:
Nov/11 New York - totaled $247.6M
Oct/11 London – £55.6M / $87.6M
June/11 London –£78.8M / $125.8M (versus June last year - £45.6M)
May/11 New York – $301.6M
Feb/11 London – £61.3M / $99M
Nov/10 New York - $272.8M (versus November last year - $74.1M)
Art Market – Major Auction Houses
May 2012 Art Partners | Confidential
Phillips De Pury & Company
Established in 1776 in London
In 1999 bought by Bernard Arnault (LVMH), merged with private dealers
Since 2008 owned by Mercury Group (Russian luxury retail); operations in 6
countries around the world
Focuses on emerging, younger artists, design, editions
Contemporary Evening Art sales:
June/11 London – totaled £11.2M / $16.9M (versus June of last year - £4M)
May/11 New York – $98.8M (versus May of last year-$38M -3 times higher than May/09)
Feb/11 London – £5.4M / $8.7M
Nov/10 New York – $19.9M + $117M for ‘Carte Blanche’ sale (191% more than Nov/09)
Art Market – Major Auction Houses