Art Word – Donald Judd’s House, Becoming a Museum

Photo courtesy: Todd Heisler/The New York Times

Photo courtesy: Todd Heisler/The New York Times

Two statements by the artist Donald Judd turned out to be remarkably prescient about the ramshackle-beautiful cast-iron building on Spring Street he bought in 1968 for use as his home and studio.

“One threat,” he wrote about the blocks around him — which only then, three years after he moved in, were becoming known as SoHo — “is that some of the attributes of Greenwich Village may develop: tourist shops and restaurants, bad art and high rents.”

In light of how quickly and thoroughly that threat came to pass, the second statement seems like wishful thinking. “I’ve always needed my own work in my own space,” he wrote, adding dramatically, “The brief time of gallery and museum exhibitions would be ultimately fatal if it were not for the permanence of my own installations.” (more…)

Art Word – Steve Wynn Sells Picasso

William and Donna Aquavella, left, with the casino owner Stephen Wynn and his wife, Elaine, in front of "Le Rêve" in 2001/Photo courtesy: Las Vegas Review-Journal, via AP

William and Donna Aquavella, left, with the casino owner Stephen Wynn and his wife, Elaine, in front of “Le Rêve” in 2001/Photo courtesy: Las Vegas Review-Journal, via AP

Less than two weeks after SAC Capital Advisors, the hedge fund owned by the billionaire trader Steven A. Cohen, agreed to pay the government $616 million to settle accusations of insider trading, Mr. Cohen has decided to buy a little something for himself.

A renowned art collector, Mr. Cohen has bought Picasso’s “Le Rêve” from the casino owner Stephen A. Wynn for $155 million, according to a person with direct knowledge of the sale who was not authorized to speak publicly. Although prices for top works of art have soared to new heights recently, Mr. Cohen’s acquisition is one of the most expensive private art sales transacted. (more…)

Art Word – Disconnect in the Art Market

Andy Warhol's "Double Elvis" was done in 1963.

NEW YORK — The sales of postwar and contemporary art that took in $388.5 million at Christie’s and $266.6 million at Sotheby’s this week conclusively proved that the disconnect of the art market from the broader economy is now radical. (more…)

Art Word – “The Scream” Sells for $119.9 Million

The work, a pastel on board, is one of four versions created by Edvard Munch; the other three are in museums in Norway. The buyer bid over the telephone.

It took 12 nail-biting minutes and five eager bidders for Edvard Munch’s famed 1895 pastel of “The Scream” to sell for $119.9 million, becoming the world’s most expensive work of art ever to sell at auction. (more…)