AN auction house was forced to admit it got "Banksy-ed" after a piece by the mysterious artist shredded itself after it sold for £1million. Girl With Balloon, one of Banksy's most widely recognised works, was auctioned by Sotheby's in London on Friday night. The framed, stencil spray painting shows a girl reaching towards a heart-shaped balloon and had been the final piece sold, equalling Banksy's previous auction record of £1.04 million. However, in a twist to be expected from street art's most subversive character, the canvas suddenly passed through a shredder installed in the frame. Posting a picture of the moment on Instagram, Banksy wrote: "Going, going, gone..." The 2006 piece was shown dangling in pieces from the bottom of the frame. Alex Branczik, Sotheby's senior director and head of contemporary art in Europe, said: "It appears we just got Banksy-ed." Banksy is a Bristol-born artist whose true identity - despite rampant speculation - has never been officially … [Read more...] about Banksy’s famous Girl with Balloon artwork SELF-DESTRUCTS in shredding frame minutes after it sold for £1m at Sotheby’s auction
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By Nafisa Eltahir DUBAI (Reuters) - Held in private collections for more than 200 years, jewellery that once belonged to France's ill-fated Queen Marie Antoinette has gone on display in Dubai ahead of its planned auction in Geneva next month. Described by British auction house Sotheby's as "one of the most important royal jewellery collections ever to come to auction," the seven pieces are part of an exhibition entitled "Royal Jewels from the Bourbon Parma family" that also includes other items from the storied dynasty's rich history. The French queen's jewels on view include a 49-karat natural pearl and diamond pendant, as well as necklaces, brooches, and earrings valued in total at between $1.5 and 3 million. The collection, which belongs to the Bourbon Parma family, also includes a monogram ring with woven strands of Marie Antoinette’s hair enclosed. Edward Gibbs, Sotheby's chairman for the Middle East and India, said the Middle East had become a highly lucrative market, with … [Read more...] about Marie Antoinette’s jewellery on display in Dubai before auction
A Banksy art-work self-destructs after being sold at auction. (banksy/Instagram)In this undated photo provided by Sotheby's the spray-painted canvas 'Girl with Balloon' by artist Banksy is pictured. Art prankster Banksy has struck again. A work by the elusive street artist self-destructed in front of startled auction-goers on Friday, Oct. 5, 2018 moments after being sold for 1.04 million pounds ($1.4 million). In an Instagram post, Banksy claimed the dramatic artistic payoff had been years in the making. (Sotheby's/via AP)In this grab taken from video on Friday, Oct. 5, 2018 people watch as the spray-painted canvas "Girl with Balloon" by artist Banksy is shredded at Sotheby's, in London, A Banksy artwork self-destructed moments after being sold at auction for 1.04 million pounds ($1.4 million), in a prank apparently orchestrated by the elusive street artist. (Pierre Koukjian via AP) LONDON — The winning bidder for a Banksy painting that self-destructed during an auction last week … [Read more...] about Buyer to keep $1.4M Banksy artwork that self-destructed at auction
A small Renoir painting that was purchased in a “$7 box of junk” at a West Virginia flea market is at the center of a brewing ownership dispute now that evidence has surfaced that the work was stolen.The painting, which was set for an auction since cancelled because of the controversy, has been traced to a collection that belonged to Baltimore resident Saidie May.But how it got from her collection to a flea market is a mystery. And who owns it now is in dispute, according to a story tracing its history by the Washington Post.In a box of documents regarding Saidie May’s collection at the Baltimore Museum of Art, the Post discovered during a visit this month that there is record showing the collector lent the painting to the museum in 1937. The news came as a surprise to museum officials, who already were sure the piece was never at their museum.But now that the museum has placed the work, known as “Paysage Bord du Seine,” an investigation has been launched … [Read more...] about Art Mystery: Who Owns the Tiny Renoir Purchased for $7 at Flea Market?
On May 12, 2006, Manhattan District Attorney (DA) Robert M. Morgenthau announced that L. Dennis Kozlowski, former CEO of Tyco International, would pay US$3.2 million to settle charges of avoiding sales tax on 12 paintings he purchased from art dealers in Manhattan and London. While the amount of Mr. Kozlowski’s settlement is staggering, his story is not unique.In the years leading up to Mr. Kozlowski’s settlement, the Manhattan DA’s Office undertook a broad investigation of galleries that had failed to collect, and buyers who had failed to pay, the required state sales and use taxes. As home to lofty and media-garnering public auction prices and to one of the nation’s highest sales and use taxes, New York City had become a hotbed of art market-related tax fraud and, consequently, tax fraud investigations.Recently, New York law enforcement agencies have renewed their interest in art-related tax evasion by putting buyers under the microscope. … [Read more...] about Re-Emergence of Art Market Tax Investigations and Domestic Freeport as Tax Safe Haven