Buying million-dollar art pieces for your home? The bathroom may be the best place to exhibit them
Experts say that an artwork should not be purchased just because it’s considered an “important” one.
By Bloomberg | Updated:
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By Benjamin Solomon
Where does one of the world’s leading collectors of French and Italian bronze sculptures display his most prized pieces? The bathroom, of course.
Architect Peter Marino discussed his unusual method for displaying his collection during a conversation with Dominique Lévy of Lévy Gorvy Gallery and Bloomberg arts columnist James Tarmy at Bloomberg’s The Year Ahead: Luxury summit on Thursday. Hosted at Bloomberg’s headquarters in Manhattan, the conference was a first for the lifestyle group Bloomberg Pursuits. Speakers included hotelier Ian Schrager, Hermès U.S. President and Chief Executive Officer Robert Chavez, Equinox CEO Harvey Spevak, as well as executives from Cartier, Shinola, and Goop.
Marino argued that his art was not for long- or short-term investment, but for the enhancement of his everyday life. (In an audience poll, 68 percent agreed they’d buy art in the next year to beautify their personal space while only 8 percent would purchase to store value for the long-term future.) That’s why, Marino said, he places selections from his collection in an intimate setting.
Scribbles, Scratches And Other Abstract Pieces Of Art That Made Millions
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Who says a scribble or a scratch is worthless? Check out these abstracts which sold for a fortune thanks to their minimalistic allure.
Who says a scribble or a scratch is worthless? Check out these abstracts which sold for a fortune thanks to their minimalistic allure.
Cost: $70.5 million
What seems like chalk scribbles on a slate is actually an oil-based house paint and crayon artwork on canvas by Edwin Parker ‘Cy’ Twombly Jr, which fetched a record price for the artist in Christie’s 2014 sale. Part of Twombly’s ‘blackboard’ paintings, the 1970 artwork is inspired by his stint in Pentagon as a cryptologist. What’s interesting is the way he produced this artwork. He sat on the shoulders of a friend, who kept on walking along the length of the canvas, enabling Twombly to create fluid lines. The painting’s then owner, Audrey Irmas, a philanthropist, parted with the painting to raise funds for her foundation for social justice. Interestingly, Irmas bought the painting for $3.85 million in 1990.
(Image: www.christies.com)
Cost: $70.5 million
What seems like chalk scribbles on a slate is actually an oil-based house paint and crayon artwork on canvas by Edwin Parker ‘Cy’ Twombly Jr, which fetched a record price for the..
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Cost: $1.65 million
Once part of the Robert and Jean Shoenberg collection, this 1961 artwork came into the market at Christie’s 2008 sale. Kelly was a camouflage artist during his stint in the army in the 1940s. He was a part of the unit known as ‘the Ghost army’ comprising artists and designers who painted objects that would misdirect enemy soldiers.
(Image: www.christies.com)
Cost: $1.65 million
Once part of the Robert and Jean Shoenberg collection, this 1961 artwork came into the market at Christie’s 2008 sale. Kelly was a camouflage artist during his stint in the army ..
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Cost: $86.88 million (including buyer’s premium)
The vibrant orange, red and yellow coloured rectangles was part of art collector David Pincus’s estate and was brought to the market by Christie’s in 2012 where its sale set the record for post war/ contemporary art at the time. Rothko’s 1961 work was in Pincus’s possession for four-and-a-half decades. The final bid was double the highest estimate of the artwork.
(Image: www.markrothko.org)
Cost: $86.88 million (including buyer’s premium)
The vibrant orange, red and yellow coloured rectangles was part of art collector David Pincus’s estate and was brought to the market by Christie’s i..
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Cost: $16.2 million
The 24 sharp vertical tears on a crimson, water-painted seven- foot wide canvas was contested for about a minute and 30 seconds during Sotheby’s 2015 auction. Yet, the painting was sold below the low presale estimate of $15 million. Turns out, Fontana was inspired to paint this artwork watching Red Desert, a 1964 movie created by Michelangelo Antonioni, which won the Golden Lion in that year’s Venice Film Festival. In fact, the inscription on the back of the painting, in Italian, reads, “I returned yesterday from Venice, I saw Antonioni’s film!!!”
(Image: www.sothebys.com)
Cost: $16.2 million
The 24 sharp vertical tears on a crimson, water-painted seven- foot wide canvas was contested for about a minute and 30 seconds during Sotheby’s 2015 auction. Yet, the painting ..
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Cost: $84.16 million
Newman’s 1961 stark black palette on a pale canvas was part of Christie’s post-war and contemporary evening sale auction in 2014. Newman started dabbling in abstract expression while he was mourning the death of his younger brother George. About the painter’s black fixation, art expert Thomas Hess recalled Newman saying, “When an artist wants to change, when he wants to invent, he goes to black as it is a way of clearing the table-of getting to new ideas.” The painting is in the possession of a private collector now. Its previous owner had the painting for nearly 40 years.
(Image: www.christies.com)
Cost: $84.16 million
Newman’s 1961 stark black palette on a pale canvas was part of Christie’s post-war and contemporary evening sale auction in 2014. Newman started dabbling in abstract expression..
“I have a large bronze collection, and I move it all the time,” he said. “I’ll put a [sculpture] next to my sink, where I can get a really good look at it. You wake up in the morning, it’s the first thing you see, and it’s the last thing you see before you go to bed.”
More predictable locations around his house, he said, don’t interest him. “You learn about it infinitely more than if you put it in the mantle in the living room,” he said. “Who looks at the mantle?”
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Lévy has her own philosophy for displaying art. “You don’t need to have a big, white wall with a picture in the middle,” she said. “You have so many different ways to install art, and I don’t think this is something we ever talk about.” How collectors exhibit their work, she said, is “a place where you can be quite creative, and quite courageous.”
It’s not just about aesthetics. Sometimes, where your art lives can affect whether you want to keep it or get rid of it.
“What I always say to a client when he wants to sell a piece of art is: ‘Why don’t we change [how it hangs on] the wall first, and then we’ll see?” Lévy said.
Marino announced earlier this summer that he would be opening his own art center in Southampton, on New York’s Long Island. During the discussion at Bloomberg, the 69-year-old architect said that his “fantasy is that when I retire in 20 years, I’ll be able to run it.”
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Lévy expressed reservations about the growing trend of individuals who expressly purchase art for their private museums.
“I have mixed feelings about foundations,” she said. “They’re either done for a romantic and idealistic idea, namely to enhance daily life and cultural life, or you have foundations that are—bluntly—ego trips.” (She added that she has no doubt that Marino’s foundation was born out of altruistic motives.)
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Both Lévy and Marino scoffed at the idea that an artwork should ever be purchased because it’s considered an “important” one.
“Buy it because it’s meaningful, relevant, beautiful,” said Lévy.
Monumental Losses: When Fire, Seflies And Untied Shoelaces Ruined Famous Artefacts
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A fire at Brazil’s 200-year-old National Museum destroyed artefacts worth over $20 million.
Here are other tragedies that wiped out pieces of history:
(Text: Aarti Bhanushali)
(Image: AP)
A fire at Brazil’s 200-year-old National Museum destroyed artefacts worth over $20 million.
Here are other tragedies that wiped out pieces of history:
(Text: Aarti Bhanushali)
(Image: AP)
Museum of Modern Art (MoMA), New York
In 1958, an accident involving a group of electricians working at MoMA led to a massive fire, which ended in tragedy. Reports claimed a spark from one of the workmen’s cigarettes landed on some sawdust, which quickly went up in flames, thus igniting a massive fire. Apart from the human toll, the blaze also damaged works of art including an 18.5-foot Monet titled ‘Water Lilies’, were charred.
(Image: www.moma.org)
Museum of Modern Art (MoMA), New York
In 1958, an accident involving a group of electricians working at MoMA led to a massive fire, which ended in tragedy. Reports claimed a spark from one of the w..
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Louvre Museum, Paris
The home to the emblematic portrait of ‘Mona Lisa’ was threatened by nature’s wrath when rising waters from the Seine River and heavy storms caused the authorities to shut the museum in 2017. Torrential rain caused water to leak into the Louvre’s Islamic Art and Eastern Mediterranean galleries. According to the museum, two of Poussin’s 17th century Four Seasons painting series, ‘Spring and Autumn’ (top pic, left & right), and De Troy’s 1736 ‘Triumph of Mordecai’ (bottom pic), were damaged and had to be removed from the galleries.
(Image: www.metmuseum.org & www.louvre.fr)
Louvre Museum, Paris
The home to the emblematic portrait of ‘Mona Lisa’ was threatened by nature’s wrath when rising waters from the Seine River and heavy storms caused the authorities to shut the ..
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Norcia, Italy
Around the town of Norica, Italy, a 6.6-magnitude earthquake hit the area in 2016. The painting, ‘The Forgiveness of Assisi,’ by French artist Jean L’ Homme, painted in 1631, was kept in Santo Stefano church. Due to the church’s proximity to the earthquake, the church was destroyed. Thieves who stole the painting ignored the risk of the church collapsing on them when they cut the painting from its frame.
(Image: AP)
Norcia, Italy
Around the town of Norica, Italy, a 6.6-magnitude earthquake hit the area in 2016. The painting, ‘The Forgiveness of Assisi,’ by French artist Jean L’ Homme, painted in 1631, was kept ..
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Milan Art Museum
Things quickly went south for an Italian student looking for a photo-op. The enthusiastic lad broke an early 19th-century statue by hopping in its lap to snap some selfies. Titled ‘The Drunken Satyr’, the work fortunately was a copy of an ancient Greek sculpture.
(Image: Glyptothek, Munich & Nicola Vaglia/Corriere della Sera)
Milan Art Museum
Things quickly went south for an Italian student looking for a photo-op. The enthusiastic lad broke an early 19th-century statue by hopping in its lap to snap some selfies. Titled ‘..
Read More
Fitzwilliam Museum, England
The cardinal rule for entering any space with priceless art: tie your shoelaces. In 2006, Nick Flynn, a visitor to the Fitzwilliam Museum, accidentally tripped on his untied shoelace. The only thing that broke his fall were three 17th century Chinese Qing Dynasty vases worth 500,00 pounds. While Flynn escaped unhurt, the vases were not so lucky. They shattered into 400 pieces and Flynn was reportedly banned from the museum.
(Image: www.fitzmuseum.cam.ac.uk)
Fitzwilliam Museum, England
The cardinal rule for entering any space with priceless art: tie your shoelaces. In 2006, Nick Flynn, a visitor to the Fitzwilliam Museum, accidentally tripped on his un..