Art - Azzet - Business news, investments companies & executives

Sign inJoin Now

Art

Art
High-end lots drive fine art auction sales decline
The art market continues to shift with fine art auction sales contracting 10% year-over-year in H1 2025, marking a third consecutive first-half decline. Despite the United States economy beginning to show strength, with April’s tariff announcement leading to recovery and wealth rising, the Bank of America shows that the art market continues to lag. There has been a slowdown in eight-figure lots, which have skewed the down-sale totals this year, while an uptick in activity has taken hold across entry-level price points. In the first half of 2025, transactions above US$10 million plummeted by 44% from the same period prior and 72% from the post-pandemic peak in H1 in 2022. In higher price points, this is more pronounced. For lots over $50 million, 13 were sold in H1 2022, while there were none in the first half of this year. While there is turmoil for high-end art sales, the rest of the market appears to be moving in a positive direction. Despite art priced above $10 million declining year-over-year in the May 2025 evening sales, those below $10 million rose by 17%. For the total amount of transactions, 2025 saw the second-highest number of H1 lots sold since 2016, surpassing 2023, which was another down year fo
Art
NSW regional galleries spared crisis with $15.4m funding
Regional arts organisations across New South Wales have welcomed A$15.4 million in new state funding that will support 62 groups over the next two years, easing fears of closures following last month’s shock rejections from Create NSW’s four-year grants program. Labor announced last Thursday that Create NSW’s Arts and Cultural Funding Program (ACFP) will distribute $7.5 million to 31 regional organisations, including 10 galleries. The remaining funds will be split between Sydney-based organisations and individual arts projects, supporting almost 1,300 artists and workers. The announcement came after more than half of applicants - 76 of 158 - were rejected for four-year funding in July, leaving many established organisations scrambling to apply for shorter-term support. With regional galleries’ success rate falling below 18%, concern had grown that the state was shifting financial responsibility onto already stretched local councils. Dr Tracey Callinan, chief executive of Regional Arts NSW, said she was “very pleased” with the outcome. “This is a really positive response and one that acknowledges that regional arts has great value, but its own challenges too,” she said. “Not everybody has been funded, but that is
Art
World's first AI art auction faces backlash from artists
Christie’s auction of art created with AI has been met with outrage from thousands of artists who claim the technology behind the work is “mass theft”. The Augmented Intelligence art auction has been described by Christie’s as the world’s first AI-dedicated sale by a major auctioneer and is set to feature 20 pieces with prices ranging from A$10,000 to $250,000. A letter from artists calling for the cancellation of the auction has gained worldwide momentum, garnering almost 6,000 signatures of support. “Many of the artworks you plan to auction were created using AI models that are known to be trained on copyrighted work without a license,” the letter said. “These models, and the companies behind them, exploit human artists, using their work without permission or payment to build commercial AI products that compete with them. “Your support of these models, and the people who use them, rewards and further incentivises AI companies’ mass theft of human artists’ work. “We ask that, if you have any respect for human artists, you cancel the auction.” The use of copyrighted work to train generative AI models has become a large source of controversy in the creative industries with authors, publishers and music labels l
Art
October arts: Grand Egyptian Museum, Art Basel Paris star
Egypt’s highly-anticipated Grand Egyptian Museum in Giza partially opened to the public today, as part of a trial run before its official opening. The museum welcomed the public to 12 exhibition galleries for its trial period. Its final opening date is not yet set. The Grand Egyptian Museum extends across 120 acres, making it one of the largest museums in the world. It will display over 100,000 artefacts, such as sarcophagi, statues, and paintings. The collection will feature treasures from Tutankhamun’s tomb, including the young pharaoh’s mummified body. However, these galleries are not part of the trial run. Tutankhamun’s treasures were insured for US$900 million in 2019. While construction on the museum began in 2012, its completion has been delayed several times, most notably due to the weak Egyptian pound, covid, and political turmoil. Art Basel Paris kicks offMeanwhile, Art Basel Paris began in the French capital today. The art fair, held at the newly renovated Grand Palais, will bring in 195 galleries from October 16-20. The art market has been in a slump in recent years, with Sotheby’s auction sales down by 25% in the first half of 2024. But Art Basel Paris’ first day reported solid sales. The top seller
Art
It's World Smile Day. So you want to buy a Banksy?
Purchasing an original Banksy artwork is a significant investment that requires careful consideration and due diligence. Here’s a comprehensive guide to help you navigate the process, focusing on verification and ownership options.Verification1. Pest Control Office (PCO) Certification: The most crucial step in verifying a Banksy artwork is obtaining a Certificate of Authenticity (COA) from Pest Control Office (PCO), the only official body authorised to authenticate Banksy’s works. Established by Banksy in 2008, PCO ensures the legitimacy of artworks and protects buyers from forgeries. 2. Application Process: To obtain a COA, you must apply through the PCO website. If the application is successful, PCO will issue a certificate that includes unique identifiers such as a serial number and specific design elements to prevent counterfeiting. 3. Trusted Sources: Always purchase Banksy artworks from reputable galleries, auction houses, or platforms that work directly with PCO. Avoid private sales or unverified online listings, as these can be risky and may involve counterfeit pieces.Ownership Options1. Prints and Editions: Banksy’s works are available in various formats, including signed and unsigned prints, limited editions, an

Art
Uncovering the 'hidden' works of street artist Will Coles
Will Coles, a renowned street artist, has left an indelible mark on Sydney’s urban landscape with his unique and thought-provoking concrete sculptures. His works, often hidden in plain sight, challenge viewers to reconsider their surroundings and the objects they encounter daily. The Artist and His Medium Will Coles is celebrated for his innovative use of concrete to create sculptures that blend pop culture and conceptual art. His pieces often depict everyday objects, such as squashed drink cans, balaclavas, and remote controls, reimagined in concrete. This choice of medium not only adds a sense of permanence to his works but also contrasts sharply with the ephemeral nature of traditional street art. Will Coles’ street art is strategically placed throughout Sydney, often in locations that encourage interaction and contemplation. Here are some specific spots where you can find his intriguing concrete sculptures: Concrete Balaclavas Newtown: Look for these pieces around King Street, particularly near the Newtown Train Station. The balaclavas are often placed on walls and in alleyways, blending into the urban fabric. Surry Hills: You can find balaclavas near Crown Street, especially around the creative hubs an