Art News. Vasari Codex

paint drippings art industry news may 2 2639285

This week's art industry roundup covers major developments including the sale of Frieze to Hollywood powerbroker Ari Emanuel for $200 million, the opening of Frieze New York amid a cautious market, and the appointment of Alexander Rotter as global president of Christie's. Other highlights include the collapse of a record $32 million Gustav Klimt sale due to restitution issues, Phillips adding country-of-origin details to lot descriptions due to tariff confusion, and gallery moves such as Petzel now representing Tschabalala Self and Hauser & Wirth selling its Upper East Side townhouse for $10.5 million. The Mellon Foundation announced $15 million in emergency funds for state arts councils to offset cuts by the National Endowment for the Humanities.

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32 million klimt sale falls through 2637831

The record-setting $32 million sale of Gustav Klimt's "Portrait of Fräulein Lieser" (1917) has fallen through after a restitution settlement failed to resolve gaps in its provenance. The painting, discovered in early 2024 and sold at Im Kinsky auction house in Vienna to an anonymous Hong Kong buyer in April, was mired in controversy over its history during the Nazi era. The work's whereabouts between 1925 and 1961 were unknown, a period including Austria's annexation by Nazi Germany. The auction house proposed the work was commissioned by Henriette Lieser, who was deported and murdered at Auschwitz, but conflicting theories about the sitter's identity and the painting's path through a Nazi party member's family complicated restitution efforts. A new potential legal heir emerged after the sale, and the buyer ultimately pulled out.

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