Friday, February 3, 2017

"Sotheby’s Hires Wall Street Vet to Head Private Sales" (BID)

From ArtNews:
America in 2017 is not a bad time to be a Wall Street lifer. Not only can you go from foreclosing on 90-year-old women with 27-cent payment errors to having the Republican party suspend committee rules in an attempt to get you confirmed as treasury secretary, but you can also make the leap from being a managing director at J.P. Morgan to being head of private sales at one of the world’s biggest auction houses.

Today, Sotheby’s announced that David Schaefer—a contemporary art collector who has spent his career on the Street at outfits such as Bear Stearns and Credit Suisse before landing at J.P. Morgan—will become head of private sales, where he will work with the contemporary team to sell work the world over.

“David successfully combined a passion for art and business to build an enviable collection,” Amy Cappellazzo, chairman of Sotheby’s Fine Art Division, said in a statement. “Over a 20-year period, he systematically refined his collection through thoughtful acquisitions and sales, gaining the respect of prominent dealers and collectors. His talent as a seasoned market player and collector is a formidable addition to our team and his appointment is another step forward as we continue to harness the dynamic changes impacting the art world today.”...MORE
The three (reputedly) most expensive paintings were all traded privately:

"Qatar Purchases Cézanne’s The Card Players for More Than $250 Million, Highest Price Ever for a Work of Art"
Cézanne, The Card Players
$259 million- April 2011

Questions Americans Are Asking: "Are Paintings Pricier than Soccer Players?"
Gauguin, When Will You Marry?
$300 million February 2015

Ahem. The Art Market May Still Be Alive: Speculation That Citadel’s Kenneth Griffin Spent $500 Million On a 2-Piece Private Sale
deKoonig, Interchange 
$300 million September 2015

We happened to have a post on each one.