July 2006
The Cottelston Bulletin

Michael S. Sellinger

Lead by robust auctions, the art market started the summer strong. In May, the contemporary auctions in New York raised $432 million with 85 lots selling for more than $1 million, up from $388 million and 69 lots in November. Then in June, London saw record auction results the same week the most expensive painting ever was sold. Gustav Klimt's "Adele Bloch-Bauer I" from 1907, which was sold privately for $135 million.

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Known as "Golden Adele" due to the glowing decorative motifs in the floor-length gown, swirling backdrop and flecked wall behind, the painting is one Klimt's most acclaimed works. In the hothouse atmosphere of turn-of-the-century Vienna, Klimt won fame as the portraitist of the upper class, women in particular. At the time of his death in 1918, he was Austria's leading modern artist.

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Also in June, the 37 th edition of Art Basel saw record attendance and brisk sales. While most of the world was watching the world cup, the art world was treated to its own version of soccer madness with the premiere of "Zidane, a 21st-century portrait" by Douglas Gordon and Philippe Parreno. 4,000 collectors watched the premiere of the film at Art Basel, while the Guggenheim and Museum of Modern Art (MOMA) both bought copies.

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Opening August 30 th , Cottelston Advisors is pleased to present Goldsmiths: MFA 2007 Survey . The exhibition celebrates the impact of Goldsmiths College and the London art scene by featuring the work of 13 students. Goldsmiths has one of the most competitive Visual Arts programs in the world; numerous past graduates have won the illustrious Turner Prize, including Damien Hirst. The show will be held through September 16th at White Box, 525 West 26 th Street. Major support for the exhibition is being provided by Somerset Partners, LLC.