The State of the Art Market 2020
The international art market has always been an in-person world. What happened to it in 2020 when, due to Covid-19, all the major auction houses, art fairs, and galleries closed their locations for business, rescheduled their main events of the year and restricted art access to on-line viewing rooms?
Technology came to the rescue! The results of July’s online live auctions for Sotheby’s, Christie’s, and Phillips surpassed all expectations and proved market’s confidence in art as an asset class.
Where exactly does the art market stand now against the current backdrop of no in-person events, record drop in economic activity around the world, geopolitical instability, devaluation of the U.S. dollar, and the “everything rally” in financial assets and what’s next will be discussed by the panel of art market veterans.
(Moderator) Viktoria Prigarina - Principal, Concordia;
Board Member, CBS Alumni Club of NY
Bonnie Brennan, Chairman of Business Development, Christie's Americas
C. Hugh Hildesley, MBE, Former Executive Vice President, Vice Chairman, Sotheby’s Americas
David Norman, Chairman of the Americas, Phillips; founder, David Norman Fine Art, llc.
Loring Randolph, Director, Frieze New York
Sofie Scheerlinck, Managing Director, TEFAF
Millicent Wilner, Director, Gagosian Gallery
DATE: Monday, August 17, 2020
TIME: 6:00-7:30 PM
FEE: $15 for CBSACNY members; $25 for non members
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(Moderator) Viktoria Prigarina started her finance career in derivatives at Morgan Stanley followed by roles in derivatives modeling, options trading, and cross-asset structuring at Deutsche Bank and Barclays Capital. She has also lived and worked in Brazil where she was hired to create a capital raising platform for what is now a $10 billion hedge fund, SPX Capital, and was a member of the Investment Committee. Viktoria holds a Master’s degree in Mathematics of Finance from Columbia University and a B.B.A. from Baruch College with concentrations in finance and comparative literature and minor in Latin American Studies. Ms. Prigarina is on the Board of Directors of the African Dream Academy, a member of The Young Patrons and Cercle d’Amies at the French Institute (FIAF), a Board Member of Columbia Business School Alumni Club and the Chair or the Arts and International Committees. She has been passionate about the arts throughout her life and has pioneered these series of art investing and art collecting seminars for CBSACNY.
Bonnie Brennan is Chairman of Business Development for Christie’s Americas. In this role, Bonnie leads Christie’s business getting efforts in the United States, working collaboratively with her Christie’s colleagues to secure important consignments for Christie’s auctions (both live and online) and private sales. Bonnie has 23 years of experience in the auction business – the past eight at Christie’s and the previous 15 at Sotheby’s. She brings a history of successes in client development and enjoys strong relationships with both clients and their advisors. Bonnie has been involved with some of the most memorable and important collections ever sold at auction, most notably An American Place: The Barney A. Ebsworth Collection, which sold for $375 million in November of 2018. Bonnie is a graduate of Northwestern University in Evanston, Illinois where she was a double-major in Art History and Communications. She speaks frequently on the art market nationwide and serves as a board member for various non-profits throughout the tri-state area.
C. Hugh Hildesley, MBE, is former Executive Vice President, Vice Chairman, Sotheby’s Americas. Hugh Hildesley joined Sotheby’s in 1961 and played an integral role in Sotheby’s formative years in New York. From 1964 to 1970, he was the first Head of the Old Master Paintings department in New York, Going on to form Sotheby’s Appraisal Company in 1970. As Senior Auctioneer, he has conducted some of Sotheby’s most prestigious sales, including the Jacqueline Kennedy Onassis sale, and the sale of the Property of the Duke and Duchess of Windsor. He was the auctioneer responsible for the sale of the Guennol Lioness, of 3000 B.C., which sold for $57 million – a record for any sculpture sold at auction at the time and the world record for an antiquity sold at auction. Mr. Hildesley trains Sotheby’s new auctioneers. In the past 25 years he has conducted over 1,000 benefit auctions and raised in excess of $250 million. He has lectured widely on the art market and is author of The Complete Guide to Buying and Selling At Auction. Mr. Hildesley is a Trustee Emeritus of the Royal Academy and a Fellow of the Royal Society of the Arts.
David Norman is Chairman of the Americas, Phillips. He began his career in 1985 working as a specialist in the field of Impressionist & Modern Art at Sotheby’s., becoming director of the department in 1999, a World-wide Chairman for the division in 2008, and then a Vice Chairman of Sotheby’s North American. David directed sales of art works from such institutions as the Museum of Modern Art, the Metropolitan Museum of Art, the Solomon R. Guggenheim, the Museum of Fine Arts, Boston, the Los Angeles County Museum as well as numerous other public and private foundations. In the early 1990s, David pioneered and directed Sotheby’s first sales of 20th Century German art, staging the first international auction in the then unified city of Berlin. In 2004, David oversaw the auction of the first painting to ever break the $100 million barrier, Pablo Picasso’s Garçon a la Pipe. In 2010, he curated Sotheby’s first private selling exhibition of Modern Art in Hong Kong and Beijing as well as a monographic exhibition for Sotheby’s in New York dedicated to the later works of Georges Braque. Under his leadership and tenure, Sotheby’s not only sold the first $100 million painting, but also the first sculpture to exceed $100 million (Giacometti’s Walking Man) and the first work on paper to pass that same mark (Edvard Munch’s, The Scream). One of the most recognized auction experts in the field of Impressionist & Modern Art and a trusted advisor to private collectors for over 30 years, Mr. Norman launched David Norman Fine Art, llc, to continue to advise and assist individuals and institutions worldwide.
Loring Randolph is the Director of Frieze New York, overseeing Frieze’s relationships with galleries, institutions, and patrons in the Americas, and the artistic programming, strategy and direction of Frieze New York. She additionally launched and directs Frieze Sculpture at Rockefeller Center, and she co-launched the Frieze Viewing Room in 2020. Randolph heads up the team behind Frieze fairs in New York and represents the organization as a Director internationally. Previously she worked with Casey Kaplan as the partner of the eponymous gallery.
Sofie Scheerlinck is the New York-based Managing Director of TEFAF, the prestigious Dutch art foundation with fairs in Maastricht and New York. Prior to TEFAF, she held leadership positions at art tech companies focused on software and data platforms for the art industry. As the Business Director of Auction Club, she helped define product strategy and development for an independent art information database, facilitating the sale of the company in 2018. At top VC-backed startup ArtBinder she ran business operations, strategy, and growth as the company built on-the-go inventory management and sales tools for galleries, collectors, and arts institutions. A Flemish native, she has been living in New York for the past decade.
Millicent Wilner has been a director of Gagosian Gallery, first in New York (2001-2004) and then in London (2004 – present), for the last 17 years. At the gallery, Millicent has overseen numerous exhibitions and works with private collectors and institutions on buying and selling important works of modern and contemporary art. Millicent is the gallery representative for Damien Hirst and designer Marc Newson, handling all aspects of their art, sales, exhibitions, press and other related areas. In 2012, Millicent worked with Hirst on his retrospective of Spot Paintings, which took place simultaneously at eleven Gagosian galleries around the world to coincide with the publication of The Complete Spots: 1986-2011, as well as his subsequent retrospective at Tate Modern. Millicent has edited several exhibition catalogues, including Damien Hirst: Corpus, Drawings 1981-2006, 2006, Damien Hirst: Superstition, 2007, Damien Hirst: End of An Era, 2010, Damien Hirst: For Heaven’s Sake, 2011 and Damien Hirst: Forgotten Promises, 2011 and she is currently working on Hirst’s catalogue raisonné. Most recently, Millicent worked with Hirst on his groundbreaking exhibition Treasures from the Wreck of the Unbelievable, held in 2017 in Venice, and is currently working with Newson on his forthcoming exhibition at Gagosian. Additionally, Millicent oversees the gallery’s involvement at the Frieze London and Frieze Masters art fair. Prior to working at Gagosian Gallery, Millicent was a deputy director and vice president of Sotheby’s in London (1995-1998) and New York (1998-2001). She began her art career at the Museum of Contemporary Art in Chicago and subsequently worked at Pace Gallery in New York from 1992 to 1994. Millicent received her BA from Columbia College, Columbia University, New York, in 1992 and graduated Magna Cum Laude. Millicent is fluent in French and Italian and proficient in German and Russian.
This program was organized by the CBSACNY Art & International Committee Chair, Viktoria Prigarina, who is also a CBSACNY Board member.