"With Self-Portrait of a Lifetime, Picasso Returns to Paris Pedestal" @nytimes by HOLLAND COTTER

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    PARIS — “Give me a museum and I’ll fill it,” Pablo Picasso reportedly said. Whether he did say it or not, it sounds like him, serial overproducer. And in a gray, leaf-drifting October here he’s as good as his word. The Picasso Museum, which closed for expansion in 2009, has finally reopened at more than twice its former size, but years overschedule and wrapped in a swirl of intrigue.

    For the news media, the renovation project has been a gift. Work on the Baroque mansion that houses the museum, the world’s largest Picasso collection, dragged scandalously on and on. Budgets ballooned. There were shocked firings (Anne Baldassari, the museum’s director was dismissed), high-level hissy fits and ad hominem attacks galore. Who could ask for more?

    The art-loving public could. The museum, which debuted in 1985, is a popular draw. No matter how many great individual Picasso works there are in London, Madrid or New York, in its museum Paris has the artist himself, early and late, in major and minor mode. No wonder anxious crowds lined the sidewalks and swarmed the front door here for the public opening on Saturday.

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    The renovated Picasso Museum, closed since 2009 for renovation, finally reopened on Saturday in the Hôtel Salé, a Baroque 17th-century mansion. Credit Ed Alcock for The New York Times

    Once inside, what do they get? Fabulousness — and frustration. On the unqualified positive side, there are more than 400 Picasso works encompassing his career, along with a gemlike selection of pieces he owned by artists he loved: Chardin, Degas, Cézanne, Gauguin, Braque, Miró, Matisse and Henri Rousseau. And in a sense, even his own work here represents a personal choice.

    In breadth, texture and spirit, the exhibition is like no other. It is utterly different from, say, the large selection of Picassos in “Cubism: The Leonard A. Lauder Collection” now at the Metropolitan Museum of Art. The Met show is a classic lineup of trophy masterpieces. What’s at the Picasso Museum is closer to a sublime teaching collection, with scraps and masterworks mixed together. The goal here is less to monumentalize an artist or a style than to tell a complex story of how art is made by one person of protean energy over a specific stretch of time.

     

    Picasso was a lifelong self-collector who kept examples of his art that he couldn’t or didn’t want to relinquish: juvenilia, pictorial notes to self, finished favorites, and souvenirs of loves and traumas gone by. He left this archive, or accumulation, to family members when he died in 1973. They sifted it and gave a vast amount to the French government in lieu of paying inheritance tax. It is this collection, essentially shaped by the artist himself, that the museum is built on.

    Given such richly personal material, it’s too bad the new presentation at the Picasso Museum — officially the Musée Picasso Paris — isn’t telling that story more persuasively. Architecture is part of the problem. The museum’s 17th-century home, the Hôtel Salé, in the historic Marais district, with its garden, courtyard and two-story, sculpture-encrusted entrance hall, has never been ideal for showing art.

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    A visitor viewing some of the museum’s 437 works on display, which include not only ones by Picasso but works by artists he admired. Credit Ed Alcock for The New York Times

    The interior is choppy, with smallish spaces, dead ends, and illogical connections. The original 1980s renovation laid a white-walled Corbusian gloss over this without achieving a sense of unity. The new design, by the architect Jean-François Bodin, is basically a magnified version of the old plan. There’s more space — four floors of galleries, including a vaulted basement and loftlike attic with exposed beams and views of surrounding rooftops — but their order is still hard to navigate.

     

    An impression of discontinuity is compounded by the idiosyncratic arrangement of art devised by Ms. Baldassari, who stayed on the job just long enough to organize the inaugural show. The main installation, on the first and second floors, begins with a few paintings by the adolescent Picasso in Spain, where he was born in 1881, and others from his first stay in Paris when he was barely out of his teens. The shift is dramatic: Murillo-style realism one year, the equivalent of psychedelia the next.

    But the time frame quickly grows confusing. The collection’s earliest painting, “The Barefoot Girl,” from 1895, turns up two galleries away with some near-abstract 1930s sculpture. Elsewhere, a pairing of the “blue” self-portrait from 1901 with a sketchy moon-face one from 1972 makes sense in a compare-and-contrast way. But putting them with the 1914 Cubist “Man With a Mustache” and a bronze head from 1958 doesn’t, unless you’re saying that all Picasso male heads are self-portraits, which they aren’t.

    The trouble is, Ms. Baldassari doesn’t say anything at all about the choices she’s making. Labels with information are absent. The unstated idea, in curatorial vogue at the moment, is that art speaks for itself, end of story. But this isn’t so, and hasn’t been since the 18th century, when most art was still about politics and religion and pitched to a privileged insider audience. Art has changed; audiences have changed, widened. Today, no single body of shared knowledge can be assumed. Viewers need help, and deserve the choice to avail themselves of it.

       
     

    By way of compromise, Ms. Baldassari shapes the show around a few loose themes. Under the label “Primitive” she has brought together an astonishing array of small paintings and drawings that demonstrate, step by audacious step, how “Les Demoiselles d’ Avignon” came into being in 1907. Under “War Paintings,” we see the 1937 “Guernica” simultaneously coalescing and sending sparks out in future directions.

    Much of the museum’s collection, though, is from an in-between period, the late 1920s to the early 1930s, when Picasso was coming off his post-World War I “classical” phase, getting his radical mojo back, and beginning to think of himself as a surrealist. It was tough going. The new work didn’t sell too well — possibly that’s the reason he kept so much of it — and you can see why: It’s strong, aggressive stuff. Everything is teeth and genitals, penetrations and impalings. Bodies, mostly female, are crudités of detached limbs. Picasso appears repeatedly in the alter-ego of the Minotaur, an Ovidian sex machine.

    Work from his sex-and-violence phase feels right at home in Paris this fall. An exhibition at the Musée d’Orsay, “Sade: Attacking the Sun,” is a tribute to the Divine Marquis and an orgy of erotically tortured figures. (The Picasso Museum lent paintings to the show.) At the Pompidou Center, Marcel Duchamp makes all sorts of slice-and-dice moves on the human form in a fine-tuned show of his paintings. And the Los Angeles artist Paul McCarthy has brought his elaborately offensive “Chocolate Factory” to Monnaie de Paris, a former mint, where blonde-wigged workers of various genders turn out edible versions of sex toys and Santa Clauses.

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    When Mr. McCarthy installed a big blowup sculpture of one of the sex toys — he coyly titled it “Tree” — in the Place Vendôme, he was slapped by an offended local, opening a window on a reactionary side of French politics usually hidden from short-term visitors. But it’s there, always has been, and Picasso, the insider who was always an outsider, knew this.

    All together, you can learn a tremendous amount about him in the Picasso Museum show, not least that he could be a truly terrible artist. Maybe the biggest revelation, though, comes on the top floor, when you catch your first glimpse of a Cézanne landscape Picasso once owned, and instantly sense what’s been missing from the two floors below: focus, concentration, a point of repose, warmth like a light in a tunnel, a fire in a hearth, a vigil lamp in a church.

    The comparison of Cézanne to Picasso we see here is of painter to cartoonist, of steady walker to competition dancer. It’s hard even to imagine Picasso painting landscapes — though he did; there’s one nearby — because, judging by this jumpy show, he doesn’t know how to be quiet, to sit there, stop spewing, do nothing, look long. Yet I can imagine him entering the gallery, as we do, nerves keyed up, and seeing Cézanne with a jolt of relief. It’s fitting that after Picasso died at 91, he was laid to rest in the garden of his summer home, a chateau not so different from the Hôtel Salé, but in the South of France, in view of Cézanne’s beloved Mont Sainte-Victoire. Not that he was particularly sentimental about the connection. He was territorial to the end. “Cézanne painted these mountains and now they are mine,” he is said to have boasted. And Paris owns Picasso, or a comprehensive chunk of him, and whatever the failings of the Picasso Museum, that’s just a fact.

    "All 43 Works From Bunny Mellon’s Collection Sell at Sotheby’s Auction" @nytimes by CAROL VOGEL

    "All 43 Works From Bunny Mellon’s Collection Sell at Sotheby’s Auction" @nytimes by  CAROL VOGEL

    A 1932 painting by Georgia O’Keeffe sold on Monday for $3.1 million. It had adorned Bunny Mellon’s Virginia dining room. Credit 2014 The Georgia O'Keeffe Museum/Artists Rights Society (ARS), New York

     

    Rachel Lambert Mellon, better known as Bunny, spent her lifetime collecting whatever caught her eye, from antique porcelains and shaker baskets to abstract paintings by Rothko and Diebenkorn. Her legendary taste and style, from an era long gone, proved irresistible for scores of collectors who descended on Sotheby’s York Avenue salesroom on Monday night to see 43 “masterworks,” as the auction house called them, bringing prices that were well past anyone’s expectations.

    “History, legend, taste — you had everything tonight,” Lionel Pissarro, a great-grandson of the painter Camille Pissarro and a Paris-based art dealer, said after the auction.

    Artwork spanning 400 years attracted bidders from 32 countries and four continents. The evening brought $158.7 million, topping a high estimate of $121 million. All 43 works sold. Among the stars: a 1970 abstract canvas by Mark Rothko of intense blues and greens that brought nearly $40 million, twice its high estimate, and several paintings and drawings by Richard Diebenkorn, including “Ocean Park No. 89,” which sold for $9.6 million, below its high estimate of $12 million.

    The auction on Monday was the first in a series devoted to the art and objects that Mrs. Mellon, and her husband, Paul Mellon, had lived with and loved.

    Mrs. Mellon, who died in March at 103, and her husband, the son of the financier Andrew W. Mellon, were celebrated philanthropists. The couple had either donated or bequeathed world-class artworks to many museums such as the National Gallery of Art in Washington, which received more than 900 works, including Cézanne’s “Boy in a Red Waistcoat.”

    But there was still a lot left over, and on Monday night Sotheby’s was selling a personal selection of artwork that decorated the couple’s five homes, including Oak Spring Farms, the 2,000-acre estate in Upperville, Va., where Mrs. Mellon spent the last years of her life. The next Mellon auctions will feature everything from a blue diamond pendant to furniture, porcelains, baskets and even a fire truck.

    Throughout her life, Mrs. Mellon was a passionate supporter of Rothko. Besides the canvas of blues and greens the sale also featured one from 1955, “Untitled (Yellow, Orange, Yellow, Light Orange).” Eight bidders competed for the painting, which had been estimated to bring $20 million to $30 million and sold to the Nahmad Gallery for $36.5 million.

    (Final prices include the buyer’s premium: 25 percent of the first $100,000; 20 percent from $100,000 to $2 million; and 12 percent of the rest. Estimates do not reflect commissions.)

    Diebenkorn was another artist Mrs. Mellon championed. Eight examples of his work — paintings as well as works on paper — were up for sale. Among the best of them was “Ocean Park No. 89,” a 1975 painting from the artist’s celebrated series, this one an abstract image of a sunset. Valentino, the fashion designer who was sitting in the front row, snapped up the painting for $9.68 million. It had been estimated to sell for $8 million to $12 million.

     

    Mrs. Mellon was known for her love of blue — in her choice of porcelains, wall coverings and furniture, but also paintings. Lucio Fontana’s “Concetto Spaziale (Blu)” from 1968 was estimated at $300,000 to $400,000 but was bought by a telephone bidder for $965,000. It had hung in the bedroom of Mrs. Mellon’s 70th Street townhouse in Manhattan.

    A spare painting of a barn that Georgia O’Keeffe painted during a 1932 visit to Canada that adorned Mrs. Mellon’s Virginia dining room was bought by another telephone bidder for $3.1 million, above its high $2.5 million estimate.

    Mrs. Mellon was a well-known horticulturalist who redesigned the White House Rose Garden at the request of her friend Jacqueline Kennedy in the early 1960s. Many works had a botanical theme, like a tiny still life of flowers by the Dutch Golden Age painter Ambrosius Bosschaert the Elder, which sold for $4.6 million, above its high $4 million estimate.

    The auction included several examples of furniture by Diego Giacometti (brother of the famous sculptor Alberto Giacometti), whom Mrs. Mellon met through her friend, the fashion designer Hubert de Givenchy. She commissioned him to make bronze furniture and sculptures for her homes. Not fond of his usual bronze patina, she asked him to paint them off-white especially for her. Two coffee tables that featured birds were in hot demand. One, from 1970 that was expected to bring $200,000 to $300,000, sold for $1.7 million; another that was expected to sell for $150,000 to $200,000 was purchased for $1.4 million.

    “It’s all in a name,” Rachel Mauro, a Manhattan dealer, said as she was leaving the sale. Many other dealers hope that names like Warhol, Twombly and de Kooning — which fill the mega contemporary art auctions later this week — will have as much allure.

    "Art Selling Like Hot Cakes in New York Auctions" @wsj by Kelly Crow

    Warhols Triple Elvis silk-screen left sold for 82 million to a phone bidder on Wednesday Soon afterward his Four Marlons sold for 696 million                                          

    Warhol’s ‘Triple Elvis’ silk-screen, left, sold for $82 million to a phone bidder on Wednesday. Soon afterward, his ‘Four Marlons’ sold for $69.6 million. Reuters

    The art market just had the biggest two weeks in its history.

    Since Nov. 4, collectors have flocked to the world’s chief auction houses in New York to buy more than $2 billion of art, a historic high in which 23 works sold for more than $20 million apiece. (In 2009, Christie’s International sold only six artworks for that much all year.)

    Night after night at Sotheby’s and Christie’s, the titans of the world’s far-flung industries squeezed like sardines into packed auction salesrooms to compete for hundreds of artworks created by the world’s best-known Impressionist, modern and contemporary artists.

    To win, bidders often had to splurge: Billionaire investor Steve Cohen paid Sotheby’s $101 million for an Alberto Giacometti bronze chariot sculpture; other bidders at Christie’s paid $82 million for an Andy Warhol silk-screen of a gun-toting Elvis Presley and $65 million for Édouard Manet’s portrait of pretty woman with a parasol.

    On Wednesday, Christie’s conducted the biggest auction in history when it sold $853 million of contemporary art in a two-hour span.

    Len Riggio , chairman of Barnes & Noble, said he intended to bid on a few items in Christie’s sale, but rivals outpaced him. “I feel like I’m surrounded by gladiators in this shiny big arena,” he said. “Everyone wants to put their money somewhere, but what are these guys going to do, buy another house or keep $3 billion in the bank? No, they all want to put a little bit in art.”

    When it comes to what collectors want, Sotheby’s chief executive Bill Ruprecht said they want “blue blue blue,” meaning blue-chip masterpieces by name-brand artists like Pablo Picasso and Andy Warhol who trade widely and often enough at auction to represent this market’s version of a Dow Jones Industrial Average. Seconds after Christie’s sold Warhol’s “Triple Elvis” for $82 million to a phone bidder on Wednesday, the house sold another Warhol portrait of actor Marlon Brando, “Four Marlons,” for $69.6 million. Both Warhols are wall-power large—“Elvis” stands nearly 7-feet high—and convey the Pop artist’s signature silk-screen style

    On Wednesday, Christie’s conducted the biggest auction in history when it sold $853 million of contemporary art in a two-hour span.

    Len Riggio , chairman of Barnes & Noble, said he intended to bid on a few items in Christie’s sale, but rivals outpaced him. “I feel like I’m surrounded by gladiators in this shiny big arena,” he said. “Everyone wants to put their money somewhere, but what are these guys going to do, buy another house or keep $3 billion in the bank? No, they all want to put a little bit in art.”

    When it comes to what collectors want, Sotheby’s chief executive Bill Ruprecht said they want “blue blue blue,” meaning blue-chip masterpieces by name-brand artists like Pablo Picasso and Andy Warhol who trade widely and often enough at auction to represent this market’s version of a Dow Jones Industrial Average. Seconds after Christie’s sold Warhol’s “Triple Elvis” for $82 million to a phone bidder on Wednesday, the house sold another Warhol portrait of actor Marlon Brando, “Four Marlons,” for $69.6 million. Both Warhols are wall-power large—“Elvis” stands nearly 7-feet high—and convey the Pop artist’s signature silk-screen style

    ‘I feel like I’m surrounded by gladiators in this shiny big arena. ’

    —Len Riggio, chairman of Barnes & Noble

    Mark Rothko, who painted hundreds of rectangular abstracts, also fared well in these sales, including an untitled indigo version that Sotheby’s sold for $40 million on Monday, twice its high estimate. The following day, the same house sold another Rothko, “No. 21 (Red, Brown, Black and Orange),” for $45 million. (Estimates, unlike final sale prices, don't include the auction houses’ commissions.)

    But collectors also glommed onto rarely seen works that stood out like gems, like a placemat-size Jasper Johns “Flag” from 1983 that Sotheby’s sold for $36 million, over its $20 million high estimate. Manet’s 1881 “Spring” portrait of a woman walking in a park also sold well in part because the work was the last painting Manet ever submitted to Paris’s taste-making Salon. The J. Paul Getty Museum paid $65.1 million for it at Christie’s on Nov. 5.

    The art market cycles through good years and bad like the broader financial markets—art values notoriously crashed in 1990 and plummeted briefly in 2009—but in recent seasons, art prices have only gone one direction: Up. Dealers say that is because an influx of newly wealthy international buyers, from Chinese tech entrepreneurs to Brazilian bankers to Middle Eastern oil barons, have entered the art marketplace over the past decade. Most arrive seeking to store their extra cash in any art they can find at auctions and art fairs; others hope to reap the social cachet that comes with owning world-class art. Investors and speculators have also joined in, seeking to profit by buying and selling artworks like stocks.

    Once the historic domain of merchant princes and popes, fine art has become attainable for the modern-day millionaire—an asset or currency that merits a place alongside stocks in an investment portfolio.Around 76% of art buyers surveyed earlier this fall by ArtTactic, a London-based auction watchdog, and auditor Deloitte Luxembourg said they are “increasingly acquiring art and collectibles from an investment standpoint,” compared with 53% two years ago.

    Unlike Europeans, U.S. collectors have long been comfortable discussing art in investment-grade terms, and Americans now buy more art than anyone else on the planet—particularly the trophy pieces in these major seasonal auctions, according to Dublin-based art economist Clare McAndrew. Last year, art sales in the U.S. totaled more than $22 billion, up 25% from the year before, according to Ms. McAndrew’s latest Art Market Report. Moreover, buyers in the U.S. also took home around half the million-dollar artworks offered at auctions world-wide, she added.

    China continues to emerge as the next great purchasing power, though. Xin Li, a former model who now works for Christie’s and often represents collectors from mainland China, won for a client a $17.5 million Willem de Kooning and a $16.9 million Gerhard Richter during Christie’s sale on Wednesday. A Lucian Freud portrait, “Julie and Martin,” also sold for $17 million to a young Asian man at Christie’s dressed in a black, silk-lapel suit.

    No wonder collectors wishing to sell their art trophies at auction lined up to consign pieces into these November auctions. Dallas collector Howard Rachofsky said he sold a pair of pieces (he declined to say which) in large part because the mood remained reassuringly chipper—and because the auction houses offered to buy his artworks if no one else did. “I thought my works were overpriced,” he said, “but they did well—and there were other things I wanted that sold for too much.”

    Longtime New York dealer and former Sotheby’s auctioneer David Nash said the market feels bloated and “hyperinflated” to him, but he saw few signs of a market bubble about to burst—yet. All but five of the 80 lots offered in Christie’s $853 million sale found buyers. On Monday, Sotheby’s sold 100% of the offerings in its estate sale of Rachel Lambert Mellon, better known as Bunny. Such “white glove” sales are a rarity in the industry.

    “Every season, I say the prices can’t get any higher, and then they do,” Mr. Nash said.

    George Lindemann Journal - "The Art World’s High-Roller Specialist" @wsj by Kelly Crow

    Christies Xin Li with Pens-The Two Celestial Bodies by Hong Kyoung-Tack                   

            

    In mid-October, Christie’s art expert Xin Li—a former professional basketball star and model from China’s Manchuria region—was escorting billionaire collectors through the Louvre in Paris. Days later, she popped up in Hong Kong to wine and dine tech millionaires at the auction house’s showroom. Now, Ms. Xin is in New York to field phone bids during the season’s major fall auctions, which started Tuesday and continue through next week.

    “I’m never in one place for more than 10 days,” said the 38-year-old deputy chairman of Christie’s Asia. “I can’t be.”

    Ms. Xin is a leading player in the art business’s central game right now: a race to match a small number of $10 million-plus masterpieces with a small number of mega-collectors, who are increasingly coming from Asia.

    Xin Li was a fashion model in Paris pictured here in 1999                                 

    Next Tuesday, Sotheby’s will offer a top-heavy sale of contemporary art in which nearly half of its estimated $320 million sale total is tied up in eight of its 79 lots. The priciest, a red-and-black Mark Rothko, “No. 21 (Red, Brown, Black and Orange),” is estimated to sell for at least $50 million. There is also an avocado-green Andy Warhol silk-screen of Elizabeth Taylor sporting a swath of turquoise eye shadow, “Liz #3 (Early Colored Liz),” that is expected to sell for $30 million or more.

    Over at Christie’s, the emphasis on blue chips is even more pronounced. Its Wednesday sale, where Ms. Xin said she may be bidding on at least a half-dozen major works, is estimated to bring in at least $600 million, the house’s highest-ever presale expectation. During the recession, these auction houses only offered a handful of $10 million-plus works across a two-week sale series. Next week, a quarter of Christie’s offerings are estimated to cross that bar—including examples by Warhol, Roy Lichtenstein, Francis Bacon, Cy Twombly, Franz Kline, Willem de Kooning and Jeff Koons.

    The price increases matter because they are buoying the entire art market, experts say. Nearly $60 billion in art changed hands last year, second only to sales in 2007 and up 8% over 2012, according to art economist Clare McAndrew. “A significant part of the uplift of the market was due to higher-priced works, rather than simply more works sold,” she wrote in a March report.

    http://online.wsj.com/articles/the-art-worlds-high-roller-specialist-1415314210

    George Lindemann Journal by George Lindemann - "The Ups and Downs of The Spring Auctions" @wsj by Kelly Crow

    George Lindemann Journal by George Lindemann - "The Ups and Downs of The Spring Auctions" @wsj by Kelly Crow

                                      
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    Midway through New York's major spring auctions, collectors of Impressionist and modern art appear to be showing signs of sticker stock, even as contemporary-art buyers prepare to splurge on.

    Earlier this week, Sotheby's BID -0.05% Sotheby's U.S.: NYSE $40.48 -0.02-0.05% May 14, 2014 9:51 am Volume (Delayed 15m) : 39,739 P/E Ratio 18.97 Market Cap $2.79 Billion Dividend Yield 0.99% Rev. per Employee $576,249 41.0040.7540.5040.2510a11a12p1p2p3p 05/07/14 The WSJ's Kelly Crow at the So... 05/07/14 Loeb Wins by Losing at Sotheby... 05/07/14 Court Ruling Bolsters New Type... More quote details and news » BID in Your Value Your Change Short position and Christie's sold a combined $611.2 million worth of Impressionist and modern art, a total that fell within their presale expectations and exceeded a similar series last May that sold for $478 million.

    Bidding proved thin for some of Christie's priciest works Tuesday—dealer Paul Gray was the lone bidder on a $22.6 million Pablo Picasso —and around a third of Sotheby's offerings on Wednesday went unsold. Sotheby's failures included a Picasso portrait of his mistress Marie-Thérèse Walter, expected to sell for at least $15 million.

    But the same collectors who sniffed at Sotheby's art trophies turned up in force the next day for its sale of lower-priced material. It was a clue that this seasoned subset of collectors is willing to bid—but at price levels below $5 million, unless the art on offer is truly museum-worthy.

    New York collector Donald Bryant thought he had hit his limit at Christie's on Tuesday after he offered $6.1 million for Constantin Brâncusi's toaster-size stone sculpture of a kissing couple, "The Kiss." But when he bowed out, he got a nudge from his wife, Bettina, and jumped back in at $7.2 million. "Is it because of her?" auctioneer Andreas Rumbler asked, adding with a grin, "She's the boss." The extra effort didn't pay off, though: The Brancusi sold to another bidder for $8.7 million.

    Auction specialists say the art market has seen this divergence in collecting categories before. Decades ago, Old Masters enjoyed top billing until Impressionist and modern art became fashionable among wealthy collectors. Suddenly, its roster of artists such as Claude Monet began fetching the kinds of prices once reserved for Rembrandt and Canaletto. Now the art market appears to be shuffling again: With the majority of Impressionist and modern masterpieces now tucked away in museum collections, new buyers are finding it difficult to amass an enviable collection in a short time.

    Many Asian collectors are still trying. At least eight of Sotheby's pricier works on Wednesday went to Asian collectors—including a $19.2 million Henri Matisse view of a woman painting at her easel, "The Afternoon Session."

    Dealers say the art market will undergo its greater stress test this week, when both houses, plus boutique house Phillips, hold their sales of contemporary art. In recent seasons, auction prices for contemporary artists such as Jean-Michel Basquiat and Christopher Wool have quadrupled—a pace that's encouraged speculators to buy up even younger artists in hopes of profiting later in resales.

    Last November, Christie's sold a yellow Francis Bacon triptych for $142.4 million, almost $60 million above its estimate and the most ever paid for a work of art at auction. Next Tuesday, the house will offer up a seafoam-green Bacon triptych, 1984's "Three Studies for a Portrait of John Edwards," for an estimated $80 million. The seller is computer-chip maker Pierre Chen.

    Mr. Chen's Bacon carries a third-party guarantee. This means the auction has promised him it will sell—to an outside investor who has pledged to buy it for an undisclosed sum if no one during the sale offers more. If the guarantor is outbid, he or she will reap a share of Mr. Chen's potential profits and take home a financing fee from Christie's no matter what. (Sotheby's doesn't offer financing fees.)

    Unlike Impressionist and modern art, next week's contemporary sales are swimming in guarantees—at least $650 million worth across the three houses. The amount eclipses Sotheby's entire guarantee portfolio for 2008, the last market peak.

    Both Christie's and Sotheby's say they feel comfortable with their volume of guarantees.

    For the Tuesday sales, third-party guarantors claim a financial interest in 39 of Christie's 72 contemporary artworks, which means that 54% of the estimated $500 million sale will change hands whether anyone even shows up with a paddle. This includes Andy Warhol's "Race Riot," a red-white-and-blue silk-screen that recently belonged to a trust of dealer Bill Acquavella's family and that Christie's estimates will sell for around $45 million.

    All this means that contemporary collectors, unlike buyers of Impressionist and modern art, are going to unprecedented lengths to keep fueling their segment's momentum, even if they must bankroll the offerings themselves ahead of time. If the strategy works, it could reshape the way art gets auctioned, with sellers essentially preselling their art privately but angling for a higher, backstop price at auction. If the broader financial markets sour suddenly, bidders could get spooked, and these deal makers may be left owning art at prices that may appear inflated. Stay tuned.

    George Lindemann, George-Lindemann, George Lindemann Jr, George-Lindemann-Jr, Lindemann, Lindemann George, Lindemann George Jr, George Lindemann Junior, Jr George Lindemann, Lindemann Jr George, George L Lindemann, https://www.facebook.com/pages/George-Lindemann/284564361662689, https://www.facebook.com/pages/George-Lindemann-Jr/284564361662689, http://en.wikipedia.org/wiki/George_Lindemann, www.forbes.com/profile/george-lindemann, www.nova.edu/alumni/profiles/george_lindemann.html, http://www.therichest.com/celebnetworth/celebrity-business/investors/george-lindemann-net-worth, www.linkedin.com/pub/george-lindemann/b/945/78a, www.linkedin.com/pub/george-lindemann-jr/b/945/78a, www.georgelindemann.com, www.georgelindemann.posthaven.com

    George Lindemann Journal by George Lindemann "Strolling an Island of Creativity" @nytimes By KEN JOHNSON and MARTHA SCHWENDENER

    George Lindemann Journal by George Lindemann "Strolling an Island of Creativity" @nytimes By KEN JOHNSON and MARTHA SCHWENDENER

    The amazing spectacle that is Frieze New York is up and running on Randalls Island. With more than 190 contemporary art dealers from around the world inhabiting a temporary, quarter-mile-long white tent, it’s a dumbfounding display of human creative industry. Reasoning that in the time allowed, no one reviewer could hope to achieve a comprehensive overview of all there is to see, we both went to look and report. What follows is a sampler of things that caught our attention.

    GLADSTONE GALLERY (Booth B6) This museum-worthy show includes more than 200 small drawings from the painter Carroll Dunham’s archives. Dating from 1979 to 2014, they are presented on three walls in grid formation chronologically. Like pages from a personal diary, they track the evolution of Mr. Dunham’s antic imagination. From sketches of blobby, surrealistic forms to pictures of battling, cartoony male and female characters to images of naked, hairy wild women and men in edenic scenes, these irrepressibly lively, cheerfully vulgar drawings suggest a psychoanalytic pilgrim’s progress. (K. J.)

    GAVIN BROWN (B38) This booth is filled by Rirkrit Tiravanija’s installation “Freedom can not be simulated.” It consists of about a dozen plywood walls arranged in parallel about a foot and a half apart. On one side of each wall hangs a large black canvas covered with squiggly chalk lines that you can only see fully by squeezing in between the walls. The first canvas in the series has the title drawn on it in big block letters. The installation offers itself as a pointedly coercive metaphor about the eternally necessary tension between freedom and constraint. (K. J.)

    ANDREW KREPS (B54) Goshka Macuga’s “Of what is, that it is; of what is not, that it is not 2” is a giant black-and-white tapestry made on looms in Flanders. Over 10 feet high and 36 feet wide, it presents a panoramic scene copied from a photoshopped collage representing an incongruous gathering of art world luminaries and political protesters at Documenta 13, an exhibition in Germany in 2012. Ms. Macuga’s work pictures the moral and political contradictions of contemporary art and its social support system as powerfully as anything at the fair. (K. J.)

    MARIANNE BOESKY (A30) This gallery offers “Revolution,” a sculpture by Roxy Paine that expresses a more ambiguous political sentiment. A chain saw with a bullhorn attached, both realistically rendered in wood, it’s a piece of impressive craftsmanship and a surrealistic dream image of political violence. (K. J.)

    RATIO 3 (C56) For technical magic, nothing beats Takeshi Murata’s “Melter 3-D.” In a room lit by flickering strobes, a revolving, beachball-size sphere seems made of mercury. A hypnotic wonder, it appears to be constantly melting into flowing ripples. (K. J.)

    303 GALLERY (B61)Many works at the fair meditate on art and the artist. Rodney Graham’s big, light-box-mounted phototransparency “The Pipe Cleaner Artist, Amalfi, ’61”, at 303, depicts Mr. Graham in a lovely Mediterranean studio, leisurely making sculptures from white pipe cleaners. With a sweetly comical spirit, it spoofs a kitschy romance of bohemian avant-gardism. (K. J.)

    NOGUERASBLANCHARD (A6) A found-object sculpture by Wilfredo Prieto plumbs the sublime. Suspended by cables a few feet off the floor, it’s a metal cage used by divers to observe sharks. Among its many possible implications is the suggestion of the artist’s descent into the monster-infested depths of the unconscious. (K. J.)

     

    CROY NIELSEN (C1) In a tall, plexiglass display case here is a simple but philosophically resonant assemblage by Benoît Maire. Titled “Weapon,” it consists of a three-sided ruler attached to a rock by a wrist watch’s metal bracelet. It’s about rationalizing the irrational, an enduring task for art. (K. J.)

    GALERIE LELONG (B12) A neon sign by Alfredo Jaar that reads “Teach Us to Outgrow Our Madness” is a fine prayer for what art might do for our troubled times. (K. J.)

    One thing this fair allows you to do is to sample in one location what critics see around the city and the world. This includes emerging artists and historical shows. You’ll find many of them under a special designation, Frieze Focus, indicating galleries founded in or after 2003, and in Frame, a section that features solo presentations by galleries under eight years old.

    SIMONE SUBAL (B21) This Bowery gallery is showing a Florian Meisenberg installation that fits in perfectly at an art fair because it takes its cue from another “nonspace”: the airport, with its spectacle of architecture, patterns, moving people and digital screens. It includes a video with excerpts from the film “Lolita” and an episode of “The Simpsons” in which Homer becomes a lauded outsider artist. (M. S.)

    LAUREL GITLEN (B28) This gallery offers Allyson Vieira’s “Meander,” a structure made of metal building studs that uses the ancient meander pattern (also found on classic New York coffee cups) as its floor plan and suggests how certain graphic patterns are recycled throughout various empires. (MS)

    CARLOS/ISHIKAWA (B34) This London gallery is showing Richard Sides’s collagelike assemblages, made from a personal archive of what he calls “good trash” collected outside his studio. (M. S.)

    MISAKO & ROSEN (B20) This Tokyo-based gallery has objects by Kazuyuki Takezaki, who was inspired by the great ukiyo-e printmaker Hiroshige to recreate “landscapes” that sometimes take the form of sculptures, and include materials like a braided rug. (M. S.)

    LE GUERN (A2) Dominating the space in this Warsaw gallery’s booth is a solo presentation of the Brooklyn artist C. T. Jasper, a tent made from around 160 sheepskins. (Get it? a tent within the big tent of Frieze). Inside the tent is a remix of the Polish director Jerzy Kawalerowicz’s 1966 film “Faraon (Pharaoh)” — but with all the human figures digitally removed from the film. (M. S.)

    Gallerists are getting good at organizing historical shows, and several at Frieze are standouts.

    JAMES FUENTES (C2) This Delancey Street gallery offers a presentation of the Fluxus artist Alison Knowles, best known for performance events like “Make a Salad” (1962). Here you can see objects made by Ms. Knowles from the ’70s to the present. If you hear a loud cascading sound at the south end of the fair, it is someone flipping over her “Red Bean Turner,” which is like an opaque hourglass filled with dried beans. (M. S.)

    THE BOX (C14) This Los Angeles gallery has a great roundup of work by NO!Art, a group founded in 1959 that was distinctly (paradoxically, for this setting) anti-commercial. Collages and silk-screens by Boris Lurie, Stanley Fisher and Sam Goodman look incredibly prescient — like Mr. Lurie’s painting “Sold.” (M. S.)

    GREGOR PODNAR (A22) In a smaller historical presentation you can see 1970s photographs and Conceptual drawings by two Gorans: Goran Trbuljak and Goran Petercol, Croatian artists who were routinely mistaken for each other in their local Zagreb art scene because of their first names. (M. S.)

    PROJECTS Just outside the tent, the Projects section includes the Czech artist Eva Kotatkova‘s “Architecture of Sleep,” an outdoor installation with performers resting on platforms (and who should not be disturbed). Marie Lorenz, who works on New York’s waterways, is offering rides in a rowboat made with salvaged materials. Unfortunately, her “Randalls Island Tide Ferry” doesn’t offer service to or from the fair, but it accomplishes what most art tries to do: It transports you. (M. S.)

    Correction: May 10, 2014

    An earlier version of this article misspelled the surname of the artist who created “Melter 3-D.” He is Takeshi Murata, not Murato

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    George Lindemann Journal by George Lindemann "Minimalist Retrospective Gets a Master’s Touch" @ wsj by RANDY KENNEDY

    George Lindemann Journal by George Lindemann "Minimalist Retrospective Gets a Master’s Touch" @ wsj by RANDY KENNEDY

    A Minimalist Master Returns

    A Minimalist Master Returns

    Carl Andre is one of America’s greatest living sculptors. He has been mostly absent from the American art scene for decades, but recently returned to oversee the installation of a new retrospective.

    Credit By Oresti Tsonopoulos on Publish Date May 4, 2014

    Credit Fred R. Conrad/The New York Times

    Carl Andre, a father of Minimalism and one of the greatest living American sculptors, decided to retire a few years ago, in his mid-70s. And for an exacting artist who usually insisted on arranging and installing most of his pieces himself, on site, retirement had a special ring of finality.

    “People ask me what I do now,” Mr. Andre said recently. “And I tell them I do something most Americans find very, very hard to do: I do nothing.”

    He was so determined to do nothing, in fact, that when the Dia Art Foundation began more than two years ago to plan a huge, long-overdue retrospective of his work — the show opens on Monday at the foundation’s outpost in Beacon, N.Y. — he told a reporter that he had informed the curators in no uncertain terms: “I can’t stop you from doing it, but don’t expect me to do anything to help.”

    But over the last several weeks, to the foundation’s surprise — maybe even to his own — Mr. Andre has been making treks from his Manhattan apartment to Beacon to help oversee the installation, emerging from a kind of self-imposed seclusion that had begun long before his retirement; sightings of him in the art world, for more than two decades, were rare occurrences.

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    A Minimalist Retrospective

    A Minimalist Retrospective

    Credit Tony Cenicola/The New York Times

    In part, this absence came about because of what happened early one morning in 1985, when Mr. Andre’s third wife, the promising Cuban artist Ana Mendieta, fell to her death from a bedroom window of their 34th-floor Greenwich Village apartment. She had had an argument with Mr. Andre, who later told the police he was not in the room when she fell.

    He was acquitted of second-degree murder. But the death and highly publicized trial created a deep divide in the art world. It caused museums to shy away from him and his work for years and cast a shadow over a career that had been difficult to begin with, composed of work that, as much as any made in the 1960s and ’70s, occasioned the sometimes angry question “Why is that art?” (Asked in a 2011 interview about the effect of Mendieta’s death on him and his career, Mr. Andre said only: “It didn’t change my view of the world or of my work, but it changed me, as all tragedy does. But I have people who love me and believe in me.”)

    During an era when many artists were pulling sculpture off the plinth and making it part of the world in a new way, Mr. Andre went further, taking it all the way to the ground, in pieces made up of metal tiles arranged simply in grids, lines or triangles, meant not only to be looked at but also walked on and experienced with the body. And while other artists were finding beauty and new meaning in raw industrial materials, Mr. Andre used such materials barely altered: aluminum ingots piled in pyramids; firebricks in rectangular stacks; timbers in dimensions available from the sawmill, arranged in basic geometric shapes.

    “He was interested in the matter of matter, in what was right underfoot,” the sculptor Richard Serra said. “For me, when I first started out, that was enormously important.” He added: “I hope that Carl’s work is given the recognition that it deserves. And I really hope that younger sculptors pay attention to it.”

    While Mr. Andre’s work is in many prominent public collections, there has not been an American survey of his career in more than 30 years, and awareness of his pioneering role in an important postwar sculptural movement has diminished along with his public presence. More than most artists of his generation, his presence was also integral to his art: He worked without a studio, traveling the world to galleries or places that commissioned pieces and often finding the materials to make the works in whatever city he was in. The sculptures were decisively human scale; Mr. Andre usually chose components sized so that he could move them all himself.

    “It’s always been easier for me to do it myself, rather than to explain to somebody what to do,” Mr. Andre said, sitting one recent morning, looking at a 1979 piece composed of 121 square pieces of Douglas fir. “But I must say, as I have grown older, my physical capacities have been very much reduced. So I used to be able to sling those timbers around like nothing at all. And I don’t want to try nowadays.”

    Asked why he decided to become personally involved in the installation of the retrospective, he shrugged. “People keep un-retiring me,” he said, “and eventually I just give in.”

    Mr. Andre — who was raised in Quincy, Mass., and once worked as a railroad brakeman to pay his bills — is slightly unsteady on his feet these days. But he is as quick-witted and dryly caustic as he was said to be in his youth, when he was known as a kind of philosopher-scourge of SoHo, a Marxist who chafed at the commercial art world and being “a kept artist of the imperial class.” At 78, he looks like a Melville-ian sea captain, with a thick white beard under his chin and blue bib overalls, a utilitarian uniform he has worn for years, varied only by the occasional addition of a loose blue sweater vest knitted for him by his fourth wife, the artist Melissa Kretschmer, who is usually at his side.

    Yasmil Raymond, Dia’s curator, said the prospect of installing more than four decades’ worth of his work without his input would have been daunting. Before his arrival one recent weekday, she and others had arranged a 2005 work of copper plates and graphite blocks, intended to be placed along a floor with a look of randomness.

    “He might just laugh when he sees this,” said Ms. Raymond, who organized the show with Philippe Vergne, Dia’s former director, and the curator Manuel Cirauqui. “I’m trying to make it look random, but I’m looking at it and I’m seeing too much order.” (Upon arriving, Mr. Andre didn’t laugh; he suggested some changes and sympathized with the curator: “Even listing random numbers is hard, you know? Patterns start appearing.”)

    Surveying the vast space allotted to his work inside Dia:Beacon, a former box-printing factory, Mr. Andre seemed a little daunted himself. “My work isn’t so big,” he said, almost plaintively. “It’s not big enough.” But he allowed that the diffused daylight coming in through angled skylights was ideal for seeing his sculpture as he intended, with a degree of directness that might seem simple but is never easy to achieve. “People want to spotlight things, and I hate that,” he said. “I like even light, shadowless.”

    “No melodrama,” he added, waggling his fingers in the air.

    Later, as Mr. Andre stood outside the museum supervising the re-creation of a 1968 piece, “Joint,” which consists of nothing more than hay bales he uses to “draw” a straight line on the earth, joining woods to field, it became apparent just how difficult simplicity can be. The line kept stubbornly curving, as workers laid the bales up the incline into the woods. “How many people does it take to make a straight line?” Ms. Raymond whispered to Mr. Andre.

    George Lindemann Journal By George Lindemann "Sotheby's, Third Point Reach Settlement" @wsj by David Benoit

    George Lindemann Journal By George Lindemann "Sotheby's, Third Point Reach Settlement" @wsj by David Benoit

    Sotheby's expects Picasso's 'Le Sauvetage' will fetch at least $14 million at auction on Wednesday. Sotheby's

    Sold!

    Activist investor Daniel Loeb and auction house Sotheby's reached a settlement on Monday that concluded his seven-month campaign to shake up the company a day before shareholders were to vote on his board candidates.

    The pact gives Mr. Loeb three board seats by expanding the board to 15 people rather than having Mr. Loeb's candidates go up against company nominees. The deal also caps Mr. Loeb's stock ownership at 15%. His hedge fund, Third Point LLC, currently owns about 9.6%, but it had sought the ability to go to 20%, a request the company had blocked, leading Third Point to sue.

    On Monday, Sotheby's shares closed up 3.25%, or $1.41, to $44.80, at 4 p.m. in New York Stock Exchange trading.

    Settlements, even just hours before a scheduled vote, have become more common for activists and their targets because advisers believe it is better to hammer out a deal than risk a divisive shareholder vote.

    Through last week, there have been 20 settlements between companies and activists so far this year, tied for the most to date since 2009, according to FactSet SharkWatch, a data provider.

    In a joint statement on Monday, Mr. Loeb said: "As of today we see ourselves not as the Third Point Nominees but as Sotheby's directors, and we expect to work collaboratively with our fellow board members to enhance long-term value on behalf of all shareholders." Sotheby's Chairman and Chief Executive William Ruprecht also said the last-minute agreement "ensures that our focus is on the business."

    The agreement came after a Delaware judge blessed Sotheby's so-called poison pill that limited how much stock Third Point could acquire. Beyond that legal issue, a court hearing last week in the suit enabled Third Point to surface internal board emails showing support for Mr. Loeb's point of view; also disclosed were inflammatory comments by Mr. Loeb. The airing of the various remarks added to the drama of a campaign that had captivated Wall Street and the art world.

    Mr. Loeb is not a stranger in board rooms where he has spent time publicly attacking. At Yahoo Inc., YHOO +0.51% Yahoo! Inc. U.S.: Nasdaq $37.10 +0.19+0.51% May 6, 2014 1:23 pm Volume (Delayed 15m) : 8.24M P/E Ratio 30.58 Market Cap $37.15 Billion Dividend Yield N/A Rev. per Employee $383,012 37.2037.0036.8036.6010a11a12p1p2p3p 05/05/14 Sotheby's, Third Point Reach S... 05/05/14 Box Still Targets Microsoft, G... 05/05/14 CMO Today: Facebook Getting Ag... More quote details and news » YHOO in Your Value Your Change Short position before he joined the board, he waged a several-month war that saw a newly hired CEO fired. Yahoo's shares rose more than 85% during the time he was on the board, which was just over a year.

    New York-based Sotheby's had criticized his exit at Yahoo in its presentations to shareholders, just one of the points of contention that will now need to be put aside in the auction house's boardroom.

    In one such instance, according to a Friday court ruling, Mr. Loeb had emailed allies that he was waging a "holy jihad," with the plan being to "undermine the credibility" of Mr. Ruprecht. Mr. Loeb said the email was intended as a joke and not meant to offend.

    Mr. Ruprecht referred to Mr. Loeb as "scum" to another board member and said the campaign was about "ego," the judge's ruling said.

    But other directors worried Mr. Loeb's criticisms were on point and raised concerns about the company's spending and Mr. Ruprecht's compensation, according to court testimony.

    Putting such distractions behind the company is "good for shareholders," Stifel Nicolaus & Co. analyst David Schick wrote on Monday, because it allows the firm to get back to focusing on its auction business.

    That will include Sotheby's spring series of Impressionist, modern and contemporary art sales, which are expected to total at least $684 million during the next two weeks. Mr. Loeb has argued that Sotheby's has fallen behind rival Christie's International PLC in selling contemporary art. Christie's contemporary sale on May 13 is expected to bring in at least $500 million.

    Mr. Loeb is among an emerging class of hedge-fund executives and art collectors who frequent both the major auction houses, ratcheting up prices for contemporary artists and quickly reselling their purchases for a profit.

    The average holding period for contemporary art works has shrunk to about two years from at least a decade previously, according to a former Sotheby's specialist.

    —Kelly Crow contributed to this article.

    Write to David Benoit at david.benoit@wsj.com and Sara Germano at sara.germano@wsj.com

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    George Lindemann Journal by George Lindemann - "A Day in the Life of Artist Dan Colen" @wsj by Christopher Ross

    George Lindemann Journal by George Lindemann - "A Day in the Life of Artist Dan Colen" @wsj by Christopher Ross

    cat

    FARM BOY | Colen at his property in upstate New York, where many of his large-scale pieces are constructed. Photography by Tim Barber for WSJ. Magazine

    THE 34-YEAR-OLD ARTIST Dan Colen lives in Manhattan's East Village, but the majority of his work is made either at his new studio in Brooklyn's Red Hook, overlooking a blue expanse of the Upper New York Bay, or at his 40-acre farm in Pine Plains, New York, where roosters crow and the air smells of manure.

    These are not his native environments: Raised in Leonia, New Jersey, he came to fame in the mid-aughts as a member of a gritty, decadent clique of artists (including Dash Snow and Ryan McGinley) who helped define the New York downtown arts scene and whose bacchanalian exploits are still legendary. Colen is sober now, and the location of his studios says something about the scale, direction and pace of his work these days. "Walking out of your studio and seeing water instead of the Holland Tunnel, that's going to affect how you create," he says.

    This month, the Brant Foundation, in Connecticut, is mounting a comprehensive exhibition spanning his entire career. His trademark pieces blending abstraction with low materials—paintings made from bubble gum or resembling bird poop, papier–mâché boulders covered in graffiti—will be displayed alongside newer works that seem to reflect his change in scenery: small landscape paintings, a heap of scrap metal occupied by canaries. Preparing for the opening, he lopes around the museum with a rangy energy, wearing a tight-fitting jean jacket and Chuck Taylor All-Stars. Sporting a terrifically cowlicked head of hair, he sometimes resembles an overgrown boy. His irreverent former self appears in flashes, like when he mentions, as a cop car passes his Range Rover on the highway, that there is currently a warrant out for his arrest (he missed a court date for carrying a type of knife that's illegal in New York City).

    Descending from a line of makers—his father sculpts with wood and clay, and his grandfather was a mechanic and inventor—it's not surprising that Colen now nearly resembles a construction foreman. In the course of a day, he consults with riggers installing an outdoor piece at Brant and discusses with foundry workers how to move boulders. At his farm, one member of his crew is strapping an ash-wood barrel shut while another is tinkering with guitar cases. He counsels his staff of artisans and workers not to focus so much on formal perfection as on an intuitive process of discovery. "I tell them it's not about virtuosity," he says. "It's about commitment."

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    George Lindemann Journal by George Lindemann - "Sotheby’s Poison Pill Is Upheld by Delaware Court" @nytimes By MICHAEL J. DE LA MERCED AND ALEXANDRA STEVENSON

    George Lindemann Journal by George Lindemann - "Sotheby’s Poison Pill Is Upheld by Delaware Court" @nytimes By MICHAEL J. DE LA MERCED AND ALEXANDRA STEVENSON

    Daniel S Loeb is seeking a seat on Sothebys boardSteve Marcus/ReutersDaniel S. Loeb is seeking a seat on Sotheby’s board.

    A Delaware state court judge on Friday blocked efforts by the hedge fund mogul Daniel S. Loeb to overturn a crucial corporate defense at Sotheby’s, the auction house.

    In a ruling issued Friday evening, Donald F. Parsons, a vice chancellor of Delaware’s Court of Chancery, decided that he would not overturn a so-called poison pill plan that limits Mr. Loeb to no more than 10 percent of Sotheby’s shares while letting passive investors hold as much as 20 percent.

    The company’s annual shareholder meeting is Tuesday, when shareholders will cast their votes in what may be a watershed moment in the company’s 270-year history. And it may pave the way for companies to enact tougher defenses against outspoken activist investors pushing for change.

    Mr. Loeb and his firm, Third Point, have nominated three director candidates, including himself, pitted against the current board at Sotheby’s.

    Sotheby’s poison pill, formally known as a shareholder rights plan, had set off debate within the corporate governance community. While companies have used such defenses for decades, the auction house’s version specifically discriminated against activist investors, a move that Third Point had contended was unfair.

    But in his ruling, Vice Chancellor Parsons wrote that Mr. Loeb’s primary argument — that the poison pill unfairly impedes his ability to wage his campaign — was flawed. Sotheby’s had presented evidence that the rationale behind its defense could be seen as both rational and proportional to the threat of an activist investor.

    And even with his current 10 percent stake, Mr. Loeb has been able to fight the company to a draw. Vice Chancellor Parsons noted that the hedge fund manager had roughly 10 times the number of shares that Sotheby’s board now owns, and that his own expert witness testified that, even now, Third Point has a roughly 50-50 chance of winning the proxy contest.

    Mr. Loeb even testified in a deposition that nothing has hurt his ability to reach out to other shareholders.

    “There is a substantial possibility,” the vice chancellor wrote, “that Third Point will win the proxy contest, which would make any preliminary intervention by this court unnecessary.”

    Mr. Loeb has already won the support of Marcato Capital, another activist hedge fund and Sotheby’s third-largest shareholder. Last week, the influential proxy advisory firm Institutional Shareholder Services weighed in with support for Mr. Loeb, advising shareholders to vote for two of his three board nominees.

    Mr. Loeb has criticized Sotheby’s for not adapting quickly enough to sweeping changes in the art industry in recent years and has accused it of falling behind its main rival, Christie’s, in crucial parts of the auction business, Impressionist and modern art. He has also railed against the compensation packages of board members, specifically singling out the pay of the chief executive, William F. Ruprecht, who received $6.3 million in 2012.

    Sotheby’s adopted its poison pill last October, after Mr. Loeb called for Mr. Ruprecht to step down, arguing that it was in the best interests of all shareholders to ”encourage anyone seeking to acquire the company to negotiate with the board prior to attempting a takeover.”

    During the hearing earlier this week in Delaware, Vice Chancellor Parsons was shown emails in which board members discussed the merits of some of Mr. Loeb’s criticisms. In one email, a board member, Steven B. Dodge, wrote that Mr. Ruprecht’s compensation was “red meat for the dogs.”

    Mr. Dodge also wrote that the board was “too comfortable, too chummy and not doing its jobs,” in an email to another director, Dennis M. Weibling. “We have handed Loeb a killer set of issues on a platter.”

    A rival proxy advisory firm Glass Lewis has supported Sotheby’s slate.

    Representatives for Mr. Loeb and Sotheby’s declined to comment.

    Gregory P. Taxin, president of the activist hedge fund Clinton Group, said the ruling was disappointing: “In Delaware, stockholders are apparently supposed to be like children in the 1950s: the good ones do not speak unless spoken to.”

    A version of this article appears in print on 05/03/2014, on page B7 of the NewYork edition with the headline: Sotheby’s Poison Pill Is Upheld by Court.

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