The George Lindemann Journal By George Lindemann

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

                                  

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.

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

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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.”)

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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

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

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

Steve Marcus/ReutersDaniel S. Loeb is seeking a seat on Sotheby’s board.

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George Lindemann Journal by George Lindemann "Camille Henrot: An Art World 'It Girl'" @wsj by Ellen Gamerman

RESTLESS ART Camille Henrot says she's inspired by eBay, turtles and nail polish, among other sources, for her videos, like 'Grosse Fatigue,' above. © Camille Henrot/ADAGP/Silex Films/kamel mennour, Paris

Turtles figure prominently in artist Camille Henrot's ambitious video chronicling the history of the world in 13 minutes. She sees the creatures as symbols of a prehistoric past and a burdened future. "The turtle, she's slow because she is carrying this massive round thing—it's like a figure of Atlas," she says.

Thinking hard about reptiles—and most everything else—is a hallmark of the 35-year-old French intellectual's work. On the heels of that video, "Grosse Fatigue," which won her the Silver Lion award for most promising young artist at the recent Venice Biennale, the artist is unveiling her first comprehensive U.S. museum exhibit. "Camille Henrot: The Restless Earth" opens Wednesday at the New Museum in New York.

The show features her abstract video telling the story of humankind through quick cuts of images like turtles and eyeballs, dead birds and oranges, fizzy water and the cosmos. Other pieces on view include her works on paper and a new installation of literature-inspired Japanese ikebana flower arrangements.

This spring, the New Museum is dedicating separate floors to three young artists rather than doing a group show. "It's a way to give exposure, to show the artists who are changing how art is being made," says curator Gary Carrion-Murayari. "Camille was a very easy choice for us in that respect."

Ms. Henrot created "Grosse Fatigue" during an artist fellowship at the Smithsonian Institution in Washington last year. She scoured the collections, filming employees opening drawers of exotic-bird specimens, flipping through files filled with dead bees, and so on. The film advances quickly through time by using overlapping windows on a computer desktop—search results from the Smithsonian's database. She incorporated her own footage and studio shots of brightly painted fingernails—a nod to her discovery that even the weightiest words in a Google search often seem to match the name of a nail polish.

It wasn't a solitary effort: Ms. Henrot worked with a cinematographer and film editor, as well as a makeup designer, models and production assistants. A writer created the text, which is performed like a spoken-word poem, and her partner, a musician named Joakim Bouaziz, created the score.

Ms. Henrot finds inspiration from disparate sources including eBay, where her purchases range from firemen's boots to nude vintage photographs. Sometimes she buys an item just because she likes the picture of its seller. After moving from Paris to New York in late 2012, she says the cargo container with all her stuff was held up by authorities for months—she suspects because its contents were so weird.

As a child, she wanted one day to have a "real job," eager to distinguish herself from her mother, an artist. Nevertheless, she attended art school in Paris, studying animated film. She took a job in an advertising agency, where she learned tricks like how to shoot a piece of cake to make it look more delicious (blow it with a hair dryer so it seems fluffy). Along the way, she was making films on her own, including an inventive music video for the band Octet in which the musicians were rendered as half-real, half-animated bodies. The film was shown in a 2005 exhibition at the Fondation Cartier, a contemporary art center in Paris, and her career as an artist was launched.

Ms. Henrot didn't grow up traveling—she says her mother was afraid of flying—but now her experiences in foreign cultures feed directly into her work. The videos featured at the New Museum include "Coupé/Décalé," an experimental film illustrating a coming-of-age ritual on Pentecost island in the Vanuatu archipelago where young people jump into a void while being held by liana vines around their ankles.

Sometimes her images can be hard to watch. Those turtles in "Grosse Fatigue" are featured with close-ups of their slick tongues and stony eyes. Ms. Henrot, who as a child had a pet turtle named Zoe that escaped through a window of her Paris home, shot the creatures during a vacation in the Seychelles. She filmed a little girl giving a huge turtle a banana and included the footage in her video. "I was interested in the stupidity of man feeding wild animal," she says.

Ms. Henrot brought home a souvenir from that trip: A scar on her hand from a turtle that bit her when she too tried to feed it.           

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George Lindemann Journa by Goerge Lindemann - "For the Whitney’s Move, Boxes and Burly Men Just Won’t Do" @nytimes by ROBIN POGREBIN

Anyone who has ever unwrapped a chipped piece of Wedgwood understands the headaches and peril associated with moving.

Now imagine what the Whitney Museum of American Art is going through as it plans to transport more than 14,000 items, including delicate pieces like Alexander Calder’s sculpture “Circus” and landmark paintings like Edward Hopper’s “Early Sunday Morning” — to its new downtown home.

Let’s just say the logistics go well beyond buying some Bubble Wrap.

There are intricate packing and crating concerns, matters of truck scheduling and insurance and, of course, security, as artwork worth hundreds of millions of dollars is transported through Manhattan. When the Barnes Foundation moved its museum to Philadelphia from the suburbs for its 2012 opening, the movers, as a precaution, stripped all the signage from their trucks.

“Everything about it is monumental,” said Ron Simoncini, who was the director of security at the Museum of Modern Art when that institution moved to and from temporary quarters in Queens during its 2004 renovation. (The move from Manhattan took 400 truck trips and involved about 100,000 works of art, MoMA said.)

“It’s not like moving a business or moving a home,” Mr. Simoncini added. “It’s not like you call Staples.”

The Whitney’s transfer from its Upper East Side home at Madison and 75th Street to Gansevoort and Washington Streets in the meatpacking district is still a ways off.

The museum will shut down after its Jeff Koons retrospective closes on Oct. 19, and staff members will start moving into the new building in the fall. The art will be transported after that, so that the museum is ready for its spring opening. (A firm date has not been set.)

“We’re still making plans for the actual moving of art,” Adam D. Weinberg, the Whitney’s director, said in an interview last week.

The new $760 million project, at the base of the High Line, designed by Renzo Piano, is entering the final stages of construction. (Members of the news media are to get a look at its progress on Thursday.)

Mr. Weinberg said it was not yet clear how many trucks will be involved, how many trips they will take and when they will begin pulling up to the new museum; those details will not be released even when they are determined, because of security concerns.

The Whitney, however, is no stranger to moving, Mr. Weinberg said; the downtown location will be its fourth. Founded in 1930, the museum opened on West Eighth Street in 1931, then moved to an expanded site on West 54th Street in 1954 and finally to its current building, which was designed by Marcel Breuer and opened in 1966.

The Metropolitan Museum of Art signed an agreement in 2011 to occupy the Breuer building for at least eight years.

Mr. Weinberg said he is excited at the prospect of being able to put more of the Whitney’s permanent collection on view. In the new building, which includes outdoor areas, the museum will double its total exhibition space to 63,000 square feet.

It will also be able to consolidate its administrative operations; the Whitney’s staff is spread around five different locations. “We have not all been under one roof for eight years,” Mr. Weinberg said.

John S. Stanley, the Whitney’s chief operating officer, is overseeing the move, Mr. Weinberg said.

“It’s one set of details after another,” said Mr. Stanley, who added that he did not yet have a cost estimate.

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Go ahead. Grab a rough-hewn Adirondack chair, settle down on the expansively shaded deck under the pendulous greenery and bask in what may be the best public views — inside and out — anywhere along the water in downtown Miami.

This is, after all, your new museum of art — a $131 million haute-design showcase for modern and contemporary work that also manages to extend an open, dare we say homespun, welcome.

When it opens to the public at the edge of Biscayne Bay on Wednesday, on time and on budget, the strikingly original and meticulously thought-out Perez Art Museum Miami will put art front and center on the city’s landscape for the first time. In doing so, supporters and civic leaders fervently hope it will redefine Miami as a cultural destination.

With wrap-around verandas cooled by lush gardens and a monumental overhanging roof, 360-degree views of bay and city from within and without, and an adjacent new plaza, park and baywalk, the unusually porous museum could also become something else, backers say: a spectacular new front porch for the people of Miami.

“It’s going to be a Miami icon without trying to be anything other than a great museum,’’ said Terry Riley, the architect and former museum director who oversaw the launch of the building effort, in a recent public talk. “I think it’s going to be considered one of the most important contemporary museums anywhere.’’

Bold words, for sure, especially for a young institution that until relatively recently had but a small, uneven collection and a nearly invisible profile, thanks to its location behind fortress-like walls on an elevated plaza on Flagler Street.

During the new museum building’s long gestation, the use of scarce city park land and a public subsidy of $100 million (approved by voters in 2004 as part of a larger, $2.9 billion Miami-Dade County bond package) became a persistent target for critics, including some prominent local art collectors. So did the subsequent renaming of the onetime Miami Art Museum after developer Jorge Perez, whose $40 million gift of art and cash boosted its collection and bottom line but provoked raised eyebrows in the art world and a rift among the institution’s own supporters.

Against this backdrop, museum leaders say they were acutely aware of the need to avoid the cost overruns and construction issues that plagued the nearby Arsht Center even as they built a home and collection defined by high aspirations. PAMM officials say they’ve also nearly met a private fundraising goal of $120 million to supplement the public investment and create an endowment to support the expanded operation.

To design the building, Riley and board leaders picked the powerhouse Swiss firm Herzog & de Meuron, famed for the conversion of a massive London power plant into what is now the world’s most popular museum of contemporary art, the Tate Modern. More recently, the firm designed San Francisco’s de Young Museum, which is covered in punctured, oxidized copper and has a tower shaped like an inverted pyramid rising from Golden Gate Park. The firm, though known for its raw look and rigorous execution, has no signature style, which meant its approach would not be cookie-cutter, Riley said.