Art advisor Caroline Sayan suggests that more estates will enter the market in the coming years as collectors from the baby-boomer generations pass away, making means for millennials to form the art market. While the inflow of estate collections is mostly useful for auctions, there is a shift in taste among youthful consumers who seek a broader range of artists. Petzel Gallery showcased Jorge Pardo’s putting crimson-lacquered “Mountain Bar” at TEFAF. Originally situated in L.A.’s Chinatown, this art installation served as a cocktail bar that introduced together the vibrant LA art scene. It also housed the Mountain School of Arts in its upstairs area, the place notable critics and curators similar to Dan Graham, Hans Ulrich Obrist, Rirkrit Tiravanija, and others held lectures until its closure in 2012.
In a significant growth, Abramovich’s ex-wife’s possession stake in the belief was increased to 51 p.c through a “deed of modification” in …
