What is the role of the auction in the ‘art world’?

Declassified with Cheyenne Westphal (she/her), Global Chairwoman of Phillips

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Our goal with every episode is to break down fancy art talk, provide links to everything discussed, and share some additional reading we found that was inspired by our conversation.

Amy Sherald, American painter (b. 1973), who works predominately in portraiture. Known most for her portrait of Breonna Taylor on Vanity Fair and the Official Portrait of First Lady Michelle Obama.

Andy Warhol, Major historical figure (1928-1987) and founder of the American pop art movement.

Auction Houses, Company that facilitates the buying and selling of assets, in this case art and decorative objects. The big three in the art world are: Sotheby’s, Christie’s and Phillips.

Catalogue raisonné, Comprehensive, annotated listing of all the known works of an artist either in a particular medium or all media.

Christie’s Auction House, British-founded global auction house, established in 1766.

Consigning Stage, The preparatory stage before an auction goes live, when catalogues are written, works are valued and ordered, and preemptive deals are made.

CryptoCurrency, Digital currency designed to work as a medium of exchange through a computer network that is not reliant on any central authority to uphold or maintain it.

DAO, Acronym for Decentralized Autonomous Organization, or an organization represented by rules encoded as a transparent computer program controlled by the organization members and not influenced by a central government. Used in this context to represent a group of buyers at auction.

Edition Sale, Sale of artist editions, which are pieces in a set of original works of art intended for graphic reproduction, produced by or under the supervision of the artist who designed them.

Jasper Johns, American painter (b.1930) who is associated with abstract expressionism, Neo-Dada, and Pop Art.

Mark Bradford, American painter (b. 1961) who represented the U.S. in the 2017 Venice Biennale and is know for his large-scale abstract paintings.

Phillips, British-founded global auction house, established in 1796, which focuses on contemporary art and design.

Primary Market, Where an artwork “goes” the first time it comes to sale, often through a gallery or from the artist directly.

Robert & Ethel Scull Auction, 1957 landmark contemporary art auction that included artists such as Andy Warhol, Jasper Johns, Robert Rauschenberg, Franz Kline, and Frank Stella. One of the first occasions of contemporary art selling for the high prices we see regularly today.

Secondary Market, Where an artwork “goes” after it has already been sold once, and is in the process of being resold or moved.

Sotheby’s Auction House, British-founded global auction house, established in 1744.

Tate Modern (Gallery), London, World-class museum that houses the majority of Britain’s publicly owned modern and contemporary art.

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