June 8: $50M Pollock Fails in Sotheby's Private Sale; Prada Heads to the Moon

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$50M Pollock Fails in Private Sale
- A Jackson Pollock owned by dealer Arne Glimcher, reportedly priced ~$50M, failed to sell in a Sotheby's private sale
- Follows last week's news that Pace Gallery is cutting ~50 artists; CEO Marc Glimcher called the mega-gallery model "unfixable"
- Artnet asks whether the mega-gallery model is collapsing; reports Asia's art market is recalibrating

Leadership Moves
- Printemps names Remy Baume CEO, effective immediately — role vacant since September last year
- Carven names Kai Nesselrath (from Anthony Vaccarello's Saint Laurent studio) design director; debut collection for the ICCF-owned label at Paris Fashion Week in autumn

Prada in Space
- Prada and Axiom Space unveil a new inner-layer garment for NASA astronauts on the lunar surface, ahead of Artemis IV
- Shown at Prada's SoHo flagship; part of Prada's push to be the first major luxury house in the space industry

Quick Hits
- Bombardier's new Global 8000 flew Montreal to Nice in just over six hours (record)
- 'Entourage' actor Jeremy Piven sold his Hollywood Hills home for $6.85M — just $50K more than he paid in 2017, after first listing at $9.5M
- London: the buyer of a Regent's Park mansion flipped it for ~£195M (~$260M), a markup of ~£56M — one of the UK's highest-value home sales on record (Bloomberg)
- Espolon released a new Extra Anejo tequila finished in Chardonnay casks — its second extra anejo expression
- Timberland opened at the American Dream Mall (NJ) — part of a plan to open 20 new stores in fiscal 2027

Week Ahead
- Sotheby's Magnificent Jewels — June 9, New York
- Christie's watches — June 10
- Bonhams watches — June 11
- Phillips watches — June 13-14
- Sotheby's watches — June 15
- Bonhams National Automobile Museum — June 13, Reno

Also from ALT/FNDATA:
- Closing Price — Mon-Fri at 5 PM ET
- Art Market — Tuesdays at 8 AM ET
- Luxury Spending — Wednesdays at 8 AM ET
- Auto Market — Thursdays at 8 AM ET

June 5: Pace Gallery Drops 50 Artists; Bonhams Motorcycle Sale with 300+ Lots

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Pace Gallery Restructuring
- Cutting ~50 artists from roster of 135, reducing staff from 250 to 200
- CEO Marc Glimcher describes mega-gallery model as "unfixable"
- Locations: New York, London, Los Angeles, Hong Kong, Seoul, Tokyo, Geneva

Sagrada Familia
- 18th and final tower completed after 144 years of construction
- Pope scheduled to inaugurate
- Designed by Antoni Gaudi; long considered incompletable

Luxury & Fashion
- Zegna (ZGN) staging Summer 2027 runway show in Los Angeles today
- Villa Zegna invitation-only private club opens in Hollywood
- Zegna joins Dior, Gucci, and Louis Vuitton in staging shows outside traditional fashion week calendar

Auctions & Events
- Bonhams Motorcycles Online Summer Sale live through June 15 — 300+ lots, 250+ without reserve
- 100+ artists threaten legal action against Venice Biennale over Visitors' Lions prize
- London Gallery Weekend opens today — 120+ galleries participating

Week Ahead
- Sotheby's Magnificent Jewels — June 9, New York
- Christie's watches — June 10, New York
- Bonhams watches — June 11, London
- Phillips watches — June 13-14, New York
- Sotheby's watches — June 15, New York
- Bonhams National Automobile Museum — June 13, Reno

Also from ALT/FNDATA:
- Closing Price — Mon-Fri at 5 PM ET
- Art Market — Tuesdays at 8 AM ET
- Luxury Spending — Wednesdays at 8 AM ET
- Auto Market — Thursdays at 8 AM ET

June 4: Centre Pompidou Opens in Seoul; Ferrari 599XX Leads RM Sotheby's Tegernsee at EUR 2.5M

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Centre Pompidou Seoul
- Centre Pompidou Hanwha opens today in Yeouido, Seoul's finance district
- 10,000 sqm across four floors inside the 63 Building, designed by Jean-Michel Wilmotte
- Former aquarium converted into a "box of light"
- Inaugural exhibition: "The Cubists: Inventing Modern Vision" — Picasso, Kandinsky, Matisse, Chagall
- Partnership with Hanwha Foundation (Hanwha conglomerate)
- Opens on the 140th anniversary of France-Korea diplomatic relations

RM Sotheby's Tegernsee — Consignment Announced (July 4)
- 2009 Ferrari 599XX Evo: EUR 2M–2.5M (headline lot)
- 2023 Ferrari 812 Competizione: EUR 1.25M–1.5M
- 2004 Porsche Carrera GT: EUR 1.2M–1.6M
- 1960 Porsche 356 B Carrera 1600 GS/GT Coupe by Reutter: EUR 470K–570K
- 1971 Mercedes-Benz 280 SE 3.5 Cabriolet: EUR 300K–400K
- 2006 Mercedes-Benz CLK DTM AMG Cabriolet

Watch Auction Season — June 9-15
- Sotheby's Magnificent Jewels — June 9, New York
- Christie's watches — June 10, New York
- Bonhams watches — June 11, London
- Phillips watches — June 13-14, New York
- Sotheby's watches — June 15, New York

Equity Snapshot
- LVMH (MC.PA): EUR 477.10, day range 473–479.75
- BMW, Mercedes-Benz, Porsche: testing technical support levels
- Ferrari (RACE): 29.5% operating margin

Also from ALT/FNDATA:
- Auto Market — Thursdays at 8 AM ET
- Closing Price — Mon-Fri at 5 PM ET

June 3: Neiman Marcus Closes Dallas Flagship; De Beers Reports 25% Rise in Diamond Spending

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Luxury Retail
- Neiman Marcus closing its Dallas flagship store, over 100 years old, as part of Saks Global's Chapter 11 restructuring

Jewelry & Gems
- De Beers: average cost of a natural mined diamond reached $4,063 in 2025, up 25% from 2023
- Kao diamond mine going on care and maintenance from July amid rough-price downturn
- Christie's Hong Kong Important Watches auction: $36M total, Patek Philippe top lot at $1.8M
- Christie's Hong Kong: multi-gem ring sold for $194,500 — five times its high estimate

Swiss Watch Exports
- Swiss watch exports to the US fell 17% YoY in April
- Hong Kong luxury sales (jewelry, watches, clocks, valuable gifts) up 20% YoY in April

Equity Recap (from yesterday's Closing Price)
- Watches of Switzerland (WOSG.L): surged 14% on FY2026 earnings, US sales +24%
- Richemont (CFR.SW): near record high CHF 161.80
- LVMH (MC.PA): EUR 473, down 26% YTD
- Signet (SIG): raised full-year guidance

Also from ALT/FNDATA:
- Luxury Spending — Wednesdays at 8 AM ET
- Closing Price — Mon-Fri at 5 PM ET

June 2: Jerry Gogosian Dies at 40; Dawn Airey Named Arts Council England Chair

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Art World
- Hilde Lynn Helphenstein, known as Jerry Gogosian, has died at age 40 in Sao Paulo
- Dawn Airey announced as new chair of Arts Council England, replacing Nicholas Serota on August 1st

Institutional
- Crystal Bridges Museum of American Art completes major expansion, adding 50% more space
- Centre Pompidou Hanwha opens in Seoul on June 4th
- Elsewhere art fair launches in Philadelphia with 26 exhibitors at the Yowie Hotel

Market Recap (from yesterday's Closing Price)
- LVMH (MC.PA): EUR 473, down 26% YTD, near 52-week low
- Christie's spring evening session: $1.1B
- Richemont (CFR.SW): FY2026 sales EUR 22.4B, up 11%; jewelry maisons at 30.5% margin
- Ferrari (RACE): Q1 revenue EUR 1.85B
- Burberry (BRBY.L): net zero target delayed from 2040 to 2050

Market Context
- BofA spring 2026 report: global sales at Christie's, Sotheby's, Phillips reached $4.55B in 2025, up 11.1% from 2024
- 53% of lots sold above pre-sale estimates in 2025 vs 48% in 2024

Week Ahead
- Centre Pompidou Seoul — June 4
- RM Sotheby's Bavaria — June 5-6
- Sotheby's Magnificent Jewels, New York — June 9 (73.11-carat Fancy Vivid Yellow diamond by Glenn Spiro)

Also from ALT/FNDATA:
- Art Market — Tuesdays at 8 AM ET
- Closing Price — Mon-Fri at 5 PM ET

June 1: Spring Sales Achieve $1.8B Across Christie's, Sotheby's, and Phillips
New York's May spring auction season has concluded with $1.8 billion across Christie's, Sotheby's, and Phillips.

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In this episode:
- Christie's posts $1.1B evening session; Pollock's "Number 7A, 1948" realizes $181M
- Sotheby's finishes at $909M; Rothko's "Brown and Blacks in Red" at $85.8M
- Phillips posts $115M, more than double its 2025 total
- Sotheby's High Jewelry sale achieves $31.4M with 95% sell-through
- 73.11-carat Fancy Vivid Yellow diamond by Glenn Spiro leads June 9th Magnificent Jewels
- Heritage Auctions spring sale features signed Hermes Birkin
- Christie's Paris announces dedicated Hermes handbag auction for June
- Centre Pompidou Hanwha opens in Seoul on June 4th
- John Armleder receives carte blanche at Musee d'Art et d'Histoire, Geneva
- The Market by Bonhams: 2009 Ferrari California ~$34,000 | 2018 Jaguar F-Type ~$20,000 | 1991 Porsche 944 Turbo ~$8,000
- Week ahead: RM Sotheby's Bavaria (Thu-Fri), Sotheby's Magnificent Jewels (June 9)

Also from ALT/FNDATA:
- Closing Price — Mon/Wed/Fri at 5 PM ET: Connecting public equities to the global auction and luxury asset markets