Friday Notes for February 16th, 2024
This is an edition of Uristocrat Notes, a newsletter that explores the most significant cultural stories of the day.
Culture
Sotheby’s New Fee Structure is a Big Gamble
To recap, the restructure will decrease the buyer’s premium—essentially, a commission paid by lot winners that Sotheby’s and Christie’s introduced in 1975—from 26 percent of the hammer price to 20 percent, for works up to $6 million. For works above that lavish threshold, the premium falls to 10 percent. The seller’s commission rate has also been reduced, among other fees.
The auction house’s move away from a “bespoke pricing structure,” Sotheby’s CEO Charles Stewart said at the time, to something more permanent, and transparent, had been in the works for a “long, long time.”
Daniel Cassady
Affordable Art for the Home From $15–$5000
Given that works of art can fetch millions, tens of millions, and even hundreds of millions of dollars, the average person who wants to brighten up their place with art may well despair that they’ll never be able to own anything other than a cheap repro of Monet waterlilies. But is it really true that good art is beyond the reach of ordinary mortals? Well, no—you can obtain a quality piece of work that fits your budget and home. Multiples, limited-edition prints, signed originals, and rare, collectible posters are available from a wide range of online sources, including galleries, nonprofits, auction houses, and publishers. And some of these finds can actually accrue in value.
The ARTnews Recommends Editors
Technology x Business
OpenAI teases an amazing new generative video model called Sora
OpenAI has built a striking new generative video model called Sora that can take a short text description and turn it into a detailed, high-definition film clip up to a minute long.
Will Douglas Heaven
Sports
Kylian Mbappe and PSG: What went wrong?
His departure may allow PSG to rebuild their squad, but losing a player of Mbappe's caliber will leave a huge mark on and off the field
Peter Rutzler and Oliver Kay
The NBA All-Star Game's long slog and the failed attempts to fix it
Brian Windhorst
Sneakers
Mallory Chin
Nike to Cut Over 1,600 Jobs
The layoffs are part of the sneaker giant’s plan to shed $2 billion in costs over the next three years.
How the Air Jordan 4 became legendary
Now, thirty-five years later, Nike is revisiting the moment for this year’s All-Star Weekend by releasing an updated take on the classic shoe called the Air Jordan 4 Bred Reimagined, a newly revised version of the original silhouette.
Jacob DeLawrence
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