In 1997, the Minneapolis College of Art and Design held an art sale to give student and alumni artists an opportunity to offer their creations to art collectors. They offered around 1,000 pieces by 86 different artists, including prints by photographers. Since then, the MCAD Art Sale has exploded in popularity.
This year the organizers are hoping to sell thousands of artworks by hundreds of artists at a rate of 7 pieces per minute. The sales will add to the $1,875,000 that has been paid out to artists through the sales over the years.
Last month we reported that 36 digital pigment prints of photos by William Eggleston had been auctioned off for a whopping $5.9 million. At least one man wasn’t too happy about the news: a New York-based art collector named Jonathan Sobel has filed a lawsuit against Eggleston, claiming that the photographer’s decisions to sell new, oversized prints of his iconic images has diluted the resale value of the originals. Sobel owns one of the largest private collections of Eggleston’s photographs — 192 photos worth an estimated $5 million. He is seeking unspecified damages and also a ban to prevent Eggleston from making new prints of his 1960s suburbia photos.