News Recap: October 12, 2018

A weekly update of art world news.

Girl With Balloon  started shredding itself moments after the hammer came down at Sotheby’s. Photograph: Sotheby's/PA

Girl With Balloon started shredding itself moments after the hammer came down at Sotheby’s. Photograph: Sotheby's/PA

Banksy Painting Self-Destructs at Sotheby’s as Hammer Falls
Banksy’s famous spray-painted “Girl with a Balloon” fetched $1.4 million at Sotheby’s London sale last week. The sale caused a commotion as the painting began to fall through the frame—shredding itself into pieces and setting off a security alarm—as soon as the hammer fell to finalize the sale. Shortly after the auction, Banksy posted a photo of the shredding to his Instagram account. The shredding work has been given a new title, “Love Is in the Bin,” and issued a certificate of authenticity by Pest Control, the artist’s authentication body. The buyer, a European collector, has confirmed that she will proceed with the deal. “When the hammer came down last week and the work was shredded, I was at first shocked,” she told The Guardian, “but gradually I began to realize that I would end up with my own piece of art history.”
Read the full story (The Guardian)  

MacArthur Genius Grant Winners Announced
Artist and curator Julia Ault, painter Titus Kaphar, and filmmaker and performance artist Wu Tsang are the artists included among the 25 recipients of this year’s MacArthur Genius grants. The unrestricted grant of $625,000 is paid in quarterly installments over a period of five years. According to the John D. & Catherine T. MacArthur Foundation, the recipients are determined based on exceptional creativity; promise for important future advances based on past accomplishments; and potential for the grant to facilitate subsequent creative work.
Read the full story (ArtNet News)

Inge Feltrinelli Dies at 87
One of Italy’s most prominent publishers died on September 18 in Milan. She was 87. Born Inge Schönthal, she left the city of Essen in western Germany for Hamburg in 1950 where she lived with photographer Rosemarie Pierer and learned photography. She earned money on the side as a model. Travelling to the United States for the first time in 1952, Feltrinelli made a candid photograph of Greta Garbo on a New York City curb and sold the photo to Life magazine for $50. She went on to photograph other artists and celebrities including Allen Ginsberg, John F. Kennedy, Sophia Loren, and, most famously, Ernest Hemmingway in Cuba. Feltrinelli moved to Milan with her husband in 1959 where she eventually gave up photography to focus on publishing authors.
Read the full story (New York Times)