James Tomilson Hill, the Blackstone Group LP vice chairman who runs the company’s $58 billion hedge- fund business, has emerged as a billionaire as the world’s largest private-equity firm and his art collection have surged in value.
Three champion British artists line up in London for a grand parade of exhibitions at the start of Olympic year. First out is David Hockney, whose “A Bigger Picture” (Jan. 21-April 9, 2012) will fill the main galleries of the Royal Academy almost entirely with new pictures.
Jeff Koons, Lucian Freud and Gerhard Richter artworks will be among more than $500 million worth of contemporary pieces on offer this week at auctions and fairs in London. Dealers are hoping that demand holds up from billionaire buyers after stocks dived on worries about government debts.
Christie’s was propelled to its biggest auction ever by selling $745 million worth of art, fueled by Barnett Newman and Francis Bacon paintings and billionaires from around the world who competed for the masterpieces.