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April 19 – Picasso is introduced by American photographer David Douglas Duncan to his dachshund Lump who becomes Picasso's companion and subject in paintings. [1] May 17 – First known instance of a chimpanzee painting. [2] His mentor Desmond Morris organises an exhibition of chimpanzee art at the Institute of Contemporary Arts in London.
Art sales slow in downturns resulting in the market becoming more illiquid. There is a greater degree of liquidity risk facing the art investor than with other financial assets because there is a limited pool of potential buyers, and with artworks not reaching their reserve prices and not being sold, this has an effect on the auction prices. [11]
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The most famous paintings, especially old master works created before 1803, are generally owned or held by museums for viewing by patrons. Since museums rarely sell them, they are considered priceless. Guinness World Records lists Leonardo da Vinci's Mona Lisa as having the highest insurance value for a painting.
The Seven Lively Arts was a series of seven paintings created by the Spanish surrealist painter Salvador Dalí in 1944 and, after they were lost in a fire in 1956, recreated in an updated form by Dalí in 1957. The paintings depicted the seven arts of dancing, opera, ballet, music, cinema, radio/television and theatre.
Western Motel is a 1957 oil painting by the American Realist artist Edward Hopper. The work depicts a sunlight, open-plan hotel room; the painting is noted for its elegant simplicity and subtle sense of foreboding. It is held at the Yale University Art Gallery, in New Haven. [1]