Morning Links: Wealth and Picasso Edition

Wealth management group Citadel has put together an art index to track the price of work on the market. Said Citadel head of marketing Joe Bester, “[W]e’ve noticed a definite uptick in passion investments such as art, wine and race horses.” [BusinessDay]

A group of artists, including Chuck Close, Laddie John Dill and Robert Graham, have sued Sotheby’s and Christie’s, claiming that they are owed money under the terms of the California Resale Royalty Act, which is designed to provide an artist with 5 percent of a sale price when a work is resold. [Los Angeles Times]

In a special section about wealth, The New York Times takes a look at the art and intricacies of appraising valuables. [NYT]

Here’s a FIAC preview: Hirst, Picasso expected to be popular. [Bloomberg]

NADA teams with online art gallery Paddle 8. [The Art Newspaper]

Here’s an interview with London’s Helly Nahmad in which he confirms his family’s 3,000 piece collection, adding that a “couple hundred or so” are Picasso oil paintings. [The Art Newspaper]

“That others grasp what I have in mind seems unessential,” he once said of his work.” A preview of the Calder show at Pace. [NYT]

Japanese artist Sadamasa Motonaga dies at 88. [Artforum]

Morning Links: Wealth and Picasso Edition