The action at 25CPW has been nonstop. Following its successful show last week, featuring the artwork of guards from the Metropolitan Museum of Art, the temporary art gallery on Manhattan's Upper West Side hosted a silent auction featuring the original creations of Afghan women and children. Several thousand dollars were raised at the event, which was organized by 25CPW guru Bess Greenberg and Brianne Leary, the driving force behind Saving Afghanistan and journalist who covered the Soviet/Afghan conflict through the 1980s. The financial result, says Leary, addresses an immediate need for specific refugees in transition.

The prices at the one-night auction were purposefully kept accessible, given the prevailing economic climate, says Leary, and the event was well-attended. Get the full story directly from Leary in the video below.

The action in Maastricht is expected to be hot. Two hundred sixty-three dealers will descend upon the Dutch city, bringing art inventory worth $2.7 billion to the world's largest art and antiques fair, Tefaf. Fingers are crossed that billion-dollar collectors will come out to play. The market has turned the corner, but the community mains reluctant to get its collective hopes up.

For the art market, this is the first chance to see how high demand for art is outside the auction houses. Private deals don't offer the transparency of the gavel scene, but the transactions can be far more interesting. By the end of Tefaf, we'll know just how deep the art market recovery is running. VIP guests will be allowed to visit tomorrow, ahead of the great unwashed.

The largest group of dealers at Tefaf this year will be those representing pre-20th century pictures, with more than 70 exhibitors. Sandro Botticelli's "Madonna and Child with the Infant Sant John," reaching back to the late fifteenth century, will be available for $15 million by Dickinson of London. Dickinson is also showing Paul Gauguin's "Deux Femmes," with a price tag of $24.4 million. Both are being sold by private collectors.

The Upper West Side of Manhattan was once again home to an exciting and unique art exhibition last week. 25CPW, a temporary art gallery occupying a vacant retail space on Central Park West hosted an art show for a unique group within the Metropolitan Museum of Art: the guards. It turns out that some of the people protecting the masterpieces on the other side of Central Park also like to create, and from what I saw on Thursday night, when I attended the opening, they are pretty damned good at it.

The Thursday night opening also included the launch of Sw!pe Magazine: Guards' Matter, an art journal that accompanied the exhibition.

On display were paintings, drawings, photographs and other pieces. The styles varied but were displayed intelligently, preventing contrasting styles from crowding each other and leaving each artist enough space for his work to stand out. Nelson Diaz, an artist and friend who attended the how with me, was as electrified as I was – both by the works on display and the energy in the 25CPW space.

You can view the NY Times photo gallery here.

The next 25CPW event is on Wednesday, March 10, 2010 night at 6:00 PM, when the Afghan Art Auction will be held to benefit the George Dritsas Anthropos Fund. The fund was created to help refugees in transition, so do find a way to open your wallet. The money raised will also be used to help the Afghan Women Council, which seeks to assist women and children inside Afghanistan.

From the inaugural event at 25CPW:

Three high-profile London hotels could wind up in the hands of the government soon. The Berkeley, Claridges and Connaught, all owned by Maybourne Hotel Group, are at risk of being controlled by the National Asset Management Agency (NAMA), due to the terms of a €16 billion loan. And, there wil probably be more.

In Ireland, five hotels could fall victim to the impact of economic woes on their developers. Loans totaling €80 billion could push the prestigious hotels – the Shelbourne, K-Club, Ritz-Carlton Wicklow, Radisson and G Hotel in Galway – into the hands of the state. Even if the loans don't go into default, the fact that they used government relief could push control to NAMA.

Depending on how the situation unfolds, NAMA could become one of the largest hotel owners in the world, a dicey proposition for the properties given the agency's lack hospitality experience. There's a shot that 100 hotels could find their way to NAMA's portfolio according to the Irish Hotel Foundation, and others in the industry put the potential at double that amount. The problem is that these assets aren't easy to manage.

Some of the properties that could wind up in NAMA's hands fall distinctly into the luxury sector. The lowest priced hotel in the Maybourne Group comes in at €643 a night (for the Berkeley). At the Connaught, you could wind up dropping more than £8,000 a night. Given the stakes involved, some the developers will be kept on to manage the new properties, though there are cases where NAMA will bring in a new team.

For the past week, the art community has focused on New York City's annual Armory event, in which artists put their best pieces forward, dealers and galleries are on the prowl and collectors look for new finds that will someday redefine their portfolios. Momentum from the contemporary art auctions at Christie's and Sotheby's was certainly present, as all in attendance seemed focused on opportunity rather than window-shopping. The efforts at the Armory were consistent with a marketplace that's active, not the crushing fear that characterized the art market through the second half of 2008 and most of 2009.

1. Koons went bare
What was expected to be the most controversial event of Armory Week turned out to be subdued, though well attended. Jeff Koons offered a tribute to open sexuality with an exhibition that opened last Tuesday. Protesters weren't in sight, but musicians Cyndi Lauper and The Edge (guitarist for U2) checked out the show.

2. Solo booths were back in style
According to ArtInfo, "Solo artist booths were everywhere you looked." Individuals were ready to put themselves out into the market. Collectors had the opportunity to focus on specific artists as a result, rather than see disparate artwork crammed together by galleries and dealers managing inventory as if they were grocers. The good news, however, is that this shift isn't indicative of an art market slump. Rather, it's a sign of optimism. There's a belief out there that art collectors are ready to buy, especially given what we've seen at auction so far this year.

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Lucian Freud is coming back to the Centre Pompidou for the first time since his first retrospective was held in 1987 – at the same museum. Historically, these exhibitions have been great for collectors of Freud's work, according to Artprice.

A 2002 Freud retrospective at the Tate kicked off a nearly immediate 185 percent increase in the index for this artist, and by 2004, he became a staple at prestigious auctions, and his sales revenue surged 450 percent. In 2005, the Freud price index, according to Artprice, gained 41 percent, and demand for his work was substantial. He debuted on the list of top 10 artists at auction, with an aggregate total of $33.7 million for the year.

Of course, the 2005 results paled in comparison to 2008, in which Roman Abramovich made Freud the most expensive living artist (seizing the title from Jeff Koons) with the $30 million purchase of "Benefits Supervisor Sleeping" – a familiar enough topic for anyone who's looked for some help from the human resources department. Yet, the upside was short-lived.

No piece by Freud crossed the $1 million mark in 2009, and with only $405,000 in auction results, he ranked 1,327th at auction, just above ... someone who is likely irrelevant in the global art community. The auction houses couldn't try to sell the good stuff, though, because nobody would put it on the block. Only prints and drawings were offered.

Did the Sotheby's auction last month signal a turn? Both "Self-Portrait with a Black Eye" and "Guy and Speck" crossed not just he million dollar but the million pound threshold, though the hype around Freud failed to materialize. Maybe Freud will lag the market in recovering, but that's probably because the art market is showing such a robust return.

Much ado has been made of the cigars ignited by the Canadian Women's Hockey Team in celebration of the gold medal they had earned. Of course, they are not the first to light cigars following a victory, and despite much of the criticism being levied these days, they are unlikely to be the last. Vin Lee, CEO of the Beverly Hills Cigar Club, wants the team to know that they have his support.

In addition to decrying the International Olympic Committee's suggestion that an investigation may be necessary, he said in a statement:

Every other sport – from the Stanley Cup, the World Cup of Soccer, NASCAR to the Super Bowl -- supports celebrating victories with a bottle of champagne and a great cigar," points out Lee. "The moment is emotional; in the case of the Olympics, it often is the reward of years of hard work and sacrifice. The Canadian Women's Hockey Team should not be chastised for wanting to mark their victory on the ice. They are national heroes.

It would be nice for the IOC to lighten up on this issue ... having already missed the opportunity to light up in support of the Canadian women's team.

And, congratulations on a victory that was certainly earned!

The annual Habanos festival ended Friday with a million-dollar cymbal crash. The week-long event attracted cigar merchants, smokers and collectors from around the world to select, sample and savor ... all leading up to purchases, of course. The main attraction was an auction of ornate cedar and mahogany humidors packed with hecho a mano cigars, ultimately fetching $1.09 million. Hundreds may have attended, but only a small fraction walked away with that level of satisfaction.

The celebration came on the heels of an announcement by Habanos S.A. that its revenue only reached $360 million last year, an 8 percent decline from 2008. The new Romeo y Julieta that was unveiled at the event, designed to appeal to women, is ostensibly a direct response to two consecutive years of revenue declines. Since women comprise only 5 percent to 10 percent of Habanos' customers, the company is hoping that there's room for growth. The company is also relying on an economic recovery in Spain, which is its largest market.

Despite the new "ladies' line," the focus in Cuba last week was on the auction. The top humidor to move contained the new Cohiba Bieke cigar, fetching $681,000, close to two-thirds of the total. According to Oscar Basulto, Vice President of Habanos, this is the top premium cigar on the market – though I'm sure there are a few people in Nicaragua, Honduras and the Dominican Republic who would disagree.

Every year, Avo Uvezian releases a new cigar for his birthday ... and it's always incredible. My first encounter with Avo's birthday cigar was the Avo 80, celebrating eight decades of the master himself. Last year, it was the Campanero, which may have been better than the Avo 80, though I haven't had the latter in a few years, so a comparison is impossible. This year, Avo turns 84, and he's celebrating his birthday with the Avo Limited Edition LE10.

The LE10 is made from an Ecuadoran sun-grown wrapper and has a Mexican Sumatra binder. The filler consists of Dominican ligero tobacco. The cigar has a ring gauge of 55 and is 5 ½ inches long; Davidoff is calling it a "super robusto" and says that it is full-bodied.

The LE10 tour will begin in Salem, New Hampshire at Two Guys Smoke Shop on March 17, 2010 and comes to Manhattan the next day, with a visit to Davidoff of Geneva. In total, Avo will make 13 stops across the United States. View all locations below.

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With economic conditions beginning to turn, the elite are finally being freed from the prison of commercial air travel. After a severe 2008 and 2009, it looks like the private aviation business is getting ready to come back, with research firm Argus showing 5.3 percent growth from January last year to January this year. According to Flexjet president Fred Reid, there was a "very distinct, small, consistent upturn in demand" that began late in 2009.

Late-model business jets aren't as cheap as they used to be, and the surplus on the market has dropped a bit, but new aircraft deliveries haven't returned to earlier levels. Flying hours have fallen, and constraints in the credit markets make it difficult for people to put the requisite cash together to buy and operate a private jet. Following five years of record growth, the NY Times reports, last year was dismal. In the second half of 2009, business jet shipments plunged 33.7 percent year-over-year to 870. High-end propeller plane sales fell 17.6 percent to 441 for the same period.

But, that's all in the past.

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