Artspace, which sells works by contemporary artists, had been negotiating with German-based  online auction site Auctionata, but Black is said to have offered a more appealing, all cash deal. The amount has not been reported. (Black is said to have been the buyer of the $119.9 million version of Edvard Munch's The Scream, among other high-profile recent purchases.)

Another online contemporary art gallery (with 45,000 artists), Saatchi Art, reportedly sold for $17 million in cash and stock to California-based Demand Media last week.