Posts Tagged ‘auction market’
January 30, 2008
On January 28th, Artprice.com, a pretty reliable, yet clunky price database primarily used for European artists, has devised a way to measure the art “Players’ confidence” with their new Art Market Confidence Index (AMCI), live.
What’s become one of my favorite things is when a group or individual attempts to use an assessment created for financial services to gauge the art market. There are characteristics intrinsic to the art market which make this impossible (quickly: information asymmetry, absence of mark-to-market prices, no price standardization or transparency, costs, conflicts of interest, the fact that the art market is the largest unregulated money market, etc…).
So back to AMCI. All you have to do is go to their website and answer these 4 simple questions:
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According to you, would now be the appropriate time to buy art works?
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YES
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NO
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INDIFFERENT
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Is your financial situation better or worse than it was 3 months ago?
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BETTER
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WORSE
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STABLE
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In the next 3 months, will you expect the economic climate to be:
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FAVORABLE
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UNFAVORABLE
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IDENTICAL
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What do you expect art prices will be in the next 3 months:
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RISE
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FALL
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STABLE
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You are then taken to this screen (link takes you into my account so you don’t have to share your info with ArtPrice or use LAUREN@IRVINECONTEMPORARY.COM and password – LAUREN) to see the live graph.
Looks like the Consumer Confidence Index doesn’t it? Generalized, and vague – self-fulling rather than foretelling. This indicator is not revealing. I just hope it will not influence behavior.
(confidence has decreased from -5.8 to -8.6 in the time it took me to write this)
Tags:AMCI, art market, Art Market Confidence Indicator, art price databases, ArtPrice Art Market Indicator, auction market, auction records, Failure and the Future, fine art funds, Hedge funders fine art, Hedge funds and art market, hedge funds art, International art market, investing in art, investing in fine art, Lauren Gentile, Price.com, Specullector, The Rationale of Art Funds: Success
Posted in AMCI, art market, Art Market Confidence Indicator, art price databases, ArtPrice Art Market Indicator, auction market, auction records, Failure and the Future, fine art funds, Hedge funders fine art, Hedge funds and art market, hedge funds art, International art market, investing in art, investing in fine art, Lauren Gentile, Price.com, Specullector, The Rationale of Art Funds: Success | Leave a Comment »
December 19, 2007
and DC thanks you, Mr. Rubenstein, for keeping the Magna Carta here
Tags:art market, auction market, auction records, Lauren Gentile, Sale of the Magna Carta, Specullector, Washington, washington DC
Posted in art market, auction market, auction records, Lauren Gentile, Sale of the Magna Carta, Specullector, Washington, washington DC | Leave a Comment »
December 12, 2007
A new record for a living artist at auction was set when Jeff Koons’ stainless steel Hanging Heart brought $23.6 million yesterday at Sotheby’s evening sale of Contemporary Art in New York. Sold to Gagosian Gallery to applause, Hanging Heart, 1994-2006 is considered one of the most important works by Koons ever offered at auction. The sculpture was offered for sale by a private American collector and had a pre-sale estimate of $15 million to $20 million.
The Guennol Lioness is a 5000-year-old Mesopotamian statue found near Baghdad, Iraq. Depicting a well-muscled anthropomorphic lioness, it sold for $57.2 million at Sotheby’s auction house on December 5, 2007. The price was the highest ever paid for a sculpture in history.
6 more days until… the Sale of the Magna Carta from Ross Perot’s private collection previously housed 5 blocks away
Tags:American art market, art market, art market quotes, auction market, auction records, contemporary art, contemporary collectors, global art market, International art market, investing in art, investing in fine art, Lauren Gentile, sale of the Guennol Lioness, Sale of the Magna Carta, Specullector
Posted in American art market, art market, art market quotes, auction market, auction records, contemporary art, contemporary collectors, global art market, International art market, investing in art, investing in fine art, Lauren Gentile, sale of the Guennol Lioness, Sale of the Magna Carta, Specullector | Leave a Comment »
November 30, 2007
I’m sorry I haven’t written in a while but holidays + Miami prep = no posting time.
I am sitting here adding centimeters to inches in inventory and converting our price lists into Pounds and Euros (not Rubels,Yen or HK$ – which may have made it onto the score boards of Sotheby’s and Christie’s sales, but I don’t expect to see much of it in Miami) This conversion though especially freaked me out:
$10,000
€ 6800
₤ 4800
Thus, if you have a British accent, come to booth 74 for special attention and I’ll send you home with something/somethings good … I expect many foreign buyers next week and I’ll be posting info and pictures from the fair when I can.
Highlights of what we have: a new 30 x 30 Dalek, several 24karatgold on gesso Teo Gonzalez’s, Paul D. Miller aka DJ Spooky video New York is Now which is being featured at the Rubell Collection and the Scope VIP party (and video stills in C-Print to accompany) So come visit me in booth 74 and please bring me a bottle Smart Water if you can – sensory overload, dehydration and grandness!
Example of Dalek’s new acrylic on panel ………… This one is sold, the one I have is going to be a surprise! 
Tags:American art market, Art Basel MIami Beach 2007, art market, auction market, Christie’s, contemporary art, contemporary collectors, Contemporary Photography, Dalek, DJ Spooky art, International art market, Irvine Contemporary, Lauren Gentile, New Dalek work, Paul D Miller, Scope Irvine Contemporary, SCOPE Miami 2007 exhibitors, Sotheby’s, Specullector, Teo Gonzalez
Posted in American art market, Art Basel MIami Beach 2007, art market, auction market, Christie's, contemporary art, contemporary collectors, Contemporary Photography, Dalek, DJ Spooky art, International art market, Irvine Contemporary, Lauren Gentile, New Dalek work, Paul D Miller, Scope Irvine Contemporary, SCOPE Miami 2007 exhibitors, Sotheby's, Specullector, Teo Gonzalez | 1 Comment »
October 30, 2007
In today’s NYTimes was this article about a “Rembrandt” that sold at a regional auction house in the UK for $4.5 million even though it was catalogued as “by a follower of Rembrandt”. The article ends with “If the experts change their minds someday, Friday’s buyer will have had a bargain”…
Friday’s buyer isn’t an English Ira Spainerman, trust me, if the Rijksmuseum in Amsterdam says its fake (which they did) it is.
But let me tell you the back-story, the one that takes place before the NYTimes picked it up, and I’ll do it like a Visa commercial.
A guy gets an insurance appraisal (₤2000). The appraiser finds this unusual work in this local home and gets excited (priceless). He sends some jpegs to Christie’s and Sotheby’s Old Master departments and they ask them to bring the work to London (₤50 parking and city driving tax). Upon inspection, one or both of the auction agents first checks the Art Loss Registry (₤100 each) to make sure it wasn’t stolen. It wasn’t so they take new images of the work – front, corners, details of hands and hair and verso and send transparencies to the associate they just got off the phone with at the Rijksmuseum (₤250). The Rijks, which is the employer of the leading scholars in Dutch painting, needs to see the work in person. The owner of the work is told by the auction house that someone will have to authenticate the work and that could be costly (₤2500), but that “they would be happy to subtract that fee from the seller’s commission after the sale…” (Estimated sale price if the Rembrandt were real ₤26 million).
2 Dutch board and plane and travel to London to inspect the work (₤500). It doesn’t meet their requirements and they go home, this time on Ryan Air (₤15). The appraiser advises the guy to go to a smaller regional auction house and have them sell the work so atleast he’ll make back the authentication fee and the appraiser will finally get an introductory commission (2% of sale price) from some auction house. The auction house decides to sell the work but since the leading authority already gave it the no, they decide to catalogue the work including the word “follower”. Now Reader, please see below for important information regarding what these below clauses mean in your auction catalogue:
a. “Attributed to” – work is of the period of the named artist and maybe the work of that artist, but not definitely so.
b. “Circle of” – work of the period closely associated with the artist or from his studio.
c. “School of’ – work by a pupil or follower of the artist, in his style.
d. “After” – in our opinion, a copy of the work of the artist.
e. “Signed” – has a signature which in our qualified opinion is the signature of the artist.
f. “Bears signature” – has signature which in our qualified opinion, might be the signature of the artist.
Story continues – On Friday, someone buys a painting from “the School of Rembrandt” for at a regional auction house ($4.5million).
Stats:
Local guy ($4.05 million after his 10% seller’s commission)
Appraisal ($90,000 for intro commission)
Auction house ($1.125 million – 675,000 from buyer and 450,000 from seller)
Buyer a.k.a. He who got the Bargain (-$5.175 million and an appraiser who is sure he needs his collection revalued…)
The End
A Follower of Rembrandt
The Young Rembrandt as Democrates the Laughing Philosopher
Oil on copper, 9.5 x 6.5 in.
Tags:$4.5 million Rembrandt, art market, art market quotes, auction catalogue definitions, auction market, auction records, Christie’s, Dutch art market, Lauren Gentile, Rembrandt, Sotheby’s, Specullector, The Young Rembrandt as Democrates the Laughing Philosop
Posted in $4.5 million Rembrandt, art market, art market quotes, auction catalogue definitions, auction market, auction records, Christie's, Dutch art market, Lauren Gentile, Rembrandt, Sotheby's, Specullector, The Young Rembrandt as Democrates the Laughing Philosop | Leave a Comment »
October 23, 2007
This ran last week and then got buried by fluff. Charlie Finch gets political and it’s a very interested read.
Tags:Artnet News, auction market, Charlie Finch, China, China Dollars, Chinese art market, Chinese contemporary art, Christie’s, contemporary art, contemporary collectors, Lauren Gentile, Specullector
Posted in Artnet News, auction market, Charlie Finch, China, China Dollars, Chinese art market, Chinese contemporary art, Christie's, contemporary art, contemporary collectors, Lauren Gentile, Specullector | Leave a Comment »
October 16, 2007
So the results from the London auctions are in, discussions with my associates who visited Frieze were had, Richard Polsky published his official (and kinda cheesy) buy, sell, hold “art market guide 2007” and then a handsome financial advisor from Chicago sent me this article from yesterday’s WSJ.
After processing all of this – these are my thoughts:
The most important info from the WSJ article is at the bottom when Rubell, the alpha collector, claims that its not the credit crunch affecting him, its the exchange rate. That was the same thing I heard from those with dollars at Frieze.
Then the article went on to say that only 19% of the buyers at Sotheby’s Contemporary auction in London were American. That is low (12% Asian, Middle Eastern & 42% European), really low and very telling of the future. So is the fact that the Chinese Contemporary sales did so well.
I missed the art market’s passing from Paris to New York, but I think I will live to see its move to London.
As for Polsky’s art market guide published on ArtNet News, his advice resonated well with WSJ and the auction results. He stamped Doig, Hirst, Yuskavage with a SELL in his guide. But re: his Yuskavage commment, I didn’t get it, I thought the opposite was true.
Overall, I thought his advice was very conservative and was surprised that Warhol was a BUY – but maybe he is doomed to claim that forever (if you don’t get it, you should be ashamed, please click here)
So, are the young contemporary Western artists going to suffer from this financial uncertainty? We will have to wait until December for the next round of auctions and fairs to see.
Tags:American art market, Andy Warhol, art fairs, art market, art market quotes, art reporting, Artnet News, auction market, auction records, Chinese contemporary art, contemporary art, contemporary collectors, global art market, investing in art, investing in fine art, Lauren Gentile, London, Richard Polsky, Sotheby’s, Specullector
Posted in American art market, Andy Warhol, art fairs, art market, art market quotes, art reporting, Artnet News, auction market, auction records, Chinese contemporary art, contemporary art, contemporary collectors, global art market, investing in art, investing in fine art, Lauren Gentile, London, Richard Polsky, Sotheby's, Specullector | Leave a Comment »
September 25, 2007
November 14 – Sotheby’s New York
Jeff Koons, Hanging Heart (Magenta and Gold), 1994-2006
Estimate: $15 to 20 million
http://www.artdaily.org/index.asp?int_sec=2&int_new=21868
Tags:American art market, auction market, auction records, contemporary art, contemporary collectors, Jeff Koons Hanging Heart, Lauren Gentile, Sotheby’s, Specullector
Posted in American art market, auction market, auction records, contemporary art, contemporary collectors, Jeff Koons Hanging Heart, Lauren Gentile, Sotheby's, Specullector | Leave a Comment »
September 20, 2007
These are the regional events and auctions that will be determining my Fall season…
October 5th – 8 to midnight in DC
October 7th – Noon in Chicago
Wright20’s auction of the Marcel Breuer Wolfson Trailer House
October 11th – 7 to 9pm in NY
A D A M . S T E N N E T T
U S E . O N L Y . A S . D I R E C T E D
October 11 – November 10, 2007
3 1 G R A N D
143 Ludlow Street
New York, NY 10002
Adam Stennett
Harmful or Fatal if Swallowed, 2007
Video DVD; one framed video still
Dimensions variable
Ed. of 3 (and on a personal note – this is by another 31GRAND artist, Barnaby Whitfield and its my latest acquisition…
The Prestige, 2007, Pastel on paper, 28.5 x 36 in.)
Oct. 13th – 7pm in DC
Luster – Lee Jensens Brake Service
1333 14th Street, NW
and FYI, it’s also Philippa’s birthday so everyone should please bring her a gift for all she has done for DC’s art community…
Oct 20th – XinDC at BeBar in DC(thank you for letting me curate in August)Oct 27th – Kahn & Selesnick: Eisbergfreistadt opening at Irvine Contemporary in DC– 6-8pm
November 10th – 7 to Midnight. In DC
The 1869 Society of The Corcoran Gallery – Fall Fete
This is going to be the best party of the season, I guarantee. Come and spend the evening with Ansel, Annie, Me and my fabulous friends and associates who are acting as our hosts for the event: Holly Rich, Anne Surak, Karin Tanabe, Raul Zahir De Leon, Lauren Saks and Brian Corrigan.
November 17th – 7 to 10pm
4th Annual Transformer Silent Auction & Benefit Party
John Dreyfuss’ Studio at Halcyon House
3400 Prospect Street, NW Ticket information: www.transformergallery.org
December 5th – Sotheby’s New York
Sale of The Guennol Lioness -a carved figure of a lioness which was created approximately 5,000 years ago in the region of ancient Mesopotamia -it is estimated to sell for $14/18 million.
December 5-9th – in South Beach Art Basel Miami Beach We’re showing at SCOPEMiami – come and say hello!
December 10th Week – Sotheby’s New York
Sale of the Magna Carta from Ross Perot’s private collection (which has been housed at the at the National Archives in DC forever) wonder what happened to prompt this…
Tags:14th Street Corridor, 1869 Society, 31GRAND, Adam Stennett, American art market, Anne Surak, art fairs, art market, auction market, auction records, Barnaby Whitfield, BeBar, Brian Corrigan, contemporary art, contemporary collectors, Corcoran, Eisbergfreistadt, Fall Fete 2007, Hirshhorn, Hirshorn Afterhours, Holly Rich, Irvine Contemporary, Kahn & Selesnick, Karin Tanabe, Lauren Gentile, Lauren Saks, Luster, Philippa Hughes, Project 4 Gallery, Raul Zahir De Leon, sale of the Guennol Lioness, Sale of the Magna Carta, SCOPE Miami 2007 exhibitors, Sotheby’s, Specullector, The Corcoran Gallery of Art, The Pink Line Project, Transformer Benefit 2007, Washington, washington DC, XinDC, young collectors
Posted in 14th Street Corridor, 1869 Society, 31GRAND, Adam Stennett, American art market, Anne Surak, art fairs, art market, auction market, auction records, Barnaby Whitfield, BeBar, Brian Corrigan, contemporary art, contemporary collectors, Corcoran, Eisbergfreistadt, Fall Fete 2007, Hirshhorn, Hirshorn Afterhours, Holly Rich, Irvine Contemporary, Kahn & Selesnick, Karin Tanabe, Lauren Gentile, Lauren Saks, Luster, Philippa Hughes, Project 4 Gallery, Raul Zahir De Leon, sale of the Guennol Lioness, Sale of the Magna Carta, SCOPE Miami 2007 exhibitors, Sotheby's, Specullector, The Corcoran Gallery of Art, The Pink Line Project, Transformer Benefit 2007, Washington, washington DC, XinDC, young collectors | 1 Comment »
July 28, 2007
After disappointing sales for Bonham’s in Hong Kong, the auctions held by Poly International Auction Company in Beijing has impressed even the duopoly of Sotheby’s and Christies. The FT article Into the Void by Natasha Degen reported that Poly’s last auction was a success with the 80% Chinese and 10% Western patrons bidding on the highest quality works seen together in the auction market.
The art market has curiously become important in China which experts argue is due to the absence of an established museum infrastructure. Chinese museums do not have high curatorial standards and rarely exhibit contemporary art. “Right now there’s a void, so the galleries and the auction companies have naturally filled that void,” said Beijing dealer Meg Maggio. “It’s like we’re missing the third point on the triangle.”
American collector of Chinese Contemporary and owner of 210 works said the shortage of important exhibitions in China, and in the West, was Chinese contemporary art’s “Achilles heel.” “There’s not a good conceptual understanding of what the art’s all about,” says Logan. “Everybody can quote the prices but there’s not a real thorough understanding of why this art is important and where it fits into the total scheme of things.”
Beijing has been developing to correct this void of knowledge which is affecting new collectors, wanting to own Chinese Contemporary. The Ullens Centre for Contemporary Art is opening this fall, the Central Academy of Art’s Museum of Contemporary Art is under construction, there is also the Three Shadows Photography Art Centre and The Poly Group is restructuring their art museum of antiquities to include Contemporary Art.
Predictions are that the new museums and serious contemporary art spaces will divert attention away from the auctions, or private/commercial sector, to curators and critics for validation.
Wu Guanzhong, Ancient City of Jiaohe (1981)
Sold to a Singaporean Chinese for a record ¥37 million or $4.9 million at Poly
Tags:art market, art market quotes, auction market, auction records, China, Chinese art market, Chinese contemporary art, Christie’s, contemporary art, contemporary collectors, Poly International Auction, Specullector, Wu Guanzhong’s “Ancient City of Jiaohe”
Posted in art market, art market quotes, auction market, auction records, China, Chinese art market, Chinese contemporary art, Christie's, contemporary art, contemporary collectors, Poly International Auction, Specullector, Wu Guanzhong’s “Ancient City of Jiaohe” | Leave a Comment »
