Predicting Art Market Profit Potential Pt. 2 – artmarketblog.com

Posted on February 3, 2010 by artforprofits

Predicting Art Market Profit Potential Pt. 2 – artmarketblog.com

Since posting part 1 of my Predicting Art Market Profit Potential posts I have had some people question whether it is possible to predict whether an artist will achieve market success before they actually do.  Unfortunately many people either don’t know about ArtFacts.net or don’t understand how it works which is why I am writing this post.   One person said that: “A successful artist with lots of exhibitions and fame, will certainly have an extensive auction sale record, whereas an unknown artist will not.”  I can understand where this person is coming from, but their statement is incorrect.  An artist who has been widely and extensively exhibited can have a strong primary market (galleries etc.) for their work and a virtually non existent secondary market (auctions etc. ) for their work.  In fact, I know of many contemporary artists whose works fetch considerable amounts of money on the primary market but have not had any of their works sold at auction or via any secondary market   Before an artist develops a strong secondary market they usually have to have developed a strong primary market which would mean having their work exhibited by galleries, at fairs and as part of group shows.  What ArtFacts.net does is utilise primary market data to establish how much attention an artist is receiving.  That primary market attention, if properly leveraged, should then be able to be turned into secondary market attention and increased secondary market value. According to ArtFacts.net “According to ArtFacts.net, “The career of an artist depends on the success of their exhibitions”. This is certainly true for the long term career of an artist. Because price data is rarely available for primary market transactions, ArtFacts.net have developed a ranking system that ranks artists according to how widely and extensively they are being exhibited and how prestigious the galleries/museums they are being exhibited at are.  Although some of the older/deceased artists will be having their work exhibited/sold on the secondary market, much of the data is for emerging contemporary artists whose work is being sold/exhibited on the primary market, and who don’t yet have a secondary market, which gives people the opportunity to use the data the ArtFacts.net have collected to make predictions regarding the future secondary market potential of an artist and their work. In order to provide some sort of context in which to place the more emerging artists, the ArtFacts.net Artist Ranking tool includes a large number of modern artists such as Warhol, Picasso, Richter, Nauman etc. who, as one would expect, occupy the top spots of the ranking.  By having the more senior artists to make comparisons with, it is much easier to put the success of the emerging artists into context and see how their career compares to the careers of artists who already have a strong and established secondary market.

For those of you who are unfamiliar with ArtFacts.net, the first of their Artist Ranking Tool was created in 1999 and has since undergone various adjustments and changes to make it is today.  The concept of ranking artists according to the amount of attention they and their work receives is not a new concept. According to the Getty Museum “Fascinated by the high prices achieved by contemporary (postwar) art, the German art critic Willi Bongard developed a system, known as the Kunstkompass, for ranking artists based on indicators of fame. Using data gathered from museums, commercial art galleries, and art journal reviews, Bongard calculated the success of an artist from year to year and compared it to gallery prices, thus determining the artist’s investment potential.”  The Kunstkompass top 100 contemporary artists continues to be published each year by Germany’s Capital magazine thanks to the efforts of Bongard’s widow, Linde Rohr-Bongard.  ArtFacts.net have taken Bongard’s concept one step further and introduced a recently developed  Career Analyser too which allows subscribers to see how an artist’s career has developed over the years and how their ranking has changed.  According to ArtFacts.net “The Career Analyser Tool examines an artist’s career in the ranking system from two further perspectives: the position in the ranking and the score for each exhibition – both results are calculated over the years. The last object of the analysis is the “Peer Group”: on the basis of the different ranking careers, we detect the artist’s artistic entourage that is the artists with whom he/she usually exhibits in group exhibitions.”  ArtFacts.net have also developed a separate Auction Analyser Tool in conjunction with ArtTactic.com which provides a detailed and in depth analysis of an artist’s career in the auction market.

With a total of just under 80,000 ranked artists, there is no shortage of information on ArtFacts.net so I urge everyone to take the time to check it out and purchase a subscription.  It will be well worth your while

Top 100 Ranking
http://www.artfacts.net/index.php/pageType/ranking/paragraph/4/lang/1

Artfacts.net stats:

19,513
exhibitors worldwide
166
countries
216,913
exhibitions worldwide
229,700
artists biographies
79,338
ranked artist
16,608
works of art
1,421
catalogs

**Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of http://www.artmarketblog.com, writes the art column for the magazine Antiques and Collectibles for Pleasure and Profit and contributes to many other publications

Filed under: art, art auction, art facts, art investment, art market, artist | Tagged: , , , , | Leave a Comment »

Predicting Art Market Profit Potential Pt. 1 – artmarketblog.com

Posted on January 26, 2010 by artforprofits

Predicting Art Market Profit Potential Pt. 1 – artmarketblog.com

Using auction prices to identify trends and determine whether the price being paid for a particular artist’s work is on the rise is all well and good, but by the time the price of an artist’s work begins to rise in a rapid manner, the best opportunity to profit from the price increase is likely to have already passed. Auction price databases such as artprice.com and artnet.com are extremely useful but they are really only useful for artists who already have an extensive auction sale record. What if there were a system that was able to identify those artists who are most likely to achieve market success before they actually do?. Well, you may be pleased to hear that there is. By looking at what is essentially one of the most influential factors that determines the success of an artist’s career, namely how many exhibitions an artist’s work is included in and how important those exhibitions are, ArtFacts.net is able to rank artists according to their fame and popularity in the cultural sphere as well as in the commercial gallery sphere. That ranking, according to ArtFacts.net, is generated according to the theory that the greater number of shows the artist has, the greater will be the fame of a particular artist. And, as we all know, familiarity generates demand, and increased demand equals increased value (usually). I don’t think that anyone can dispute the fact that museum and gallery shows make artists more saleable and raise the price of their work.

The way that the ArtFacts.net Artist Ranking Tool works is by assigning different points values to particular types of exhibitions and the different institutions and galleries that hold these exhibitions. The number of points assigned to an artist depends on the importance of that institution/gallery exhibiting their work and the amount of exposure that the exhibition gives the artist in question. According to the ArtFacts.net website “Solo shows are worth more than group shows or art fairs. Documenta, in Kassel, Germany, is worth more than the Venice Biennale. Public museums count more than galleries. And different museums have different weights. Those in cities like Paris or New York count for more. Small museums and university museums count for almost nothing”. There does of course have to be some sort of criteria to determine whether an artist is worthy of being included in the system which is where the eligibliity criteria come into play. For an artist to be ranked they must have a sufficiently international presence which in the case of ArtFacts.net means those artists that have long term ties with at least three countries. According to ArtFacts.net “A.R places great importance on the international representation of artists. Only artists operating in international structures will be chosen as a primary value source. The reason why A.R does this is because it recognises the worth of mutual knowledge. Only artists who are common to diverse societies, countries and/or cultures will be really important and therefore create a kind of brand or universal value (like a standard). So the A.R uses internationality as a standard for the basic calculations.”

To be continued…………..

**Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of http://www.artmarketblog.com, writes the art column for the magazine Antiques and Collectibles for Pleasure and Profit and contributes to many other publications

Filed under: art, art auction, art investment, art market, collecting | Tagged: , , , , , | 1 Comment »

Who Purchased What Art 2nd Half 09 – artmarketblog.com

Posted on January 19, 2010 by artforprofits

Who Purchased What Art 2nd Half 09 – artmarketblog.com

THE PROPERTY OF THE EARL OF JERSEY'S TRUST - SIR ANTHONY VAN DYCK ANTWERP 1599 - 1641 LONDON SELF PORTRAIT 2,000,000—3,000,000 GBP Lot Sold. Hammer Price with Buyer's Premium: 8,329,250 GBP

THE PROPERTY OF THE EARL OF JERSEY'S TRUST - SIR ANTHONY VAN DYCK ANTWERP 1599 - 1641 LONDON SELF PORTRAIT 2,000,000—3,000,000 GBP Lot Sold. Hammer Price with Buyer's Premium: 8,329,250 GBP

I always find it interesting and very useful to find out who is purchasing what at auction and for how much.  The information below comes from the auction houses who are only allowed to reveal the identity of those buyers who choose to have their identity revealed which, unfortunately,  is usually not many.   It is interesting to note that Philip Mould is a well known purchaser of undervalued or mis-attributed works of art which he then tends to re-sell for considerably more than he paid.

Christies
Important American Paintings, Drawings and Sculpture
New York – Wednesday, December 2, 2009
Sale no: 2225 – Top Ten
Raphaelle Peale, Still Life, oil on panel
Estimate: $300,000-500,000
Price Paid: $842,500/ £507,530/ €557,947
Purchased by: Richard Rossello/Avery Galleries

Purchaser Details:
www.artnet.com/ag/galleryhomepage.asp?gid=102

Christies
Victorian and British Impressionist Art Including Drawings and Watercolours
London – Thursday, 16 December 2009
Sale no: 7788 – Top Ten
Alfred Munnings reading by Harold Knight, R.A. (1874-1961)
WORLD AUCTION RECORD FOR THE ARTIST
Estimate: £30,000 – 50,000
Price paid: £115,250/ $187,281/ €128,850
Purchased by: Richard Green Gallery, London

Purchaser Details:
www.richard-green.com

Christies
Old Masters & 19th Century Art
London – Tuesday, 7 July 2009
Sale no: 7743 – Top Ten
Michele Giovanni Marieschi (Venice 1710-1743), The Courtyard of the Doge’s Palace, Venice, with the Scala dei Giganti, Saint Mark’s Basilica beyond
Estimate: £2,000,000- 3,000,000
Price paid: £2,169,250/ $3,512,016/ €2,518,499
Purchased by: Otto Naumann Ltd

Purchaser Details:
www.ottonaumannltd.com

Sotheby’s
Sale Results London, Bond St
Sale L09637 Old Master & British Paintings – Day Sale 10 DEC 09
James Seymour, Portrait of the racehorse Sedbury, with a groom, oil on canvas
Estimate: £80,000 – 120,000
Price paid: £505,250/ €558,553/ $820,526
Purchased by: Richard Green Gallery
***NEW AUCTION RECORD FOR THE ARTIST***

Purchaser Details:
www.richard-green.com

Sotheby’s
Sale Results London, Bond St
Sale L09636 Old Master and British Paintings – Evening 09 DEC 09
Sir Anthony van Dyck, Self portrait, oil on canvas
Estimate: £2,000,000 -3,000,000
Price paid: £8,329,250/ €9,207,960/ $13,521,704)
Purchased by: Alfred Bader in partnership with Philip Mould
***NEW AUCTION RECORD FOR THE ARTIST***

Purchaser Details:
http://www.alfredbader.com/
http://www.philipmould.com/

Sotheby’s
Sale Results London, Bond St
Sale L09663 19th Century European Paintings Including Spanish Painting, The Orientalist Sale, And German,
Austrian, Scandinavian and Symbolist Works 24 NOV 09
Adolph Menzel, Umgestürzter Teekessel (Upturned teapot), oil on canvas
Estimate: £40,000 – 60,000
Price paid: £373,250/ €413,301/ $617,393
Purchased by: French and Company

Sotheby’s
Sale Results London, Bond St
Sale L09699 20th Century British Art 11 NOV 09
Sir Stanley Spencer, John Donne arriving in heaven, pencil, pen and ink
Estimate: £12,000 – 18,000
Price paid: £87,650/ $146,831
Purchased by: Daniel Katz Ltd

Purchaser Details:
www.katz.co.uk/

Sotheby’s
Sale Results London, Bond St
Sale L09699 20th Century British Art 11 NOV 09
Frank Auerbach, Head of Leon Kossoff, oil on canvas
Estimate: £200,000 – 300,000
Price paid: £1,777,250 ($2,977,249)
Purchased by: Offer Waterman Fine Art Ltd on behalf of Private Collector

Purchaser Details:
www.waterman.co.uk/

Sotheby’s
Sale Results London, Bond St
Sale L09693 A Life in Pictures: The Collection of Lord and Lady Attenborough 11 NOV 09
Graham Sutherland, Thorn Head, 1947, oil on canvas
Estimate: £150,000 – 250,000
Price paid: £481,250 ($806,190)
Purchases by: Daniel Katz Ltd
***RECORD FOR THE ARTIST AT AUCTION***

Purchaser Details:
www.katz.co.uk/

**Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of http://www.artmarketblog.com, writes the art column for the magazine Antiques and Collectibles for Pleasure and Profit and contributes to many other publications

Filed under: antiques, art, art auction, art market, artist, gallery | Tagged: , , , , , | 3 Comments »

2010 Art Market Predictions – artmarketblog.com

Posted on January 8, 2010 by artforprofits

2010 Art Market Predictions – artmarketblog.com

Adriaen Coorte "Still life of strawberries in an earthenware bowl, on a stone ledge"

I have been watching the art market very closely over the last year and have to say that I was actually quite pleased with what I saw. The more scholarly and connoisseurial approach to fine art that emerged in 2009 has temporarily re-focused people’s attention on the historical, cultural and artistic value of art as opposed to the social and financial values that dominated the contemporary driven market of the boom period. I say temporarily, because although the glitz and glamour of the contemporary art market has taken a huge hit, and there is no doubt in my mind that the phenomenon that is contemporary art will shortly return to the position of power that has made it a force to be reckoned with in the past. Perhaps sooner than we may think!!

The scholarly and connoisseurial trend of 2009 still has a bit of juice in the tank and should continue to play a major role in the 2010 market. Take for the instance, the work of the rather mysterious Dutch Baroque still life painter Adriaen Coorte, whose work is little known outside the scholarly world and went largely unrecognized until he was rediscovered by a Dutch art historian in the 1950s. Works by Coorte rarely comes to market so when two small paintings came up for auction at Sotheby’s on the 2nd of December of 2009, it was predicted that there would be considerable interest, but not anywhere as much interest as there ended up being. The first painting, a still life of strawberries in an earthenware bowl was fought over by six bidders who pushed the sale price to 1,520,750 Euro which was not only more than ten times the 150,000 euro high estimate but was also a new auction record for the artist. Next on the block was the second work by Coorte which broke the auction record set by the previous painting when it sold for 1,576,750 Euro against the same estimate of 100,000-150,000 Euro. Both paintings were acquired by the same European collector.

Marcus Aurelius Root, Anthony Pritchard, 1850, quarter-plate daguerreotype

Another artist whose work is little known outside the scholarly world is that of Marcus Aurelius Root. An early work by the renowned Philadelphia daguerreotypist of Anthony Pritchard was a feature of the October 8 Miller-Plummer Collection of Photographs sale and reached the astonishing world auction record price for the artist of US$350,500 against an estimate of $20,000 – $30,000. The sale of this work by Root is another example of the current trend that has seen connoisseurs and scholars drive up the demand for works of cultural and historical significance. Root’s photo of Anthony Pritchard is not the only example of antique/vintage photography that has exceeded price expectations; the whole market for antique/vintage photography has experienced a continuing surge of interest as the importance of photography in an art historical context is further realised. 2010 should see a continuation of the interest in antique/vintage photography as collectors and museums vie for the top works in a niche that is still in it’s infancy, and that still presents opportunities for collectors and connoisseurs to acquire works of major cultural and art historical significance at potentially bargain prices.

As a result of the reduction in the demand for contemporary art, emerging markets such as South Africa, Indonesia, Turkey, Poland, Singapore, Iran, Greece, etc. have become a focus of dealers and auction houses in an attempt to generate new revenue streams. A deciding factor in the decision of which emerging market to penetrate has been whether or not there is a strong enough force of wealthy European/Western expats to fuel demand for souvenirs of their temporarily adopted homeland. Former expats of emerging markets are also being targeted by market forces in an attempt to encourage a sense of nostalgia that will result in the purchase of a memento of their time abroad. 2009 saw a concerted new ground being broken with region specific auctions, particularly with those of emerging markets such as Greece and Turkey – a trend that I predict will continue gaining momentum in 2009.

With owners of what are considered to be the most desirable and valuable works of art tending to sit on their assets while the art market bottoms out I predict that 2010 will see the slow return of those modern and contemporary works that tend to send the market into a flurry of excitement. Another prediction I will make is that art investment will continue to gain credibility and new avenues to invest in art will open up. A sign of the continuing acceptance of art as a viable alternative asset is the fact that Israeli billionaire Arnon Milchan recently told Forbes magazine that art is the best investment to own. In his words “If you have triple-A art, I’ve never seen it really go down. Great art is the best thing to own. We’ve seen recently the art market picking up fast. The last Sotheby sale broke records.”

Wishing everyone a great 2010 !!

Nic Forrest

**Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of http://www.artmarketblog.com, writes the art column for the magazine Antiques and Collectibles for Pleasure and Profit and contributes to many other publications

Filed under: art auction, art investment, art market, art market 2010, art trends, artist | Tagged: , , , , , | 5 Comments »

Top iPhone Apps for Art Collectors – artmarketblog.com

Posted on December 31, 2009 by artforprofits

Top iPhone Apps for Art Collectors – artmarketblog.com

Several art related companies and institutions have taken advantage of the revolution that is the Apple iPhone, and released apps that make buying, browsing and finding out about works of art possible anywhere, anytime. Below are my top iPhone Apps for art collectors and investors.

Artfact.com iPhone App

Why waste your valuable time searching hundreds of old auction house catalogs and websites for auction price results, when you can find everything you need all in one easy-to-use service?
Artfact is the world’s largest and most comprehensive online auction price guide, delivering over 55 million price results for fine art, decorative art, antiques and collectibles all sold at auction.

-Browse over 100,000 upcoming live auction items
-Research over half a million auction price results
-Place confidential absentee bids on upcoming lots
-Receive email alerts if you are outbid
-Share your favorite items via Facebook or email

Available free of charge from the iTunes App Store
http://itunes.apple.com/us/app/artfact-live-auctions/id340245009?mt=8

Invaluable.com iPhone App

Invaluable Live! is the world’s premiere live auction bidding platform, enabling collectors and dealers around the globe to bid online in real-time on over 100,000 upcoming items for sale at auction. More than 150 traditional, international auction houses host their auctions exclusively on the Invaluable Live! platform.

-Browse over 100,000 upcoming live auction items
-Research over half a million auction price results
-Place confidential absentee bids on upcoming lots
-Receive email alerts if you are outbid
-Share your favorite items via Facebook or email

Available free of charge from the iTunes App Store
http://itunes.apple.com/us/app/invaluable-live-auctions/id343664441?mt=8

Christie’s iPhone App

When you are on the run, Christie’s iPhone application allows you to browse over 450 auctions in over 80 categories including all areas of fine and decorative arts, jewelry, photographs, collectibles, wine, and more from the palm of your hand. With a touch of a finger, you can also review auction results and learn how to buy and sell with Christie’s.

* Email a lot to a friend
* Discover how to buy and sell with Christie’s or more about our Private Sale services
* Explore over 80 Specialist Departments
* Get directions to and locate our salerooms across the globe using Google maps
* Show your passion for fine art, jewelry, decorative arts and more with one of our downloadable wallpapers
* Learn about the history of the the world’s first fine art auctioneers, and about our company today

Available from iTunes App Store
http://www.christies.com/on-the-go/iphone/

Saffron Art iPhone App

Key features of the application include a color-coded bid status indicator, proxy bidding capabilities, as well as information on current bid amounts, bid histories and post-auction results. Users can also preview the entire auction catalogue, with such lot details as size, surface, medium, estimates and images, searching by lot number, artist or designer name, material or type

Available from iTunes App Store
http://www.saffronart.com/sitepages/Mobile-Auction/iPhone.aspx

LiveAuctioneers.com iPhone App

Anyone with this application loaded onto their iPhone will have instant access to any auction catalog listed on LiveAuctioneers and can even log in and leave absentee bids through our Secure Bidder Network (SBN). With SBN functionality, which is unique to LiveAuctioneers, your absentee bid is kept private and unknown to anyone until auction day, when the bid is executed. Additionally, the new iPhone app enables the user to share auction lots with others via e-mail and to access more than 4 million fully illustrated auction results from past sales conducted through LiveAuctioneers

Another bonus feature of LiveAuctioneers’ iPhone app is its exclusive direct connection to Auction Central News (www.auctioncentralnews.com), the leading online source for news about auctions, antiques and fine art.

Available from iTunes App Store
http://www.liveauctioneers.com/iPhoneApp

Heritage Auctions iPhone App

Heritage Auctions has announced the launch of a mobile version of its award-winning Website, www.HA.com. Collectors now have the opportunity to search for, view and bid on any lot in any current Heritage auction from most any mobile device with a web browser from anywhere in the world where there’s Web service.

Available from iTunes App Store
http://itunes.apple.com/au/app/heritage-auctions/id346185455?mt=8

Artnear iPhone App

Artnear is the first global guide to art for the iphone platform. Find top galleries and museums around the world. Browse and see images of current shows, openings and more.

Available from iTunes App Store
http://itunes.apple.com/au/app/artnear/id320653064?mt=8

Seoul Auction iPhone App

Check what’s happening with Korea’s leading art auction house

Available from iTunes App Store
http://itunes.apple.com/au/app/seoulauction/id345138823?mt=8

Saatchi Magazine iPhone App

Art News, views, reviews, interviews, essays by the world’s leading writers, critics and curators on art and artists, weekly openings and more…

Available from iTunes App Store
http://itunes.apple.com/au/app/saatchi-magazine/id341552232?mt=8

Louvre iPhone App

The Musee du Louvre in Paris has recently launched its own iPhone application, offering a virtual experience of the world’s largest museum. Users can view some of the Louvre’s most famous items, such as the Mona Lisa and St. Mary Magdalene, and take a virtual tour of the museum’s historic buildings. As well as virtual guides, the app also offers tourist information about the museum, such as opening times and visitor maps.

Available from iTunes App Store
http://itunes.apple.com/au/app/id337339103?mt=8

National Gallery London iPhone App

The National Gallery is offering art lovers the opportunity to put works by Leonardo and Van Gogh in their pocket. A new application, called Love Art, allows iPhone and iTouch users to explore 250 of the Gallery’s best-loved paintings in the palm of their hand.

Take an unforgettable journey around the National Gallery. Zoom in to explore fine details and enjoy over three hours of video and audio content.

You can listen to the stories behind the masterpieces in insightful interviews with artists, writers and experts including:

* National Gallery Director Nicholas Penny
* Dramatist Robin Brooks
* Artist Maggie Hambling
* Author Tracy Chevalier

Available from the iTunes App Store
http://itunes.apple.com/au/app/love-art-national-gallery-london/id314566159?mt=8

**Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of http://www.artmarketblog.com, writes the art column for the magazine Antiques and Collectibles for Pleasure and Profit and contributes to many other publications

Filed under: art, art collector, art market, artist | Tagged: , , , , , | 4 Comments »

The Spectacle of the Art Market Pt. 4 – artmarketblog.com

Posted on December 22, 2009 by artforprofits

The Spectacle of the Art Market Pt. 4 – artmarketblog.com

Andy Warhol, 200 One Dollar Bills, March-April 1962, est. $8/12 million

This is the final post in the four part series on the “Spectacle of the Art Market” – a topic that I believe to be extremely relevant and very important. As I expected there were some people who did not believe the buying trend I wrote about in part 2 which suggests that there is a connection between the sentiment/mood of buyers and the type of works that they buy. I looked for further information that supports my theory that happier and more cheerful works (brighter and shinier) are more popular during boom times when the mood and sentiment is positive, and that people take more notice of the more subdued and less visually spectacular works during market downturns when the mood and sentiment is less positive. Not only did I find some evidence that supports my theories but I also found evidence that I am not the only one who has noticed the buying trends that led me to develop the concepts that I have written about.

During my search I came across a statement by a Sotheby’s specialist who was commenting on the sale of Warhol’s “200 One Dollar Bills”. The Sotheby’s specialist suggested that a less striking and visually spectacular work such as the grey and black “200 one dollar bills” would not have received the attention that it did, and would most likely have been overshadowed by other more visually striking works had the contemporary art market boom still been in full swing and levels of conspicuous consumption were elevated. The $43,762,500 paid for Warhol’s “200 One Dollar Bills” was the highest price paid for a work of art at Sotheby’s November 11 contemporary art auction but what is interesting is that the second most expensive work of art was very similar in appearance to the Warhol. Jasper John’s “Gray Numbers” is another work that perhaps would not have attracted so much attention had the market been under a greater influence of trophy hunters and indiscriminate buyers.

Jasper Johns’ Gray Numbers

If you haven’t seen the Tate Modern’s exhibition “Pop Life: Art in a Material World” then you should go and see it because this exhibition is essentially a display of what is wrong with the contemporary art world and the contemporary art market. According to the exhibition press release “Pop Life: Art in a Material World argues that Warhol’s most radical lesson (Warhol’s notorious provocation that ‘good business is the best art’) is reflected in the work of artists of subsequent generations who, rather than simply representing or commenting upon our mass media culture, have infiltrated the publicity machine and the marketplace as a deliberate strategy.” This could well be a correct statement if the strategy they are referring to is a strategy to make money and become famous by taking advantage of the consumerism and mass culture that are so influential in modern society. The press release goes on to say that: “The conflation of culture and commerce is typically seen as a betrayal of the values associated with modern art; this exhibition contends that, for many artists working after Warhol, to cross this line is to engage with modern life on its own terms.” Referring to the conflation of culture and commerce as a result of artists attempting to engage with modern life is, in my opinion, a flimsy excuse that an artist would use to surrender to the powers of popular and commercial culture. The fact that contemporary art is often so ambiguous means that it is quite possible for an artist to give a work the identity of their choice regardless of whether or not the basis of that identity has anything to do with the reality of the work and the artists intentions. I think that it is quite obvious that in the contemporary art market there is a significant level of value put on the visual impact of a work of art and artists are well aware of this.

The concepts that I have written about in the “Spectacle of the Art Market” series of posts are by no means flawless or bulletproof. I am not aware of any intensive studies that have been carried out on these concepts but the research that I have conducted has left me with no doubt that there the concepts that I have written about are valid and have at least some impact on the art market.

**Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of http://www.artmarketblog.com, writes the art column for the magazine Antiques and Collectibles for Pleasure and Profit and contributes to many other publications

Filed under: art market | 4 Comments »

The Spectacle of the Art Market Part 3 – artmarketblog.com

Posted on December 15, 2009 by artforprofits

The Spectacle of the Art Market Part 3 – artmarketblog.com

Natalya Goncharova's Linen

I am sure that many of you would agree that it has become the norm for people to approach fine art as consumers instead of as scholars or connoisseurs. If you were to ask me whether there is anything wrong with this I would say that there definitely is. Don’t get me wrong, I am obviously a strong supporter of the art market, but also recognise the need for a balance between the commercial and the cultural. Without that balance the art market becomes unstable and the art world becomes too closely connected to the art market. Whether you realise it or not, the art market requires a certain level of “infiltration” by scholars and connoisseurs. It is the scholars and connoisseurs who add value to works of art by generating information and knowledge that make works of art historically and culturally more significant. It is this information that is generated by scholars and connoisseurs that we should be using to justify the dollar value of a work of art because this information is usually based on intrinsic characteristics of the work of art that cannot be disassociated from the work of art or become obsolete, and therefore encourage more stable long term values. The contemporary art market, on the other hand, often relies on factors that have very little to do with the work of art its self such as social status, economic status, popular trends and financial gain. These factors can become obsolete very quickly which usually means that the dollar value that these factors generated also disappears causing the sort of correction that we have just experienced.

In February of 2008 Nicholas Penny, the curator of the British National Gallery, made a statement that he was going to put an end to the gallery’s blockbuster exhibition days. According to an article in the Guardian Newspaper, Penny said “The responsibility of a major gallery is to show people something they haven’t seen before. A major national institution should be one that proves a constant attraction to the public. What is important is encouraging historical and visual curiosity in the general public.” Ralph T. Coe, the former director of the Nelson Gallery-Atkins Museum in Kansas City, Mo., a former president of the American Association of Art Museum Directors and a former chairman of the Museum Committee of the National Endowment for the Arts, put the problem in even simpler terms when he said: “One of the saddest things museum connoisseurs like me have had to observe is the substitution of entertainment values for the intrinsic values incarnate in great works of art that alone can confer aesthetic authenticity.” This problem of the substitution of entertainment values (the spectacle) for intrinsic values that the cultural sector is experiencing is also a big problem for the art market as I have shown above. We need to stop the spectacularisation of the contemporary art market if we want to have a more culturally and historically significant period of art production. I believe that we need to be asking the following question on a far more regular basis: in one hundred years time will this work be able to be exhibited in a museum, and will people consider the work to be culturally significant and be historically important?

**Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of http://www.artmarketblog.com, writes the art column for the magazine Antiques and Collectibles for Pleasure and Profit and contributes to many other publications

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Saffronart’s Winter Online Auction 2009 – artmarketblog.com

Posted on December 10, 2009 by artforprofits

Saffronart’s Winter Online Auction 2009

Modern and Contemporary Indian Art

December 9-10, 2009

· 100 works of art by 51 Modern and Contemporary Indian artists with a total low to high estimate of approximately Rs. 15 crores (US$ 3.2 million) to Rs. 19.4 crores (US$ 4.2 million)

· Attractively estimated works by renowned modernists and popular contemporary artists, of exceptional provenance and quality

· Auction highlights include important modern works by Manjit Bawa, F.N. Souza, S.H. Raza, Akbar Padamsee, Tyeb Mehta and Jagdish Swaminathan

· Prominent contemporary artists featured in the sale include Subodh Gupta, Anju Dodiya, Raqib Shaw and Jagannath Panda

Mumbai, November 27, 2009: Saffronart, India’s leading auction house for Modern and Contemporary Indian Art, will host its annual Winter Online Art Auction on December 9-10, 2009. Presenting 100 lots of exceptional quality and provenance by 51 leading modern and contemporary Indian artists, the sale will take place online at www.saffronart.com.

The auction catalogue includes paintings, drawings and sculptures by celebrated modern artists Manjit Bawa, F.N. Souza, S.H. Raza, Akbar Padamsee, Tyeb Mehta and Jagdish Swaminathan among others. Notable contemporary artists in the sale are Subodh Gupta, Anju Dodiya, Raqib Shaw and Jagannath Panda among others. With a strong focus on aesthetically significant works, this sale promises to generate great interest and demand from collectors across the globe.

Featured on the front cover of the catalogue, is an untitled canvas of epic proportions by Manjit Bawa. The artist’s men, women, gods and animals, suspended wondrously in colourful space, are rendered with a simple fluidity that borders on the abstract. Rather than brushstroke and texture, Bawa relies on chiaroscuro and subtle shading to deliver depth to his canvases; and rather than developing a narrative, the artist focuses on perfecting form by paring it down to its most basic essence. Together, these characteristics give the artist’s paintings an arresting luminosity, and his characters a dreamlike presence.

Another important lot is Jagdish Swaminathan’s untitled canvas from 1975, which was formerly in the collection of World Bank director William Diamond. Swaminathan, in his quest for this new modernist ‘Indian’ vocabulary, turned to the local, exploring not only the folk art of varied regions, but also the historically significant miniature traditions of North-Western India. The Bird, Tree, Mountain series of canvases, to which this lot belongs, stands testimony to his attempts at instituting a new idiom for modern Indian art, and is inspired by both the simplicity of Indian folk art, and the intensity of Indian miniatures.

Among the contemporary lots on offer, Subodh Gupta’s 2005 untitled work, a shimmering theatre of polished stainless steel pots and pans, is featured on the back cover of the catalogue. Gupta’s main concerns have been subjective value and material production and consumption. In charting and presenting India’s unique developmental path, the artist creatively draws attention to the present interdigitation of tradition and modernity in the country, and the distinct social realities that emerge from this interface. In doing so, Gupta effectively communicates the impossibility of capturing the intricacies of the developing world through a developed world lens.

Featuring for the first time at a Saffronart auction is Raqib Shaw, whose work has been celebrated in prestigious solo exhibitions at the Metropolitan Museum of Art in New York and the Tate Britain in London. Drawing from various disciplines including literature, zoology and art history, Raqib Shaw’s body of work is a dizzying amalgamation of influences, including the work of old Masters like Bosch, Holbein and Piranesi, Mughal miniatures, the Romantic works of Wordsworth, Byron and Coleridge, Japanese decorative arts, Kashmiri shawls, and various specimens and images drawn from natural history museums, medical journals and popular culture, to name only a few.

Speaking about the auction, Dinesh Vazirani, CEO and Co-founder of Saffronart said, “The success of our recent auctions has proved that collectors around the globe continue to show great demand for rare and exceptional works with impressive quality and impeccable provenance, which this auction offers. Strong results, record prices, and increased international interest illustrate that there is renewed strength in the market as a whole. It is on this positive note that we look forward to strong interest in this auction.”

The total lower and higher estimates for this auction are Rs. 15 crores (US$ 3.2 million) and Rs. 19.4 crores (US$ 4.2 million) respectively. The sale will be accompanied by an illustrated print catalogue, also available online at www.saffronart.com, and preview events at Saffronart’s gallery spaces in Mumbai and New York.

Highlights from Saffronart’s Winter Online Auction 2009:

Manjit Bawa
Untitled
Rs. 70,00,000 – 90,00,000
$ 152,175 – 195,655

F.N. Souza
Mr. Sebastian (1956)
Rs. 55,20,000 – 82,80,000
$ 120,000 – 180,000

Subodh Gupta
Untitled (2005)
Rs. 70,00,000 – 90,00,000
$ 152,175 – 195,655

Akbar Padamsee
Untitled (2007)
Rs. 45,00,000 – 55,00,000
$ 97,830 – 119,570

About Saffronart

A global company with deep Indian roots, Saffronart was founded in 2000 on the strength of a private passion. Remaining committed to this passion and personal values, today Saffronart is a strong and successful international business that both embraces and drives change.

A pioneer of online art auctions, Saffronart has set global pricing benchmarks and transformed the landscape of Modern and Contemporary Indian Art, making it accessible to connoisseurs and collectors around the world. Its robust online auction platform and secure technology offers a personal, intuitive and effortless bidding and buying experience for clients.

With its online presence, and offices in Mumbai, New York and London, Saffronart has broadened and simplified access to Indian art and jewelry. Responding to the needs of today’s collectors, Saffronart also offers services such as art advisory, private sales, appraisals and valuations, and specialized art storage.

For further details on the auction, please contact:

India: Punya Nagpal, Nishad Avari or Dhanashree Waikar

Tel: (91 22) 2432 2898 / 2436 4113 or Email: auction@saffronart.com

USA: Anu Nanavati Chaddha

Tel: (212) 627 5006 or Email: newyork@saffronart.com

UK: Abha Housego

Tel: 44 (0) 20 7409 7974 or Email: london@saffronart.com

Media Contact: Malika Bhavnani, CMCG India Pvt. Ltd.

Tel: (91-22) 24450991/2/3, (91) 9820496099 or malika.bhavnani@cmcgindia.com

Filed under: art, art auction, art market, indian art, indian art market | Tagged: , , , , | Leave a Comment »

The Spectacle of the Art Market Pt. 2 – artmarketblog.com

Posted on November 29, 2009 by artforprofits

The Spectacle of the Art Market Pt. 2 – artmarketblog.com

If you read my last post (which is the introduction to this post) then you may be asking yourself whether art market trends can really be dictated to a certain extent by such a simple and primitive human instinct.  The evidence that I have come across suggests that it can.  In fact, a recent study linked the human attraction to shiny objects with a primitively instinctual attraction to, and desire for, sources of water.  I would would like to believe that my decision to purchase a work of art is primarily based on some highly complicated thought process or a  highly developed taste for art and sense of style, and not on some primite instinct that we really don’t understand or have any control over.  But we are all only human after all.  And humans are highly complex and emotional creatures who are susceptible to those emotions that make us human.  When you think about it, it is really not that bizarre to suggest that art market trends can be dictated by an instinctually emotion judgement as opposed to a complex process of reasoning.

Charles Saatchi is the undoubtedly the quintessential purveyor of shiny objects and is known to be particularly fond of highly visual, high impact works of art such as those produced by Jeff Koons and Damien Hirst who are both products of the Saatchi empire. Therefore, if I was going to use anyone as an example of the human attraction to bright,  shiny works of art then it would have to be Saatchi.  Interesting, it is a well known fact that Charles Saatchi is NOT so keen on photography or video art.  Why is this interesting I hear you ask? Well,  of all the different mediums that come under the banner of art it would have to be photography and film that are the least likely to incorporate the bright and shiny elements that are present in the type of works that I have been referring to.  Bright colours and shiny elements are usually absent from video and photographic works of art thus making these two mediums less likely to evoke that instinctual attraction that humans have to bright and shiny objects.  Video art in particular is a medium that cannot rely on high impact, instantly attractive elements to engage viewers.  To appreciate and interact with a work of video art usually requires that the viewer to spend a considerable amount of time watching the video and thinking about what is happening.

When it comes to the impact that instinct and emotion can have on the art market it is interesting to compare the current art market buying trends with the state of the global financial sector.  As I said in my last post,  one of the interesting trends that has been particularly noticable during the recent current art market correction is that works that have less visual impact and are not as flamboyant are experiencing competitive bidding and high prices.  This trend is the opposite to the popularity of high impact, bright and shiny works of art that was evident during the playful and heady days of the art market boom when the global economic outlook was far more positive.  Just a coincidence?  I don’t think it is.  To me it would make sense that people would purchase works of art that coincide with their state of mind and the emotions produced by the circumstance that they are in at the time.

There have been studies that show that different types of perfume are purchased according to the state of the economy.  A recent article featured in the Financial Times ‘How to Spend it’ magazine mentioned  that “floral fragrances – the safest, least challenging perfume category – have historically flourished in a recession”.  In his book ‘Why Yesterday Tells of Tomorrow: How the long waves of the economy help us determine tomorrows trends’ of 2001, Helmut Gaus used womens fashion trends as an example of anxiety and functional anxiety-driven behaviour.  According to the statistics compiled by Gaus, during periods of high anxiety women wear fewer patterns, darker colours, clothes with lower necklines and skirts that are longer.  During periods of less anxiety women wear more patterns, brighter colours, clothes with higher necklines and skirts that are shorter.  From these two sets of data it seems that during periods of high anxiety the less complicated, less flamboyant and less colourful become more popular and the reverse during periods of less anxiety when times are good.  I see no reason why the art market shouldn’t experience a similar trend.

to be continued……….

**Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of http://www.artmarketblog.com, writes the art column for the magazine Antiques and Collectibles for Pleasure and Profit and contributes to many other publications

Filed under: art, art auction, art market, collecting, contemporary art, modern art | Tagged: , , , , , | 2 Comments »

The Spectacle of the Art Market Pt. 1 – artmarketblog.com

Posted on November 25, 2009 by artforprofits

The Spectacle of the Art Market Pt. 1 – artmarketblog.com

One of the interesting trends that has been particularly noticable during the recent current art market correction is that works that have less visual impact and are not as flamboyant are experiencing competitive bidding and high prices. Works of art that would perhaps have been overshadowed by their more visually stunning siblings are now coming to the forefront as collectors and connoisseurs approach what is on offer from a more scholarly, connoisseurial and art historical perspective. I also believe that the more sombre mood caused by the financial crisis has made people less likely to purchase overtly cheerful works of art and more likely to obtain objects that reflect the more philosophical and reflective mood that many people are currently experiencing.

When the global economy has gone to the dogs, and a large number of people are in a financially difficult position, the purchase of those shiny works of art that are typically seen as status symbols and flamboyantly excessive trophies of one’s wealth just doesn’t seem right. One may expect the opposite situation to arise where people purchase bright and cheerful works of art to make themselves happier, but this just doesn’t seem to be what happens. It seems that it is extremely difficult to justify the purchase of one of many of these “bright and shiny” trophies when one’s financial situation comes into question, which suggests that the purchase of such a work would be a bad investment (as we know so many of them are).

The contemporary art market tends to rely on immediate visual impact and instant gratification to entice people to get out their wallets. With so many artists vying for the attention and patronage of a relatively small number of collectors and investors it is not surprising that the visual impact and attractiveness of an artist’s work becomes such an important factor. The Frieze art fair is a good example of the way an artist’s work looks can have a major effect on its ability to get noticed. Not unlike a supermarket, the Frieze art fair is filled with aisle after aisle of products vying for the attention of the waves of shoppers that pass by. The dizzying array of goods on offer means that it is very easy for a particular atist’s work to get lost in the crowd. And many do. In such an environment it is undoubtedly beneficial for an artist to present their most high impact and visually stunning work as anyone who has visited a fair such as Frieze would know.

To suggest that the path that the art market can be affected to such a degree by the instinctual human attraction to bright shiny objects may sound bizarre at first but if you take some time to ponder the concept I think you will find it is not as silly as it may seem.

To be continued……….

**Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of http://www.artmarketblog.com, writes the art column for the magazine Antiques and Collectibles for Pleasure and Profit and contributes to many other publications

Filed under: art, art auction, art collector, art investment, art market, artist | Tagged: , , , , , | 1 Comment »

Christmas Gifts for Art Lovers 09 – artmarketblog.com

Posted on November 19, 2009 by artforprofits

Christmas Gifts for Art Lovers 09 – artmarketblog.com

Limited Edition Photo by Youngsuk Suh from Humble Arts

Limited edition print from Humble Arts
Youngsuk Suh
Boating, Idaho, 2009, from Instant Traveler
Archival Pigment Print on Rag Paper, 16 x 20 in.
Signed and numbered, Special Edition of 3
$375
Buy Here: http://hafny.org/editions/youngsuk-suh-limited-edition-print/

The Great Contemporary Art Bubble DVD by Ben Lewis
Art critic and film-maker Ben Lewis spent 2008 following the contemporary art market; travelling to art fairs, auctions, museums and the offices and homes of billionaire art collectors. He spoke to dealers, auctioneers, gallery-owners, art market analysts and art collectors trying to find out the reasons behind the greatest rise in the value of art in history.
Buy Here: http://www.benlewis.tv/?cat=22

Adopt a painting with the Fine Art Adoption Network
FAAN is an online network, which uses a gift economy to connect artists and potential collectors. All of the artworks on view are available for adoption. This means acquiring an artwork without purchasing it, through an arrangement between the artist and collector.
More info here: http://www.fineartadoption.net/

John Baldessari edition from Parkett Art
Edition for Parkett 86
Raised Eyebrows / Furrowed Foreheads: Crooked Made Straight, 2009
9-color silkscreen print (front and back) on Plexiglas, 5 x 12 x 1/8″ (12,5 x 31 x 0,4 cm), printed by Atelier für Siebdruck, Lorenz Boegli, Zurich, Ed. 45/XX, signed and numbered certificate
$ 2400.00
Euro 1700.00
Buy Here: http://www.parkettart.com/qwr/edition_info2.php3?edition_nr=198

Baldessari Print

Teacup by Robert Lazzarini
Designed to be viewed from all angles, Teacup becomes a visual anomaly placed among everyday items, evoking a melancholic, otherworldly quality. Although challenging to drink from, it can be used.
$250.00
$200.00 Members
Buy here: http://www.momastore.org/museum/moma/ProductDisplay_Teacup_10451_10001_62512_-1_11595_11595__feature

Gift membership for The Fine Art Fund (UK)
Art Fund membership is the perfect present for an art-lover. With benefits including 50% off tickets to exhibitions as well as free entry to over 200 fascinating art collections, historic houses and beautiful gardens, you’ll be giving the gift of hundreds of enjoyable days out.
Single membership: 33 pounds
buy here: https://www.artfund.org/join/join_gift_membership.html?recipient=gift&intro=submit

Limited Edition t-shirt from Common Threads
THE BEST $38+ YOU EVER SPENT ON T-SHIRTS FOR A PRESENT!
Looking for a great present idea? Look no further! We have a very unique, cool and unusual gifts for you to give to loved ones. A tremendous amount of care goes into each t-shirt, rendering unique hemlines, detailed stitching, and precise cuts and a unique birthday gift for him or her. All our products are garment washed, yielding super-soft fabrics with a vintage feel. Our lightweight, fine gauge and innovative fabrications are combined with sleek, modern silhouettes, and the result is a collection of apparel as unique as the individuals wearing them. In addition, all of our designs are donated from leading artists and we print only 250 of each design. Given the fact that we give a school uniform to a child in need as well, it’s $38 well spent.
Buy Here:
http://www.commonthreadz.org/shop/index.php

Art and Auction magazine subscription
Subscribe to Art and Auction magazine and give a gift subsctiption free or treat yourself to two years for the price of one,
simply fill-in your name and address twice.
$79.97
Buy here: http://www.artinfo.com/artandauction/

Childrens Felt Wall Clock from etsy
Beautiful, stylish and trendy felt clock for Child’s Bedroom or Nursery Wall designed to give kids another fun point of interest in their rooms.
The color of your choice.
Handcrafted, made of felt and measures 9.5-inch diam.
Requires 1 AA battery
$42.00
Buy here: http://www.etsy.com/view_listing.php?listing_id=31865886

Gold and Tourmaline Ring by B. Weckstrom for Lapponia,1974

Limited Edition Photo from Troika Editions
The artworks on this site are our recommendations and they are not available anywhere else. Every artwork will be offered in the same three sizes, small, medium and large; in the same three edition runs of 300, 30 and 3; at the same price points £35, £350 and £3500. All you have to do is decide which one you like.
Buy Here: http://www.troikaeditions.co.uk/photographs

Artist iPhone Skin from Infectious
Paulo explains about his Firefox artwork: “the organic forms express interaction and connection. The hairy, fox-like elements are symbolic of nature’s speed. The hands and feet convey the need to reach everywhere and the eyes are like mirrors that reflect the global interaction, being in one place but connected to anywhere”.
iPhone Skins
$14.99
Buy Here: http://www.infectious.com/iphone-skins/YUPpauloarraiano/intotheforest/910

Wearable Art from 1stdibs.com and

Finland c1970
Price: $1,850
Buy Here: http://jewelry.1stdibs.com/jewelry_item_detail.php?id=3721

Art:21 – Art in the Twenty First Century 5 (Hardcover)
Mirroring the unique strengths of the Peabody Award winning television series broadcast on PBS, Art:21 Art in the Twenty-First Century 5 presents 14 contemporary artists speaking directly and in their own words. The artists’ reflections on their processes and inspirations are juxtaposed dynamically with lush, full-color images of their work. The book also includes an introductory essay by Susan Sollins as well as artist biographies and production stills from the series. The artists featured, include Cao Fei, Mary Heilmann, Jeff Koons, Florian Maier-Aichen, William Kentridge, Doris Salcedo, Carrie Mae Weems, John Baldessari, Kimsooja, Allan McCollum, Julie Mehretu, Paul McCarthy, Cindy Sherman, and Yinka Shonibare MBE.
$36.52
Buy Here: http://www.amazon.com/Art-21-Twenty-First-Century/dp/0615308368

**Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of http://www.artmarketblog.com, writes the art column for the magazine Antiques and Collectibles for Pleasure and Profit and contributes to many other publications

Filed under: antiques, art, art gifts, art market, christmas gifts, prints | Tagged: , , , , , | 1 Comment »

Greek Art Reaches Giddy Heights at Bonhams – artmarketblog.com

Posted on November 12, 2009 by artforprofits

Greek Art Reaches Giddy Heights at Bonhams – artmarketblog.com

erez

Lot No: 23 Spyros Papaloukas (Greek, 1892-1957) Mt. Athos, skete of the Three Hierarchs and the Holy Trinity signed in Greek (lower right) oil on cardboard 54 x 50 cm. Sold for £168,000 inclusive of Buyer's Premium

Bonhams UK have been promoting themselves as the gods of Greek art for quite a while now and have claimed market dominance in the UK when it comes to selling Greek art on more than one occasion.  I am not entirely sure what brought about Bonhams’ fascination with Greek art, but whoever is responsible for the assault on this region should be congratulated for what has proven to be, and continues to be, a shrewd move for Bonhams.  Bonham’s most recent sale of Greek art held on the 10th of November was a good indication that the market for Greek art is extremely buoyant and also that Bonhams continue to maintain a dominant position in what is a competitive niche.  A total of £3.5 million worth of art was sold and a number of significant prices were achieved including:

- Spyros Papaloukas (Greek, 1892-1957) ‘Mt. Athos, skete of the Three Hierarchs and the Holy Trinity’ which sold for £168,000 (auction record for artist) inclusive of Buyer’s Premium

- Constantinos Maleas (Greek, 1879-1928) ‘Acropolis / Acropole vue entre des pins et aloès’ which sold for £311,200 (2nd highest price achieved at auction for artist) inclusive of Buyer’s Premium

-Nikos Hadjikyriakos-Ghika (Greek, 1906-1994) ‘Calligraphy of a town’ which sold for £264,000 (3rd highest price achieved at auction for artist) inclusive of Buyer’s Premium

As a side note I am hesitant to refer to 2nd and 3rd highest auction prices for an artist as ‘world records’ as Bonhams have done and consider the practice of doing so to be dishonest.  Is the 20th highest auction price for an artist a world record too?  Bonhams went as far as to list the fifth highest auction price for an artist as a ‘world record’ which I think is rather cheeky. Anyway, back to the action.

Bohnams have a good record with the Greek art auctions that are held in the UK. In November of 2008, Bonhams’ sale of Greek art held at their Bond St. Saleroom brought in a total of 3.8 million pounds and resulted in fourteen artists’ auction records being broken.  According to Bonhams, a large majority of the buyers were Greek.  Moving on to May 2008 and once again Bonhams made headlines with their Greek art sale when they managed to shift 3.6 million pounds worth of art with and sell a record 90% lots offered.  Bonhams also reported 17 new world record prices which, as per above, should be taken with a grain of salt.

The Greek art market is quite unique because of the history of Greek art which basically revolved around the creation of religious icons until the start of the 19th century due to the fact that Greece was essentially shielded from the Renaissance by the ruling Ottoman empire .  “Modern” art is therefore a relatively new concept to the Greeks and represented a relatively untapped market that the three major auction houses were quick to take advantage of.  There are several reasons that the opportunity to dominate the market for Greek art became available to an organisation outside of Greece.   The main reason is that  much like the Indian art market, the Greek art market is relatively un-regulated and there is also a severe lack of infrastructure relating to authenticity, valuation and art market expertise that would be required to support the development of a free market in Greece.  An opportunity was therfore available to an international organisation that could supply what the Greek art market lacked and to satisfy the needs of those rich Greeks who have a passion for art.

Although the market for Greek art has proven to be very strong even during the recent financial crisis, investors and collectors should be extremely wary of the hype surrounding Greek art and should be extremely cautious with their purchases.  My reason for suggesting caution is that the Greek art world lacks the cultural sector infrastructure that is so important to the long term stability of an art market and the buoyancy of the prices being paid for the work of that market’s artists.  The contemporary Indian art market has suffered during the financial crisis due to the same lack of infrastructure that the Greek art market suffers from.  Greek art, especially the work of contemporary artists, has plenty of potential for investors but is also fraught with potential traps and problems that could have a major effect on the price of the work of many artists.

Although Bonham’s quip that “Interest in Greek art is more than just a myth at Bonhams 15th Greek Sale” does ring true, the market for Greek art is in it’s infancy and is at a relatively high risk of becoming a very fragile bubble that could easily be burst.  Investors and collectors should be particularly concerned about authenticity and future value until a more advanced cultural and market infrastructure is in place.

**Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of http://www.artmarketblog.com, writes the art column for the magazine Antiques and Collectibles for Pleasure and Profit and contributes to many other publications

Filed under: art auction, art market, bonhams, fine art, greek art | Tagged: , , , , | 2 Comments »

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