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Category Archives: Art Finance

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Update – Sotheby’s Fetches $13M USD for Esmerian Collection of Folk Art

Posted in Art Finance, Art Valuation, Litigation Issues, Uncategorized, Valuation

Last month, Sotheby’s sold the art collection of former jeweler to the stars, art collector and former chairman of the Folk Art Museum in New York City, Ralph O. Esmerian.  Fetching $13M USD, the sale has been reported to be the highest for any American folk art collection.  As reported in a previous blog post, Esmerian… Continue Reading

Art of War: Asher Edelman Brings Suit Seeking Over $200 Million in Damages for Alleged Art Fraud

Posted in Art Finance, Art Recovery/Theft, Litigation Issues

The well-known art collector and financier Asher Edelman has instituted a lawsuit in Manhattan claiming that his firm, ArtAssure, was fleeced of over $200 million arising out of an allegedlly fraudulent art transaction. ArtAssure claims that it was fraudulently induced by the Swiss firm Artmentum to believe that Japan’s Hiroshima Art Museum was trying to sell approximately $400… Continue Reading

SKATE’S ART MARKET RESEARCH LAUNCHES SKATE’S FOCUS WITH INSIDE VIEW OF POLAND’S ART MARKET FOR INAUGURAL ISSUE

Posted in Art Finance, Art Valuation

As a supplement to its highly acclaimed publications devoted to the state of the global art market, Skate’s Art Market Research recently launched its latest publication entitled Skate’s Focus. In its selection of the country of Poland, regarded as a “young but innovative and quickly growing art market in central Europe,” for the pilot issue Skate’s… Continue Reading

London Auction Results Indicate Art Market Remains Strong

Posted in Art Finance

A recent contemporary art auction at Sotheby’s in London brought in more than £74 million, which, according to the Huffington Post, is the auction house’s second-highest total for a February sale of contemporary art in London. The sale of the auction included works by Andy Warhol, Mark Rothko and Francis Bacon.  According to the article, buyers from 14 countries participated… Continue Reading

Strong Contemporary Art Sales in London

Posted in Art Finance

Following their American counterparts, which occurred last month in New York, Contemporary art sales in London held strong this week.  An article in The Art Newspaper discusses these successes but asks "how much longer the art market, especially at the top end, would remain unaffected by the turmoil in the global economy." Certain blue chip… Continue Reading

Contemporary Strongest of May Auctions

Posted in Art Finance

According to Skate’s Art Market Research, "the contemporary segment experienced the most valuable sales results in May."  The most expensive piece at these auctions, Rothko’s Orange, Red, Yellow, sold for $86.9 million – almost double its estimate.  The work is the most valuable work by Rothko ever sold.  Repeat sales also showed the strength of… Continue Reading

Art: A Smart Investment?

Posted in Art Finance

With art prices rising higher and higher, speculators wonder if art is and will continue to be a good investment.  After all, eleven of the twenty highest prices ever paid at auction have occurred since the financial bubble burst in 2008.  Adam Davidson asks this question in this New York Times Magazine article.  He explains… Continue Reading

Gender Can Affect Art Market Prices

Posted in Art Finance

In this article, the Economist finds a disparity between the price of art works by men and works by women. At a recent auction at Christie’s which brought in $388 million, for example, 20% of works were by women, but less than 5% of total profits came from those works.  The average price of the ten… Continue Reading

Upcoming Week of Big Ticket Auctions

Posted in Art Finance

This week, Christie’s, Sotheby’s and Phillips de Pury will take turns selling blue chip Contemporary Art at their respective May sales.  After Sotheby’s success at its Impressionist and Modern sale last week, what should we expect from these auctions? According to ArtInfo, a Rothko titled "Orange, Red, Yellow" (1961) at an estimate of $35-45 million… Continue Reading

Art Dubai’s Success

Posted in Art Finance

Art Dubai, established 6 years ago, included 75 dealers from 32 countries this year.  According to the Financial Times, the show saw a "distinct jump in quality."  The dealers chose to focus on artists from the region, causing the fair to look different from other art fairs around the world.  Works for up to $500,000… Continue Reading

26% Quarterly Profit Drop for Sotheby’s

Posted in Art Finance

Bloomberg reports that Sotheby’s (BID) saw 26% profit losses in the fourth quarter of 2011 as sales fell.  Net income fell to $71.5m from $96.2m last year.  This is especially interesting as fourth quarter 2010 was its most profitable since 2008. [This entry was drafted with the assistance of Nicole Dornbusch].

Art Market “World’s Strongest Economy”?

Posted in Art Finance

According to this article, Abigail R. Esman thinks the global art market is the “world’s strongest economy.”  We’re not sure that is exactly correct, but quoting the annual Artprice report, she states that art sales for 2011 were the highest in history.  Modern art, not surprisingly given its historical record, was the most profitable segment… Continue Reading

Art and Finance – Similar Markets?

Posted in Art Finance

In this article, Marc C. Taylor discusses the parallels and relationship between finance and Modern Art.  He finds that in both markets, concepts are becoming more abstract and trading faster paced. According to reliable estimates, in fact, the private art market reached 25 to 30 billion dollars by 2006 just as obscure financial instruments gained… Continue Reading

Most Controversial Art Issues of 2011

Posted in Art Finance

ArtInfo discusses the biggest controversies of the art world in 2011 in this article. Along with the protests of artist Ai Weiwei and collective Voina, the article also recounts issues of copyright, censorship, class tension between the art world elite and those whom they employ, and arts funding. [This article was drafted with the assistance… Continue Reading