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Category Archives: Art Finance

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Financing Public Art

Posted in Art Finance

Southwest Airlines’ Heart of the Community program, launched in 2014, has given a $200,000 creative place-making grant to Minneapolis’ Hennepin Theatre Trust. Last year the Hennepin Theatre Trust spearheaded two mural projects: a five-story-high mural of Bob Dylan (corporate sponsor: Goldman Sachs) and a smaller pop art style mural (corporate sponsor: American Express). It continues to run the ongoing Made Here urban walking gallery project. The trust is seeking public… Continue Reading

Is The Art World In For A Challenging 2016?

Posted in Art Finance

News media reports that 2016 may be a challenging year for the art world.  Christie’s and Sotheby’s, the two largest international auction houses, recently released their 2015 results.  Each auction house reported a decrease in year-over-year sales with 2015 the first year since 2010 in which Christie’s and Sotheby’s were unable to yield an increase.… Continue Reading

Gagosian Gallery Ranked As Most Active Borrower In Art Gallery World

Posted in Art Finance, Art Intelligence

With the upcoming launch of Skate’s Art Loans Database next week, Skate’s, the global market leader in art business intelligence, has published some analytics in an effort to measure and track the use of leverage in the art trade.  Skate’s Art Loans Database is an extensive database of all the public Uniform Commercial Code (UCC)… Continue Reading

Art Stocks: A Volatile Market

Posted in Art Finance

In August 2015, the combined market value of global listed art industry companies fell 21.9%. The Skate’s Art Stocks Index is designed to benchmark publicly traded companies that derive most of their revenues and profits from art assets and/or servicing art and collectibles markets around the world. Only 3 out of 17 stocks included in… Continue Reading

Global Art Market On Brink Of A Leverage Boom To Drive Further High-End Art Sales

Posted in Art Finance, Art Intelligence

Skate’s Art Market Notes for July highlight that ultra-high net-worth individuals (UHNWIs) are purchasing more art and the trend is likely to continue.  According to high-level estimates of Skate’s (based on its extensive data mining), only about 11% of global UHNWIs with assets in excess of $100 million are currently invested in art.  These figures… Continue Reading

Seller Be Ware – Valuable Banksy Mural Inadvertently Sold For Only $174

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

A valuable Banksy mural entitled the Bomb Damage that appeared on the front door wreckage of a home that was bombed in the Gaza Strip is at the center of an ownership dispute.  According to reports, the work, which depicts Niobe, a Greek goddess who weeps for her dead offspring, was painted by Banksy during… Continue Reading

Top Four Auction Houses With Online Art Trading Platforms Lead Global Online Trade Volumes Capturing $144 Million In Combined 2014 Sales

Posted in Art Finance, Art Intelligence

As recently reported by Skate’s earlier this week, four art auction houses with online art trading platforms, namely, Auctionata, Paddle8, Christie’s, and artnet.com AG, generated a combined $144 million in gross merchandise volume (“GMV”) in 2014, which represents on average a doubling of the volume of global online trade compared to 2013. Berlin-based Auctionata came… Continue Reading

Davos Debate: Growth of the International Art Market

Posted in Art Finance

Last week, the Financial Times and Julius Baer hosted a debate in Davos, where writers, economists, art show producers, and collectors discussed the significant growth of the international art market, and recognized the $70 billion a year industry as a significant economic force.  Read the full article here. Here are some high points: Peter Aspden,… Continue Reading

Christie’s Contemporary Art Auction Sets All-Time Record For An Auction

Posted in Art Finance, Art Valuation

Not to be outdone by its rival, Sotheby’s, as reported here, last week Christie’s in New York surpassed its prior record of $745 million set back in May at Christie’s contemporary art auction and brought in the “highest-ever for an auction” at its recent contemporary art auction “grossing $852.9 million across 75 lots.”  Nearly all… Continue Reading

Delaware Museum of Art Receives Generous Donation Despite Recent Move to Sell Off Art

Posted in Art Finance, Art Museums

The Delaware Museum of Art, home to the Bankcroft Collection – a beautiful collection of Pre-Raphaelite art, recently received three generous gifts totaling $1.7M from two anonymous donors and prominent Wilmington, Delaware residents, Peggy and Edgar S. Woolard. The museum invested the funds in what has been named the Annette Woolard-Provine Endowed Curatorship, which is… Continue Reading

Sotheby’s Fall Impressionist And Modern Auction Is A Success, Setting Record High Of $422M In Sales

Posted in Art Finance, Art Valuation

Earlier this week Sotheby’s opened the fall auction season with an impressive record high of $422 million in sales in a single auction for the world’s fourth oldest auction house in continuous operation. As reported here, of the 73 lots up for auction, 15 lots did not sell, hence the average sell-through rate of 79… Continue Reading

Skate’s Releases Inaugural Masterpieces Market Report for Fall 2014

Posted in Art Finance, Art Valuation

This week Skate’s LLC, often referred to as one of the world’s leading art investment firms, released its inaugural Masterpieces Market Report for the third quarter of 2014.  If you haven’t already noticed from my previous posts on Skate’s publications, I am a frequent reader and admirer of Skate’s various reports, which I personally find… Continue Reading

Duke University’s the Nasher Art Museum Receives Generous Donation from Alumnus

Posted in Art Finance

Last week, Nasher Art Museum, the museum of my alma mater, Duke University, received a generous $1 million donation from Dallas entrepreneur and collector, Derek Wilson (Duke, Trinity College ’86; Fuqua School of Business ’90) and his wife Christen, an avid connoisseur of art and fashion in her own right.  I worked at the museum (before being… Continue Reading

Collateral Damage: Mexican Drug-Money Law Impacts Mexican Gallery Owners

Posted in Art Finance

The Washington Post recently reported that a Mexican anti-money-laundering law that went into effect last year has unintentionally “frozen” the art market. The anti-money-laundering law is aimed at “limiting the use of cash and requiring [certain] businesses to give more information to the government about their customers.” Gallery owners and auction houses have become “collateral… Continue Reading

A Unique Blend Of Artist Collective And Hedge Fund To Benefit Artists From Around The World

Posted in Art Finance, Art Valuation

A fascinating article on Bloomberg.com recently highlighted the globally based Artist Pension Trust (APT), which is claimed to hold the largest global collection of contemporary art, including 10,000 contributed artworks from 2,000 artists in 75 different countries.  APT offers artists a unique blend of artist collective and hedge fund. Launched ten years ago by high-tech… Continue Reading

Skate’s Unveils Its Art Industry Scorecard 2013 in Part 2 of Skate’s Annual Art Investment Report for 2013

Posted in Art Finance, Art Valuation

In Part 2 of Skate’s Annual Art Investment Report for 2013, Skate’s Art Market Research reveals its Art Industry Scorecard 2013, a unique art industry rating created by Skate’s in 2012.  The companies selected for the recently developed rating participate in the art industry either through a significant part of their activities or have an… Continue Reading

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

Posted in Art Finance, Art Valuation, Litigation Issues

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