There is not in stock that speculators have caused damage. Without transition, the art market rose late 2008 refuge status crisis of sector rout. The truth is in neither camp. Contemporary art is certainly indirectly victim of the financial crisis. Since, with the development forced diet of traders and managers of "hedge funds", number of buyers is considerably reduced. So far, genuine collectors have not deserted sales rooms. In classical art, it is based more than ever on reliable values. Simply, they have changed. Those of yesterday are so popular. The transition to the third millennium is felt. The 20th century now belongs to the classics. At the time, the market is established on a new basis. Back in a year where the pyramid of the values is reversed.
1. True and false glory of contemporary art
It all started in September last with the sale in London, Sotheby's, on 15 and 16 September, 287 recent works of the English Damien Hirst, orchestrated by the artist himself. These auction to be a success, he was visiting his Studio many collectors, he made visits to others and was supported in this process of promotion by his London Gallery White Cube. The result exceeded all expectations. In total, 140 million euros were collected for pieces that are, for most, that a repetition of old works. The same day, however, was announced the bankruptcy of Lehman Brothers. There was talk of new buyers, mostly from the former Soviet Union. But were they paid "Yes." "For fear of a bad reputation, they are not to be placed on the"black list"", explains Tobias Meyer, the pattern of contemporary art at Sotheby's.
And then arrived in November in New York sales of modern and contemporary art, which give every six months the trend of the global market. In an accentuated context of crisis, and knowing that the world of finance had in its ranks some of the major buyers of the most expensive contemporary works, the fear of the disaster was great. It has not arrived.
In fact, as Tobias Meyer still explains, "we are back to a situation comparable to that of 2006. One purchaser of the countries of Eastern Europe became apparent during these auctions. Russian collectors and the Chinese of mainland China, but especially in the diaspora , other celebrities to record purchases in recent months, shone by their absence. A majority of reserve price amount set in agreement with the seller below which a work may be assigned were renegotiated down prior to the sale by Sotheby's and Christie's, who were finally able to award 68 of the lots.
These auctions have sounded the great return of American collectors, such as billionaire Los Angeles Eli Broad, co-founder of Kaufman & Broad, who spent less than 90 minutes on November 12 more than $ 8 million for the acquisition of works called "classics" of current art signed, among others, Jeff Koons and Cindy Sherman. Of course, the General level of prices in this area substantially decreased. However, the record for this season is held by a table, "Relief sponge", Yves Klein, sold for $ 21.3 million, it seems the Qatar.
"Quality of the works, relevance of artists: now buyers examine microscopic proposed lots", believes Franck Giraud, merchant of New York. Because, among the stars of the market works which have not found a lessee in November, with Damien Hirst, and Takashi Murakami and even the last years of Warhol paintings there. "The hardest ratings are logically those who experienced the largest increases in recent months," says the expert of Christie's Alexandre Carel. According to the Artprice data bank, between 2003 and 2007, contemporary art prices had increased an average of 108.
Among the massive falls to predict, there is the very speculative areas of contemporary Chinese and Indian. On 30 November, Hong Kong, Christie's ceded of contemporary Asian art. Only 56 of the lots have changed hands.
Finally, in December, after the Art Basel Miami Beach fair, giving nuanced results but not catastrophic medium-sized transactions rarely exceeded 100,000 euros, but buyers were present in numbers , held in Paris last contemporary auction of the season. 61 of the lots were awarded at Christie's and 72 for Sotheby's, with several disappointments, including a difficult Bacon canvas estimated 5 million euros, not sold at Sotheby's and Christie's painting of "Nurse" (estimate: 2 million) by the art market star Richard Prince. However, one Soulages 1958 was acquired at Sotheby's, apparently by a European collector for 1.5 million euros, the record for the French artist. The application in contemporary art is now fed by the traditional collectors, those who were active at the beginning
There is not in stock that speculators have caused damage. Without transition, the art market rose late 2008 refuge status crisis of sector rout. The truth is in neither camp. Contemporary art is certainly indirectly victim of the financial crisis. Since, with the development forced diet of traders and managers of "hedge funds", number of buyers is considerably reduced. So far, genuine collectors have not deserted sales rooms. In classical art, it is based more than ever on reliable values. Simply, they have changed. Those of yesterday are so popular. The transition to the third millennium is felt. The 20th century now belongs to the classics. At the time, the market is established on a new basis. Back in a year where the pyramid of the values is reversed.
1. True and false glory of contemporary art
It all started in September last with the sale in London, Sotheby's, on 15 and 16 September, 287 recent works of the English Damien Hirst, orchestrated by the artist himself. These auction to be a success, he was visiting his Studio many collectors, he made visits to others and was supported in this process of promotion by his London Gallery White Cube. The result exceeded all expectations. In total, 140 million euros were collected for pieces that are, for most, that a repetition of old works. The same day, however, was announced the bankruptcy of Lehman Brothers. There was talk of new buyers, mostly from the former Soviet Union. But were they paid "Yes." "For fear of a bad reputation, they are not to be placed on the"black list"", explains Tobias Meyer, the pattern of contemporary art at Sotheby's.
And then arrived in November in New York sales of modern and contemporary art, which give every six months the trend of the global market. In an accentuated context of crisis, and knowing that the world of finance had in its ranks some of the major buyers of the most expensive contemporary works, the fear of the disaster was great. It has not arrived.
In fact, as Tobias Meyer still explains, "we are back to a situation comparable to that of 2006. One purchaser of the countries of Eastern Europe became apparent during these auctions. Russian collectors and the Chinese of mainland China, but especially in the diaspora , other celebrities to record purchases in recent months, shone by their absence. A majority of reserve price amount set in agreement with the seller below which a work may be assigned were renegotiated down prior to the sale by Sotheby's and Christie's, who were finally able to award 68 of the lots.
These auctions have sounded the great return of American collectors, such as billionaire Los Angeles Eli Broad, co-founder of Kaufman & Broad, who spent less than 90 minutes on November 12 more than $ 8 million for the acquisition of works called "classics" of current art signed, among others, Jeff Koons and Cindy Sherman. Of course, the General level of prices in this area substantially decreased. However, the record for this season is held by a table, "Relief sponge", Yves Klein, sold for $ 21.3 million, it seems the Qatar.
"Quality of the works, relevance of artists: now buyers examine microscopic proposed lots", believes Franck Giraud, merchant of New York. Because, among the stars of the market works which have not found a lessee in November, with Damien Hirst, and Takashi Murakami and even the last years of Warhol paintings there. "The hardest ratings are logically those who experienced the largest increases in recent months," says the expert of Christie's Alexandre Carel. According to the Artprice data bank, between 2003 and 2007, contemporary art prices had increased an average of 108.
Among the massive falls to predict, there is the very speculative areas of contemporary Chinese and Indian. On 30 November, Hong Kong, Christie's ceded of contemporary Asian art. Only 56 of the lots have changed hands.
Finally, in December, after the Art Basel Miami Beach fair, giving nuanced results but not catastrophic medium-sized transactions rarely exceeded 100,000 euros, but buyers were present in numbers , held in Paris last contemporary auction of the season. 61 of the lots were awarded at Christie's and 72 for Sotheby's, with several disappointments, including a difficult Bacon canvas estimated 5 million euros, not sold at Sotheby's and Christie's painting of "Nurse" (estimate: 2 million) by the art market star Richard Prince. However, one Soulages 1958 was acquired at Sotheby's, apparently by a European collector for 1.5 million euros, the record for the French artist. The application in contemporary art is now fed by the traditional collectors, those who were active at the beginning
Laboratory visits are carefully organizedSome have DNA that sticks with the approachThe envelope can also be extended to 150 billionthe total repayment by households stock represented 12It is a recovery the atmosphere is relaxedThe crisis gives a bonus to the senioritéOf course it is on the rise since a few months alreadyEmployment statistics are bad this is a concernEuropean leaders should give a new impetus eSome integrators will design and do not make any
