Tag Archives: Art

Art Market Rally Halts, Sales Fall for First Time Since 2012, by Katya Kazakina

From Katya Kazakina at blomberg.com:

Decline driven by weaker demand in Asia, report shows

Postwar and contemporary art sales also down for the year

It’s official: The bull market for art is taking a breather.

Global art sales fell 7 percent last year to $63.8 billion, led by a slowdown in Asia and weaker demand for postwar and contemporary art, the European Fine Art Foundation said in its annual art market report on Wednesday. It’s the first decline since 2012, when purchases fell 12 percent.

The market for art is cooling as financial markets show signs of weakening after a seven-year bull run that pushed prices for many risk assets to records. Even as sales fell, the top of the market was still going strong last year, with hedge fund manager Ken Griffin paying $500 million for two Abstract Expressionist paintings in a private transaction. Pablo Picasso’s painting “Les Femmes d’Alger (Version O)” fetched $179.4 million, the highest auction price for any artwork, at Christie’s in May.

“While the change to a negative trend in 2015 could indicate a cooling in the global market, particularly in certain sectors, some slowdown was inevitable,” according to the report. “As sales reached a much higher level during the last ten years, it has become harder to maintain continued growth, particularly in a supply-limited art market.”

The value of the art market increased by 78 percent from 2005 to 2015, the report said. It’s up 61 percent since the recent low during the financial crisis in 2009.

To continue reading: Art Market Rally Halts, Sales Fall for First Time Since 2012

A Treatise on the Nonexistence of Art: Pretty Nearly, Anyway, by Fred Reed

The first sentence says it all. From Fred Reed at theburningplatform.com:

Art is mostly fraud perpetrated by narcissistic academic quacks on a public easily gulled. They should be prosecuted. This is as true of literature as of painting and sculpture. If modern sculpture were placed in a junkyard, art critics couldn’t find it. Most of what we are told are great works are great works only because we are told that they are.

Consider the Mona Lisa, for mysterious reasons regarded an epochal detonation of artistry. Why? She is an excessively round woman who looks as if she is about to spit. We have to be told that she was an astonishment and marvel. Otherwise we would rate her a a pretty fair effort for an art student somewhere in Nebraska.

Yet put her at action with Christie’s and some witless digital arriviste would buy her for the price of an aircraft carrier.

Art has nothing to do with what the thing looks like, and certainly nothing to do with beauty. If it did, an indistinguishable copy would serve as well as the original. But no. The point is not to look at the thing, but to feel superior for owning it, and how can you do that when every mutt in Boise can get an equally good one for $37

I remember reading of a rich woman in New York who had an original something, maybe a Cezanne or Monet or anyway one of those blurry painters with nice colors. She was attached to it. It gave her life meaning. She kept it in a sealed, temperature-controlled display case full of helium, or some such. She probably spent whole mornings appreciating at it. It made her a celebrity. Critics came to her salons and said, “Yes, yes, the handling of the light, the highlights, the expressiveness, ah, only he could do it….”

Then they ran a mass-spec on the paint, which turned out to have been manufactured in 1958. It seemed that only Monet and someone else could do it. The critics stopped coming to visit. Her life was as naught. I don’t know that she jumped from a skyscraper, but it would have given the story balance and proportion.

Is it great art? Only your mass spectrometer knows for sure.

In fact beauty just gets in the way of Art, and constitutes a threat to it. The two are not compatible. Suppose a budding art critic visiting a museum discovers by chance his plumber, who is looking with admiration at, say, David’s Leonidas. This makes sense, never a good thing in art criticism. The Leonidas is a good paining, and looks like an actual person.

The critic is horrified. You can’t be a refined authority with a pince-nez and limp handshake and like what a plumber likes, for God’s sake. To distinguish himself from hoi poloi, he has to like something that his plumber doesn’t. So he starts appreciating maybe Modigliani, whose paintings sort of look like people but, finding that too many ordinary Joes like the guy, the critic moves on to perhaps Braque and Picasso. If you can like pictures of square people with three noses, you separate yourself from most of the competition. Not from third-graders, though, who have always done that sort of thing.

To continue reading: A Treatise on the Nonexistence of Art

He Said That? 5/15/15

From art advisor Thomas Seydoux, on his advice to clients after record-setting art auctions this week at Christie’s and Sotheby’s in New York this week:

Sell, sell, sell.

The Wall Street Journal, “Global Art Free-For-All Sends Prices Soaring”

http://www.wsj.com/articles/art-market-sees-new-auction-highs-new-rules-1431653315

That advice may be applicable to other asset classes as well.