recentpopularlog in

jerryking : art_advisory   7

How Financial Products Drive Today’s Art World
July 20, 2018 | The New York Times | By Scott Reyburn.

How does one invest in art without going through the complications of buying and owning an actual artwork?

That is the question behind financial products for investors attracted by soaring art prices but intimidated by the complexity and opacity of the market..... entrepreneurs are trying to iron out the archaic inefficiencies of the art world with new types of financial products, particularly the secure ledgers of blockchain...... “More transparency equals more trust, more trust equals more transactions, more transactions equals stronger markets,” Anne Bracegirdle, a specialist in the photographs department at Christie’s, said on Tuesday at the auction house’s first Art & Tech Summit, dedicated to exploring blockchain......blockchain’s decentralized record-keeping could create a “more welcoming art ecosystem” in which collectors and professionals routinely verify the authenticity, provenance and ownership of artworks on an industrywide registry securely situated in the cloud...... blockchain has already proved to be a game-changer in one important area of growth, according to those at the Christie’s event: art in digital forms.

“Digital art is a computer file that can be reproduced and redistributed infinitely. Where’s the resale value?”.....For other art and technology experts, “tokenization” — using the value of an artwork to underpin tradable digital tokens — is the way forward. “Blockchain represents a huge opportunity for the size of the market,” said Niccolò Filippo Veneri Savoia, founder of Look Lateral, a start-up looking to generate cryptocurrency trading in fractions of artworks.

“I see more transactions,” added Mr. Savoia, who pointed out that tokens representing a percentage of an artwork could be sold several times a year. “The crypto world will bring huge liquidity.”......the challenge for tokenization ventures such as Look Lateral is finding works of art of sufficient quality to hold their value after being exposed to fractional trading. The art market puts a premium on “blue chip” works that have not been overtraded, and these tend to be bought by wealthy individuals, not by fintech start-ups.....UTA Brant Fine Art Fund, devised by the seasoned New York collector Peter Brant and the United Talent Agency in Los Angeles.

The fund aims to invest $250 million in “best-in-class” postwar and contemporary works,...Noah Horowitz, in his 2011 primer, “Art of the Deal: Contemporary Art in a Global Financial Market,”.... funds, tokenization and even digital art are all investments that don’t give investors anything to hang on their walls.

“We should never forget that in the center of it all is artists,”
art  artists  art_advisory  art_authentication  art_finance  auctions  authenticity  best_of  blockchain  blue-chips  books  Christie's  collectors  conferences  contemporary_art  digital_artifacts  end_of_ownership  fin-tech  investing  investors  opacity  post-WWII  provenance  record-keeping  scarcity  tokenization  collectibles  replication  alternative_investments  crypto-currencies  digital_currencies  currencies  virtual_currencies  metacurrencies  art_market  fractional_ownership  primers  game_changers 
july 2018 by jerryking
The Art World’s High-Roller Specialist - WSJ - WSJ
Nov. 6, 2014 | WSJ | By KELLY CROW.

Ms. Xin is a leading player in the art business’s central game right now: a race to match a small number of $10 million-plus masterpieces with a small number of mega-collectors, who are increasingly coming from Asia.

Ms. Xin is one of the latest auction stars to emerge amid this high-stakes backdrop. Her profile rocketed after she helped her contemporary-art clients place bids or win half of Christie’s top 10 priciest works in May. Nearly 6 feet tall, she was easy to spot standing between colleagues in the saleroom’s phone banks, wielding three cellphones at a time and lobbing bids at a regular clip. By sale’s end, she helped her Chinese clients win as much as $236 million of art. François Curiel, a four-decade veteran of the firm, said he’s never seen one specialist account for that large a haul in a sale.

Ms. Xin’s quick ascent comes amid China’s expanding clout on the global art stage. Most specialists are art experts who build up a career doggedly over decades. Ms. Xin, however, never saw a work of art until she was 19. But since she joined the auction business nearly seven years ago, she has homed in on finding masterpieces—and collectors who could afford them.
art  art_advisory  auctions  China  Chinese  Christie's  collectibles  collectors  economic_clout  high_net_worth  match-making  Sotheby's 
november 2014 by jerryking
Hedge-Fund Managers Playing Larger Role in Art Market - WSJ.com
By
Kelly Crow,
Sara Germano and
David Benoit
Jan. 23, 2014

Hedge-fund managers, who play a vital but disruptive role in the broader financial markets, are increasingly throwing their weight around the art market: They are paying record sums to drive up values for their favorite artists, dumping artists who don't pay off and offsetting their heavy wagers on untested contemporary art by buying the reliable antiquity or two. Aggressive, efficient and armed with up-to-the-minute market intelligence supplied by well-paid art advisers, these collectors are shaking up the way business gets done in the genteel art world.....Today, are applying their day-job tactics to their art shopping, dealers say.

Corporate raiders a generation ago typically held their art purchases for at least a decade. Today, the average holding period for contemporary art is two years, according to a former Sotheby's specialist. That is enough time to reap a tidy profit on a rising-star artist but hardly enough for art history to rule on the artist's lasting merits.
art  artists  collectors  Wall_Street  hedge_funds  contemporary_art  moguls  Sotheby's  investors  dealerships  Citadel  Ken_Griffin  volatility  Christie's  market_intelligence  herd_behaviour  aggressive  art_advisory  real-time  holding_periods  art_market 
january 2014 by jerryking
Three Mistakes Novice Art Investors Fall Prey To - WSJ.com
February 25, 2013 | WSJ | By DANIEL GRANT.

(1) Buying what's in vogue.
(2) Shooting for the quick profit.
(3) Going it alone.

As art investing has gotten more popular, advisers have sprung up to offer guidance to would-be collectors, weighing the relative quality and importance of an artwork, researching provenance and sales history, and appraising current value.

Advisers, for instance, can help steer you away from second-rate pieces.
collectibles  collectors  art  art_advisory  investing  investment_advice  pitfalls  mistakes  artwork  provenance  second-rate  art_appraisals 
february 2013 by jerryking
Crisis fails to dampen art service demand at banks
Oct 17, 2008 | Reuters | By Jo Winterbottom.

The art advisory service belongs to the overall wealth management offer. I don't think it will be cut back," said Karl Schweizer, head of art banking and numismatics at UBS.
high_net_worth  private_banking  collectibles  collectors  wealth_management  art  art_advisory  precious_metals  valuations  auctions  affluence  investment_advice  banks 
august 2012 by jerryking
Agent of Change
November/December 2006 | Departures | By Robin Pogrebin. Art
advisor Lucille Blair is bridging the gap between African American
collectors and the blue-chip art world. For Ken M. From a marketing
perspective, can he make use of social media and event marketing to do
what Blair does more effectively? As we emerge from recession, now is
the time to position a business like a new art advisory service.

By Robin Pogrebin
African-Americans  art_galleries  art  collectors  investing  investment_advice  high_net_worth  collectibles  women  blue-chips  art_advisory 
january 2010 by jerryking

Copy this bookmark:





to read