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jerryking : blue-chips   8

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
Goldman eyes expansion of investment banking
March 23, 2018 | FT | Ben McLannahan.

The contrasting fortunes of the rivals for the top spot suggest that Goldman sees no immediate turnround in trading, and in fixed-income trading in particular, where clients such as hedge funds have been reluctant to put on big trades in listless, directionless markets. Mr Blankfein noted on Friday that the entire industry had been hurting, as overall revenues roughly halved from their peak in 2009. But he said Goldman had “under-invested” in simpler products such as cash bonds, “which led to lower penetration with certain large asset managers and banks.”

The future is dealmaking, more relationships; they can’t just deal with the blue-chips and the next rung down

David Hendler, Viola Risk Advisors
The doubling down in investment banking suggests that Goldman is “going where the margins are,” said David Hendler, founder and principal of Viola Risk Advisors. “The future is dealmaking, more relationships; they can’t just deal with the blue-chips and the next rung down.”
directionless  Goldman_Sachs  investment_banking  growth  Lloyd_Blankfein  relationships  expansions  deal-making  blue-chips 
march 2018 by jerryking
William Coleman Fought Civil-Rights Battles From the Inside - WSJ
William T. Coleman Jr. graduated at the top of his Harvard Law School class, served in President Gerald Ford’s cabinet as transportation secretary, argued 19 cases before the Supreme Court and was a director of companies including International Business Machines Corp. and PepsiCo Inc. He was one of the few blacks of his generation to become a top-level insider in business and government.

In his later years, he also was frustrated that American schools and neighborhoods remained largely segregated. “We underestimated the complexity of achieving sustained integration,” he wrote in his 2010 memoir, “Counsel for the Situation.”

He shunned extreme language. “You accomplish things by being in the room when the deal is made, and it’s just not in your interest to take positions where you’re not going to get in the room,” he said in an oral history.....He relished legal problem-solving, and it allowed him to live well. Blue-chip companies “pay me a hell of a lot of money to tell them what to do and what not to do,” he said in an interview with the National Visionary Leadership Project. He also remained active in civil rights.
African-Americans  lawyers  Harvard  '70s  NAACP  memoirs  books  obituaries  civil_rights  segregation  desegregation  problem_solving  cabinets  HLS  blue-chips 
april 2017 by jerryking
Sotheby's and Christie's Race to Find New Art Collectors - WSJ
By KELLY CROW CONNECT
July 31, 2014

If you're even remotely curious about starting a blue-chip art collection, there's a good chance the world's biggest auction houses already know who you are, and exactly how much you might spend to own a masterpiece. Gone are the days when auctioneers simply mailed sale catalogs to strangers after reading reports of their newfound fortunes. Today, climbing art values and an influx of new international collectors have thrown Sotheby's BID -1.32% and Christie's into a global frenzy of research and genuflection. They've dispatched armies of experts to identify potential bigwigs, and satisfy their ever-expanding art whims.

A third of Sotheby's 1,550 employees are assigned to look after at least 9,000 top collectors, a job that entails everything from researching bidders' financial standing to digging through catalogs for objects that might intrigue them...Behind the scenes, auction houses say they are ferreting out collectors by teaming up with insurers to offer art appraisals. In India, Christie's joined with a luxury hotel chain to tap its Rolodex two years ago, in exchange for giving occasional art lectures at several hotels.
Sotheby's  Christie's  art  collectors  auctions  insurance  art_appraisals  whims  blue-chips 
july 2014 by jerryking
How to make money from mass hysteria
July 16, 2011 | The Globe & Mail | by AVNER MANDELMAN.

If you do want to take a flyer on a stock, wait for a public panic in something likely to survive, such as a blue-chip stock, or the world as a whole. Risk only a very small amount of your capital (1 or 2 per cent, maximum) and put a stop-loss order below the purchase price to limit your losses. Finally, set a target above the purchase price - and a time limit.

These two elements - price and time - are as important for a successful speculation as the right panic. Here's why:

Price For most investors, the maximum loss that your stop-loss order should allow should be 5 to 8 per cent, and the target price should be at least double this amount. (If you're buying a $10 stock, and your stop-loss order kicks in at $9.50, your target should be $11 or so.)

What this means is that if your purchase continues to sink, your loss is limited, but if the price rises, your gain will be limited too.

The iron rule here is: If either of these two prices are reached, you're out. No debate.

Over time, a 2:1 gain-to-loss ratio will make you money even if your calls are correct less than half the time.
panics  Avner_Mandelman  contrarians  howto  investing  manias  discipline  blue-chips 
october 2012 by jerryking
Asher Edelman, the Art World's Gordon Gekko - WSJ.com
JANUARY 29, 2010 | Wall Street Journal | By KELLY CROW. A
former corporate raider is shaking up the market with brash tactics and
big plans as an art financier. After navigating the art world for
decades as a collector, museum director and gallery owner, Mr. Edelman
recently set up his own firm, Art Assured Ltd., to arrange art
investments.

The field of art backing is a financial Wild West these days. When the
recession upended the art market a year ago, a number of traditional
institutions like banks and auction houses pulled back from loans and
other financing deals based on the expected selling prices of fine art.
An aggressive set of boutique lenders and financiers have stepped in to
fill the gap. The most prominent art lenders operate as blue-chip
pawnshops, doling out quick cash to collectors, dealers and artists in
exchange for the right to sell the borrowers' artworks if their loans
aren't repaid.
art  art_finance  art_galleries  investing  fine_arts  high_net_worth  collectors  financiers  boutiques  auctions  banks  pawnbrokers  blue-chips  art_market 
january 2010 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
Cheap Revolution is here! It may kill tech giants
September 13, 2006 | Forbes | by Daniel Lyons. The "Cheap
Revolution" describes the wholesale shift by corporate customers and
techmakers to cheap, off-the-shelf chips and open-source (often free)
software such as Linux, the embrace of simplicity, the unlocking of
prodigious new power and the cutting of tech costs by up to 90%. The
revolution threatens the Silicon Valley plutocracy: the proprietary
gear, "closed" software, redundant backup systems and fat profit margins
of incumbents like Microsoft, IBM, Oracle, Cisco, EMC and other
blue-chip nameplates.
cheap_revolution  SaaS  open_source  blue-chips 
october 2009 by jerryking

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