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jerryking : collectors   71

Opinion | How the Superrich Took Over the Museum World
Dec. 14, 2019 | The New York Times | by Michael Massing, the author, most recently, of “Fatal Discord: Erasmus, Luther and the Fight for the Western Mind.”

The wealthy have always influenced the art scene. But in recent years, in an age of mounting anger over income inequality, they've come to dominate it......
Of MoMA's 51 trustees who vote, 45 work in finance, the corporate world, real estate or law, or are the heirs or spouses of the superrich.....both MoMA and the Met expect wealthy newcomers to their board of trustees to donate millions of dollars as the price of membership..........Art has always depended on wealthy patrons; see the Medicis, Frick and Morgan. In contrast to Europe, where museums receive significant (though now decreasing) state funding, most American museums rely heavily on private donors. .............Many of MoMA’s trustees are devoted collectors of modern and contemporary art, and the museum has benefited accordingly....... with trustees funding or donating to the museum various artistic works.......Yet dependence on the kindness of billionaires comes at a price. Today’s museum world is steeply hierarchical, mirroring the inequality in society at large........MoMA's curators seem very well paid; people in more junior positions much less so........Among the biggest losers in the current system are artists themselves. With art now considered an asset class similar to equities and commodities, collectors are forever on the lookout for rising stars whose work can be bought at bargain prices and then resold for many multiples as their reputation soars. When the market moves on, careers are often shattered (except in the case of a few ever-in-demand stars)......And even those artists who do remain popular usually benefit only from the initial sale of their work; as its value appreciates, the profits go mainly to collectors and auction houses. Museum trustees have ready access to curators and gallery owners who can point out emerging artists whose work they can buy at an early stage and benefit as the demand for it grows.......the most serious concern raised about baronial boards is the possible constraints they place on what museums can exhibit......For example, Why is there not more art inspired by such urgent matters as income inequality, deindustrialization or the rise of populism. Or why was there not more art inspired by the impact of Wall Street on Main Street or the continuing fallout from the 2008 financial crisis — the root of so much unrest in the world today?...... trustees have no decision-making role in its exhibitions, which are determined solely by the museum’s “strong curatorial staff” in regular consultation with artists....Yet a board’s influence need not be overt to be profound; curators are no doubt savvy enough to know how far they can go in challenging a system of which their trustees are such pillars.....For the superwealthy, membership on museum boards brings many benefits, including an increase in social status, access to other powerful people and an enhancement of one’s image.
Is there an alternative to the current system?
An obvious one would be to substantially increase public funding for the arts in general, and museums in particular......In 2018, MoMA received a paltry $22,000 in government funds (from New York City), compared with the $136 million it got from private sources. In fact, MoMA does not seek or receive federal or state funding. But MoMA in fact gets substantial public support through the tax write-offs its wealthy donors receive as well as its own nonprofit status. The public is in effect subsidizing the museum without getting any corresponding say in its governance.
In return for nonprofit status, the government could require MoMA and other museums to allocate a certain portion of board spots to people whose lives are not devoted to making money. The presence of art critics, historians, architects and nonprofit leaders could force museums to consider a much broader array of viewpoints.....As for more direct public funding of museums, this might seem a long shot in modern-day America, but the current political moment has created new opportunities. If taxes on the rich were raised, which most Democratic presidential candidates support, more public funds could be earmarked for museums — and for libraries, performing arts centers and other cultural institutions. 
Accomplisher_Class  art  artists  asset_classes  boards_&_directors_&_governance  collectors  contemporary_art  cultural_institutions  culture  curators  high_net_worth  income_inequality  intellectual_diversity  Manhattan  moguls  MoMA  museums  New_York_City  overachievers  patronage  patrons  performing_arts  philanthropy  public_funding  subsidies  tax-deductible  The_One_Percent 
december 2019 by jerryking
Private Libraries That Inspire
April 25, 2019 | WSJ | By Katy McLaughlin.

Difficult to build and maintain, these elaborate spaces contain the passions and obsessions of their owners. Libraries That Inspire -- These spectacular rooms house the owners’ collections of books, antiques, art and ephemera representing their unique, life-long passions and interests.

Forget the Dewey Decimal System: Entrepreneur and inventor Jay Walker’s 25,000 books, manuscripts, artifacts and objects are organized in his personal 3,600-square-foot library “randomly, by color and height,” he said. When he walks into his library, part of his Ridgefield, Conn., home, the room automatically “wakes up,” glowing with theatrical lighting, music and LED-lit glass panels lining various walkways. He finds items to peruse by a system of memory, chance, and inspiration, he said.

The Walker Library of the History of the Human Imagination is a dramatic example of the rarest of residential amenities: A vast, personal, custom-built repository of intellectual stimuli. In the age of the e-reader, it is a status symbol on par with wearing a Patek Philippe watch when the cellphone already tells the time. For wealthy homeowners, personal libraries provide both a quiet refuge from the world and a playground for their minds—as well as a solution to the challenge of warehousing books from which they cannot bear to part......To create enough shelf space and to counteract the visual heaviness of walls lined with books, private libraries may aim for two or more open stories......The private library is a classic example of a highly personal amenity that is expensive for the builder of a dream home to create and hard to recoup upon resale. .......the library has stimulated new ideas that have translated into an array of inventions and helped him make many new friends.

For some private library owners, especially those who aspire to world-class book collections, the serious expenditure isn’t in the physical structure, but in the contents. “It is not uncommon for collectors at this level to be spending in excess of $1 million a year” on books ......
antiques  antiquities  art  bespoke  books  collectibles  collectors  curation  design  high_net_worth  ideas  inspiration  insurance  Katy_McLaughlin  life_long_learning  personal_libraries  physical_place  owners  passions  shelf_space  status_symbols  uniqueness 
april 2019 by jerryking
5 Ways to Value Your Collection, Whether It’s Fine Wine or Shrunken Heads
March 1, 2019 | The New York Times | By Paul Sullivan.

Collectible assets include wine, spirits, coins, trading cards as well as more unusual items, like lighters, belt buckles and even shrunken heads. These collections cost money and time to assemble and certainly have a value to their owners, but can they be considered legitimate investments? That depends on the market.

For many collectors, the only option to buy, sell or even value these assets is through online auction platforms like eBay or enthusiast sites, but for others, their possessions are treated as fine art.......the market for collectibles, which are often valued in the millions of dollars, may not always be so easy to weather. It can experience sudden surges that put desired items out of the reach of true collectors or it can collapse, wiping out the gains speculators thought they had made.

In an economic slowdown, how these investments are treated depends on supply and demand as well as unpredictable forces like fashion and popularity.....Collectibles can be broken into categories determined by provenance, rarity and even a moment in time. Here are five issues to consider when weighing the investment potential of your collection.....
(1) The standouts in the crowd - Leading the pack are high-quality items that have broad name recognition.
(2) High risk, high reward -
(3) Not all collectibles are investments- jewelry is not an investment....because the market is driven too much by changing fashion.
(4) Obscure and difficult to sell - establish the value of esoteric collections by using third-party appraisers. But insurance companies like A.I.G. value these collections by their replacement value, not by the price someone would pay for them.
(5) A market downturn - =hether it’s shrunken heads, 1,000 bottles of wine or sheets of trading cards, a ready buyer may not be available — or may want to pay much less (i.e. a step change in the valuation).
collectibles  collectors  high-risk  howto  obscure  valuations  AIG  auctions  assets  brands  eBay  economic_downturn  esoteric  fine_arts  high-end  high-quality  investing  investments  passions  step_change  unpredictability  wine  whisky  online_auctions 
march 2019 by jerryking
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
Christie’s Jussi Pylkkanen and superauctions
NOVEMBER 10, 2015 | FT | John Gapper.

....Of all his crafty sales tactics, the one used to greatest effect by Christie’s 52-year-old global president — the auctioneer on top of the wave of wealth in the world’s art market — is the query: “Are you sure?” He asks it as one of the last two bidders in an auction drops out, threatening to finish it. As he halts the action for a few seconds — what he calls “the auctioneer’s pause” — pressure builds on the reluctant bidder.

'Are you sure, sir?'

Auctions are unusual in the 21st century - most things, even luxury items such as watches and clothes, sell at fixed prices although there is some room to haggle. Even many items on eBay, the electronic platform, are sold at fixed prices. In The Dynamics of Auction , Christian Heath, a professor of work at King's College, London, describes them as "a somewhat anachronistic method of selling goods, more common perhaps to traditional agrarian societies than post-industrial capitalism."

They are still used for art because every painting is different and has no intrinsic value - it does not yield anything and the cost of manufacture is usually tiny. They are also a good way to get high prices - when buyers compete against a deadline, they behave differently. The desire not only to acquire it but to beat others causes what Deepak Malhotra, a Harvard professor, terms the "emotional arousal" of auctions.

"We know that the Modigliani [being sold on Monday] is the artist's greatest work," says Pylkkanen, never short of an extravagant compliment for his inventory. "We know that it was painted in 1917. We know that it is being sold 100 years later, and that nobody in their lifetime has had an opportunity to buy it on the open market. We're all individuals and when we get a chance, it's like, 'That's the one. I've got to go [for it].' "

The task of the auction house is to gather as many people as possible - especially wealthy people - in a saleroom, or on the end of a phone line to the room, and to create the atmosphere for such moments to occur. The auctioneer must be charming, relaxed, and pleasantly ruthless. "You need poise, control and an element of openness because you're inviting people to this thing. You're making them compete without pushing too hard."
art  art_market  auctions  books  Christie’s  collectors  collectibles  high_net_worth  intrinsic_value  Jussi_Pylkkanen  power_of_the_pause  pricing  sales_tactics 
may 2018 by jerryking
Art market ripe for disruption by algorithms
MAY 26, 2017 | Financial Times | by John Dizard.

Art consultants and dealers are convinced that theirs is a high-touch, rather than a high-tech business, and they have arcane skills that are difficult, if not impossible, to replicate..... better-informed collectors [are musing about] how to compress those transaction costs and get that price discovery done more efficiently.....The art world already has transaction databases and competing price indices. The databases tend to be incomplete, since a high proportion of fine art objects are sold privately rather than at public auctions. The price indices also have their issues, given the (arguably) unique nature of the objects being traded. Sotheby’s Mei Moses index attempts to get around that by compiling repeat-sales data, which, given the slow turnover of particular works of art, is challenging.....Other indices, or value estimations, are based on hedonic regression, which is less amusing than it sounds. It is a form of linear regression used, in this case, to determine the weight of different components in the pricing of a work of art, such as the artist’s name, the work’s size, the year of creation and so on. Those weights in turn are used to create time-series data to describe “the art market”. It is better than nothing, but not quite enough to replace the auctioneers and dealers.....the algos are already on the hunt....people are watching the auctions and art fairs and doing empirics....gathering data at a very micro level, looking for patterns, just to gather information on the process.....the art world and its auction markets are increasingly intriguing to applied mathematicians and computer scientists. Recognising, let alone analysing, a work of art is a conceptually and computationally challenging problem. But computing power is very cheap now, which makes it easier to try new methods.....Computer scientists have been scanning, or “crawling”, published art catalogues and art reviews to create semantic data for art works based on natural-language descriptions. As one 2015 Polish paper says, “well-structured data may pave the way towards usage of methods from graph theory, topic labelling, or even employment of machine learning”.

Machine-learning techniques, such as software programs for deep recurrent neural networks, have already been used to analyse and predict other auction processes.
algorithms  disruption  art  art_finance  auctions  collectors  linear_regression  data_scientists  machine_learning  Sotheby’s  high-touch  pricing  quantitative  analytics  arcane_knowledge  art_market 
june 2017 by jerryking
Modern African Art Is Being Gentrified
MAY 20, 2017 | The New York Times | By CHIKA OKEKE-AGULU.

.Sotheby’s held its first auction of modern and contemporary African art on Tuesday, where 83 pieces by artists from Cameroon to South Africa sold for a total of nearly $4 million.....The sale at Sotheby’s, the granddaddy of auctioneers, most likely signals the beginning of a more serious interest from Western museums, which may finally start to consider such work worthy of inclusion in their permanent collections........Now that it is seen as high culture, the art and artists are gaining value, investors are jostling to get a piece of the action, and private collections are growing in Africa and around the world.....African contemporary artists have also moved beyond nationalism and are more likely to sound off about globalization and complex identities. But the continent’s masses will be the biggest losers. ...That’s because whole countries in Africa cannot boast of a single art museum of any renown......During the colonial era, bands of looters — missionaries, scholars, security forces and fortune hunters — fanned out across the continent and, by force or guile, carted away vast quantities of Africa’s artistic heritage. Many of these masterpieces of ancient and traditional African sculpture now reside in major private and public collections in the West, with little chance of ever returning to Africa......We cannot let this history repeat itself. But what is to be done?

African collectors and those based in Africa must participate in this market, for it is more likely that their collections will stay on the continent......As Africa overcomes years of dictatorships and civil wars, its fledgling democracies have seen the rise of a wealthy, cosmopolitan class interested in supporting art and culture........The spread of private collections is, however, not the long-term goal. Rather, it is a step toward a future in which well-run public collections are supported by governmental and nongovernmental institutions.....and thus serve the greater cultural good........Even so, Africa cannot solely rely on the good will of individual collectors. State agencies and municipal governments must foster a richer cultural experience for their citizenry. And they can do this by building and maintaining museums in major cities. The usual practice of treating art and culture as a superfluous aspect of the human experience undeserving of public support is not tenable.

If museums exist and are run well, the art will come.
Sotheby's  Africa  museums  collectors  collectibles  human_experience  patrons  art  artists  artwork  auctions  contemporary_art  gentrification 
may 2017 by jerryking
Auction houses embracing digital technology to sell to the new global rich
SEPTEMBER 18, 2014 by: John Dizard.

....The auction houses have been under pressure to adapt to this changing universe. While the most visible aspect of the houses’ digital revolution may be their online auctions, the most essential is in the systematising and networking of their customer, market and lot information. Without that, the auctioneers would lose control of their ability to charge gross margins in the mid-teens as intermediaries of the $30bn global art auction market....Within the quasi-duopoly of Christie’s and Sotheby’s at the top of the auction world, Christie’s has now moved to implement what it calls its “digital strategy”....Christie’s now has James Map (as in founder James Christie), a sort of private internal social network that allows specialists, client service staff, support staff and executives to see what is known about a client and his tastes. Past auction records, relatives’ purchases and sales, statistical inferences on how likely clients are to move from buying an expensive watch online to participating in a high-end evening sale – it all can be in the mix.

The idea, Murphy explains, was “to create an internal app that spiders into our database of information and brings up on our internal [screen] environment lots of connectivity. This is faster and better than the email chains [that it replaced].”....This summer, Sotheby’s announced a partnership with eBay, the online auction giant. While the details of the partnership are still being developed, it is understood eBay will distribute live Sotheby’s auctions to its global audience of 150m buyers.

Ken Citron, Christie’s head of IT

The digital strategy is also making it easier to take part in auctions. Even with all the unseen know-your-customer checks now required by financial supervisory agencies, it has become much faster and easier to register as an auction house client. About half now do so online.

But while the online revolution may have left some auction houses behind, for others it is generating new business. Auction houses used to regard the sale of smaller, cheaper objects from, for example, estate liquidations as an annoying loss-leader business that just wasted their specialists’ time. Now, however, many are making money selling objects for $2,000-$3,000; it’s just a matter of cutting transaction costs. “We have a new app with which you can take a picture, push a button, and it goes to a specialist, with a description. Then the specialist can decide if it might fit into an auction,” says Citron.
auctions  Sotheby's  Christie's  data  art  collectors  high_net_worth  partnerships  eBay  duopolies  digital_strategies  CRM  IT  margins  intermediaries  internal_systems  loss_leaders  transaction_costs  cost-cutting  know_your_customer  Bottom_of_the_Pyramid  estate_planning  liquidity_events  online_auctions  digital_revolution 
november 2016 by jerryking
30 things about art and life, as explained by Charles Saatchi
He rarely gives interviews, but a new book offers an intriguing insight into what drives the enigmatic collector's passion for art
You've been successful at discovering new artistic talent. But are there not always great artists who go undiscovered?
By and large, talent is in such short supply that mediocrity can be taken for brilliance rather more than genius can go undiscovered.
You have been described both as a "super-collector" and as "the most successful art dealer of our times". Looking back on the past 20 years, how would you characterise your activities?
Who cares what I'm described as? Art collectors are pretty insignificant in the scheme of things. What matters and survives is the art. I buy art that I like. I buy it to show it off in exhibitions. Then, if I feel like it, I sell it and buy more art. As I have been doing this for 30 years, I think most people in the art world get the idea by now. It doesn't mean I've changed my mind about the art that I end up selling. It just means that I don't want to hoard everything for ever.
Your practice of buying emerging artists' work has proved highly contagious and is arguably the single greatest influence on the current market because so many others, both veteran collectors and new investors, are following your lead, vying to snap up the work of young, relatively unknown artists. Do you accept that you are responsible for much of the speculative nature of the contemporary art market?
I hope so. Artists need a lot of collectors, all kinds of collectors, buying their art.
Do you think you have messed up anybody's life by flogging off all their work?
I don't buy art just to make artists happy any more than I want to make them sad if I sell their work. Don't you think you're being a bit melodramatic?
Before you went into advertising, what other career did you consider?
"Consider" isn't quite how it was. At 17 and with two O-levels to show after a couple of attempts, a career path wasn't realistic, nor a chat with the Christ's College careers officer, who wouldn't have recognised me in any event as my absenteeism record was unrivalled. I answered a situations vacant ad in the Evening Standard for a voucher clerk, pay £10 weekly. It was in a tiny advertising agency in Covent Garden, and a voucher clerk had to traipse round all the local newspaper offices in Fleet Street – of which there were hundreds at the time – and pick up back copies of papers in which the agency's clients had an advert appearing. The voucher clerk's role was to get the newspaper, find the ad, stick a sticker on it so the client could verify its appearance, and the agency could get paid. Vital work, obviously. One of the advantages of it being a tiny agency was that one day they got desperate when their creative department (one young man) was off sick, and they asked me if I could try and make up an ad for one of their clients, Thornber Chicks. This ad was to appear in Farmer and Stock-Breeder magazine, and hoped to persuade farmers to choose Thornbers, as their chicks would grow to provide many cheap, superior quality eggs and a fine return. I didn't know how you wrote an ad, or indeed how to write anything much other than "I will not be late for assembly", for which I had been provided much practice. So I looked through copies of Farmer and Stock-Breeder and Poultry World, chose some inspiring-sounding words and phrases, cobbled them together, stuck on a headline – I think I stole it from an old American advertisement – and produced "Ask the man who owns them" as a testimonial campaign featuring beaming Thornber farmers. The client bought it.
Does a love of art, particularly Renaissance art on a biblical theme, make one feel closer to God?
I believe God must be very disappointed in his handiwork. Mankind has clearly failed to evolve much in all these years; we're still as cretinous and barbaric as we were many centuries ago, and poor God must spend all day shaking his head at our vileness and general ineptitude. Or perhaps, we might just give him a good laugh. But of course, I hope God likes our art enough to forgive us our sins, particularly mine.
I like the new gallery but hated your gallery in County Hall. What were you thinking!
I was stupid, stupid, stupid. I got bored with knowing my first gallery in Boundary Road too well, so well in fact that I could hang my shows to the centimetre while sitting on a deckchair in Margate. Plus, I wanted to introduce new art to as wide a public as possible, and I went for somewhere with a much bigger footfall on the South Bank next to the London Eye. So I gave up the airy lightness of Boundary Road for small oak-panelled rooms, and nobody liked it. I saw it as a challenge, but one which I clearly wasn't up to.
Which artists do you display in your own home? Are you constantly changing the works you have there? Is there a core of favourites which stay there?
My house is a mess, but any day now we'll get round to hanging some of the stacks of pictures sitting on the floor.
Who are the artists you are most pleased with discovering?
Over the years I have been very lucky to see some great artists' work just at the start of their careers, so that I could feel "pleased with discovering" them. However, I have also "discovered" countless artists who nobody but me seemed to care much for and whose careers have progressed very slowly, if at all. So I certainly don't have an infallible gift for spotting winners. I think it's fair to say that I bought Cindy Sherman in her first exhibition in a group show, with some of her black-and-white film stills framed together in those days as a collage of 10 images, and went on to buy much of her work for the next few years. I bought most of the work from Jeff Koons's first exhibition in a small and now-defunct artist-run gallery in New York's East Village, which included the basketballs floating in glass aquariums and the Hoovers and other appliances in fluorescent-lit vitrines. But this is getting too self-congratulatory and the truth is I miss out on just as many good artists as I home in on.
Are paintings a better investment than sharks in formaldehyde? The Hirst shark looks much more shrivelled now than it used to, but a Peter Doig canvas will still look great in 10 years and will be much easier to restore.
There are no rules about investment. Sharks can be good. Artists' dung can be good. Oil on canvas can be good. There's a squad of conservators out there to look after anything an artist decides is art.
Why do overseas museums have better collections of Britart than the Tate?
Because the Tate curators didn't know what they were looking at during the early 1990s, when even the piddliest budget would have bought you many great works. But I'm no better. I regularly find myself waking up to art I passed by or simply ignored.
Looking ahead, in 100 years' time, how do you think British art of the early 21st century will be regarded? Who are the great artists who will pass the test of time?
General art books dated 2105 will be as brutal about editing the late 20th century as they are about almost all other centuries. Every artist other than Jackson Pollock, Andy Warhol, Donald Judd and Damien Hirst will be a footnote.
If you were commissioning your own portrait, in which medium would you choose to be represented?
I'd rather eat the canvas than have someone paint me on it.
What is it like being married to a domestic goddess?
She's too good for me, I know, but she knows it too and reminds me every day.
Do you ever do the cooking?
I can do eggs. And cornflakes.
Do you encourage your children to look at your art and go to museums and galleries?
My children think it's very uncool to have anything to do with my gallery. But they quite like the gallery shop.
What advice do you and your wife give your children?
Nigella's mum gave her an invaluable insight into nice behaviour. According to Nigella her advice went something like this: "It is better to be charmed than to charm." By this she meant that what makes people feel good about themselves is feeling as if they have been charming, interesting; in short, have been listened to. For her, the notion that one should oneself be riveting or aim to be quite the most fascinating person in the room was a vulgarity and just sheer, misplaced vanity. Trying to be charming is self-indulgent; allowing oneself to be charmed is simply good manners.
Should the country be spending money on saving old masters for the nation, or buying up works by the next generation of artists?
At the risk of being lynched – again – by the art crowd, I don't think there is a great need any more to save paintings for the nation at the cost of supporting new art. What difference does it make if a Titian is hanging in the National Gallery, the Louvre or the Uffizi? This isn't the 18th century: people travel, so there's no need to be nationalistic about the world's art treasures. Much more important is to back living artists.
What is your favourite museum in the world?
The Prado in Madrid. I have a weakness for Goya, but the museum itself is so unfussy, and clearly loves to display its many masterpieces as unshowily as possible, each visit reinforces my belief in the enduring importance of art.
I know very little about contemporary art but have £1,000 to invest. Any advice?
Premium bonds. Art is no investment unless you get very, very lucky, and can beat the professionals at their game. Just buy something you really like that will give you a thousand pounds' worth of pleasure over the years. And take your time looking for something really special, because looking is half the fun.
What is your proudest achievement?
I don't do pride. That's not to say I don't have an ego the size of an aircraft hangar, but I'm not even very proud of that.
How much money have you lost in the recession?
I daren't look.
Aren't those dot paintings [by Damien Hirst] just like wallpaper?
You may as well say that Rothko paintings look like nice rugs. There's no crime in art being decorative.
With Mark … [more]
art  collectors  Saatchi_gallery  Reality_TV  Art_and_design  Culture  Media  The_Observer  Features  via:millersashley  art_market 
november 2016 by jerryking
Pamela Joyner: collector of ‘Afropolitan abstraction’
SEPTEMBER 30, 2016 | FT| by Julie Belcove.

.....Joyner and Giuffrida are not merely acquisitive in the vein of so many collectors but are activist. “We think of ourselves as stewards of their careers,” Joyner says of their artists. “Our philanthropy is focused on getting works of the artists who we support into museums....Joyner and Guiffrida donate paintings to leading museums in the UK and the US. Joyner introduces those museum curators to talented-but-lesser-known artists for whom she advocates. She also organizes trips domestically and internationally (.e.g South Africa) for museum curators....Joyner and Guiffrida created an artist’s residency on their property in Sonoma, California, in 2014.....Artists return the loyalty and remark that Joyner and Guiffrida never ask for a discount....Joyner has made collecting — and sitting on boards — her primary occupation. “Now I have a strategy, I have a budget,” she says. “I run it like you’d expect an MBA to run it.”...“Race is a really bad lens through which to view art. I could make an argument that Zander Blom is far more African than I am.”....“I was really struck by these artists who were determined to create an aesthetic that was compelling to them, which was abstraction, and there were no rewards for that if you were an African-American artist at the time,” Joyner says. “The traditional art world expected African-American artists to create identifiably black subject matter. ....The daughter of two public school teachers, Joyner, 58, grew up on the South Side of Chicago, where she attended the prestigious University of Chicago Laboratory Schools and frequented the Art Institute of Chicago. A serious ballet dancer, Joyner took a year off from Dartmouth College to try to break into the professional ranks in New York. “What I discovered was, I was really average,” she says frankly. “That was a good thing to discover early. I decided at that juncture that I would become a patron of the arts.”

Patronage requires money, so Joyner went on to Harvard Business School, then a successful career in finance.....With 300 to 400 artworks by roughly 100 artists, among them contemporary masters Glenn Ligon, Julie Mehretu, Mark Bradford and Kara Walker, the collection is the subject of a new book, Four Generations: The Joyner/Giuffrida Collection of Abstract Art, written by a Who’s Who of top curators. In October 2017, a travelling exhibition of the collection’s highlights will open at the Ogden Museum of Southern Art in New Orleans.
art  collectors  women  African-Americans  curators  Diaspora  artists  museums  philanthropy  marginalization  leadership  patronage  high_net_worth  benefactors  cultural_literacy  Afropolitan  activism  race  HBS  abstractions  books  stewardship  Pamela_Joyner  contemporary_art  champions 
october 2016 by jerryking
Righting Wrongs and Generating Attention for Art of the African Diaspora
OCT. 16, 2016 | The New York Times | By TED LOOS.

A profile of Pamela J. Joyner, a prolific art collector and supporter of artists of African descent..... Later, Ms. Joyner donated money to buy another Gilliam, “Whirlirama” (1970), and next year there are plans to exhibit both when the Met reinstalls its modern collection. “Pamela is such an informed champion of her artists,” Ms. Wagstaff said.

That trip to Washington was one of the many ways that Ms. Joyner, 58, exerts her power as an art-world influence behind the scenes. She has relinquished a successful business career to become what she calls a full-time “mission-driven” collector of a very specific niche: Abstract art by African-Americans and members of the global African diaspora. Now she leverages her relationships with the Met in New York, the Tate in London, the Art Institute in Chicago and the San Francisco Museum of Modern Art to help these artists gain traction in the wider world.

“It’s no less ambitious than an effort to reframe art history,” said Ms. Joyner, who sees herself as righting a wrong. “First, to include more broadly those who have been overlooked — and, for those with visibility, to steward and contextualize those careers.”....“There was a keen sense in my household that you had to be prepared for whatever was going to happen,” Ms. Joyner said. “You needed these literacies, and cultural literacy was one of them.”
African-Americans  Diaspora  art  artists  collectors  museums  overlooked  philanthropy  leadership  patronage  high_net_worth  benefactors  cultural_literacy  women  marginalization  Pamela_Joyner  stewardship  reframing  mission-driven  champions  art_history  exclusion  prolificacy 
october 2016 by jerryking
Is loyalty to an art gallery outdated? — FT.com
SEPTEMBER 23, 2016 by: Harriet Fitch Little.

Dealer-client relationships have been founded on what he terms “proper social conversations”: dinners out, trips taken and “[the collector’s] ability to share with the gallery the enthusiasm, the sheer admiration and wonder at an artist’s work”.

But art fairs, auctions and the internet have rendered conversations with dealers a choice rather than a necessity for buyers. In Selling Contemporary Art (2015), [North York Central Library, Book Lang & Lit 5th Fl Nonfiction In Library 706.88 WIN] which charts how the market has transformed since 2008, author Edward Winkleman uses a phrase he acquired from the Los Angeles-based collector Stefan Simchowitz to describe the shift: “cultural Lutheranism”. Collectors now have the tools to evaluate and purchase art without the hand holding of a gallerist — perhaps without ever even visiting an exhibition....the fickleness of the contemporary art market, where artists are “on the top ten hits parade for a while and then you never hear of them again” makes the dealer whose taste one trusts an indispensable guide....art lovers stick with particular dealers if they demonstrate a commitment to art that goes beyond the financial....for a gallerist, “Where you have a choice is the artists you choose to work with, the clients you choose to work with,” -- “The key for the whole thing is trust.”
trustworthiness  David_Bowie  mentoring  collectors  collectibles  art  dealerships  galleries  loyalty  taste-makers  books  contemporary_art  relationships  high-touch  art_market  customer_loyalty 
september 2016 by jerryking
How to Buy Art: A Beginner’s Cheat Sheet - NYTimes.com
MAY 7, 2015 | NYT| By WILLIAM GRIMES and ROBIN POGREBIN.

EDUCATE YOUR EYE Go see as much as you can — at galleries, museums and art fairs and by trolling online. The more art you see, the more you will develop clear judgment. Knowledge can help put things in context, but expertise isn’t a prerequisite. Marc Glimcher, president of Pace Gallery, says: “Go to a museum first and see what speaks to you. Identify which thread of art history is meaningful to you before heading to the galleries or the auction.”

Photo

THE LONG VIEW Budding collectors shouldn’t just buy what initially captivates them. “Ask yourself how something might look when you know more, how something might look over time,” said Amy Cappellazzo, co-founder of Art Agency, Partners, an art advisory firm. “The best thing to do is put yourself in a position where the first purchase actually challenges you a little — you’re not sure you like something, but you can’t stop looking at it. Imagine your smarter self looking at it in five years.”
auctions  art  artwork  art_galleries  museums  howto  self-education  judgment  Colleges_&_Universities  art_schools  students  contextual  long-term  collectors  collectibles  investing  investment_advice  pitfalls  mistakes 
may 2015 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
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
When Diamonds Are Dirt Cheap, Will They Still Dazzle? - NYTimes.com
APRIL 19, 2014| NYT | ROBERT H. FRANK.

In many domains, perhaps even including signed baseballs, it’s becoming possible to produce essentially perfect replicas of once rare and expensive things.

That’s true, for example, of diamonds and paintings. Renowned art originals will always be scarce, and so will high-quality mined diamonds, at least while De Beers holds sway. But what will happen to the lofty prices of such goods if there is an inexhaustible supply of inexpensive perfect copies? Economic reasoning can help answer this question. It can also shed light on how new technologies might alter traditional ways in which people demonstrate their wealth to others, or might change what society embraces as tokens of commitment and other gifts....Not even perfect replicas, however, will extinguish strong preferences for original paintings and mined diamonds. In the short run, price premiums for such goods are likely to persist, as collectors scramble for certificates of authenticity.

Longer term, those premiums may prove fragile
...Tumbling prices will transform many longstanding social customs. An engagement diamond, for instance, will lose its power as a token of commitment once flawless two-carat stones can be had for only $25.

Replication technologies also raise philosophical questions about where value resides.
...Technology won’t eliminate our need for suitable gifts and tokens of commitment, of course. And such things will still need to be both intrinsically pleasing and genuinely scarce. But technology will change where those qualities reside.
art  De_Beers  collectibles  artifacts  collectors  authenticity  inexpensive  replication  scarcity  valuations  digital_artifacts  high-quality 
april 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
The Christie’s Auctioneer Jussi Pylkkanen on Working the Room - NYTimes.com
Interview by ANDREW ROSS SORKIN
Published: January 3, 2014

How much do you think the auctioneer affects sale prices?
It’s very difficult to judge, but I think that a good auctioneer can certainly bring 20 percent to the value of major works of art.

Just as Detroit finally seems to be at the beginning of a revival, it faces the prospect of trying be once again be a great city without a great museum. Imagine New York without the Met, or Chicago without the Art Institute. If the DIA is forced down this road, the very collectors mentioned above, from Asia, Russia, and the Middle East, will snap up a collection that has required 128 years and the generosity and foresight of thousands of people to create, and which would likely never be seen in public again.
Andrew_Sorkin  collectors  art  auctions  Christie's  foresight  long-term  museums  far-sightedness  Detroit  generosity 
january 2014 by jerryking
Marc Faber's Biggest Mistake - WSJ.com
Sept. 20, 2013 | WSJ |By Jamie Lee.


Faber also lent an old buddy $50,000 and never saw it again. "When you want to collect, people don't return emails, they don't call back," he said. Lesson learned: He now only makes family-friend loans that are backed by assets. He has done a lot better buying and keeping a host of memorabilia. Faber, who lives in Thailand and races around on motorbikes, began building a stash of Chairman Mao posters, badges and other collectibles in the '70s when Mao was close to death.

Once worth just a few cents each, some of the 330,000 badges he bought are now worth at least $150 apiece. But Faber is in no hurry to sell. "I don't need the money," he says. "It's an unusual collection, and I have a very large office."
collectors  collectibles  high_net_worth  money_management  Marc_Faber  personal_finance  Thailand  Swiss  financiers  mistakes  investors 
december 2013 by jerryking
The Francis Bacon indicator? Art world soaks up excess cash
Nov. 19 2013 | The Globe and Mail The Globe and Mail | BRIAN MILNER.

Investors, collectors and dealers forked out nearly $1.2-billion (U.S.) last week – far above industry expectations – for a handful of illustrious names at the fall contemporary art auctions in New York. ...Art market experts, just like their counterparts in commodities, real estate, stocks and bonds, insist this is no bubble: The market is healthy, demand is growing and supply is limited....But the rich are eagerly parting with their money for art for a variety of personal and financial reasons. As a rising asset in a low-interest rate world, it’s viewed as a potential hedge against future financial storms. After all, demand remained relatively stable in the aftermath of the Great Meltdown. Also, owning a famous piece of art offers a heck of a lot more prestige than buying another commercial property. And it’s a lot cheaper than trying to compete with the Russian oligarchs (who are also big art buyers) for sports franchises.
art  bubbles  collectors  auctions  high_net_worth  contemporary_art  Francis_Bacon  prestige  hedging  low-interest  art_finance  alternative_investments  art_market 
november 2013 by jerryking
Auction Houses Muscle In on Art Galleries' Turf
OCTOBER 20, 2013 |- Barrons.com|By MARY M. LANE
Auction Houses Muscle In on Art Galleries' Turf
Contemporary-Art Boom, Margin Pressures Force Christie's, Sotheby's to Evolve.

For decades, the art business thrived on a symbiosis between galleries and auction houses. Galleries and the dealers who ran them traditionally made long-term investments in discovering and developing young artists, placing their artworks with influential collectors whose patronage would further an artist's reputation and ultimately increase his selling prices.

Auction houses, for their part, provided a lucrative secondary market for the most enduring of those artworks, but rarely handled trendy new artists.
[image] Christie's Images Ltd

Sales of highly experimental works, such as 'To Meet My Past,' by Tracey Emin, typically have been handled privately; the work went for $778,900 at a Christie's auction.

Now, a boom in the contemporary-art market and margin pressures in the auction business are changing all that. Those forces are prompting the houses to experiment with new ways of auctioning art and to arrange more private sales of contemporary works outside the auction room, where profits are richer.

Increasingly Sotheby's and Christie's are catering to a new breed of art buyers from the hedge-fund world and emerging economies who prefer to quickly acquire big-name pieces of art instead of building relationships with galleries where they might buy the art more cheaply.

Last year, private-contract sales of fine art accounted for $1 billion of Christie's $6.27 billion of revenue and $906.5 million of Sotheby's $5.4 billion. That's a big jump from before the global financial crisis: In 2006, Christie's sold $256 million of art in private sales, while
art  artists  auctions  dealerships  Christie's  Sotheby's  galleries  London  collectors  patronage  art_galleries  secondary_markets  hedge_funds  symbiosis  contemporary_art 
october 2013 by jerryking
Eli Broad's Entrepreneurial Approach to Philanthropy
September 13, 2013 | WSJ | By ALEXANDRA WOLFE.

Eli Broad's Entrepreneurial Approach to Philanthropy
Billionaire philanthropist Eli Broad on art, education and revitalizing Los Angeles....Mr. Broad describes his approach to philanthropy as entrepreneurial. Mostly, he says, "what I do is I bet on people." Mr. Broad himself spends most of his time identifying effective leaders—and then he invests in them and their ideas. He also spends millions of dollars each year coming up with metrics to reveal hard data about performance, and only continues funding a school or institution if it is showing signs of improvement....
...Eli Broad enjoys artists' thoughts on "the human condition." He talks to them about social and global issues, from the disappearance of the middle class to the crisis in Syria. The gap between the rich and poor bothers Mr. Broad, he says, and has been an impetus for his philanthropy. "Artists see the world differently than us businesspeople," he says. "If I spent all my time with bankers, lawyers and businesspeople, it would be kind of boring."
moguls  entrepreneur  Eli_Broad  Los_Angeles  philanthropy  benefactors  school_districts  achievement_gaps  metrics  museums  collectors  art  artists  artwork  art_galleries  patronage  the_human_condition 
september 2013 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
The secret race to save Timbuktu’s manuscripts - The Globe and Mail
Dec. 27 2012 | The Globe and Mail | GEOFFREY YORK.

Timbuktu’s greatest cultural treasure: its ancient scholarly manuscripts, are under threat from Radical Islamist rebels who have repeatedly attacked the fabled city’s heritage, taking pickaxes to the tombs of local saints and smashing down a door in a 15th century mosque and demolishing mausoleums...Timbuktu’s most priceless remaining legacy is its vast libraries of crumbling Arabic and African manuscripts, written in ornate calligraphy over the past eight centuries, proof of a historic African intellectual tradition. Some experts consider them as significant as the Dead Sea Scrolls – and an implicit rebuke to the harsh narrow views of the Islamist radicals.

But now the manuscripts, too, could be under threat. And so a covert operation is under way to save them....The manuscripts, dating back to the 13th century, are evidence of ancient African and Islamist written scholarship, contradicting the myth of a purely oral tradition on the continent.

Many of the manuscripts are religious documents, but others are intellectual treatises on medicine, astronomy, literature, mathematics, chemistry, judicial law and philosophy. Many were brought to Timbuktu in camel caravans by scholars from Cairo, Baghdad and Persia who trekked to the city when it was one of the world’s greatest centres of Islamic learning. In the Middle Ages, when Europe was stagnating, the African city had 180 religious schools and a university with 20,000 students.

Timbuktu fell into decline after Moroccan invasions and French colonization, but its ancient gold-lettered manuscripts were preserved by dozens of owners, mostly private citizens, who kept them in wooden trunks or in their own libraries.

Today, under the occupation of the radical jihadists, the manuscripts face a range of threats. Conservation experts have fled the city, so the documents could be damaged by insects, mice, sand, dust or extreme temperatures. Or the Islamist militants could decide to raise money by looting and selling the documents.
Mali  Africa  Timbuktu  Geoffrey_York  cultural_institutions  covert_operations  antiquities  art_history  threats  art  collectors  collectibles  Islamists  sub-Saharan_Africa  digitalization 
december 2012 by jerryking
Honey, I Cooked the Zins
October 1996 | Wine & Spirits | by Richard V. Nalley
wines  collectors  howto  collectibles 
december 2012 by jerryking
My museum, myself
February 5, 2009|Fortune | by Peter Gumbel, Europe editor
museums  LVMH  high_net_worth  collectors  art 
november 2012 by jerryking
‘Gallery Girls’ the very models of a cynical, sexist art world - The Globe and Mail
SARAH NICOLE PRICKETT

Special to The Globe and Mail

Published Friday, Aug. 31 2012
art  collectors  collectibles  women 
september 2012 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
African Art Is Under Threat in Djenne-Djenno - NYTimes.com
August 2, 2012 | NYT | By HOLLAND COTTER.

Ethical battles surrounding the ownership of, and right to control and dispose of, art from the past rage on in Africa, as in other parts of the world....the wars over art as cultural property take many forms: material, political and ideological. On the surface the dynamics may seem clear cut, the good guys and bad guys easy to identify. In reality the conflicts are multifaceted, questions of innocence and guilt often — though not always — hard to nail down. In many accounts Africa is presented as the acted-upon party to the drama, the loser in the heritage fight, though such is not necessarily the case, and it certainly doesn’t have to be, and won’t be if we acknowledge Africa as the determining voice in every conversation...finding sculptures in situ, in their historical context...unauthorized trade in such art had been illegal since 1970, when Unesco drew up its Convention on the Means of Prohibiting and Preventing the Illicit Import, Export and Transfer of Ownership of Cultural Property. But the digging went on, and getting art out of the country — through porous borders, with a payment of bribes — was (and still is) easy. ...Certain archaeologists, the McIntoshes among them, were aghast at the ruinous plundering and took action. They were convinced that any Western attention paid to Malian antiquities increased the market value and encouraged looting. With this in mind they proposed an information blackout on any and all “orphaned“ Inland Niger Delta objects, meaning any that had not been scientifically excavated — most of those in circulation... The antiquities wars were not easy on dealers, collectors and museum administrators. Not only were their jobs threatened and acquisitive passions blocked, but they acquired unfortunate reputations. Once esteemed as cultural benefactors, they came to be seen, in some quarters, as hoarders and thieves.

Where does Africa itself stand in all of this? Is it merely the battleground on which science and commerce clash, a passive stretch of turf to be either righteously conserved or carved up and parceled out? Or is it — could it be — an active, gainful partner in cultural exchange?

It could. Art-alert countries like Nigeria and Mali have stockpiles of objects in storage. Selections of them could be leased out to Western institutions, or even swapped for temporary loans of Western art. The idea that Africa would not be receptive to such exchanges is wrong. It has fine museums (in Bamako, in Lagos), impressive private collections (one is documented in Sylvester Okwunodu Ogbechie’s superb book “Making History: African Collectors and the Canon of African Art“), and at least a few sharp critics (check out Kwame Opoku at modernghana.com).

There’s no reason to think that concepts of art in Africa and the West — I use these generalities for convenience only — have to jibe. But clearly a sense of the complex value of patrimony is strong and can be pushed further. The time is long past due to be compiling comprehensive digital databases not just of art from Africa, but also of art that’s still there. Not only would this be an invaluable, promotional resource for international study, it would also be a lasting record of types of ephemeral art, or of things too fragile to move, or of objects that have, in the event of political instability, a good chance of being lost.
Africa  art  collectors  collectibles  Mali  ethics  museums  books  embargoes  contraband  archeological  dealerships  art_galleries  art_history  Nigeria  threats  Islamists  antiquities  Timbuktu  sub-Saharan_Africa  heritage  history  stockpiles 
august 2012 by jerryking
Forbes.com: Queen Of Arts
Dirk Smillie, 01.10.05

Louise MacBain is buying up art publications around the world. Squeezing money from these titles will be an art in itself.
Louise Blouin MacBain just hates talking about her social life, which involves tabloid-fodder like dating Prince Andrew, entertaining Bianca Jagger and hosting dinner parties for European royalty.

What she really wants to gab about is her latest collecting passion. Over the past two years her Bermuda investment company, LTB Holdings, has snapped up 160 art titles in 20 countries, including the dominant Art + Auction magazine. That already makes her one of the biggest art publishers in the world.

Now she is laying out $20 million to launch a Web portal this summer, a kind of Bloomberg terminal for the arts, delivering breaking news from the auction and collecting worlds. "Globalization is connecting art and its buyers everywhere," she says. "There's no central news or information source covering them."
art  magazines  HBS  information_sources  publishing  news  print_journalism  auctions  collectors 
june 2012 by jerryking
Trader Hits Jackpot in Oil, As Commodity Boom Roars On - WSJ.com
February 28, 2008| WSJ | By ANN DAVIS.
Mr. Hall Bet Early On Market Shift; Buoying Citigroup.

Profiles Andrew J. Hall, an enigmatic British-born trader who, in 2003, anticipated an important shift in the way the world valued oil -- and bet big....Mr. Hall's bet -- that long-term and short-term energy prices would soon abandon their historical relationship with one another -- looked like a long shot when he made it....Around 2003, Mr. Hall became convinced big structural changes were looming in the oil markets. For more than a decade, oil had ranged from $10 to $30 a barrel. But growth in demand was starting to outstrip growth in supply. And the once-sleepy economies of China and India were starting to compete for that fuel.

To place his bet, he focused on what was then a stagnant corner of the commodities world: The extremely long-term market in which traders buy and sell oil to be delivered years in the future.

Futures are contracts to buy or sell a product later on, at a price agreed upon today. Back in 2003, oil for future delivery was considerably cheaper than oil in the "spot," or current, market. For instance, a barrel of oil for delivery in 2005 was as much as 20% cheaper than spot oil....A key to Mr. Hall's success, says a friend, Thomas Coleman, a Louisiana oil-storage executive and fellow art collector, is an ability to block out the noise of the crowd. When Mr. Hall "locks in on an idea, he'll take it to the extreme," Mr. Coleman says.
Citigroup  Phibro  traders  oil_industry  hedge_funds  big_bets  commodities  collectors  pattern_recognition  structural_change  extremities  commodities_supercycle  ratios  noise  turbocharge  extremes 
june 2012 by jerryking
Start-Ups Follow Pinterest's Lead - WSJ.com
FEBRUARY 23, 2012 | WSJ | By SARAH E. NEEDLEMAN.

Start-Ups Follow Pinterest's Lead
Sarah_E._Needleman  Pinterest  start_ups  collectors 
february 2012 by jerryking
Forget Stocks—Chinese Turn Bullish On Booze and Caterpillar Fungus - WSJ.com
JANUARY 30, 2012 |WSJ | By DINNY MCMAHON.

Forget Stocks—Chinese Turn Bullish on Booze and Caterpillar Fungus
Investors Chase Returns in Strange Places; A Wild Ride in 'Roaring Yellow River'...With Chinese stocks falling, real-estate markets flat and bank deposits offering measly returns, Chinese investors have been looking for help in strange places. Besides traditional medicinal products, they are plowing money into art-based stock markets, homegrown liquors, mahogany furniture and jade, among other decidedly non-Western asset classes....The problem for Chinese investors is that returns have evaporated from more traditional markets. Real estate was once China's favorite investment, but government efforts to contain price increases and keep housing affordable have led to price stagnation and even declines in some cities. China's major stock exchange in Shanghai is down almost 20% since the beginning of 2011. Bank deposit rates are lower than the pace of inflation, meaning savers effectively pay banks for the privilege of handling their money.

"There really are very few investment channels," says Ren Jun, a 30-year-old media entrepreneur with investments in contemporary art, antiques, gold and silver. "That's why I'm kind of forcing myself to be brave in trying new options."
China  investing  investors  personal_finance  financial_planning  asset_classes  diversification  art  collectibles  commodities  alternative_investments  antiques  furniture  collectors 
january 2012 by jerryking
Life continues sweetly for the .001 percent
10 November 2011 | Breakingviews | By Jeffrey Goldfarb.

Context News
The season’s art auctions ended with the sale of $316 million of contemporary and postwar art at Sotheby’s on Nov. 9. The event took place just hours after U.S. stocks tumbled 3 percent in the market’s worst day since mid-August.

“It was one of the best auctions I’ve ever seen in my life,” said Nicolai Frahm, a leading London-based contemporary art adviser. One work, “1949-A-No. 1” by Clyfford Stills fetched $61.7 million, smashing the previous record for the artist at more than twice the presale estimate.

Separately, at a Time magazine person of the year event on Nov. 9, celebrity chef Mario Batali likened bankers to Adolf Hitler and Josef Stalin. Batali later apologized, but not before news of the comments had swept across Wall Street, prompting some financiers to say they would boycott his restaurants.
auctions  high_net_worth  art  collectibles  contemporary_art  collectors  affluence  Mario_Batali  Sotheby's  the_one_percent 
november 2011 by jerryking
Lunch with the FT: William Acquavella - FT.com
September 30, 2011 9:52 pm
Lunch with the FT: William Acquavella

By Peter Aspden
dealerships  art  New_York_City  collectibles  collectors  painters 
october 2011 by jerryking
Black Art Is Buried Treasure
FEBRUARY 13, 2006 | Business Week Online | By Thane Peterson
African-Americans  art  collectors  museums  art_galleries 
august 2011 by jerryking
Tracking African Americana
FEBRUARY 13, 2006 | Business Week Online | By Thane Peterson.
So bone up before you buy. Reading the Swann sale catalog and
attending the annual Black Memorabilia & Collectible Show and Sale
in Gaithersburg, Md., on Mar. 25 are good ways to learn. Catalogs from
rare book dealers, such as William Reese in New Haven, McBlain Books in
Hamden, Conn., and Between the Covers Rare Books in Merchantville, N.J.,
are also helpful resources. Good primers on the subject include The Art
and History of Black Memorabilia by Larry Buster and Collecting African
American History by Elvin Montgomery.
African-Americans  collectors  collectibles  memorabilia  primers 
august 2011 by jerryking
Lunch with the FT - Lunch with the FT: François Pinault
April 8 2011 | Financial Times | By Jackie Wullschlager.
A self-made luxury goods magnate, Pinault is internationally acclaimed
for his cutting-edge art collection, consisting of 2,000 works, many
acquired directly from artists such as Damien Hirst and Jeff Koons. But
in France he has never shaken off a reputation as something of a
wide-boy who made his wealth through takeovers of ailing companies,
aided by political friendships; he is close to Jacques Chirac and
Nicolas Sarkozy. “French people ... look at Pinault as a pirate,” Le
Monde journalist Harry Bellet told Forbes Magazine, which last year
estimated Pinault’s fortune at $8.7bn – reportedly the third-largest in
France.
luxury  François_Pinault  collectors  art  PPR  self-made  moguls  French  Damien_Hirst 
april 2011 by jerryking
The Cloud That Rains Music
March 31, 2011 By DAVID POGUE, The New York Times

Amazon's big idea is that instead of sitting on your computer, your
music collection will sit online. That way, you can listen to it from
any computer -- at home, at work, at a friend's -- by logging into a
special Web page called the Amazon Cloud Player.

You can also listen to anything in your music collection on an Android
phone. No copying or syncing of music is ever required; all your songs
are always available everywhere, and they don't hog any storage on the
phone itself.
David_Pogue  cloud_computing  Amazon  music  Android  collectors  streaming 
march 2011 by jerryking
A church of heavy metal
February 28, 2011| globeadvisor.com | Gordon Pitts
The driving force behind a new oil sands upgrader has spent a lifetime collecting industrial machinery

GORDON PITTS
Gordon_Pitts  collectors  venture_capital  Calgary  Alberta  oil_sands  oil_industry 
march 2011 by jerryking
From the VIP Art Fair to Art.sy, the Art Gallery Goes Digital
JANUARY 14, 2011 | WSJ.com |By ELLEN GAMERMAN and KELLY CROW

The question of whether top-tier art can successfully be sold online has long bedeviled the art world. High-end collectors have traditionally been leery of spending significant money on art they haven't seen in person, and a number of online-art selling ventures fizzled early on. But as more and more powerful art buyers emerge from Asia, Russia and the Middle East, the need to quickly reach collectors around the globe has never been greater. And dealers are looking for ways to reach a younger generation that's beginning to explore the art market—without alienating their best clients.

Now, some of the biggest names in the worlds of art and technology are betting that collectors will spend millions on paintings and sculptures that they've only seen online. A who's who of top galleries is taking part in the VIP Art Fair, an online-only event where potential buyers can shop for works by contemporary and modern artists like Jackson Pollock, Louise Bourgeois, Francis Bacon and Damien Hirst. Nearly 140 galleries from more than 30 countries—including blue-chip dealers like David Zwirner, Larry Gagosian and the Pace Gallery—have paid to host virtual booths.
collectors  art  e-commerce  art_galleries  art_market  Damien_Hirst  high-end  top-tier 
january 2011 by jerryking
The Book Collection That Devoured My Life - WSJ.com
MAY 31, 2008 | Wall Street Journal | by LUC SANTE. The
Book Collection That Devoured My Life
Why it's so hard to let go of books in a language I can't read... or
duplicate copies of 'True Tales from the Annals of Crime and
Rascality'... or Tijuana sailors' pornography....
collectors  personal_libraries  books  reading 
october 2010 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
Rara avis: A local Darwin collector in his natural habitat
November 21, 2009| globeandmail.com | by CRAIG OFFMAN. Profiles
Investment banker Garrett Herman, CEO of brokerage house, Loewen
Ondaatje McCutcheon, and a renown expert on, and collector of works by,
Charles Darwin. Mr. Herman said his own bibliophilia took hold after
his marriage dissolved in the early nineties. He compiled thousands of
rarities written by the great thinkers of the ages. "I used to collect a
lot of different books: Newton, Marx, Machiavelli, Pavlov, Freud. As
you collect, though, you learn." Following a pattern of buying books
that influenced other books, the number of tomes he owned grew
exponentially. He literally had a full house.
Charles_Darwin  collectors  personal_libraries  books  Niccolò_Machiavelli  brokerage_houses 
november 2009 by jerryking
C.E.O. Libraries Reveal Keys to Success
July 21, 2007 | New York Times | By HARRIET RUBIN. Serious
leaders who are serious readers build personal libraries dedicated to
how to think, not how to compete. If there is a C.E.O. canon, its rule
is this: “Don’t follow your mentors, follow your mentors’ mentors,”
suggests David Leach, chief executive of the American Medical
Association’s accreditation division. Forget finding the business
best-seller list in these libraries. “I try to vary my reading diet and
ensure that I read more fiction than nonfiction,” Mr. Moritz said. “I
rarely read business books..." Favourites: T. E. Lawrence’s ‘Seven
Pillars of Wisdom,’ Machiavelli’s “The Prince.”, Omar Khayyam’s
“Rubáiyát,”
book_reviews  CEOs  reading  books  collectors  fiction  critical_thinking  strategic_thinking  personal_libraries  poets  Michael_Moritz  Ogilvy_&_Mather  mentoring  Niccolò_Machiavelli 
november 2009 by jerryking
Brussels Sprout: The Story of Tintin - WSJ.com
MAY 29, 2007 | Wall Street Journal | by FARHA SAIT.
Commemorating the 100th anniversary of the birth of Belgian cartoonist,
Georges Rémi who was known by his nom de plume, Hergé (derived by
reversing his initials to R.G., which are pronounced in French as
"air-zhay"). Hergé create the character of the intrepid young reporter,
Tintin.
cartoons  cartoonists  comic_books  collectors  Spielberg  anniversaries 
april 2009 by jerryking
globeandmail.com - Canada's nouveaux riches bank on art
April 24, 2008 G&M article by David Parkinson on the
resource sector boom creating a class of new art buyers. Wealth managers
are cashing in.
wealth_management  high_net_worth  fine_arts  art  collectors 
january 2009 by jerryking

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