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jerryking : provenance   9

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
With Misattributed Constable Masterpiece, a Rare Look Into the Imprecise World of Art Identification - NYTimes.com
By LORNE MANLY MARCH 7, 2015

At a time when the attribution of paintings can be so litigious that many experts have retreated from the field, the startling reassessment of the “Cathedral,“ and its sudden explosion in value, provides a rare window into the often imprecise, and debate-riddled, field of identifying the authorship of artworks.

The Metropolitan Museum of Art has twice changed its mind in the past four decades over whether its portrait of Philip the IV is a masterpiece by Velázquez (the current view), or a fine painting by an also-ran. Sotheby’s was sued after it sold what it had determined to be a copy of Caravaggio’s “The Cardsharps” for £42,000 (about $83,000) in 2006, only to have a scholar later declare it was actually by the master himself.

This time it is Christie’s that is facing questioning over whether it bungled the attribution of a painting. “We understand that there is no clear consensus of expertise on the new attribution,” the company said in a statement.
art  artwork  art_history  art_appraisals  art_authentication  auctions  imprecision  painters  paintings  provenance  Sotheby's 
march 2015 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
Why Should We Care?
January 10, 2008 | WSJ.com | By PHILIPPE DE MONTEBELLO.

We all know art and art museums are important. But when it comes to articulating our reasons for this belief, we find it very difficult. We'd love to simply say, like our children, "Just because." When we try to be more specific, we end up with something rather abstract, such as: They are the repositories of precious objects and relics, the places where they are preserved, studied and displayed, which means that museums can be defined quite literally and succinctly, as the memory of mankind...The fact is, in the rooms of our museums are preserved things that are far more than just pretty pictures. These works of art, embodying and expressing with graphic force the deepest aspirations of a time and place, are direct, primary evidence for the study and understanding of mankind.... if we find our identity through works of art, then we have to identify them correctly, and works of art are not easy to decipher. They don't come with installation kits, lists of ingredients, and certificates of origin. In order to determine the time and place of their genesis, we have to ask of them: Who made them, where, when and why?

The answers to these questions are anything but obvious, because very few artistic traditions are pure -- that is, uninflected by outside influences. So, confronted with a work of art, we must be sure of its origin....The art museum then plays a key and beneficial role in teaching us humility, in making us recognize that other, very different yet totally valid civilizations have existed and do exist right alongside our own..in attempting to answer the question "why should we care?" I'd like to suggest a final, more broadly significant lesson. It is mankind's awe-inspiring ability, time and again, to surpass itself. What this means is that no matter how bleak the times we may live in, we cannot wholly despair of the human condition.
museums  art  value_propositions  provenance  artifacts  sublime  sense_of_proportion  galleries  art_galleries  humility  inspiration  interpretation  sense-making  Philippe_de_Montebello  the_human_condition 
august 2012 by jerryking
On the Market
1 March 2012 | n + 1 | Alice Gregory.

I knew little about. In my interview, I told my future boss that I had never been able to imagine an idea that could be best expressed by painting it. “But,” I added, making exaggerated eye contact, “appreciating art doesn’t mean you can send effective emails. I can write. I can make your job easier for you.” This is the best thing to say in an interview if you are young and unqualified to do anything other than maintain a personal blog. I started three weeks later.....financial journalist Felix Salmon asserted in response that “the entire business of the art world is built on opacity and information asymmetry.” Salmon continued, “One of the weird things about conspicuous consumption in the art world is that for all that it’s conspicuous it isn’t public—outside the big public museums everybody tends to be very secretive indeed about what they own and what they don’t.”.....
art  auctions  Sotheby's  opacity  asymmetrical  conspicuous_consumption  information_asymmetry  provenance  financial_journalism  Felix_Salmon 
may 2012 by jerryking
'Treasures' Without Maps: African Art Purely as Art - WSJ.com
MARCH 3, 2005| WSJ | By MATTHEW GUREWITSCH . "Treasures" is
announced as the first in a series of bi- or triennial exhibitions given
in honour of the silver anniversary of the National Museum of African
Art as a constituent of the Smithsonian Institution. It will focus on
traditional sub-Saharan African art not as ethnological material but
frankly, unapologetically, as art. To drive home the point, labels have
been kept minimal. They offer no interpretive assistance, and are
frequently vague or silent even as to the date of a work's creation.
There is no map.

"What does a map tell you?" asks Sharon F. Patton, the curator of the
show, two years into her tenure as the fourth director in the history of
the museum. "What does the place it came from have to do with an
appreciation of the work?" How true. Ivory Coast, Mali, Burkina Faso,
Democratic Republic of the Congo, Cameroon, Nigeria, Angola...the
mystique of the names is powerful. But mystique, for most of us, is all
it is.
African  art  exhibitions  museums  curators  mapping  sub-Saharan_Africa  Africa  provenance  Smithsonian  mystique  interpretative 
august 2011 by jerryking
The Future of Reading: In Web Age, Library Job Gets Update
Published: February 15, 2009 NYT article By MOTOKO RICH.
Profiles Stephanie Rosalia, a librarian at Public School 225 in
Brooklyn, who teaches Internet, research and life skills (e.g. thinking
critically about information sources).
critical_thinking  rethinking  life_skills  libraries  books  reading  provenance  information_sources 
february 2009 by jerryking

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