The First Art Newspaper on the Net Established in 1996 United States Wednesday, October 22, 2014


Flush Collectors Ready to Spend Again at Auctions of Rare Art
A security guard stands near the painting "Self Portrait" by artist Andy Warhol during a preview of the Sotheby's Impressionist & Modern Art and Contemporary Art Sales of New York. The painting is expected to fetch US$10-15 million at the Sotheby's New York on May 12, 2010. (AP Photo/Kin Cheung.

By: Christopher Michaud

NEW YORK, (REUTERS).- Fueled by international collectors and Wall Street investors reaping soaring profits, the beaten-down art market appears poised for a remarkable comeback after an 18-month stumble.

Rare buying opportunities to buy works by such modern masters as Jasper Johns and Mark Rothko will spur stiff competition and hefty spending by deep-pocketed collectors at the critical spring sales hosted by auction powerhouses Sotheby's and Christie's, art experts predict.

"You're going to see records set," said Baird Ryan, managing director of the private financial and consulting services firm Art Capital Group.

"I think we're going to be surprised by buyers' excitement," he said. "The international money exists, and there has been a secular recovery in the U.S., particularly in capital markets. Wall Street has had a really good year."

Top hedge fund managers -- who played no small role in the sustained art market boom that ended precipitously with the 2008 financial crisis -- recorded their best year ever in 2009. The annual ranking by AR: Absolute Return + Alpha showed the top 25 managers earned more than $25 billion.

"Our collectors are really rich again," said one auction house official.

Attracting intense interest are works that seldom come to market by artists Pablo Picasso and Andy Warhol, along with Rothko and Johns.

Earlier this year one of the most powerful hedge managers, SAC Capital Advisors founder Steve Cohen, bought a Johns' signature Flag painting from a New York dealer for about $110 million.

Christie's is offering a smaller version from the late writer Michael Crichton's collection, conservatively estimated at $10 million to $15 million, given the Flag series' rarity.

The global art market took a solid hit in 2009 as the financial crisis extended its grip to the rarefied arena, seen as a lagging indicator. Reported revenue was half the $9.3 billion posted in 2007, according to market monitor Artprice.

Auction houses responded by slashing operations and paring down sales by half as they labored to wrest consignments from sellers reluctant to go to market when prices were plummeting.

Much of the action, such as Cohen's "Flag" purchase, moved to the private market.
Suzanne Gyorgy, head of Citi Private Bank's Art Advisory Service, which works with collectors, said some were reluctant to be seen as flaunting wealth at a public auction during dire economic times.

Still, the bottom did not fall out of the market. November's leaner sales largely met or exceeded expectations, even if totals were a fraction of what they had been.

Assessing the damage to their own portfolios in the downturn, the super-rich -- those capable of spending millions on a single canvas -- largely passed on recent seasons.

Sellers were spooked by falling prices, but they are coming back, Gyorgy said. "We've had clients who have been sitting it out but are now ready to sell."

Then in February two determined bidders drove the price for a Giacometti sculpture to $104.3 million in London, setting a record for any work at auction.

With the rare, virtually unseen master works up for grabs, pent-up demand has collectors anxious to get in on the action.

Philip Hoffman, chief executive of the art-investment house Fine Art Group Fund, said he expected top lots such as the Picasso to "go through the roof."

"Collectors," Gyorgy said, "are also now more inclined to see art as a hedge against inflation.

(Editing by Ellen Wulfhorst and Todd Eastham)

New York | Jasper Johns | Mark Rothko | Baird Ryan | Art Capital Group |




Today's News

May 3, 2010

Dutch Queen Beatrix Inaugurates Newly Renovated and Enlarged Villa Vauban in Luxembourg

Flush Collectors Ready to Spend Again at Auctions of Rare Art

Kresge Goes for the "Bold" with New Summer Exhibition

MoMA Announces Exhibition of New Architectures of Social Engagement

Manhattan Mogul Elie Hirschfeld Acquires Important Painting by Francoise Gilot

Boston's MFA Uses Dassault's 3D Tech to Study Pyramids

South African Photographer David Goldblatt Exhibits at the Jewish Museum

Es Baluard Museum Opens Exhibition of Photographs by Lou Reed

Nolan Artwork an Early Birthday Present for the National Gallery of Victoria

Canadian and U.S. Photographers Compete for 2010 Grange Prize

Exhibition of New Works by Shirazeh Houshiary at Lehmann Maupin

Acclaimed Artist and Filmmaker Gerry Fox Exhibits at Eleven Fine Art

Metal Sculptor is Focus of New Memorial Art Gallery Exhibition

Contemporary Video Installation Features Public Internet Images of the ROM

Frieze Magazine Announces Call for Entries for Writer's Prize

Oc-Eo Art to Manage Sale of Rare Indian Contemporary Masterpiece

Cash-Strapped Museums Must Work Together to Keep Building and Refreshing their Collections

After Six Weeks of a Formidable Run of Exhibits, the FotoFest 2010 Biennial in Numbers

Tamar Getter and the Grotesque Circle of Chalk at the Tel Aviv Museum of Art

Art Brussels 2010 Breaks All Records!

Most Popular Last Seven Days



1.- Image of a Christ without a beard, short hair and wearing a toga unearthed in Spain

2.- Giant mosaic unearthed in mysterious tomb in Amphipolis in northern Macedonia

3.- Bonhams sale of 18th century French decorative arts to benefit Fine Arts Museums of San Francisco

4.- Paris flustered by erection of 'sex-toy' sculpture; Paul McCarthy slapped by a passer-by

5.- High art or vile pornography? Marquis de Sade explored in Orsay museum exhibition

6.- 'Cubism: The Leonard A. Lauder Collection' opens at the Metropolitan Museum of Art

7.- Greek culture minister says Elgin Marbles return a matter of 'global heritage'

8.- Vandals deflate Paris 'sex-toy' sculpture by American artist Paul McCarthy after outrage

9.- Exhibition at National Gallery in London explores Rembrandt's final years of painting

10.- 'Hans Memling: A Flemish Renaissance' opens at the Scuderie del Quirinale in Rome

Related Stories



Invisible Exports announces the New York solo debut of work and objects by Bob Mizer

Six weeks after, New York City artists seek help to scrub away superstorm Sandy's stains

Just discovered Scharl Portrait of Einstein up for sale for first time

New York State Museum exhibits historic images from Burns archives

La Dolce Vita: 1950-1960. Stars and Celebrities in the Italian Fifties at Eataly New York

The Art of Playboy, Gil Elvgren, Golden Age greats headline Fall New York illustration art auction

Costa Rica reclaims artifacts from the prestigious Brooklyn Museum in New York

Doyle New York to auction the Arthur Rothstein photograph collection in October

New study identifies pine bush as "Stop Over" for migrating birds

Chinese Gilt-Bronze Bell achieves $482,500 at Doyle New York's Asian works of art sale



Museums, Exhibits, Artists, Milestones, Digital Art, Architecture, Photography,
Photographers, Special Photos, Special Reports, Featured Stories, Auctions, Art Fairs,
Anecdotes, Art Quiz, Education, Mythology, 3D Images, Last Week, .

 

Founder:
Ignacio Villarreal
Editor & Publisher: Jose Villarreal - Consultant: Ignacio Villarreal Jr.
Art Director: Juan José Sepúlveda Ramírez - Marketing: Carla Gutiérrez
Special Contributor: Liz Gangemi - Special Advisor: Carlos Amador
Contributing Editor: Carolina Farias

Royalville Communications, Inc
produces:

ignaciovillarreal.org theavemaria.org juncodelavega.org facundocabral-elfinal.org
Founder's Site. The most varied versions
of this beautiful prayer.
Hommage
to a Mexican poet.
Hommage
       

The First Art Newspaper on the Net. The Best Versions Of Ave Maria Song Junco de la Vega Site Ignacio Villarreal Site