|The First Art Newspaper on the Net
||Established in 1996
|| Wednesday, October 26, 2016
|Art Fund Bets on Late Picassos, Pop Artist Robert Indiana|
Tapestry "Love" by US artist Robert Indiana exhibited in Klever, Germany. EPA/ANDREAS ENDERMANN.
NEW YORK (REUTERS).- Fund firm Castlestone Management is betting that late Picassos and paintings by U.S. pop artist Robert Indiana will help revive performance, after a tough first year in which its art fund fell more than 20 percent.
The $20 million Collection of Modern Art fund, which holds 27 works including Andy Warhol's "Five Guns" and Roy Lichtenstein's "Nude in an Apartment," owns Picasso's 1967 crayon work "Adolescents, aigle et ane" which it bought last year for 220,000 pounds ($322,100).
"Picasso's post-war works are cheaper but have become more important lately due to an exhibition in the (UK's) National Portrait Gallery last year," Constanze Kubern, Castlestone's senior art adviser, told Reuters in an interview on Thursday.
The fund's performance has suffered since launch last April as prices in the art market have fallen. Between April and December last year the fund's value fell 21.99 percent, while in the first four months of this year it is up 0.12 percent.
The huge 5-10 percent transaction fees that are commonplace can be a drag on performance of art portfolios, but the Castlestone fund tries to recoup these by exhibiting its works in museums.
Last month the fund, which typically buys works of art for between $400,000 and $800,000 and holds them for five to eight years, purchased 81-year-old Indiana's "Non-ending Nonagon" for $190,000.
"He's a key player in pop art. The market is undervalued and we expect it to go up," said Kubern. "Due to his elderly age it's a good investment."
Artists' works tend to appreciate in value following retrospective exhibitions after their death.
Prices of post-war art, which tends to encompass artists who are dead or no longer producing, fell around 30 percent in 2008 but have recently begun to recover, mirroring an improvement in the wider art market that this week saw Christie's offer a Monet worth an estimated 30 to 40 million pounds.
While institutions such as pension funds have slowly been increasing their tiny weightings in alternative investments such as hedge funds and private equity in recent years, they have almost nothing invested in the niche world of art.
However, Castlestone thinks institutions could start investing because, like gold, some art can hold its value at a time when many governments have been increasing the money supply to stimulate growth.
Castlestone chief executive Angus Murray said institutions were now "contemplating" investing and could commit money in the next year or two.
"Gold and art show unique characteristics," Murray said. "People will focus more and more on the devaluation of money as they see how much quantitative easing has occurred.
"People will ... focus on asset classes able to protect them from this devaluation of money," he said. "(They) will have more confidence as they see a revival in price terms."
June 5, 2010
New Bravo TV Show, "Work of Art: The Next Great Artist", Pits 14 Artists Against Each Other
MOCA is the Only West Coast Venue for Arshile Gorky Retrospective
Pablo Picasso's Mediterranean Years at Gagosian Gallery in London
Houston Baptist University Unveils Van Dyck Masterpiece in Belin Chapel
Venice Pays First Major Tribute to Louise Bourgeois with Exhibition
Christie's Launches Optimized Mobile Experience for All Mobile Phones
Sotheby's to Sell Works from Neuberger Berman and Lehman Brothers Collections
New Paintings by Irish-Born Artist Rodney Dickson at Gasser Grunert
World Cup Stamp Designs from 1970 Uncovered by Archivists
Art Fund Bets on Late Picassos, Pop Artist Robert Indiana
Philadelphia Hosts World Premiere of Cleopatra Exhibit
Calder's Le Guichet will Spend the Summer at Brooklyn Botanic Garden
Rival Auction Houses, Christie's and Sotheby's, Aim for New Heights in London
Kunsthaus Zürich Shows Videos and Paintings by Albanian Artist Adrian Paci
Second Installment of the Wadsworth's Contemporary Art Series Opens
Eakins's "The Gross Clinic" Restored and On View in Exhibition Exploring its History and Conservation
Audio-Visual Experience of the North Pole to Open at the Akron Art Museum
Some Assembly Required at the Craft and Folk Art Museum
Saint Louis Art Museum Announces Simon Kelly as New Curator
Most Popular Last Seven Days
1.- New light shines on Sandro Botticelli masterpieces at Florence's Uffizi Gallery
2.- Cincinnati Art Museum's Van Gogh exhibition brings guests Into the Undergrowth
3.- Degas retrospective debuts in the U.S. at the Museum of Fine Arts, Houston
4.- Special exhibition features large-scale photography by Richard Mosse & Edward Burtynsky
5.- Nobel panel gives up knockin' on Dylan's door
6.- An unprecedented, international-loan exhibition of works by Claude Monet is at the Kimbell Art Museum this fall
7.- Exhibition at the Ny Carlsberg Glyptotek explores Rousseau's landscapes
8.- Yoko Ono unveils her first permanent US art installation
9.- ArtReview's annual Power 100 names Hans Ulrich Obrist as the artworld's most powerful figure
10.- British artist David Hockney makes a splash at Frankfurt fair with 2,000-euro book
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, .
|Royalville Communications, Inc|
Tell a Friend
Dear User, please complete the form below in order to recommend the Artdaily newsletter to someone you know.
Please complete all fields marked *.