“Over the last 10 years, you’ve seen an explosion to new levels in the art space,” Jeff Rabin, principal and co-founder of Artvest Partners LLC, an art investment advisory firm based in New York City.
Jeff Rabin, a principal and co-founder of Artvest Partners, a New York advisory service, warns that the market this year could shape up to be more like the past months than the past few years.
He contends that the market hit a sweet spot and has begun to veer away from it. [...]
It is an observation not lost on Michael Plummer of Artvest Partners, a New York-based group that advises collectors. Plummer has pinpointed a “sea- change” in buying in the late 1990s, when art and design prior to the advent of modernism began to look outdated to new collectors entering the market. But he is optimistic, stressing that fresh blood could bolster vulnerable areas of the market [...]
For one recent example, look at Damien Hirst, says Jeff Rabin, principal and co-founder of Artvest Partners…In September 2008, Sotheby’s held a much-ballyhooed sale of the artist’s work, with prices ranging as high as $18.6 million. But the market for Mr. Hirst’s work has cooled, and those who bought at the sale “would have, on [...]
“Ideally any tightening of the rules would be self-imposed,” said Michael Plummer, a former Christie’s executive who is now a principal in Artvest Partners, an art advisory company. “Unfortunately I don’t think the markets are going to have the discipline to do that.”