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 […]
“From an investment standpoint, fine art-contemporary, impressionist and modern art-is a deep market. It’s globally traded and liquid,” says Michael Plummer, co-founder of New York-based Artvest Partners, which advises wealthy families and individuals on investing in fine art.
Artvest provides an overview of the current Art Fund landscape.
UBS recently assembled a panel of professionals from the art and investing worlds to wax philosophic on art as an investment. Indeed, it’s difficult to combine the two modes of thinking when “art is illiquid, opaque, and unregulated,” said Jeff Rabin, cofounder of investment firm Artvest Partners, which specializes in the art market. “Should you need to pay a bill and you have a Picasso portrait of Marie-Thérèse on the wall, the likelihood is you’re not going to be able to flip that right away for the price you want to achieve.”