Jeff Rabin is principal and cofounder of Artvest Partners, a firm that offers investment advice for the art market, including custom strategies for acquiring and selling, financing, protecting art wealth, and passing it on to future generations. In today’s Digest Premium, he explains why investing in art is different than investing in stocks… and reveals some of the hidden costs in the art market…
The Wall Street Journal asked a few art-investment pros to join in a roundtable discussion via email about the risks and rewards of buying art as an investment. The group: Michael Plummer, a partner in New York City-based ArtVest Partners LLC, a provider of art-market investment advice; Constanze Kubern, a London-based art consultant and former manager of an art investment fund; Philip Hoffman, chief executive of London’s Fine Art Fund Group; and Kathryn Graddy, an economics professor at Brandeis University in New York, whose research focuses on art markets.
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 […]
Artvest Partners, a New York firm that advises wealthy collectors, reckons the [art fund] market is… $1.5 billion to $2 billion as of mid-2012.