“He needs to regain the trust of the marketplace,” said Jeff B. Rabin, a co-founder of Artvest Partners, an art investment advisory firm. “It seems the catalog is one measure he could perhaps take to start to rectify some of the ill feeling out in the marketplace.”
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.”
On Wednesday night in New York, at a UBS discussion on fine art and investments, moderator, art adviser and dealer Jason Rulnick asked panelists whether they thought art was an asset or an investment. Pretty much everyone agreed that it was an asset, but were a lot more guarded about its investment potential.
Click here to hear Michael Plummer’s interview with The Business Station Malaysia on Art as an Investment.