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With the long-termed, worldwide trend of increasing wealth, alongside the growth in knowledge about Art market, a much larger community has started to be interested in collecting and/or investing in Art. Michael Plummer participates in a panel discussion at Art Basel Miami Beach 2011 on this topic.
After several years of sluggishness, global enthusiasm for Latin American art is on the rise. In New York, November was a significant month for the Latin American art market.
Despite a handful of exceptional results, the American art market remains sluggish. Sotheby’s and Christie’s most recent sales of American art combined for a total hammer of $42,437,000 ($50,364,300 with premium), against a pre-sale estimate of $46,162,000 to $68,318,000.
Art can be a great investment if it’s purchased in a smart way: returns vary, but according to the AMR Art 100 Index, art prices have increased at a compound annual growth rate of 8.0% over the past 25 years. However, most new collectors don’t realize there are ways to enter the market besides bidding at Christie’s or walking into a gallery and plunking down a credit card.