All posts tagged Fall 2011

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“This scene has grown in terms of glamour, prestige and notoriety,” says Michael Plummer, the co-founder of Artvest Partners, who says that the fair and the surrounding events are a major weapon in the dealers’ arsenal. The US art calendar was previously dominated by the New York auction scene, and Miami has helped to correct the balance.

ArtInfo

In 2009 Michael Plummer and Jeff Rabin set out to found Artvest, which is an advisory firm dedicated to helping people look at their art not only as painting or sculpture, but also as an asset that — if properly managed — has the potential not only to help their diversify portfolios, but outperform their equities, bonds, and real estate holdings. The wide-ranging discussion touches on the growing role of art finance in the art market, as well as why you might want to consider investing in an art fund.

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Based on what we have seen in the most recent series of sales in the first two weeks of November, our bottom line is, despite the striking success, as well as new records in the Contemporary Art sector, the overall art market is more fragile than current headlines would indicate.

Fine art is certainly an important subset of the Chinese interest in status purchases, but the investment attributes of art are also main driver fueling the strong appeal amongst collectors.

The Economist

No one wants to ruin the entertainment value of a night out at the auctions, but contemporary art has enough credibility problems without unnecessary murkiness. “Industry practices need to catch up with the value of art today”, argue Michael Plummer and Jeff Rabin of Artvest Partners, a firm of art-investment advisors. “We need to require a higher standard of transparency and ethical behaviour because so much money is at stake.” Regardless of the money involved, the market would be considerably fairer and more open if the auction houses reported real prices, disclosed the reserve prices—and named the third-party guarantors as well.

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