Incrementally Positive Takes from Citi’s Proprietary 5/9/12 Call on Auction Industry with Artvest LLC — (1) Art market has returned to its pre-crisis size at $64.9mm in 2011 vs. $62-$66 in 2007-2008 with strong potential to increase again in 2012; (2) Sotheby’s has become the most dominant player in NY for Impressionist/Modern; (3) China now the world’s largest consumer of art at 30% vs. US 29%.
As Ms. Walton considers the debut of the museum to represent the beginning of the institution’s collecting, Artvest is eager to follow the cultural implications as important works of American Art make their way to Arkansas.
“Sotheby’s did an excellent job in pulling off a successful sale in an unsettled time,” said Michael Plummer of art investment advisory Artvest Partners, “but you can’t separate the two auctions—it’s all one market. There is a sensitivity [right now], and confidence is easily lost.”
Price growth for Impressionist & Modern Art was notably robust during the majority of the past decade. While values for artworks temporarily eroded in the midst of the recent financial crises, they have since made a partial recovery, and currently seem to have stabilized. Impressionist and Modern Art
Record prices were the theme of 2010. Of the top ten Western works of art, two crossed the magical US $100 million threshold, two were in excess of US $60 million, three in excess of US $50 million. Eight of the ten were in the Impressionist & Modern Art sector, an astonishing result in any […]