“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.”
“It’s not unheard of in the auction business, when clients run into cash problems, for auction houses to take property in lieu of payment,” said Michael Plummer, the cofounder of Artvest, a New York-based ﬁrm that provides investment advice for the art market and a former chief operating ofﬁcer of the ﬁnancial-services unit at auction house Christie’s.
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%.
Michael Plummer comments on the Theodore Forstmann Collection for sale at Sotheby’s.
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.