All posts tagged Sotheby’s

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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.

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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Artvest Partners’ Strategic Views and Analysis on the Art Market, Chinese Collector Trends, and Auction Season Sale Prices

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“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.”

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“Collectors and dealers will be watching the auctions closely for clues about the next move for prices. In general, collectors are favoring high-quality works by major artists, in contrast to the often-indiscriminate buying before the crash,” says Jeff Rabin, a co-founder and principal at Artvest, a Manhattan-based art investment advisory company.

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