Fine Art "Firmly Planted" As An Asset Class?
The Christie's POST-WAR & CONTEMPORARY ART EVENING SALE that brought in $852 million:
"For better or worse, fine art is now firmly planted alongside equities, bonds, commodities and real estate as an asset class."I don't think so. They even admit it:!
“A lot of contemporary art is aggressively ugly,” Professor Galenson said. “That doesn’t matter in terms of its value.”This art is garbage. It will lose over 99% of its value.
By the way, a big giveaway that China was a bubble/misallocation was that they were buying western contemporary art.
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The Con Artist: A multimillion dollar art scam
And no one disputes that they are awfully good. Beautiful. This $7 million dollar fake Max Ernst is being shipped back to New York. Its owner decided to keep it even after it had been exposed as a fake. He said it’s one of the best Max Ernsts he’s ever seen.
I love this story! There are many, many things worth quoting in it! Hahaha! :)
This world is filled with tens of thousands of very talented starving artists. No matter how much money I had, I can't imagine ever paying obscene amounts for any painting, but hey, maybe that's just me.
"For better or worse, fine art is now firmly planted alongside equities, bonds, commodities and real estate as an asset class."
i've been meaning to do a post about the art market. i think they're right in a sense: art prices moves seem to mirror stock price moves, with them both acting as proxies for the health of the top .1%.
“A lot of contemporary art is aggressively ugly,”
david goldman wrote a good article about this. he has a funny explanation for why abstract art is so much more popular than avant-garde music:
When you view an abstract expressionist canvas, time is in your control. You may spend as much or as little time as you like, click your tongue, attempt to say something sensible and, if you are sufficiently pretentious, quote something from the Wikipedia write-up on the artist that you consulted before arriving at the gallery. When you listen to atonal music, for example Schoenberg, you are stuck in your seat for a quarter of an hour that feels like many hours in a dentist's chair. You cannot escape. You do not admire the abstraction from a distance. You are actually living inside it. You are in the position of the fashionably left-wing intellectual of the 1930s who made the mistake of actually moving to Moscow, rather than admiring it at a safe distance.
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