The heart of the market of contemporary art continues to beat

[LCR]

Here is the translation attempts to describe the current state of the art market, published on the website www.slate.fr


Anna de Conen, a New York correspondent of the French Language Arts ».

The crisis dealt a serious blow to this market, but did not prevent new projects.

Quickly wealthy bankers and tredery not revolve around contemporary art, not raked it, then to boast of their new acquisitions in the social events - this scheme the financial crisis of 2008 and the bankruptcy of Brothers Lemanov smashed to smithereens. Even before the crisis, many observers vnimaetelno watched the situation on the art market, all waiting for that period of dizzying growth will end.
So now the most interesting question: Can we assume that the relationship - you and you want to call incest - between the world of art and financiers, feverishly seeking to diversify their investments, to speak only in the past tense?

Читать дальше... 

Now, at the beginning of this year, we should note: the bubble burst, there can be no doubt. Now you need to take stock of the difficult 2009 year, to understand the state of the art market come out of the crisis.

Do not dwell on the problem of extremely inflated prices: they have already fallen on average by 30%. However, this "statistical average" hiding behind a completely different situation: some works of modern art lost up to 60%! The market has become more selective, and the prices of second-and third-rate works of art, will likely continue to fall.

But what is the position of galleries? From London to Berlin from New York to Tokyo, they were shocked, vyzvyany sharp decline in the number of sales, now they hope that next fall things will better.
New York's Chelsea district, which is concentrated in a small area of nearly 300 galleries, still (but some are asking: "how much more time?") Is considered the capital, the heart of modern art.

So sensational in its time lists of buyers waiting for their turn - made up of gallery owners to create the "effect of the rarity of works" have sunk into oblivion. On the agenda - discussion of discounts offered by owners of galleries to their rare clients. Get 15%- child's play. Earlier, walking through the streets of Chelsea, you almost hear the sound of money, but now limousines no longer visible. This does not mean that the fans completely left the market of contemporary art. They appear on demonstrations of excellent quality, prepared by some galleries, but not snapping his proposed work, think long and in the end ... do not always buy.

Of course, some galleries closed. There will be other victims of the crisis. The first to hit the gallery, financial surface of which was the weakest. No gallery Guild & Greyshkul Gallery, which held three of the artist or the Clementine Gallery, despite the experience of her mistress for 12 years, no longer exists. Total closed more than 20 galleries. But at the same time opening up other galleries - there are about 25, in Chelsea, or in other neighborhoods of hunger.

The crisis touched and museums

This is evident, for example, the Lower East Side of New York, the new district, which was formed around the new museum - the last time the museum devoted to contemporary art, opened in 2007, some galleries are trying to reproduce here the success of Chelsea in more affordable rates, but So far, their beginnings are not particularly convincing.

Further north, in the eastern part of Upper Manhattan, not far from the "Museum Mile" (in this mile, starting from 82 th Street, located a dozen museums including the Met and the Guggenheim), the market is also trying to resist. Example - Larry Gagosian, a businessman of the art world, which opened the new premises, or the Zurich gallery Hauser & Wirth, in September last year, which opened here its New York branch.

The crisis severely hit and auction houses. All three majeure - Christie's, Sotheby's and Phillips de Pury, significantly reduced their staff (250 layoffs at Sotheby's, 300 - at Christie's), lowered its preliminary assessment, and - most importantly - no longer guarantee the selling price. The fact that in conditions of fierce konrukentsii was decisive argument for the seller, it became a trap for the auction houses. Result: in 2009 compared with 2008 sales of contemporary art have collapsed by 75%.

Finally, and museums, public or private, did not escape the sad consequences of the crisis - their incomes have declined significantly. Last year, funds from private American museums decreased by 30-50%. Therefore, they had proportioned their projects, sometimes extremely ambitious, with their new financial situation. This means that they must reduce the number of exhibitions, to defer some of them, freeze malorealizuemye projects in these conditions and to reduce staff. Prestigious Met fired 14%of employees, and its leaders have agreed to drop its voznagrazheniya 10 - 20%.

Some museums have avoided bankruptcy only by a miracle, at the last moment. These Billionaire Broad conveyed to the Museum of Contemporary Art Los Angeles (MOCA) $ 30 million. Others are even more difficult situation, such as, Rose Art Museum at Brandeis University, who will likely have to part with a part of their collections (about 6000 pieces interwar and contemporary art acquired over 46 years of existence), which is estimated at between 300 and $ 400 million. The problem of this museum - that finance fund, which controls the university, were transferred to the care nebezizvestnogo ... Bernard Madoff.

Long live the crisis!

Yes, the bubble burst. But we need to see and beneficial aspects of this collapse. A more realistic pricing policy allows you to attract a new clientele of these fans, more rigorous selection, taking into account the quality of the products leads to a reduction in the total volume offered for sale the works, and eventually some of the galleries carry excellent deal. At the November auction Sotheby's «200 One Dollar Bill» in 1962, Andy Warhol, tentatively estimated at 8.12 million dollars (5,5-8,2 million euros), was sold for 43 million dollars (29.6 million euros).

The crisis put an end to some projects, failed to deal with others. The expansion project Whitney Museum in New York is well advanced. It will be implemented in the District Mitpeking. Dia Art Foundation is going to return to the center of New York. In Philadelphia, the Barnes Foundation museum will soon open again for visitors - an endless and bitter battle over his yuridicheskayaya relocation and opening by 2012, finally ended.

[Pavel]

Сообщение от LCR

Here is the translation attempts to describe the current state of the art market, published on the website www.slate.fr


Anna de Conen, a New York correspondent of the French Language Arts ».

The crisis dealt a serious blow to this market, but did not prevent new projects.

Quickly wealthy bankers and tredery not revolve around contemporary art, not raked it, then to boast of their new acquisitions in the social events - this scheme the financial crisis of 2008 and the bankruptcy of Brothers Lemanov smashed to smithereens. Even before the crisis, many observers vnimaetelno watched the situation on the art market, all waiting for that period of dizzying growth will end.
So now the most interesting question: Can we assume that the relationship - you and you want to call incest - between the world of art and financiers, feverishly seeking to diversify their investments, to speak only in the past tense?

Читать дальше... 

Now, at the beginning of this year, we should note: the bubble burst, there can be no doubt. Now you need to take stock of the difficult 2009 year, to understand the state of the art market come out of the crisis.

Do not dwell on the problem of extremely inflated prices: they have already fallen on average by 30%. However, this "statistical average" hiding behind a completely different situation: some works of modern art lost up to 60%! The market has become more selective, and the prices of second-and third-rate works of art, will likely continue to fall.

But what is the position of galleries? From London to Berlin from New York to Tokyo, they were shocked, vyzvyany sharp decline in the number of sales, now they hope that next fall things will better.
New York's Chelsea district, which is concentrated in a small area of nearly 300 galleries, still (but some are asking: "how much more time?") Is considered the capital, the heart of modern art.

So sensational in its time lists of buyers waiting for their turn - made up of gallery owners to create the "effect of the rarity of works" have sunk into oblivion. On the agenda - discussion of discounts offered by owners of galleries to their rare clients. Get 15%- child's play. Earlier, walking through the streets of Chelsea, you almost hear the sound of money, but now limousines no longer visible. This does not mean that the fans completely left the market of contemporary art. They appear on demonstrations of excellent quality, prepared by some galleries, but not snapping his proposed work, think long and in the end ... do not always buy.

Of course, some galleries closed. There will be other victims of the crisis. The first to hit the gallery, financial surface of which was the weakest. No gallery Guild & Greyshkul Gallery, which held three of the artist or the Clementine Gallery, despite the experience of her mistress for 12 years, no longer exists. Total closed more than 20 galleries. But at the same time opening up other galleries - there are about 25, in Chelsea, or in other neighborhoods of hunger.

The crisis touched and museums

This is evident, for example, the Lower East Side of New York, the new district, which was formed around the new museum - the last time the museum devoted to contemporary art, opened in 2007, some galleries are trying to reproduce here the success of Chelsea in more affordable rates, but So far, their beginnings are not particularly convincing.

Further north, in the eastern part of Upper Manhattan, not far from the "Museum Mile" (in this mile, starting from 82 th Street, located a dozen museums including the Met and the Guggenheim), the market is also trying to resist. Example - Larry Gagosian, a businessman of the art world, which opened the new premises, or the Zurich gallery Hauser & Wirth, in September last year, which opened here its New York branch.

The crisis severely hit and auction houses. All three majeure - Christie's, Sotheby's and Phillips de Pury, significantly reduced their staff (250 layoffs at Sotheby's, 300 - at Christie's), lowered its preliminary assessment, and - most importantly - no longer guarantee the selling price. The fact that in conditions of fierce konrukentsii was decisive argument for the seller, it became a trap for the auction houses. Result: in 2009 compared with 2008 sales of contemporary art have collapsed by 75%.

Finally, and museums, public or private, did not escape the sad consequences of the crisis - their incomes have declined significantly. Last year, funds from private American museums decreased by 30-50%. Therefore, they had proportioned their projects, sometimes extremely ambitious, with their new financial situation. This means that they must reduce the number of exhibitions, to defer some of them, freeze malorealizuemye projects in these conditions and to reduce staff. Prestigious Met fired 14%of employees, and its leaders have agreed to drop its voznagrazheniya 10 - 20%.

Some museums have avoided bankruptcy only by a miracle, at the last moment. These Billionaire Broad conveyed to the Museum of Contemporary Art Los Angeles (MOCA) $ 30 million. Others are even more difficult situation, such as, Rose Art Museum at Brandeis University, who will likely have to part with a part of their collections (about 6000 pieces interwar and contemporary art acquired over 46 years of existence), which is estimated at between 300 and $ 400 million. The problem of this museum - that finance fund, which controls the university, were transferred to the care nebezizvestnogo ... Bernard Madoff.

Long live the crisis!

Yes, the bubble burst. But we need to see and beneficial aspects of this collapse. A more realistic pricing policy allows you to attract a new clientele of these fans, more rigorous selection, taking into account the quality of the products leads to a reduction in the total volume offered for sale the works, and eventually some of the galleries carry excellent deal. At the November auction Sotheby's «200 One Dollar Bill» in 1962, Andy Warhol, tentatively estimated at 8.12 million dollars (5,5-8,2 million euros), was sold for 43 million dollars (29.6 million euros).

The crisis put an end to some projects, failed to deal with others. The expansion project Whitney Museum in New York is well advanced. It will be implemented in the District Mitpeking. Dia Art Foundation is going to return to the center of New York. In Philadelphia, the Barnes Foundation museum will soon open again for visitors - an endless and bitter battle over his yuridicheskayaya relocation and opening by 2012, finally ended.

There is the usual market correction. Inflated price chop. Customers warned that the need to invest carefully and competently.