T. Ehrmann, head artprice.com, analyzes the Art Market

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Here is an interview with T. Erman, in my opinion, quite ridiculous, that is, I believe that his analysis of the market completely untenable. But no matter, our job - to translate, and your - read and draw their own conclusions, so pleasant reading.



Thierry Ehrmann, the president-general dirketor artprice.com analyzes the market of art

Lyonmag.com, 2.01.2009. Interview Laurent Seven


have affected the art market crisis?

FC - Yes, the downward correction is very strong. And lightning. Now the Art Market reacts with almost the same speed as the financial markets. Therefore Artprice developed indicator of confidence subscribers, AMCI. And we note that this indicator falls upon a few hours after the collapse of the indicators or the NASDAQ Dow Jones.

significantly diminished if the market of art?

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FC - With regard to the works, the price does not exceed 15,000 euros, a special risk of falling prices is not because these products are bought mostly just because they like them. In contrast, in the trenches between 15000 and 50000 euro correction will be very severe, from -40 to -50%. Prices for works from 50 to 100000 euro should fall by about 30%. The market is falling vertically, but this drop is caused by excessive growth in the recent past. But at the top of the trench, at a cost of more than 100000 euros, decrease will be minimal, as the product of such a level literally sag under tazhestyu any diplomas, certificates and signatures. These heavyweights of the art market nearly lost in the price. But keep in mind that they represent only 0.1%of the market.

But the "golden boys", many bought on the art market, now there is no money!

FC - Yes, it's true, they need the cash. So they sell. But remember, they find buyers for their belongings. In my opinion, is better to sell Warhol than Peugeot, moreover, that the art market expanded. During a previous crisis in the art market in 1990, there were 500,000 major collectors. And now we can say that there are 50 million consumers of art. Sociology of the art market has changed radically. Before the age of buyers was equal to an average of 50-60 years, but now people are beginning to make itself kollektsiiyu in 25 years with an initial capital of 15,000 euros. On the other hand, the myth of the damned, misunderstood and impoverished artist finally died. Contemporary artists have learned a lot, became more cunning. Just after graduating from the High School of Fine Arts, he was already versed in marketing, he knows what to produce, where, when and how.

So, its only interested in money?

FC - Yes, artists like money. Incidentally, the first time in the history of mankind living artists such as Jeff Koons, more expensive than the already dead artists nedaavnego the past - for example, Warhol. But for Jeff Koons is a real organization, the agents who follow the quotation of works by Koons all over the world - is quite as on the exchange.

So, a work of art operates today, as shares of companies listed on the stock exchange?

FC - Exactly. In fact, the Art Market - a financial market, but ten times more cruel, and ten times smarter than the stock market. A work of art was a product of trade exchange in the true sense of the word. Ten years ago, now sell less than five years after its purchase was not possible, because it aroused suspicions of its authenticity. And now you can buy and resell it a few weeks, all spit on the rate of movement of works of art.

is - spekulyaschiya?

FC - Yes. But without a speculative bubble. Statistically bidding constantly ascertained 31-32%of unsold lots. If we were dealing with a fierce spkulyatsiey such lots would be no more than 7 or 8%. People would buy anything at any price. This situation also shows that the auction houses to carry out a rigorous selection of the proposed works and expose only high-quality work.

Can I say that consumers have today more inflomatsiey about the works?

FC - Yes, now all have access to information about works of art and artists. For example, last year Artprice responded to 12 billion queries of its customers. So anyone entering the gallery, already knows how much it costs some artist, whether it is sold abroad, how many of his works on the market ...

What is the status of galleries?

FC - A certain number of galleries will be closed, as banks have decided to discontinue their financial support. Gallery, which has no equity, no waste, is in its death throes. Close and a lot of auction houses. On some issues there is no answer: Will China support their artists of nationalism, or it will give them disappear? The answer to this question will allow us to understand whether the market of art sunk in the blood or not.

Will this crisis is prolonged?

FC - Following the crisis in 1990 had to wait seven years to the U.S. market returned to pre-crisis levels of prices, but in France, this level was reached only in 2007 ... But now everything is changing much faster. Also today, the audience much more receptive to modern art than 20 or 30 years ago. And most importantly, is that in the next five years will be built more museums of modern art than for the whole of the twentieth century. 360 new museums that have large budget - from 200 to 800 million euros, will inevitably dinamiziruyut global art market, as these museums will have to be staffed.