Money in the perfect

[Artem]

money in fine

The global art market continues to grow , making paintings and antiques in solid investment assets . At the peak of popularity - Chinese and Russian art

 Zinaida Cucina "Investgazeta » № 44 Today
 

Last Wednesday the sale of Impressionist and works of twentieth century art at Sotheby's was $ 290.2 million - more than one day in these areas collected in May of last year. For his work from 13 countries battled members of the 36 - Representatives of both traditional (U.S., Europe ) and emerging markets (China and Latin America) . This one day confirmed the trend of last year when the global investment in works of art have grown by 69 %- to $ 60 billion the first nine months of 2013 the size of the world art market reached $ 64 billion

For the first half 2013th auction houses have sold 61 of the world exhibition at prices higher than $ 10 million

If we compare the growth of prices for the most expensive pieces of art and the rising cost of "blue chips ", the first - wins. For example, an American collector Adam Sender, a hedge fund manager , in 2002, bought a painting by John Curran " Fishermen " for $ 100 million two years later Sender sold it for $ 1.4 million - the cost of painting has grown by 1400 %. During the same period , Apple shares have risen by 222 %(from $ 8.4 to $ 27.3 per share). Works by Jean -Michel Basquiat ( the most expensive contemporary artists of today) in 1982 could be bought for $ 2.5 million last year , his painting " Untitled ," sold for $ 20.2 million

The attention to modern

The main trend in recent years has been rapid growth in sales of contemporary art. According to Deloitte, in the past year, more than 70 %of all sold art objects had on the art of XX-XXI centuries.

This is not surprising . The prices of the acknowledged masters - Rubens , Renoir , Monet or the European Renaissance artists - are growing much more slowly , as their pictures are very rarely come up for auction , and the threshold of their appraised value starts at $ 50 million is long-term investment with the lowest risk . Therefore, collectors and museums have been slow to part with them .

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Contemporary art has not yet had time so " settle " in museums and private collections , thereby greatly increasing in price . In addition , according to Western experts , the rise in prices is associated with the emergence of new millionaires from the BRIC countries and the Middle East. For them, art - not a closed club of the judges , and a sign of status and wealth. This year, the most generous collector of contemporary art has become a sister of the Emir of Qatar, Sheikh Al- Mayassa that spent on the art buying more than 600 million pounds.

The pursuit of modern art inflated prices through the roof. This is confirmed by the increased revenues auction houses, galleries and exhibitions . New millionaires are most interested known works of recognized artists of the twentieth century - Munch , Picasso , Rothko and Basquiat . In this limited group of investing rather than the yet unknown authors. According to the report Skate's Top 5000, this year has increased the amount of repeat business from paintings today 's top artists. On average, paintings that were sold during this period , remained in private hands for about nine years.

For the first half 2013th auction houses have sold 61 of the world exhibition at prices exceeding $ 10 million , and 328 lots - more than $ 2.5 million , earning $ 2.4 billion, which is $ 10 million less than last year's figures , but on the basis of applications for sale , autumn and winter are expected to be profitable. And revenues auction houses clearly overstep the mark of $ 13 billion

Geography Art

The last three years the leading art market in the world is China with a share of 41.3%of global sales. He began to develop as a center of art with the appearance of antiques Poly International Auction in 2005. In 2010, China became the most profitable auction center in the world , and two years later the Chinese auction raised more than $ 5 billion

Following are the traditional markets - Europe and the United States - with a turnover of $ 2.1 billion and they are not going to give up the Asian sites. Last year, the U.S. market has increased revenues by $ 587 million Europe , occupying 30 %of the market , but failed to reach pre-crisis levels . Especially in this year's Western market grew by 5.5 %, while China sold as never bad. Nekuplennyh percentage of lots was the highest in the last five years. Perhaps all the fault of the slowdown in China's economy with 6-8%to 3.5-4 %.



However, according to the World Bank , in the coming years will grow GDP in Latin America - by 4-5 %. And that she can become the new center of the art world trade. Especially in the 2012 auction sales there rose by 25%, and most experts expect a further growth of the market in the future. Will contribute to this new Latin American millionaires and billionaires who are becoming interested in the art of the region.

This means that on the world market prices for the work of artists from Latin America will grow. As a growing attractiveness of Asian art , when the world market succumbed to the influence of Chinese collectors are willing to pay for the vase Ming Dynasty more than Renoir , Raphael and Van Gogh.

 

In addition to Chinese , Russian demand is the direction to which the Western auction houses are works of art of all post-Soviet countries. Its popularity is understandable : Russian oligarchs like to collect works of fellow citizens. On the other hand, according to art dealer Igor Abramovich , the Soviet school of art is very strong. Leading auctions and galleries of the world are hunting for the avant-garde in Russia and Eastern Europe.

But there is another side : the post-Soviet space, a lot of fakes and those who manufactures them . According to Sergei Skaterschikov , managing director of Skate's Art Market Research, authentication of works of art is based on outdated knowledge and does not meet current market demands. For example , in 2012, the Russian businessman Viktor Vekselberg sued Christie's £ 3 million for purchased at auction fraud by Boris Kustodiev's "Odalisque" . Earlier, the court ordered to pay Sotheby's Greek tycoon Diamantis Diamantidesu $ 1.16 million , which was sold fake paintings Greek painter Constantine Parthenis .

The volume of the art market in the country last year was about $ 5 million average cost of the works of modern Ukrainian artists known abroad as long as no more than $ 10-20 million , which is significantly less than the amounts that collectors are willing to pay for the names of the U.S. and Europe . But the world auction show on Ukraine increasing interest. Since 2009, they sell works of Anatoly Kryvolap , Victor Sidorenko, Oleg Tistol , Alexandra Zhyvotkov and Pavel Makov . Champion Anatoly Kryvolap auction sales (in July 2013th his work "The Horse . Evening " was sold for $ 186 million at auction Phillips) are buying not only Ukrainian , but also to Western collectors , which raises the prestige and , as a consequence , the price of Ukrainian art the global market.

In October this year, Ukrainian contemporary art collected $ 115 million at auction Phillips. However, some lots of the auction provided Western collectors .

According to the forecasts of "Investgazeta " in the next five to ten years the price of Ukrainian authors will grow. Confirmation of this - the visits of the leading auction houses in the Ukraine ( interviews with Sotheby's on page 24) , and the participation of artists in exhibitions abroad. International fairs - another significant sales channel of art . They are visited by many collectors as you can not only see the " novelties of the season ", but also buy them . And much cheaper than at auction .

However, newcomers to the international areas hit pretty hard. For example, at Art Basel Miami from 600 applications from art galleries are only a selection of 200 . Ukrainian gallery owners believe that the main reason for the closure of local international art market - the fear of not artists sell their paintings . Therefore the majority of Ukrainian artists towards foreign fairs and auctions until you look , preferring to sell their work in local galleries or through art dealers . Latest in Ukraine in a special account : they are the link between artists , collectors , exhibitions and auctions.

Beautiful vistas

In the future, significantly change the art market can digital technology. Has developed a database that will collect information about all the young artists and their paintings. Access to the data will open. And because every person , not just critics , art historians and auctioneers will be able to determine how much will be popular picture of any author . And is it worth the money to invest in them .

Such knowledge may lead to an increase in interest in the art of the middle class. According to Sergei Skaterschikov , many art lovers with an average income is gradually moving away from viewing pictures , reading books about the artists and explore art to its purchase and interact with the authors.

Western experts believe that the interest of the middle class to the art should also have an impact on the paintings themselves and sculpture. People with an income of $ 5-8 thousand per month willing to invest in a work of art , but only those that are near and dear to them . So soon the art market may change significantly , and the auction will be a lot of lots of low and average prices.

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