Money loves art (calmly, it's just a title!)

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Money likes art

magazine «Money Week», 25.08.2008

Ingrid Lyabyuzan


The success story of the Louvre


Ticket outlets loyal to the old Louvre has never been so stuffed with bank accounts. Praise him immeasurable - Time magazine has devoted to this museum records, which stated that the Louvre - the most popular museum in the world. Last year, he was visited by 8.3 million viewers, two million more than the British Museum, and almost twice as much as the Metropolitan in New York. But financial manna from the Louvre is not beholden to its visitors.

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In 2001 the post of director of the museum was named Henri Loyrette, who turned the classic, slightly old-fashioned museum «Louvre Inc. "(As Time calls it), well-organized and profitable business. Louvre has become a real brand, it is exporting, organizes an exhibition of his collection of exhibits from around the world - in Atlanta, Oklahoma City, in Kobe, Valencia and Macau. But most important: the Louvre Acquires offspring - a network of museums under its brand name, which will pay him a royalty (the system of "Guggenheim").

When the Louvre decided to allow the emirate of Abu Dhabi to host your own Louvre, the scandal broke. In cultural terms, in fact, this solution can be condemned. In financial terms, it is extremely profitable: over 30 years, the Louvre Abu Dhabi will pay the French museums 1,3 billion euros. The Louvre (a real, French) will receive $ 600 million for the right to use the name "Louvre" for 30 years and 300 million for other services, in particular, for the transfer of 300 works of art from their collections for temporary storage.

The second mini-revolution was an address to the museum's policy of private donations, with which so successfully operate museums United States. Henceforth, the Louvre has learned the methods of their American counterparts - in the museum organizes demonstrations with the presence of celebrities from show business and the world of finance. In June, 270 guests laid out on 10,000 dollars for supper in honor of one of the galleries of the museum, at the feet of Nike of Samothrace. After dinner, the cream of society were able to relax, listening to Duran Duran concert under the glass dome of the pyramid. In total, this party brought the Louvre 2.7 million dollars.

In 2007, the donations brought to the Louvre 49%of its revenues, which amounted to U.S. $ 390 million (excluding payments from Abu Dhabi). For comparison: in 2006/2007. Metropolitan collected "only" 291 million.

Finally, the last sign of a strong transition Honorable French institutions to modernity: the Louvre began to exhibit the actual art. Example - the exhibition Jan Fabre with his "Self-Portrait in a very large worm in the world." Purists clamor. Lovers of modern art are jubilant. Realists understand the power of contemporary art.

You will be pleased to know that there is a sector that has remained unscathed - this sector of art, especially modern and contemporary art. In this area, the records change each other. Paid dearly for art - it is chic!

Good manners require that works of art bought more than they were assessed. Thus, "A pond with water lilies" Monet was bought at auction for 51.7 million euros - the highest price, which ever reached the Impressionist paintings. The name of the buyer is not disclosed, but it is impossible to assume that Abu Dhabi has started to purchase accessories for one of the 5-and museums, currently under construction in the emirate?

Other buyers of fine arts is not so inclined to anonymity - the recent acquisition of Al-Thani, and Abramovich did not go unnoticed. Abramovich's fortune is estimated at 12 billion dollars. He made himself a little gift, bought for 33 L. Freud and Francis Bacon triptych for $ 86 million. Al-Thani, prefers the art of Islam, for whose works he had already laid out many millions of dollars. The arrival of the billionaires on the market, as well as the Gulf countries, which compete with each other in the drafting of prestigious collections, art dealers dispelled concern: the future of this sector the most that neither is on a rainbow!

Can we talk about the risk that a speculative bubble? Interest in contemporary art is growing, growing and prices. Richard Price, who in 2001 was worth 60,000 dollars, now estimated at 6,000,000. Works of Bacon, which can be bought at auction for $ 10 million, sold for 80 million

From such a rise in prices for many dizzy, I want to test myself in this field. Banks are also sensitive to this growth, more and more willing to give out large loans for the purchase of works of art. In order not to suffer from falling stock markets, buy pictures!

According to Ben Lewis, a British specialist in contemporary art - and typical British humor - a few major collectors are willing to accept in his coterie freshly collectors. The reason is clear: to buy a brand new picture, breaking all records - and the cost is already linked to form assembly takes off, as if by magic: "It seems that the more rampant crisis of banks, stock exchanges and real estate, the more money the rich invest in art."