art market workshop Álvaro fominaya [email protected]
Post on 20-Jan-2016
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TRANSCRIPT
Main Features
• Why?????• General Plan• LOOSELY REGULATED &
OPAQUE• “Market value says little about art” Robert
Storr
9.2 Billion USD
Auction Annual Turnover
Art Market Players
• Auction Houses • Art Dealers• Art Galleries• Collectors• Museums (AAM definition)• Artists
Primary Versus Secondary Markets
• Primary: First time the work of art comes to the market
• Secondary: Succesive transmissions
History Of The Art Market Reitlinger
• XVI century sees increasing interest on the value of painting. Painting on canvas and panel favours purchase and mobility.
• Landed gentry. Not much circulating cash.• Rivalry London-Paris 1760• 1771. Reynolds discourse against the School
of Venice (Tiziano, Veronese,…). XVII century painting increases in value.
• Napoleonic Wars
• English Art Dealers in Madrid (Wallis,…). Murillo, Velázquez, Tiziano, El Greco,…
History Of The Art Market Reitlinger
Murillo “Inmaculada Concepción”
Louvre Purchased in
1852 for24.600 Sterling
William Goetzmann
The art market's "beta"—its synchronised movement with the stock market—is higher than one. This means that in boom times art moves up more, and in crashes art drops lower. But the effect is lagged. "Returns in art are something between stocks and bonds over the long term, but art is a risky and volatile market, much riskier than the stock market in my opinion."
The Art Market from the 90s
• Art Market crashes June 1990
• Art Market recovery 1997
• Fresh Art Market crisis 2001
• 2002-08 Unprecedented growth
Selling Art Over The Internet
• Eyestorm
• Sotheby’s Amazon.com eBay
• 2.000 affiliated dealers & 74 million USD loss
Auction Houses: 90s Survival Strategies
• Price collusion
• Cornering the collector
• Guaranteed results 1997
Auctions: 45 %
AuctionsGalleries
World Distribution
Auction Houses
• Sotheby’s
• Christie’s
• Phillips, de Pury & Co.
Art Martket Hubs Sales Categories
New York London
Sales Categories:• Impressionist and Modern• Postwar• Contemporary Art• Surrealism, LatinAmerican, German, Italian,
Chinese
CalendarNovember & May
February & June
LONDON
NEW YORK
BIDDING
• Pre-Auction Viewing
• Register with client card or ID before bidding• Assignment of a “Paddle”• Types of Bids• Speed 50-120 lots per hour• Increasing bids of approx. 10% of previous
bid
Catalogue Symbols
• † Plus IVA 17,5% Uk
• ‡ Temporary Import
• Auction House Owns The Work Of Art
Glossary• Hammer Price
• Buyer’s Premium (19,5%+10%)
• Bought in
• Withdrawn
• Guaranteed lot OO• Estimate
• Reserve
• Absentee Bid, Telephone Bid
Purchasing at Auction
Successful Bidder
Paying+Collecting the goods
Unpaid purchases. Bidding is Binding (eg: Michael Jackson)
Warranty“As IS”
Buyers Christie’s Nueva York May 02
Impressionist Art
AmericaEuropeAsia
Americans: 58% Europeans: 33% Asians: 9%
Private Sales By Auction Houses
• Post action sales
• Private treaty sales
• Promoting Artists (Cattelan, Sherman, Damien Hirst...)
• Compete with dealers
• Purchase Art Galleries(Deitch, Spink) = Art Fairs Ban
Maurizio Cattelan
Jenny Saville
Jenny Saville
Art DealersAssociations
• CINOA (Confederation des Negociants en
Oeuvres d’Art) 1935
• ADAA (AMERICAN ASOCIATION OF ART DEALERS)
• SLAD (THE SOCIETY OF LONDON ART DEALERS)
CINOA
Good Practices Code
Mediation Among Members
CLIENTS (SLAD)
• 12% Museums / Collections
• 67% Private Buyers
• 3% Sales Via Auctions
• 18% Othe Dealers / Trade
Ownership of Inventory
48% Owner by the dealer outright
16% Owned in partnership by the
dealer and others
37% On consignment by vendor
Artists V. Gallerists
Consignment Contract
Discounts
Net Price For The Artist
Cost of Production
Purchase from Dealer
Horror Stories
Art Fairs
Collectors:
• CIFO
• Saatchi
• Elipse
• Sigg
• Rubbell
Saatchi – Damien Hirst – Jay Jopling – Science Ltd.
Booth Clibborn - Gagosian
Opium
Damien Hirst
Murderme
Science Ltd
Other Criteria
Pharmacy Hotell Record Label
Takashi Murakami:• Kaikai Kiki
• Geisai Art Fair
• Louis Vuitton
• Film
• New York/Tokyo
Photography Sales MOMA
April 2001Sotheby’s 4 million USD
October 2002 Sotheby’s 2’7 million USD
Eugene Atget 20 million USD
Eugene Atget
Museum As Producer
• New Museum New York:
• Production of Limited Editions
• Participation in Art Fairs
Tom Friedman
INFORMATION
• WWW.THEARTNEWSPAPER.COM
• WWW.ARTNET.COM
• WWW.ARTPRICE.COM
• WWW.SOTHEBYS.COM
• WWW.CHRISTIES.COM
• ARTNEWS, ART&AUCTION
• Art Sales Index
VALUATION OF WORKS OF ART
First Contact:– Description Sheet + Transparency– Catalogue Entry + Reproduction
Contents:– Basic Relevant Info: Author, title, year,
mesueraments, media (and edition number)– Provenance– Bibliography– Exhibition History
Valuation Process
• Analysis of bibliography (including catalogues with illustration)
• Analysis of condition (further documents)• Check legal status (provenance)• Check previous sales either private
treaty or auction (databases + first hand knowledge)
• Final Estimate/Price taking into account similar works sold on the secondary market or primary market
Valuation Process
Thomas Struth “Chicago Art Institute I”
Thomas Struth “Art Institute of Chicago I” 1990 ed.7/10
Estimate: 150-220.000 USD
Premium:145.289 USD
Buyer: USA Art DealerChristie’s Contemporary Art 6 Feb 2002
London Evening Sale
Thomas Struth Art Index
Thomas Struth Lots & Turnover
Bibliography, exhibitions
• Catalogue Raisonné Entry (Zervos, de la Faille, Wildestein, etc)
• Illustrations (colour, b/w, full page)
• Museum Exhibitions
• RELEVANCE WITHIN THE ARTIST’S BODY OF WORK
Condition
• Visual Inspection. Paint loss, stains, , (Dealer, Curator, Registrar,...)
• Inspection by a Conservator. Condition Report
Auction Houses
• Condition Report on request
• Preview-Public viewing
Provenance
• Good provenance adds value • Check suspicious transmitions• Safeguard against legal claims:• The Art Loss Register (1991)-IFAR
(International Foundation for Art Research) Certificate. Due diligence
Compare With Other Results
• Insider information
• Secondary Art Market Databases:
• Artnet, ArtPrice, ArtSalesIndex
• Primary Market (Contemporary Art)
Claude Monet “Praire de Limetz”
Claude Monet “ Prairie de Limetz” 1888
oil on canvas 73x92 cm.
Estimate:
3-4,4 millones de dólares
Buyers Premium:
4,2 millones de dólares
Buyer: Richard Green
Christie’s Arte Impressionist & Modern, 4 Februrary 2002, London
Gerhard Richter
Gerhard Richter “A B, Brick Tower” oil on canvas 200 x
140 cm. 1987
Estimate: 500-700.000 USD
Buyer’s Premium: 534.000 USDUnknown buyer Christie’s Postwar, 13
November 2001, New YorkNOW: MY ESTIMATE 3-4 MILLION USD
100 EUR invested in 1997 have an average value of 334 EUR in July 2008
Price Index Gerhard Richter• in 1997 in a work
Indicadores econométricos Gerhard Richter
Price Index Painting Gerhard Richter
100 EUR invested in 1997 in a work of Gerhard RICHTER (1932) have an average value of 631 EUR in November 2007
ANDY WARHOL
WARHOL “Little Electric Chair” acrylic and silkscreen on canvas 56 x 71,2 cm 1964
• Estimate: 800,000-1,200,000 Sterling Pounds
• Buyer’s Premium: 1,106,650 Sterling
• Sotheby’s, 26 June 2002, London
ANDY WARHOL
• ANDY WARHOL• Turnover & Artprice Index