In the depths of depression, who has the money for art?
Source: Agencies |
October 11, 2011, Tuesday
|
Print Edition
Print Edition
WILL Chinese buyers ride to the rescue? Will the super-rich decide painting and sculpture is a better investment than volatile stocks or risky debt?
Those are the big questions on the art world's lips as hundreds of galleries and collectors descend on London for the annual post-war and contemporary frenzy centered around the Frieze Art Fair in Regent's Park from Thursday to Sunday.
The annual event held in a giant marquee has become a key date for anyone wanting to acquire top works by modern and living painters.
It has spawned a merry-go-round of auctions, rival fairs, such as the Pavilion of Art & Design, major exhibitions, gallery openings, including a new White Cube space, and, of course, endless glitzy, champagne-fueled parties.
But after two years of strong growth in prices, particularly for top artists, global financial turmoil once again threatens to bring the chill of uncertainty to the week as it did in the wake of the collapse of financial services firm Lehman Brothers in 2008.
Matthew Slotover, co-founder of Frieze, who is considered one of the art world's most powerful figures, conceded that concerns over slow economic growth and Europe's debt crisis could weigh on the fair.
But he, like many others, argue that investors may prefer to put their money into a painting than a paper asset.
"It is something tangible and real," he said, stressing that he would not treat art as a financial investment alone. "In an age where people are losing faith in paper money, in currencies and in equities, it is one of those assets that people feel - well, at least I have this actual thing."
More and more frequently, experts draw a distinction between the top end of the market - works by household names that rarely come to market - and mid-range art priced, say, between US$100,000 and US$500,000.
Anders Petterson, head of Art-Tactic, which tracks investor confidence in sectors of the art market, saw his mid-range indicator slump from nearly 90 percent in June to less than 30 percent in October. Over the same period the indicator for works valued at US$1 million or above slipped slightly but remained over 90 percent.
Anthony McNerney, head of contemporary art at Bonhams, summed up the mood among the auction houses - "It seems rich people will always stay rich."
He added: "There is a lot of nervousness that it (market contraction) will happen again as it did three years ago. I think we have to carry on as best we can, and if you have great quality fresh to the market, it really doesn't matter."
Those are the big questions on the art world's lips as hundreds of galleries and collectors descend on London for the annual post-war and contemporary frenzy centered around the Frieze Art Fair in Regent's Park from Thursday to Sunday.
The annual event held in a giant marquee has become a key date for anyone wanting to acquire top works by modern and living painters.
It has spawned a merry-go-round of auctions, rival fairs, such as the Pavilion of Art & Design, major exhibitions, gallery openings, including a new White Cube space, and, of course, endless glitzy, champagne-fueled parties.
But after two years of strong growth in prices, particularly for top artists, global financial turmoil once again threatens to bring the chill of uncertainty to the week as it did in the wake of the collapse of financial services firm Lehman Brothers in 2008.
Matthew Slotover, co-founder of Frieze, who is considered one of the art world's most powerful figures, conceded that concerns over slow economic growth and Europe's debt crisis could weigh on the fair.
But he, like many others, argue that investors may prefer to put their money into a painting than a paper asset.
"It is something tangible and real," he said, stressing that he would not treat art as a financial investment alone. "In an age where people are losing faith in paper money, in currencies and in equities, it is one of those assets that people feel - well, at least I have this actual thing."
More and more frequently, experts draw a distinction between the top end of the market - works by household names that rarely come to market - and mid-range art priced, say, between US$100,000 and US$500,000.
Anders Petterson, head of Art-Tactic, which tracks investor confidence in sectors of the art market, saw his mid-range indicator slump from nearly 90 percent in June to less than 30 percent in October. Over the same period the indicator for works valued at US$1 million or above slipped slightly but remained over 90 percent.
Anthony McNerney, head of contemporary art at Bonhams, summed up the mood among the auction houses - "It seems rich people will always stay rich."
He added: "There is a lot of nervousness that it (market contraction) will happen again as it did three years ago. I think we have to carry on as best we can, and if you have great quality fresh to the market, it really doesn't matter."
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