whats one to think about this? I don't have a clue honestly....boggles
my mind
On 2014-11-19 20:27, Todd wrote:
**Slight correction: Actually that was MOST but not all of the
article.
BELOW IS A VERY INTERESTING ARTICLE FROM FRIDAY'S WALL STREET JOURNAL.
$2 BILLION IN TWO WEEKS!! AND THAT'S JUST FROM CHRISTIE'S AND
SOTHEBY'S IN NEW YORK ALONE!
NOTICE THAT TWO OF THE BIGGEST LOTS SOLD WERE ARTWORKS OF "MOVIE
STARS," ELVIS PRESLEY AND MARLON BRANDO. AND YES, OK BY WARHOL.
A bidding war drove Warhol’s ‘Triple Elvis (Ferus Type)’ to
$81.9 million, while ‘Four Marlons’ fetched $69.6 million to lead
the sale of 80 works in a packed saleroom.
It's not just the art market, other collectibles like comic books, etc
have exploded over the years, breaking record after record, while the
movie poster market has been relatively flat for at least the last 15
or so years.
There's certainly not a lack of money out there.
Although there are a couple of poster buyers with very deep pockets,
the poster market is definitely lacking in major buyers.
**My question is: What have the major poster sellers done to bring new
blood into the poster market??
Art World's Record Buying Binge: Two Weeks, $2 Billion
The art market just had the biggest two weeks in its history.
Since Nov. 4, collectors have flocked to the world's chief auction
houses in New York to buy more than $2 billion of art, a historic high
in which 23 works sold for more than $20 million apiece. (In 2009,
Christie's International sold only six artworks for that much all
year.)
Night after night at Sotheby's and Christies's, the titans of the
world's far-flung industries squeezed like sardines into packed
auction salesrooms to compete for hundreds of artworks created by the
world's best-known Impressionist, modern and contemporary artists.
To win, bidders often had to splurge: Billionaire investor Steve Cohen
paid Sotheby's $101 million for an Alberto Giacometti bronze chariot
sculpture; other bidders at Christie's paid $82 million for an Andy
Warhol silkscreen of a gun-toting Elvis Presley and $65 million for
Edouard Manet's portrait of pretty woman with a parasol.
On Wednesday, Christie's conducted the biggest auction in history when
it sold $853 million of contemporary art in a two-hour span.
Len Riggio, chairman of Barnes & Noble, said he intended to bid on a
few items in Christie's sale, but rivals outpaced him. "I feel like
I'm surrounded by gladiators in this shiny big arena," he said.
"Everyone wants to put their money somewhere, but what are these guys
going to do, buy another house or keep $3 billion in the bank? No,
they all want to put a little bit in art."
When it comes to what collectors want, Sotheby's chief executive Bill
Ruprecht said they want "blue blue blue," meaning blue-chip
masterpieces by name-brand artists like Pablo Picasso and Andy Warhol
who trade widely and often enough at auction to represent this
market's version of a Dow Jones Industrial Average. Seconds after
Christie's sold Warhol's "Triple Elvis" for $82 million to a phone
bidder on Wednesday, the house sold another Warhol portrait of actor
Marlon Brando, "Four Marlons," for $69.6 million. Both Warhols are
wall-power large-- "Elvis" stands nearly 7-feet high-- and convey the
Pop artist's signature silk-screen style.
The art market cycles through good years and bad like the broader
financial markets-- art values notoriously crashed in 1990 and
plummeted briefly in 2009-- but in recent seasons, art prices have
only gone one direction: Up. Dealers say that is because an influx of
newly wealthy international buyers, from Chinese tech entrepreneurs to
Brazilian bankers to Middle Eastern oil barons, have entered the art
marketplace over the past decade. Most arrive seeking to store their
extra cash in any art they can find at auctions and art fairs; others
hope to reap the social cachet that comes with owning world-class art.
Investors and speculators have also joined in, seeking to profit by
buying and selling artworks like stocks.
Around 76% of art buyers surveyed earlier this fall by ArtTactic, a
London-based auction watchdog, and auditor Deloitte Luxembourg say
they are "increasingly acquiring art and collectibles from an
investment standpoint," compared with 53% two years ago.
Unlike Europeans, U.S. collectors have long been comfortable
discussing art in investment-grade terms, and Americans now buy more
art than anyone else on the planet-- particularly the trophy pieces in
these major seasonal auctions, according to Dublin-based art economist
Clare McAndrew. Last year, art sales in the U.S. totaled more than $22
billion, up 25% from the year before, according to Ms. McAndrew's
latest Art market Report. Moreover, buyers in the U.S. also took home
around half the million-dollar artworks offered at auctions
world-wide, she added.
No wonder collectors wishing to sell their art trophies at auction
lined up to consign pieces into these November auctions. Dallas
collector Howard Rachofsky said he sold a pair of pieces (he declined
to say which) in large part because the mood remained reassuringly
chipper--and because the auction houses offered to buy his artworks if
no one else did. "I thought my works were overpriced," he said, "but
they did well-- and there were other things I wanted that sold for too
much."
Longtime New York dealer and former Sotheby's auctioneer David Nash
said the market feels bloated and "hyperinflated" to him, but he saw
few signs of a market bubble about to burst-- yet. All but five of the
80 lots offered in Christie's $853 million sale found buyers. On
Monday, Sotheby's sold 100% of the offerings in it's estate sale of
Rachel Lambert Mellon, better known as Bunny. Such "white glove" sales
are a rarity in the industry. "Every season, I say the prices can't
get any higher, and then they do," Mr. Nash said.
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