MUSEUM ART Spring Issue 2018
Total Page:16
File Type:pdf, Size:1020Kb
Load more
Recommended publications
-
Annual Art Investment Report Part 2
Transparency for the Global Art Market Since 2004 2012 ANNUAL ART INVESTMENT REPORT PaRT 2 155 East 56th Street, 4th floor, New York, NY 10022 USA +1.212.514.6010 WWW.SKATEPRESS.COM Introduction 3 Executive Summary 5 Key Art Industry Statistics Based on Skate’s Art Industry Scorecard 7 Exhibit 1: Businesses in the Art Industry 7 Exhibit 2: Skate’s Top 10 Art Industry Companies 8 Auction House Business as a Leading Art Industry Activity 8 Art Dealers (Galleries) Make Up 18% of Art Industry 9 Exhibit 3: Top 20 Art Dealers (Galleries) 11 Mushrooming Art Fairs: Opportunity or Threat? 11 ANNUAL ART Exhibit 4: Top 30 Art Fairs Worldwide 13 Online Art Trading as the Fastest Growing Art Industry Business 14 Exhibit 5: E-commerce Companies in Skate’s INVESTMENT Art Industry Scorecard 14 Exhibit 6: Top 10 E-Commerce Companies by Distribution Power 15 Exhibit 7: Top 10 E-Commerce Companies REPORT by Artistic Merit 16 Exhibit 8: Online Business Practice Penetration in Art Industry Space 18 STATE OF THE GLOBAL ART INDUSTRY Information as Art Industry Currency 18 PART 2 Art and Finance: Solid Art Industry Collaboration Explored in Three Ways: Art Investment Funds, Art Lending and Art Banking 20 New Influx of Art Investment Funds Expected 20 Art Lending Activity Among Fastest Growing Businesses 21 Art Banking: From Biggest Corporate Collections to Financial Services in Art 22 Exhibit 9: Top 10 Banks Involved in the Art Industry 24 Publicly Traded Companies in the Art Industry 24 Exhibit 10: Listed (Investable) Universe of the Global Art Industry 25 Exhibit 11: Skate’s Art Stock Index (Public Companies in the Global Art Industry) 27 Exhibit 12: Skate’s Art Stocks Index Performance 28 Exhibit 13: Skate’s Art Stocks Index vs. -
When Financial Products Shape Cultural Content Report: the Ethics
Subject: Art Market Project: Report Date: July 2018 When Financial Products Shape Cultural Content (Title) Report: The Ethics of the Art Market (Document Type) Sébastien Montabonel & Diana Vives (Author / Co-written by) Published by Art Institutions of the 21st Century for Alaska Editions THE ETHICS OF THE ART MARKET: JULY 2018 WHEN FINANCIAL PRODUCTS SHAPE CULTURAL CONTENT 02 03 Foreword 06 CONTENTS Introduction 10 I. Primary and Secondary Markets 14 II. Value, Price and Brand 22 III. The Squeezed Middle 30 IV. From Cultural Artefacts to Financial Products 38 Conclusion 50 The Foundation 56 Trustees and Advisory Board 58 04 05 There seem to be a lot of myths around the modern art market, FOREWORD which is understandable, as we are historically inclined to seek, and at times to invent, explanations of powerful phenomena. Interestingly, though the reports and articles are well-crafted and researched, many are penned by writers who haven’t set foot at senior management level, or as participants with skin in the game. The narrative is often spun from someone relating what they heard that someone else thought about what someone else knew from a sure source. It makes for good fiction and the sheer volume of it drowns out the real questions and astute backstage glimpses. So, we keep reading the most incredible stories about the global reach, financial muscle and many intrigues of a world that evolved over a few decades from an insular, relationship-based and largely unregulated cultural domain, to a fast-moving global industry. This content has been widely distributed and shapes our understanding and beliefs about the art market. -
Constructing Hedonic Art Price Indexes for the Polish Painting Market
E AESTIMATIO, THE IEB INTERNATIONAL JOURNAL OF FINANCE , 2015. : 110-133 DOI:10.5605/IEB.10.5 L 10 C © 2015 AESTIMATIO , THE IEB INTERNATIONAL JOURNAL OF FINANCE I T R A H C R Constructing hedonic art price A E S E indexes for the Polish painting market. R Using direct and indirect approaches Witkowska, Dorota Kompa, Krzysztof ̈ RECEIVED : 3 AUGUST 2014 ̈ ACCEPTED : 17 NOVEMBER 2014 Abstract Artworks can be considered either as an aesthetic attraction or as an investment opportunity. Investing in art has been treated as an alternative investment asset used to diversify the portfolio or as collateral, especially during times of uncertainty in financial markets. It should, however, be noted that certain specific features of artworks mean that investment in art cannot be compared to investment in conventional assets. In order to decide whether art is a good investment, it is necessary to estimate the expected returns that might be generated by such an investment. This requires the development of an art price index. The aim of this paper is to examine artworks as investment assets and to construct a price index of paintings made up of 17 Polish artists whose artworks were most often traded at auctions held in Poland between 2007 and 2013. In our research, we employ data on 1710 objects and apply the hedonic index methodology to estimate returns from the paintings market. Keywords: Art market, Hedonic price index, Investment, Alternative investment asset, Financial markets. JEL classification: Z11, C43, C51, G11 Witkowska, D. Department of Finance and Strategic Management, University of Lodz, 22/25 Matejki St., 90-237 Lodz, Poland. -
United Kingdom
UNITED KINGDOM ART MARKET EXPERT GUIDE HOW TO RESPOND TO THE COVID-19 CRISIS? 9th JULY 2020 ART MARKET EXPERT GUIDE / COVID-19 Crisis ART MARKET EXPERT GUIDE / COVID-19 Crisis INTRODUCTION CONTENTS Introduction 2 Disclaimer 4 Legal 6 • Tenancy, rent and business rates 6 The impact of the rapid spread of the COVID-19 virus is already being severely felt by • Force Majeure 8 the art world, as social distancing measures are forcing gallery and exhibition spaces to • Frustration 10 close, and art fairs and auctions to be postponed or go online. The long-term impact of • Raising cash against stock when cash is in short supply 12 the current crisis is still too early to tell, but at the moment, surviving in the short-term is • Price renegotiation 16 what really matters. • Shipper - insolvency 18 • Shipping 20 • Selling online 22 This is a ‘live’ document, and will be regularly updated with new contributions and prac- • Non-Payment 24 tical advice from tax, finance, legal, insurance and other experts on how to best tackle • Loan 26 the short-term and medium-term challenges in the UK art market during the COVID-19 • Delaying Payment 28 crisis. HR 30 • Staffing and Managing Costs 30 In the UK, central and local governments, charities, arts organisations and artists have Tax & Finance 34 responded quickly to the situation, through a range of measures and campaigns. We • Strategy, cash flows and grants 34 have started to put some of these initiatives together and will keep these updated regu- Insurance 40 larly. • Business Interruption 40 • Unoccupied Premises and Working From Home 42 • Art Fair Cancellations 44 Please share any UK initiatives you are aware of by emailing us on [email protected]. -
Frequently Asked Questions
Frequently Asked Questions Art Lending Fund LLC (ALF) January 22, 2020 1 Table of Contents 1. What is art-secured lending and the Art Lending Fund (ALF)? ................................................ 3 2. Why invest in ALF? ............................................................................................................................ 3 3. How does ALF compare to similar investments? ........................................................................ 5 4. How large is the market? ................................................................................................................. 6 5. What is the competitive landscape for art-secured lending? ................................................... 7 6. What led you to create ALF? ............................................................................................................ 7 7. Why Shinnecock?............................................................................................................................... 8 8. What are the functions of the advisory board and who are the members? ........................... 9 9. What are the challenges associated with art-secured lending? ............................................. 11 10. What type of art does ALF accept as collateral (i.e. our investment criteria)? ................... 14 11. Beyond art, what types of additional collateral does ALF accept from the borrower? ..... 15 12. How liquid is the collateral? ........................................................................................................ -
COMPLAINT UNITED STATES of AMERICA : Violation of - V
Approved: ________________________________ JESSICA K. FEINSTEIN/CECILIA VOGEL ASSISTANT UNITED STATES ATTORNEYS Before: HONORABLE ROBERT W. LEHRBURGER United States Magistrate Judge Southern District of New York 20 MAG 4507 - - - - - - - - - - - - - - - - - - - - x SEALED COMPLAINT UNITED STATES OF AMERICA : Violation of - v. - : 18 U.S.C. § 1343 COUNTY OF OFFENSE: INIGO PHILBRICK, : NEW YORK COUNTY Defendant. : - - - - - - - - - - - - - - - - - - - - X SOUTHERN DISTRICT OF NEW YORK, ss.: CHRISTOPHER McKEOGH, being duly sworn, deposes and says that he is a Special Agent with the Federal Bureau of Investigation (the “FBI”), and charges as follows: COUNT ONE (Wire Fraud) 1. From in or about 2016 through in or about 2019, in the Southern District of New York and elsewhere, INIGO PHILBRICK, the defendant, together with others known and unknown, knowingly and willfully, having devised and intending to devise a scheme and artifice to defraud, and for obtaining money and property by means of materially false and fraudulent pretenses, representations and promises, transmitted and caused to be transmitted by means of wire and radio communication in interstate and foreign commerce, writings, signs, signals, pictures, and sounds, to wit, for the purpose of financing PHILBRICK’s art dealing business, PHILBRICK obtained funds by means of interstate and foreign wire transfer from collectors, investors, and financial lenders by providing false information and false documents regarding the sale, ownership and provenance of artworks. (Title 18, United -
DALÍ a HISTORY of PAINTING 6 July to 8 September 2019 - Grimaldi Forum INDEX the EXHIBITION
PRESS KIT DALÍ A HISTORY OF PAINTING 6 July to 8 September 2019 - Grimaldi Forum INDEX THE EXHIBITION - Introduc+on 3 - Voyage to the heart of the exhibi+on 5 - Zoom on a par+cular work 9 - Exhibi+on layout 11 - Mee+ng the curator 14 - Biography 16 - List of visuals available for the press 24 THE GRIMALDI FORUM - Prac+cal informa+on 30 - Presentaon 31 - Travelling exhibions 33 FUNDACIO GALA-SALVADOR DALÍ 35 PARTNERS - La CMB 37 - D’Amico 38 - Sotheby’s 39 SPOTLIGHT ON AN EXHIBITION AT THE PALACE OF MONACO 40 Q Salvador Dalí, Enigma7c elements in a landscape, 1934 Fundació Gala-Salvador Dalí, Figueres © Salvador Dalí, Fundació Gala-Salvador Dalí / Adagp, Paris 2019 2! THE EXHIBITION DALÍ, a history of painYng IntroducYon Every summer, the Grimaldi Forum Monaco produces a major thema+c exhibi+on, dedicated to a major ar+s+c movement, to a heritage or civilisa+on theme, to a public or private collec+on, or to any subject in which the renewal of crea+vity is expressed. This provides an opportunity to highlight its assets and its specifici+es: the offer of a space of 4,000m² to create in complete freedom, making available the most powerful technological tools for the scenography of the event, being able to rely on the best specialists in each field to ensure the scien+fic quality of its exhibi+ons. In line with the great monographs of twen+eth-century ar+sts presented at the Grimaldi Forum Monaco (SuperWarhol in 2003, Monaco celebrates Picasso in 2013 and more recently Francis Bacon, Monaco and French culture in 2016), the exhibi+on of summer 2019 will be dedicated to “Dalí, a history of pain+ng” (from 6 July to 8 September), curated by Montse Aguer, Director of the Musées Dalí. -
Art & Finance Report 2019
Art & Finance Report 2019 6th edition Se me Movió el Piso © Lina Sinisterra (2014) Collect on your Collection YOUR PARTNER IN ART FINANCING westendartbank.com RZ_WAB_Deloitte_print.indd 1 23.07.19 12:26 Power on your peace of mind D.KYC — Operational compliance delivered in managed services to the art and finance industry D.KYC (Deloitte Know Your Customer) is an integrated managed service that combines numerous KYC/AML/CTF* services, expertise, and workflow management. The service is supported by a multi-channel web-based platform and allows you to delegate the execution of predefined KYC/AML/CTF activities to Deloitte (Deloitte Solutions SàRL PSF, ISO27001 certified). www2.deloitte.com/lu/dkyc * KYC: Know Your Customer - AML/CTF: Anti-Money Laundering and Counter-Terrorism Financing Empower your art activities Deloitte’s services within the Art & Finance ecosystem Deloitte Art & Finance assists financial institutions, art businesses, collectors and cultural stakeholders with their art-related activities. The Deloitte Art & Finance team has a passion for art and brings expertise in consulting, tax, audit and business intelligence to the global art market. www.deloitte-artandfinance.com © 2019 Deloitte Tax & Consulting dlawmember of the Deloitte Legal network The Art of Law DLaw – a law firm for the Art and Finance Industry At DLaw, a dedicated team of lawyers supports art collectors, dealers, auctioneers, museums, private banks and art investment funds at each stage of their project. www.dlaw.lu © 2019 dlaw Art & Finance Report 2019 | Table of contents Table of contents Foreword 14 Introduction 16 Methodology and limitations 17 External contributions 18 Deloitte CIS 21 Key report findings 2019 27 Priorities 31 The big picture: Art & Finance is an emerging industry 36 The role of Art & Finance within the cultural and creative sectors 40 Section 1. -
A Freeport Comes to Luxembourg, Or, Why Those Wishing to Hide Assets Purchase Fine Art
arts Article A Freeport Comes to Luxembourg, or, Why Those Wishing to Hide Assets Purchase Fine Art Samuel Weeks College of Humanities and Sciences, Thomas Jefferson University, Philadelphia, PA 19144, USA; samuel.weeks@jefferson.edu Received: 4 June 2020; Accepted: 4 August 2020; Published: 9 August 2020 Abstract: This article addresses how global art markets are becoming an outlet of choice for those wishing to hide assets. Recent efforts by the OECD and the U.S. Treasury have made it more difficult for people to avoid taxes by taking money “offshore”. These efforts, however, do not cover physical assets such as fine art. Citing data collected in Luxembourg—a jurisdiction angling to become a worldwide leader in “art finance”—I discuss the characteristics of this emerging system of opaque economic activity. The first of these is a “freeport”, a luxurious and securitized warehouse where investors can store, buy, and sell art tax free with minimal oversight. The second element points to the work of art-finance professionals, who issue loans using fine art as collateral and develop “art funds” linked to the market value of certain artworks. The final elements cover lax scrutiny by enforcement authorities as well as the secrecy techniques typically on offer in offshore centers. Combining these elements in jurisdictions such as Luxembourg can make mobile and secret the vast wealth stored in fine art. I end the article by asking whether artworks linked to freeports and opaque financial products have become the contemporary version of the numbered Swiss bank account or the suitcase full of cash. -
Art and Finance: Morals, Pictures, Money, and Something More
Art and Finance: Morals, Pictures, Money, and Something More Kunst en financiën: moraal, afbeeldingen, geld, plus iets extra’s Thesis to obtain the degree of Doctor from the Erasmus University Rotterdam by command of the rector magnificus Prof.dr. H.A.P. Pols and in accordance with the decision of the Doctorate Board. The public defence shall be held on November 24th 2017 at 09:30 hrs By Peter Bruce Booth born in Melbourne, Australia Doctoral Committee: Promotor: Prof.dr. A. Klamer Other members: Prof.dr. M. Hutter Prof.dr. C.B.G. Langeveld Prof.dr. S. J. Magala Co-promotor: Dr. E. Dekker Art and Finance: Morals, Pictures, Money, and Something More Peter Booth Acknowledgements I began this project with an ambition, but perhaps little more than feeling of the direction I wanted the research to take. I would like to express my gratitude to Arjo Klamer for giving me the space for my doctoral work to develop into something much more personal than might otherwise been the case. My research has been strongly influenced by our discussions and his writing, and I am sure that this will become even clearer to me in time. Importantly, Arjo made interventions now and again that forced me to question many of beliefs that I entered this project with. So I am very grateful to Arjo for his advice, friendship, and his approach to doctoral supervision. I would also like to thank Erwin Dekker for his critique and suggestions through of several rounds of revision to my chapter on valuation morality and choice, and for his more general assistance in my PhD candidacy. -
The World's 200 Richest People
The World’s 200 Richest People (2005) Compiled by Forbes (Each listing will include the rank, name, age, worth [in $billions], country of citizenship, and residence, along with brief biographical information.) 1 William Gates III, 49, $46.5bn, USA, Medina, Wash. (USA) Industry: Software Marital Status: married , 3 children Harvard University, Drop Out Gates was given honorary knighthood in March, but don’t call him Sir William: the title is only good for citizens of the Commonwealth. He is staying plenty busy pressing Microsoft beyond PCs into television set-top boxes, games, cell phones. “Software is where the action is,” Gates proclaimed to company researchers last August. Competition from rival open source operating system, Linux, is stalling Microsoft’s growth in the server market, but desktop dominance remains intact: Windows installed in 94% of PCs being sold. Next version, Longhorn, should be ready in 2006. Microsoft, meanwhile, is pursuing online music, photos and search software. Gates is methodically diversifying his wealth: He sells 20 million shares each quarter, reinvests through Cascade Investment in non-tech companies, including big stakes in Cox Communications, Canadian National Railway, Republic Services. World’s biggest philanthropist also devoting $27 billion to good deeds. Bill & Melinda Gates Foundation fights infectious diseases (hepatitis B, AIDS), funds vaccine development, helps high schools. 2 Warren Buffett, 74, $44.0bn, USA, Omaha, Neb. (USA) Industry: Investments Marital Status: widowed , 3 children University of Nebraska Lincoln, Bachelor of Arts / Science Columbia University, Master of Science Newspaper delivery boy filed first 1040 at age 13; claimed $35 deduction for bicycle. Studied under Benjamin Graham at Columbia. -
Albertussee Düsseldorf a Story to Be Told
A STORY TO BE TOLD ALBERTUSSEE DÜSSELDORF A STORY TO BE TOLD ALBERTUSSEE DÜSSELDORF INHALTSVERZEICHNIS ÜBERSICHT 3 4 EDITORIAL 10 AUSGANGSSITUATION 12 TIMELINE 14 ASSET MANAGEMENT 22 EXKURS: HISTORIE 24 PROJECT DEVELOPMENT 34 EXKURS: LAGE 36 TRANSACTIONS 40 PANDION AG 42 EXKURS: PRESSE 44 METRO PROPERTIES/METRO AG EDITORIAL VORWORT 5 » WIR SETZEN AUF » UNKONVENTIONELLE STÄDTEBAULICHE RICHTUNGEN FÜHREN RELEVANZ. DIE ZUKUNFT OFT ZU INTERESSANTEN HABEN WIR FEST IM BLICK. « MÖGLICHKEITEN. « JEAN-CHRISTOPHE BRETXA, Chief Executive Officer JÜRGEN SCHWARZE, Chief Financial Officer EDITORIAL VORWORT 7 JEAN-CHRISTOPHE BRETXA UND JÜRGEN SCHWARZE WARUM VERÖFFENTLICHT METRO PROPERTIES EINE BROSCHÜRE Nähe zur Natur und Lebensqualität – im ÜBER DIE IMMOBILIE AM ALBERTUSSEE? Vor dergrund. Insbesondere durch die Expan- JEAN-CHRISTOPHE BRETXA: Das Projekt zeigt auf beeindruckende sion der Städte werden sich auch die Lebens- Weise, wie unser Team aus der Übernahme einer unbelebten Immobilie bedingungen im urbanen Kontext verändern. eine richtungsweisende Erfolgsstory kreiert hat. Ganz im Sinne des Das Konzept „Wohnen am Albertussee“ trägt „Driving Real Estate Value“ haben wir dabei exakt die Kompetenzen dem Trend zur Flächenerweiterung Rechnung, eingesetzt, die uns ausmachen: zukunftsorientiertes Asset Management, indem es sich konkret an den Lebensräumen nachhaltige Projektentwicklung und die abschließende erfolgreiche von morgen orientiert. Wir haben das Potenzial Transaktion. Im vorliegenden Fall konnten wir unser Know-how exemp- der Immobilie erkannt,