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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. -
MUSEUM ART Spring Issue 2018
& MUSEUM ART Spring Issue 2018 ICE AGE ART: AN NATIONAL GALLERY EXTRAORDINARY OF IRELAND LEGACY EMIL NOLDE EXHIBITION CONTENTS 12 ANGELA ROSENGART 14 Interview with Madam Rosengarth about the Rosengarth Museum IVOR DAVIES Inner Voice of the Art World 04 18 NATIONAL GALLERY OF IRELAND SCULPTOR DAWN ROWLAND Sean Rainbird CEO & Editor Director National Gallery of Ireland Siruli Studio WELCOME Interviewed by Pandora Mather-Lees Interview with Derek Culley COVER IMAGE Emil Nolde (1867-1956) Self-portrait, 1917 ART & MUSEUM Magazine and will also appear at many of Selbstbild, 1917 Oil on plywood, 83.5 x 65 cm MAGAZINE the largest finance, banking and Family © Nolde Stiftung Seebüll Office Events around the World. Welcome to Art & Museum Magazine. This Media Kit. - www.ourmediakit.co.uk publication is a supplement for Family Office Magazine, the only publication in the world We recently formed several strategic dedicated to the Family Office space. We have partnerships with organisations including a readership of over 46,000 comprising of some The British Art Fair and Russian Art of the wealthiest people in the world and their Week. Prior to this we have attended and advisors. Many have a keen interest in the arts, covered many other international art fairs some are connoisseurs and other are investors. and exhibitions for our other publications. Many people do not understand the role of We are very receptive to new ideas for a Family Office. This is traditionally a private stories and editorials. We understand wealth management office that handles the that one person’s art is another person’s investments, governance and legal regulation poison, and this is one of the many ideas for a wealthy family, typically those with over we will explore in the upcoming issues of £100m + in assets. -
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. -
Historical Painting Techniques, Materials, and Studio Practice
Historical Painting Techniques, Materials, and Studio Practice PUBLICATIONS COORDINATION: Dinah Berland EDITING & PRODUCTION COORDINATION: Corinne Lightweaver EDITORIAL CONSULTATION: Jo Hill COVER DESIGN: Jackie Gallagher-Lange PRODUCTION & PRINTING: Allen Press, Inc., Lawrence, Kansas SYMPOSIUM ORGANIZERS: Erma Hermens, Art History Institute of the University of Leiden Marja Peek, Central Research Laboratory for Objects of Art and Science, Amsterdam © 1995 by The J. Paul Getty Trust All rights reserved Printed in the United States of America ISBN 0-89236-322-3 The Getty Conservation Institute is committed to the preservation of cultural heritage worldwide. The Institute seeks to advance scientiRc knowledge and professional practice and to raise public awareness of conservation. Through research, training, documentation, exchange of information, and ReId projects, the Institute addresses issues related to the conservation of museum objects and archival collections, archaeological monuments and sites, and historic bUildings and cities. The Institute is an operating program of the J. Paul Getty Trust. COVER ILLUSTRATION Gherardo Cibo, "Colchico," folio 17r of Herbarium, ca. 1570. Courtesy of the British Library. FRONTISPIECE Detail from Jan Baptiste Collaert, Color Olivi, 1566-1628. After Johannes Stradanus. Courtesy of the Rijksmuseum-Stichting, Amsterdam. Library of Congress Cataloguing-in-Publication Data Historical painting techniques, materials, and studio practice : preprints of a symposium [held at] University of Leiden, the Netherlands, 26-29 June 1995/ edited by Arie Wallert, Erma Hermens, and Marja Peek. p. cm. Includes bibliographical references. ISBN 0-89236-322-3 (pbk.) 1. Painting-Techniques-Congresses. 2. Artists' materials- -Congresses. 3. Polychromy-Congresses. I. Wallert, Arie, 1950- II. Hermens, Erma, 1958- . III. Peek, Marja, 1961- ND1500.H57 1995 751' .09-dc20 95-9805 CIP Second printing 1996 iv Contents vii Foreword viii Preface 1 Leslie A. -
VIETNAM Eyecontemporary Vietnamese
VIETNAM EYE Contemporary Vietnamese Art To India a lovely grand-daughter VIETNAM EYE Contemporary Vietnamese Art edited by Serenella Ciclitira Sponsored by Art director First published in Italy in 2016 Founder of Global Eye Programme We would like to thank the following Supported by Marcello Francone by Skira Editore S.p.A. David Ciclitira Vuong Duy Bien, Vice Minister, Palazzo Casati Stampa Design Ministry of Culture, Sports and Tourism, via Torino 61 Editor Luigi Fiore Socialist Republic of Vietnam 20123 Milano Serenella Ciclitira Editorial coordination Italy H. E. Cecilia Piccioni, Ambassador of Italy Eva Vanzella www.skira.net Curators to the Socialist Republic of Vietnam Copy editor © 2016 Parallel Serenella Ciclitira H. E. Giles Lever, Ambassador of the Ministry of Culture, Sports and Tourism Emanuela Di Lallo Contemporary Art Nigel Hurst United Kingdom to the Socialist Republic © 2016 Skira editore Layout Niru Ratnam of Vietnam Serena Parini All the staff at the Italian Embassy in Hanoi All rights reserved under Local Advisors international copyright Minh Do Tran Luong conventions. No part of this book may Vi Kien Thanh Special thanks to AIA Embassy of Italy, Hanoi be reproduced or utilized Event and Account Director in any form or by any means, Art Vietnam Gallery Belinda Laubi electronic or mechanical, Zoe Butt including photocopying, recording, or any information Project Coordinator & Artist Liaison CHON Gallery Hanoi storage and retrieval system, Kwok Shao Hui Craig Thomas Gallery without permission in writing Galerie Quynh Event Coordinator from the publisher. Judith Hughes Ngo Quang Minh Printed and bound in Italy. Mizuma Art Gallery, Tokyo First edition Authors of the Essays Thavibu Art Advisory Nguyen Quan ISBN: 978-88-572-3360-4 All collectors who have loaned works Niru Ratnam Distributed in USA, Canada, All the artists without whom this book Central & South America Vietnamese Partner would not have been possible by Rizzoli International Minh Do Publications, Inc., 300 Park All PCA staff Avenue South, New York, NY 10010, USA. -
An Atlas of Mirrors” Marks the Fifth Edition of the Singapore Biennale
Media Release Singapore Art Museum Announces Singapore Biennale 2016 Title “An Atlas of Mirrors” marks the Fifth Edition of the Singapore Biennale Singapore, 16 March 2016 - The Singapore Art Museum (SAM) today unveiled the title for the fifth edition of the Singapore Biennale - An Atlas of Mirrors. Through this title, Singapore Biennale 2016 (SB2016) will explore curatorial and artistic themes that pivot on Southeast Asia, but also encompass East and South Asia. Taking place from 27 October 2016 to 26 February 2017, the four-month long international contemporary art exhibition is organised by SAM and commissioned by the National Arts Council of Singapore. SB2016 will feature several site-specific and commissioned contemporary works never seen before on the biennale circuit. SB2016 Title - An Atlas of Mirrors For centuries, atlases and mirrors have been instrumental in humankind’s exploration of the world as we navigate and map our journeys into the unknown. While the atlas helps to chart paths of discovery, the mirror offers reflections and perspectives which can be, at times, skewed and distorted. Bringing together the atlas and mirror as an imagined new ‘device’ creates possibilities for unexpected ways of thinking and seeing. An Atlas of Mirrors will draw on diverse artistic viewpoints that trace the migratory and intertwining relationships within the region, and reflect on shared histories and current realities with East and South Asia. SB2016 examines the challenges of the region’s contemporary conditions, and positions Southeast Asia as the vantage point from which the world can be pictured anew. The full curatorial statement can be found in Annex A. -
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? ........................................................................................................ -
The Notebook of Bass Otis, Philadelphia Portrait Painter
The Notebook of Bass Otis, Philadelphia Portrait Painter THOMAS KNOLES INTRODUCTION N 1931, Charles H. Taylor, Jr., gave the American Antiquarian Society a small volume containing notes and sketches made I by Bass Otis (1784-1 S6i).' Taylor, an avid collector of Amer- ican engravings and lithographs who gave thousands of prints to the Society, was likely most interested in Otis as the man generally credited with producing the first lithographs made in America. But to think of Otis primarily in such terms may lead one to under- estimate his scope and productivity as an artist, for Otis worked in a wide variety of media and painted a large number of portraits in the course of a significant career which spanned the period between 1812 and 1861. The small notebook at the Society contains a varied assortment of material with dated entries ranging from 1815 to [H54. It includes scattered names and addresses, notes on a variety of sub- jects, newspaper clippings, sketches for portraits, and even pages on which Otis wiped off his paint brush. However, Otis also used the notebook as an account book, recording there the business side of his life as an artist. These accounts are a uniquely important source of information about Otis's work. Because Otis was a prohfic painter who left many of his works unsigned, his accounts have been I. The notebook is in the Manuscripts Department, American Andquarian Society. THOMAS KNOLES is curator of manuscripts at the American Andquarian Society. Copyright © i<^j3 by American Andquarian Society Í79 Fig. I. Bass Otis (i7«4-iH6i), Self Portrait, iHfio, oil on tin, y'/z x f/i inches. -
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.