Even my brother who has no interest in art emailed me to tell me about the banana. Is this the equivalent of the taxi driver telling you what stock to buy? Is the game up for the art world rise? ( If you are interested pull up my blog and read AND THIS IS HOW THE ART BUBBLE ENDED June 1, 2015. The most staggering price at Sotheby’s for a cartoon of the Simpsons: $14.7 million dollars; a pure rip off! If he didn’t put the x’s for eyes could he have been sued?
THE MOST TALKED ABOUT ART WORK SOLD AT AUCTION
KITSCH RUNS RAMPANT AT ART BASEL MIAMI
(also known as tackiness or bad taste)
IMPORTANT FINANCIAL FACTS FOR COLLECTORS
Contrary to popular belief there is no advantage, on a return or risk-adjusted ratio basis, on buying expensive art. The best performing price point consists of works purchased for less than $50,000. Liquid artists, those who have at least seven repeat auction sales per year, have the best return performance. According to the data, the longer an individual work of art is in a collection, the lower its risk. “Works held over 25 to 50 years have the second and third highest average return and the lowest two levels of risk per unit of return.” (Taken from Michael Moses article on Artist Liquidity and Financial Performance under ARTBnk)
AND NOW, THIS IS THE FUTURE:
I bought one pixel- “Atom 340” from 2000 pixels that were put together to make the video “89 seconds at Alcazar.” A start up called snark.art from Brooklyn has launched art that uses blockchain to “tokenize” pieces. This particular piece is a video that was created by Eve Sussman and was premiered at the 2004 Whitney Biennial. It already exists, and even owned; how then could I own a pixel or atom of this video and for what purpose? The idea is that by selling each pixel on the blockchain, one can create a community that can own this piece of art and collaborate with other owners to arrange a screening of the film. I can book a date to show the whole video for 24 hours by borrowing tokens from the other collectors and interact with them. If you would like to know more keep reading here.
I wish all of you a Happy 2020!!