We are now in tulip territory. Hedge funds I know how hard you tried to track the rise of artists with some index charts but now can you come up with a put against the contemporary art Market Index. IT`S DONE. you’ve heard it here.
Well I know artists are not tulips but…prices are now in fantasy land. I don’t mind high prices for masterpieces but when the contemporary art market stars are Koons, and Hirst…Who do not even do the works themselves well. you get what you pay for when the tide goes out.This Basel was as busy as ever, lots of sales..but lets say the fun and games fair set outside the convention centre was a warning. the Unlimited space was inhabited with vapid, soul destroying huge works … listen, bigger is not always better. A building out of pots and pans, cement walk ways, insipid woman sitting on a big sculptured ear, a room dedicated to a steel pillar from one wall to another..never mind you get the picture..
Here`s the story. Right now its only about money. When was the last time your read a review from an art critic having the courage to say anything negative about an expensive artist. I think the art market has tapped out. Thats what is in the air. Minimalism and conceptualism two movements about emptiness and absence are over. The shocking and the new is pretty much exhausted. There were so many childish and badly executed works done by the global young artists it was embarrassing .Everyone seems stuck. No visionary artists artists were showing this time..
The NZZ a serious Swiss newspaper got real and their editor-in-chief Philipp Meier, who covers the many areas of the art world wrote his opinion of the market. He is also responsible for the special supplement “Art Basel”. Philipp ,who has studied philosophy,art history and the history of art of East Asia brings to the table some very insightful observations. You can read his” Who you should NOT buy and why”online The list included,Fernando Botero, George Condo, Richard Prince, Robert Longo,Francis Picabia, Adrian Ghenie, Magnus Plessen, Jeff Koons, Damien Hirst, George Baselitz, Carl Andre, Paul McCarthy, Andreas Gursky and Tracy Emin…If you want to know the reason for all of them or one of them you can also email me….you should know why.
WHY YOU SHOULD HAVE A HIGH-SECURITY STORAGE FACILITY
They are popping up all over the world..I read somewhere there are estimates that 80% or more of all the worlds art is in storage at any one time. Well here are the reasons.
- You have too much at home. No walls left to hang them or show them.
- You have just bought them for investment. stored away doesn’t attract tax problems and the works can be bought and sold over and over.
- The storage facilities are a convienent place to show your works. There are viewing rooms and restaurants to have a nice meal while discussing the transaction. Clients arrive at airport and usually the facilities are close to airport. They do not have to drive into the city or enter the Country.
- If you have a Gallery you need somewhere to keep your inventory between shows and art fairs.
- Banks use these facilities who have taken out art as collateral against loans.
- From these facilities art can be sent on a tax suspension basis to an art gallery elsewhere, as long as it returns to storage no duty is payable, even if it has changed hands, making it ideal for investment.
- If you are a US citizen one can use “like kind” also called 1031 exchange. This means that as long as a comparable piece is bought within 180 days of one being sold no tax is immediately due.
- The down side to all of this is that all this art work sleeps in these vaults. Not enjoyed by the public or in your home. Art use to give pleasure to the owners. I recently had a dinner party and around it was a child of 8 years old and my adult friends. At the head of my dinner table I have a painting so knock out when you look at it you are shocked with pleasure. Cows coming down the mountain with a palette of colours that would make the Impressionists proud. and it started with the eight year old saying she saw angels in it. three hours later we had drunk and laughed and enjoyed the painting so much we forgot what we had eaten…time moved along. See that happens with good art…
- Enjoy the summer and the next art object you buy bring it home and enjoy it.