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Investing in Fine Art |
WIKI ANALYSIS|
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Intro: Summary, estimated annual monetary amount in sales, uniqueness of industry (greater subjectivity, greater passion for purchase)
Advantages and Disadvantages to other forms of investing
High Risk, Art Speculation arguments (analytical buyers as solely for investment purposes versus purists suggesting to only buy what one enjoys viewing)
Common Misconceptions
Only the rich can get involved, etc
Advantages
- Ability to have physical ownership of asset,
- Intangibles of beauty, esteem,
- Opportunity for extreme appreciation (artist dependent).
- Social events
- Diversification
- Growing acceptance from banks to use as collateral for loans
Disadvantages
- Handling charges,
- Storage fees,
- Insurance riders: costs, threat of theft, damage, loss,
- Difficulties selling (liquidating) asset) (typically in a recession)
- Transaction fees (buying and selling)
- No guarrantees
- Inability to acquire individual assets/works pre-tax
Definition and Types of Fine Art
Drawings, paintings, photography, sculpture, etc
History and Trends
History of the worth of art, ancient times, Predominance of European, then American art. In 2006, growth of Middle Eastern and Chinese Art.
Art evaluation is market demand and supply driven, actual artist driven and liquidity driven. Art auction houses trend data. There are also companies utilizing art auction data as providers of art market research analysis.
Relationship to the Stock Market
Historical
lag behind the market's fluctuations
Indexes
The Mei Moses index
Industry Components
Artists
General discussion, case studies, no individual listings (too long)
Collectors
General discussion, case studies, no individual listings (too long) Individual: Funds:
Art Consultants
General discussion, case studies, no individual listings (too long)
Galleries
General discussion, case studies, no individual listings (too long)
Museums
General discussion, case studies, no individual listings (too long)
Major Art Institutions
- Sotheby's
- Christie's
- Heritage Auction Galleries
References
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