Art Funds: Who's Left Standing?

The Art Newspaper conducts a tour of the art fund universe. The report isn’t very encouraging [All bullet points are quotes from The Art Newspaper]:

The London-based Art Trading Fund, which launched its second fund in May 2008, has had to “delay” its plans as it was “unable to raise the necessary amounts”, co-founder Chris Carlson said. The fund aimed to raise $50m to invest in contemporary art and boasted Mr Saatchi as one of its consultants.
Meridian Art Partners, a New York-based fund that aimed to raise $100m during 2008, has also run into difficulties. Co-founder Andrew Littlejohn said that it became apparent towards the end of 2008 that the drop in confidence “precluded most investors from being interested in longer-term investment vehicles”, particularly something that is “as esoteric as art”.
Philip Hoffman, who launched the London-based Fine Art Fund five years ago, says his funds are a success, although his returns cannot be independently confirmed.
Dean Art Investments, which aimed to raise $50m, is also said to have been unable to attract the necessary capital.
Market sources add that a planned €100m fund—a joint venture between Phillips de Pury and Milan-based Advanced Capital that announced its intention to launch last summer—has also found it difficult to get investors. [ . . . ] But Advanced Capital said it has been waiting to get the green light from the Italian authorities before beginning the official marketing process, so its launch date has not yet been announced.