Georgina Adam is worried that some new art funds emerging from the wreckage of the art investment industry are going to all chase the same works:

Zurich-based Anthea Fund, run by former structured finance specialist Massimiliano Subba in association with the Swiss contemporary art adviser Nicolai Frahm […] is looking to raise €80m to buy contemporary art for an eight-year, closed-end fund, due to launch in May.  […] Also entering the market is the Cayman Islands-based Artemundi Global Fund, the brainchild of Spanish collector Javier Lumbreras. This is a five-year, closed-end fund that hopes to raise up to $225m to buy 150-200 works of art across the board, from Old Masters to contemporary art. […] But these funds, like the existing Fine Art Fund, all seem to be targeting the same works of art: “Iconic pieces by established masters” (Anthea); “universally recognised artists” (Artemundi). In a market where supply, not demand, is the eternal problem, the danger is that all the funds will chase the same works of art, along with dealers and collectors, so forcing prices beyond the point where they can turn a profit on them.

The Art Market: Tough Times for Art Funds (Financial Times)