Art Market Monitor

Global Coverage ~ Unique Analysis

  • AMMpro
  • AMM Fantasy Collecting Game
  • Podcast
  • Contact Us

Art Basel Miami Beach Opens without Sticker Shock

December 4, 2013 by Marion Maneker

20131204-160805.jpg
Katya Kazakina sets the scene for ABMB:

“Buyers are becoming more accustomed to thinking in higher values,” [Vivian Ebersman] said in an e-mail. “Works over $10 million are becoming more normal.” […]
“Postwar and contemporary art has been on fire,” said Suzanne Gyorgy, global head of art advisory and finance at New York-based Citigroup Inc.’s Citi Private Bank. “There are so many more collectors globally now than even five years ago. Top tier, iconic art shows status and success. For new wealth, the fact that it’s recognizable is very important.”

Art prices have surged since the start of 2008, outperforming the Standard & Poor’s 500 Index (SPX) of big U.S. stocks, according to Artnet Worldwide Corp. Global art sales, which peaked at 48 billion euros ($65 billion) in 2007 and fell to 28 billion euros in 2009, reached 43 billion euros in 2012, according to the latest annual Art Market Report from the European Fine Art Foundation.

Art is “now definitely considered a valid alternative investment,” said Clare McAndrew, author of the report, in an e-mail. “Therefore if financial assets become less attractive in terms of yields and prices, there are some people who would expand their allocations to alternatives, including art.”

Miami Art Fair to Offer More than $3bn Worth of Art

More from Art Market Monitor

  • Chanos Is Short Sotheby’s But Long White Cube and ‘Super Dealers’Chanos Is Short Sotheby’s But Long White Cube and ‘Super Dealers’
  • Hitchens Wants All the MarblesHitchens Wants All the Marbles
  • Fresno Art Museum Bankfruptcy SwapFresno Art Museum Bankfruptcy Swap
  • Jay-Z Blows Up Contemporary ArtJay-Z Blows Up Contemporary Art
  • The Elephant in the RoomThe Elephant in the Room
  • Indian Art Summit Sells $5.3mIndian Art Summit Sells $5.3m

Filed Under: General

About Marion Maneker

LiveArt

Want to get Art Market Monitor‘s posts sent to you in our email? Sign up below by clicking on the Subscribe button.

  • About Us/ Contact
  • Podcast
  • AMMpro
  • Newsletter
  • FAQ

twitterfacebooksoundcloud
Privacy Policy
Terms & Conditions
California Privacy Rights
Do Not Sell My Personal Information
Advertise on Art Market Monitor