New Economies Under-Invested in Art, Hoffman Says

Philip Hoffman continues to be the voice of the art market. Here he’s on Bloomberg TV last week talking about the new interest in art as an asset. Hoffman has been one of the most visible figures in that world and he underscores that with this quote about Russia and the Gulf States:

There is a tsunami of money heading toward a very small island which is the art world. At the very top end of the art market there is huge interest from all the new economies. There is a fascination with the art market. The new economies are under invested in art. They have practically zero. They are buying and they’re buying at the top end.