Katya Kazakina reports that Steven Cohen is selling a $30m Franz Kline at Christie’s. In the process, she quotes two seemingly antagonistic views of the art market. One suggests collectors like Cohen are selling to lock in profits:
“The growth we’ve seen in the contemporary art market in the past couple of years is unsustainable,” said Michael Plummer, a principal at New York-based consultant Artvest Partners. “People may feel we have reached the peak in prices. They want to take some of the chips off the table.”
Another says its all rotation and the big boys remain long of their art:
Financially savvy collectors aren’t necessarily cashing out, said Todd Levin, director of New York-based art adviser Levin Art Group. “They are selling to buy and buying to sell,” Levin said. “It’s a constant refinement of one’s holdings to protect oneself as much as possible from market vagaries. They may need to monetize some of their art for one exigency or another, but there is no indication that they are exiting the art market in any significant way.”
Steve Cohen Said to Sell $30 Million Franz Kline in N.Y. (Bloomberg)
