Scott Reyburn is still mining the subject of guarantees with a look at their importance to the New York sales. Guarantees are upsetting the traditional art world but he closes with a long-term art market player predicting a long bull market in art. For some this will be the sign we’re at a top; for others, just the beginning:
“It’s about banking, not art, whether for asset allocation purposes or protective currency movement,” said the Dallas collector Howard Rachofsky, a former hedge fund manager, […] As prices continue to escalate, Mr. Rachofsky predicted, “great stuff will come” on the market.
When will the party end? Not soon, market insiders say. “It will last forever, with ups and downs,” said the French collector Steve Rosenblum.
Wealth, Mystery and Huge Profits at Recent Art Sales (NYTimes.com)
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