It’s nice to see a story about the relationship between the art market and stock market volatility that offers a nuanced view of the connections. In James Tarmy’s Bloomberg piece you’ll hear Asher Edelman caution that art may not be the safe haven many believe it to be in an economic downturn; you’ll hear Hauser + Wirth’s Marc Payot take the opposite tack and point out that market misfortune can be an opportunity for buyers who can provide illiquid art holders some quick cash for their prized works.
Finally, one well-established dealer says the roller-coaster market has already been quite good for business:
“In my experience, when the market goes up and down, up and down, that’s good for art,” says Christophe Van de Weghe, a New York dealer who will be exhibiting at Tefaf New York next week. “Over the last 30 years, volatility has been very good for us dealers.” […] An additional group, specifically hedge fund managers (many of them Van de Weghe clients) will spend even more on art, “because they tell me that they make more money when there’s volatility in the market,” he says. […] Since the market peaked in January, (the Dow is since down about 7 percent), “we’ve been selling more,” he says. “The art market has been very bullish.”