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How to Measure Art Returns

September 13, 2010 by Marion Maneker

The growing view of art as an asset has some of the art press groping for ways to measure the return on art. The Art Newspaper ran a recent feature where the editors tried to quantify and compare art gains. Unfortunately, in their zeal to find an independent measure of value, they compared all prices to a benchmark of inflation and concurrent prices of gold. Here’s an example of how they cast the comparisons for artists ranging from Monet to Brueghel to Rodin, Mitchell, Basquiat, Lievens, Rubens, Picasso and Hirst:

New York dealer Richard Feigen staged a coup in 1982 when he bought the classical landscape, The Temple of Jupiter Panellenius Restored, 1814-16, from Christie’s London for £648,000. When it came to auction at Sotheby’s New York in January 2009, it fetched $12.96m, or £8.3m. The original £648,000 would now be worth £1.7m, allowing for inflation. An investment of £648,000 in gold in 1982 would be worth £2m in 2009.Continue Reading

Is the Turner Sale a Bet Against the Art Market?

March 31, 2010 by Marion Maneker

Scott Reyburn previews the J.M.W. Turner sale that will feature prominently in Sotheby’s July sale. The £18m estimate reflects the fact that the work has not been on the market for a century. But the timing of the sale, Sotheby’s admits, may come as much from a fear that strong prices for great works might not last:

“The family thought it was a good moment to sell,” Sotheby’s U.K. Deputy Chairman David Moore-Gwyn said in an interview. “Recently there has been a series of strong prices for magnificent works that are fresh to the market, and we don’t know what’s going to happen in a year’s time.”

Rothschild Bride’s Turner Landscape May Sell for $26.7 Million (Bloomberg)

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