Art prices likely to be hammered at NY auctions The annual New York May art sales, the biggest event in the art world calendar, start on Monday in a drastically shrunken form, with Sotheby’s expecting its contemporary art auction to generate less than a quarter of the sales it did a year ago. The two weeks of sales – Impressionist and Modern auctions are this week and postwar and contemporary... [more]
Art prices likely to be hammered at NY auctions
The annual New York May art sales, the biggest event in the art world calendar, start on Monday in a drastically shrunken form, with Sotheby’s expecting its contemporary art auction to generate less than a quarter of the sales it did a year ago.
The two weeks of sales – Impressionist and Modern auctions are this week and postwar and contemporary auctions take place next week – come after a 35 per cent fall in the price of art in the first quarter of 2009, according to the Mei Moses art index. That index excludes works that failed to sell. Some insiders put the price drop closer to 50 per cent, sharper than stock markets.
Ian Peck, principal of Art Capital Group, which lends money against artworks, said: “We have cut our valuations 40-50 % since the start of the year. We have seen some absolute forced borrowing but everyone, rich and poor, is facing liquidity problems.”
He said his business had doubled in the past year as wealthy collectors raised money against artefacts rather than selling them in a falling market.
“The art market is a trailing indicator and much less liquid. I think there is a further way to go down and the May sales will be very difficult,” he said.
Kristine Koerber, an analyst at JMP Securities, said of the Sotheby’s evening contemporary sale: “The hammer range [of $52m to $73m] represents about 16-23 % of last year’s hammer results, which is very disappointing.”
The contemporary sector, which saw the biggest price rises in recent years, has been hardest hit in the downturn.
Robert Read, an art expert at Hiscox, the insurance company, said Chagall’s “Le Jongleur de Paris”, offered at Sotheby’s tomorrow, would be a barometer. Its value is estimated at $2m-$3m. It was sold in 2005 for $1.1m.
Sotheby’s last week said it would cut staff a further 5 % – on top of last year’s 15 %. Its shares have fallen almost 90 % in 18 months.
Christie’s, owned by billionaire François Pinault, cut about 300 jobs last year.
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Response by Eurocash
over 16 years ago
Posts: 124
Member since: Aug 2008
Question is .. where are the US going? Is NY retaining high paying jobs.. and do people believe that RE will generate wealth in the next 10 years?
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Response by manhattanfox
over 16 years ago
Posts: 1275
Member since: Sep 2007
It says the current est. Chagall value is at 2x 2005 levels; clearly manhattan real estate is lower than that as of now.
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Response by Jerkstore
over 16 years ago
Posts: 474
Member since: Feb 2007
With this kind of negativity, Malraux will never be able to move his faux-diamond-encrusted Damien Hirst ball-gag knock-off.
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Response by buster2056
over 16 years ago
Posts: 866
Member since: Sep 2007
Only the "museum quality" apartments
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Response by Topper
over 16 years ago
Posts: 1335
Member since: May 2008
Folks might be surprised at how closely the Mei Moses Art Index has tracked New York residential real estate prices in recent years.
The last art bear market was in the early 90s just like New York residential. It peaked out about a year or two ago.
Pls. consider this to actually be a serious post. Many of the same factors at work when it comes to very expensive (pretty much all of Manhattan) residential real estate.
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Response by alpine292
over 16 years ago
Posts: 2771
Member since: Jun 2008
comparing RE to art? Are you people THAT stupid????? hello, RE is a need. People need a place to live! Art is not. Art is a luxury. Nobody needs art! Plus, there are a lot less buyers for art since you have to have cash for it. You can't borrow money from Chase to buy a Picasso.
Nobody needs a second home either, and I think that is the basis for comparison.
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Response by aboutready
over 16 years ago
Posts: 16354
Member since: Oct 2007
Nobody needs a duplex on 5th. Nobody needs to own. People want, want, want.
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Response by xellam
over 16 years ago
Posts: 133
Member since: Sep 2008
I would compare the art market more to the 4M+ real estate market right now...crashing and burning. Because nobody really needs a 4M+ home, just as nobody really needs a Dali.
I wonder whatever happened to Malraux. Wasn't he an art dealer?
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Response by notadmin
over 16 years ago
Posts: 3835
Member since: Jul 2008
omg, annie is in serious trouble. how come can you justify pawning properties to pay down mortgages??? well well, ... guess she overextended herself.
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Response by nyc10023
over 16 years ago
Posts: 7614
Member since: Nov 2008
Lay off Annie. She's an unfortunate victim of this nation's stupidity wrt to gay marriages.
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Response by notadmin
over 16 years ago
Posts: 3835
Member since: Jul 2008
or a victim of the home improvement mania!
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Response by malthus
over 16 years ago
Posts: 1333
Member since: Feb 2009
Yesterday's art auction was pretty disappointing. The lead piece, a Picasso, did not sell at all. Experts say the seller, who lost money with Madoff, had unrealistic price expectations. Sounds pretty familiar.
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Response by walterh7
over 16 years ago
Posts: 383
Member since: Dec 2006
The article in the NYTimes discussed some "bottom feeders" in a perjorative sense. That resembles the 'largess' that has a firm grasp on this city. Why are folks who see value at a lower level than the 'establishment' labeled with a negative term? Maybe I'm just a bottom feeder.?
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Response by notadmin
over 16 years ago
Posts: 3835
Member since: Jul 2008
anybody received this?
My name is Gil Sidi and I came across your name as a photographer. I invite you to tour my architecturally stunning 4BR loft home for the past 10 years, now up for sale. It’s a great space for photographers.
I need to sell and i am taking best offers above $2,700,000 until May 31, 2009.
(OPEN HOUSE this Sunday 1pm-3pm or call me for private viewing)
It’s rare not only because it served Annie Leibovitz as her inspirational space during the heights of her career, but also because it’s the ONLY "soho-style" Loft on Fifth Avenue overlooking central park.
“People in New York buy for space, light, and views. This has all three.” (NY Mag 2005)
Here is a little web site I created: http://fifthavenuesale.com/LAND_ANNIE_1.html with price, photos, video and info. Enjoy it and if you like call me to arrange a viewing (212) 860 8555 or show up for an OPEN HOUSE this Sunday 5/10/09 between 1pm - 3pm.
Best
G I L S I D I (owner)
1255 Fifth Avenue Apt: #3c/d/e
New York NY 10029
Tel: 1-212-8608555 Fax: 1-212-2027612
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Response by notadmin
over 16 years ago
Posts: 3835
Member since: Jul 2008
the place has views only to the trees on the sidewalk and suffered a sq feet inflation of 19% between October 2007 and now. wow! seems to have water problems too in one of the pics the roof seems leaking.
'/%3e%3c/g%3e%3c/svg%3e)
Question is .. where are the US going? Is NY retaining high paying jobs.. and do people believe that RE will generate wealth in the next 10 years?
It says the current est. Chagall value is at 2x 2005 levels; clearly manhattan real estate is lower than that as of now.
With this kind of negativity, Malraux will never be able to move his faux-diamond-encrusted Damien Hirst ball-gag knock-off.
Only the "museum quality" apartments
Folks might be surprised at how closely the Mei Moses Art Index has tracked New York residential real estate prices in recent years.
The last art bear market was in the early 90s just like New York residential. It peaked out about a year or two ago.
Pls. consider this to actually be a serious post. Many of the same factors at work when it comes to very expensive (pretty much all of Manhattan) residential real estate.
comparing RE to art? Are you people THAT stupid????? hello, RE is a need. People need a place to live! Art is not. Art is a luxury. Nobody needs art! Plus, there are a lot less buyers for art since you have to have cash for it. You can't borrow money from Chase to buy a Picasso.
"You can't borrow money from Chase to buy a Picasso." No you have to go to a specialist in art finance. e.g. http://www.artcapitalgroup.com/ProductsAndServices.html. That took me about 2 minutes on google.
Nobody needs a second home either, and I think that is the basis for comparison.
Nobody needs a duplex on 5th. Nobody needs to own. People want, want, want.
I would compare the art market more to the 4M+ real estate market right now...crashing and burning. Because nobody really needs a 4M+ home, just as nobody really needs a Dali.
Art Capital, along with Leibovitz and Schnabel featured here:
http://www.nytimes.com/2009/02/24/arts/design/24artloans.html
I wonder whatever happened to Malraux. Wasn't he an art dealer?
omg, annie is in serious trouble. how come can you justify pawning properties to pay down mortgages??? well well, ... guess she overextended herself.
Lay off Annie. She's an unfortunate victim of this nation's stupidity wrt to gay marriages.
or a victim of the home improvement mania!
Yesterday's art auction was pretty disappointing. The lead piece, a Picasso, did not sell at all. Experts say the seller, who lost money with Madoff, had unrealistic price expectations. Sounds pretty familiar.
The article in the NYTimes discussed some "bottom feeders" in a perjorative sense. That resembles the 'largess' that has a firm grasp on this city. Why are folks who see value at a lower level than the 'establishment' labeled with a negative term? Maybe I'm just a bottom feeder.?
anybody received this?
My name is Gil Sidi and I came across your name as a photographer. I invite you to tour my architecturally stunning 4BR loft home for the past 10 years, now up for sale. It’s a great space for photographers.
I need to sell and i am taking best offers above $2,700,000 until May 31, 2009.
(OPEN HOUSE this Sunday 1pm-3pm or call me for private viewing)
It’s rare not only because it served Annie Leibovitz as her inspirational space during the heights of her career, but also because it’s the ONLY "soho-style" Loft on Fifth Avenue overlooking central park.
“People in New York buy for space, light, and views. This has all three.” (NY Mag 2005)
Here is a little web site I created: http://fifthavenuesale.com/LAND_ANNIE_1.html with price, photos, video and info. Enjoy it and if you like call me to arrange a viewing (212) 860 8555 or show up for an OPEN HOUSE this Sunday 5/10/09 between 1pm - 3pm.
Best
G I L S I D I (owner)
1255 Fifth Avenue Apt: #3c/d/e
New York NY 10029
Tel: 1-212-8608555 Fax: 1-212-2027612
the place has views only to the trees on the sidewalk and suffered a sq feet inflation of 19% between October 2007 and now. wow! seems to have water problems too in one of the pics the roof seems leaking.