Contemporary art: the wait is not worth buying

ARTinvestment.RU – 29.09.2008,15:59

make money from nothing. The interest and alertness - this is the natural reaction that greeted the audience contemporary art. Further acquaintance can turn in sincere admiration for the new and bold, and aggressive in its rejection. Some pay for the extravagant works fantastic money, while others are trying to attract artists and curators to criminal liability. With modern art is always difficult. After all, no more nor to the distance at which all the better to see it, nor the established temporal boundaries, the exact criteria and interpretations. For example, on what basis one of the key figures in the Russian postwar art Ilya Kabakov want to be called modern art, and described the post-war classics, now living modernist contemporary artist Jasper Johns has turned language not? Only because Kabakov gathers thousands of visitors who exhibited in the «garage» Daria Zhukova, is still «lights», while the elder Jones has long been resting on their laurels a classic? Start the so «sort» - and the next minute pogryaznesh of exceptions and stretch.

Maybe that does not go into terminological dispute? For example, immediately agree that the contemporary art of this material will include works by artists whose creative heyday occurred in the past twenty years. Twenty - because many of the 30-year-old has lived in practically antiques laws, without waiting for the allotted 50-year-old extracts. Also, if not read from the stories, and of life, there will be much easier: modern art - this is what is sold at Phillips de Pury, with the exception of post-modernism. Is not the definition? And even with reservations, but much of the logic goes. Moreover, this «auction clip» artists usually have in mind when it comes to investing in contemporary art.

It should be noted that the right to long-term investment status of contemporary art have to constantly defend. Many experienced collectors of antiques related to investments in contemporary art is skeptical, rightly pointing to the uncertainties and high risks. Say, to buy works of contemporary art can be interesting. No one even argues that some of them may grow dramatically in price. But, nevertheless, to speak professionally on the investments in relation to contemporary art can not, because to do this you need a completely different level of predictability and stable rules of the game.

On the predictability in the market for Contemporary Art is indeed not all smooth. The value is often determined by the mythology and PR, but this does not sound basis. Guessing the correct artist, of course, is not alone «Sportloto six of thirty-six», but somewhere close. And the price «lottery ticket» is quite high. There are lots of examples of popular and fashionable artists glittering few years and then leave the market, and the history of art. For different reasons: one - as a failed project - «pozakryvali» Marshal, the other «sdulis» by virtue of objective wingless, others unfairly tip out of the «magazines» on some fateful coincidence. Now they know well, experts.

Lots of issues is the speculative pricing of works of modern art. When prices are increasing by 500 percent a year, but the full force of the artist to pay tens of millions of dollars, there is a suspicion in some large-scale bubbling knavery.

And, finally, the investment implies not only purchasing, but more the ability to resell the best, with multiple, and in a liquid market. In the market of contemporary art often and successfully pass the initial purchase - этакие IPO, and how these will be quoted in the medium-term historical perspective, it is not clear. No convincing auction history and statistics resales, which is readily available for the antique pieces. Because a number of collectors and chuckle: buy it is not difficult, even more ardor, but are just as then sell?

But there is another logic, and other statistics. Estimated that in 2007 the turnover of works of contemporary art only at public auction (and for Contemporary Art is not the main sales channel, they are mainly engaged in the gallery), grew by 37 percent compared with last year and amounted to 15 billion dollars. Such data, with reference to the agency «Cyclops», leading French magazine «Trazhektuar». In an interview with this publication, President auction house Phillips de Pury (specializing in contemporary art auctions only), business-glowing happiness Simon de Pyuri shares other impressive results: in 2007 its turnover increased by auction 125 per cent to 308 million dollars, but only in third quarter of 2008 - plus another 95 per cent. These figures do not directly speak about the investment attractiveness, but also show other important things. For example, that the Contemporary Art is the most lives, and offers jazz and prices have become a real aphrodisiac for buyers.

Why did so well today are buying contemporary art? The logic of collectors and buyers «for the soul» is understandable. It is just interesting, is the art of today, as the provocative, aggressive, consonant with the high tempo of life. Consumers rightly feel discoverer of something new. Plus, buying the work of fashionable and prestigious. Because of the creators of these works of writing tabloid, gudyat newspapers, they become subjects of secular chronicles stories - hence the owners of what will boast at parties. There are, of course, and those few cases up to the ideals of conformity prestigious consumer who appreciates contemporary art in the sense of time, stay with the artist in a single system. It is also important that the modern artist the possibility of communication: direct and information exchange, and through interviews, publications in the press - all the more interesting, than to swallow the dust of old books. For buyers (and not just beginners), it is important that the market for contemporary art is almost free from fakes. They are though, especially in the area of mass consumer (remember, as a forge Demiana Hirst), but there are too few and revealed in time - not an example of antique market. Again in contrast to the antique, the modern art market is much better things with the range. No shortage, no need to hunt for a suitable property for decades. If the antique auctions world-class collectors are accustomed to see in the strings, say, three or four absolute masterpiece (for a single auction is the de facto standard), a thematic auction of contemporary art collector with vizionerskim gift can buy dozens of great works - which are then also called masterpieces, provided «map will form» and career artists in the future be a success. And, finally, for the fishers of the market success of modern art has one damning argument: it is indeed possible «lottery» sverhudachnyh investment options with a rate of return of hundreds of per cent per annum. Works by Rubens, Picasso and Chagall at all desire can not get up to 100 percent a year. A work of contemporary artists, especially in the status of «rising star», can get up and marked a on higher rate.

For example do not have to walk far. Consider the major newsmakers in the world of contemporary art. There are two Masthead ultramodnye names: Jeff Koons and Demian Hurst. Both admired. Both are ready to break into pieces.

scandalous Koons exhibited in Versailles and holds the auction record for a large metal sculpture «flower from a balloon (Purple)», which during the summer of 2008 sold at Christie's for 12.92 million pounds (nearly 25 million dollars ). Sold, by the way, people who have bought it in 2001 for 1.1 million dollars. Thought? For seven years, an increase of 25 times.

In turn, Hurst had just held with the support superudachny Sotheby's auction of his works, brought together about 200 million dollars. In particular, the bull in formalin «Golden Taurus» left on it for 18.6 million dollars. Remember this number. Although comparable results in his «portfolio» are no longer something out of.

Now look top young artists - the most expensive works of authors , compiled for the interest of analytical resources artpice.com in 2004. Four years have passed - as it was yesterday! And what do we see? Hurst took the third line in a dozen, as the owner of a record already in the 1.05 million dollars for one of its installations (as usual, with bones, skeletons of animals). Let's see, and feel like Jeff Koons? It turns out very simply: the current record even if a dozen were not. The first line in the top 10 then, in 2004, was Jean-Michel Basque with a huge canvas, sold for fiction (as it seemed then) 5 million dollars. Now things Baskov regularly sold for the price of about $ 10 million. However, an example of this artist's far less revealing: he died a long time, and young, so the market for his works and fixed pricing for a «antiques» laws.

Of course, such price breaks to occur only in modern art. Prices for the work of recognized «antique» artists of the first magnitude does grow slower (true, Russian art in price almost five years, with rates about 100 percent per year). But the antique paintings is the investor of questions about what he has a case - a masterpiece or a product of «PR», objectively assessed performance or «bubble».

Everyone chooses his: someone captures the spirit of the rare «Austin», and some confidence to buy a new status «Ferrari». And they both can enjoy, much to the investment potential - as lucky.

Links:

most expensive work of living artists

Ilya Kabakov - № 9, the rating of Russian authors of the most expensive works

globalized art market. Interview with Simon de Pyuri. Translated LCR

Prices for contemporary art. Translated editorial in the Web magazine Who's who in international ar ». Translated LCR

Art (current) state of doing nothing. LCR Translated from «Le Monde Diplomatique»

Alexander Soloviev

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