Do not bury the art market

ARTinvestment.RU – 22.10.2008,11:04

«The market of contemporary art has finally been sober». It is this idea runs through all the articles about the recently concluded London Frieze Art Fair Frieze and on the side it auctions Sotheby's, Phillips de Pury and Christie's. In the past few years, prices for works of modern art grew frantic pace, and at the beginning of the financial crisis, experts said that the bubble must soon burst. But, in spite of the progressive disease of the world economy, the works of famous artists have continued to beat price records. Just remember the May and June auctions, where prices for work Francis Bacon (Francis Bacon) , Lusiena Freud (Lucian Freud) and Jeff Koons (Jeff Koons) reached unprecedented amounts. The apotheosis become a solo auction Demiena Hurst (Damien Hirst) , the past with great success аккурат in the day when the bank Lehman Brothers announced its bankruptcy, laid the foundation formed a panic in world markets. But shortly after the personal Hirst auction were several unsuccessful auctions (remember works of street artists Lyon & Turnbull's or Hong Kong auction Sotheby's ), which led analysts to doubt that art market will be to conquer new heights and beyond.

Finally came to «black weekend». October 17 in London took place auction Sotheby's , brought 22 million pounds in the estimeyte 30-42 million. 27 per cent of lots remained unsold, and the most expensive for the amount of work went not to the lower limit dotyanuvshie estimeytov. Participants in the art market was roiled by: the outcome of the auction, of course, were not the best, but still it is far from a disaster, could have been worse. Even worse was the next day: Saturday 18 October, were trading Phillips de Pury, which became one of the biggest failures this year. Organizers were hoping for 18-20 million pounds, but managed to gain only 5. Top-lot auction, a huge sculpture Tongari-kun Takashi Murakami (Takashi Murakami), the buyer is not found. «I am, of course, expect that it would be better - grimly said head of Contemporary Art Phillips, Michael McGinnis (Michael McGinnis). - I think the thing to cheer [the buyers. - Ed. ] and a bad mood than they do now, it is difficult to imagine. I am in the market for 15 years, and has not seen this before ». Expert magazine Art + Auction Tally Judd (Judd Tully) has called bids Phillips «hasher». October 19 was auction Christie's , the largest of all three. It was, according to witnesses, prevailed funeral mood. Of course, this does not affect the delayed results of the tenders: one of the main lots, «Portrait of Henrietta Moraes» Bacon did not find a buyer, and the most expensive painting, «Spatial Concept. End of God »Luchio Fountains (Lucio Fontana), left at a price not reached the bottom estimeyta. Auction brought 31.9 million dollars instead of the expected 57-75 million.

writes Judd Tally, the main reason for the relative success of Sotheby's on a background of failure Phillips and Christie's is that the organizers first auction, agreeing with the sellers works, as a matter of urgency decreased the upset price. «Portrait of Henrietta Moraes» could be sold - London dealer Ivor Marriage (Ivor Braka) offered him a certain amount, but the amount was below the starting price (4 million), so the pattern remains the owner. Hopes that Abramovich will come and Qatari sheiks and all save by buying the painting for the higher prices have not been fulfilled.

One of the dealers who came to the auction Phillips, said in an interview with BBC, that a year ago, people bought without any issues, but now is not so. «Perhaps, the problem was that the dealer bad are things at Frieze, and they did not want to spend money here». However, at the fair, which ended on Sunday 19 October, things were not as bad as it seemed at first glance. The main trend podmechennaya experts: failure is accompanied primarily to those who sells the work of artists whose prices have risen above any speculative limits. But works are not very well known artists differ very good.

Of course, many of the famous collector of art does not come in this year's Frieze. And those who did appear at the London fair, did not hasten at once to part with money. New York dealer Merienn Bosco (Marianne Boesky), participating in Frieze, said that customers are very upset the financial crisis. «People are buying, but they do so slowly and not rush things», - noticed it. Among the works of art sold by Bosco - a small picture Fernesa Barnaby (Barnaby Furnas) for 50 thousand dollars and the installation of William J. O'Brien (William J. O'Brien) to 12.5 thousand. At the more expensive works - paintings Yuskaveydzh Lisa (Lisa Yuskavage) and Takashi Murakami sold for 400 thousand and 1,8 million respectively - the buyers find it much harder.

Fair visited «star» collectors like Roman Abramovich and Daria Zhukova, as well as actress Gvinet Peltrou (Gwyneth Paltrow) and singer George Michael (George Michael). But buying art, they do not hurry. Many visitors of the fair said that those who sets the prices of art, it is time to adjust to new economic realities. London collector Amir Shariat (Amir Shariat), which works of art consultant in various hedge funds, said that prices are too high. «You can buy the whole company at a price of art!» - He notes. At Frieze, he decided not to buy anything. Moskovskie collectors Sardor and Lida Mirzazhanovy also visited the fair, zasmatrivalis to work Teresita Fernandez (Teresita Fernandez), exhibited at the booth gallery Lehmann Maupin, but saw the price - 180 thousand dollars, decided to abandon the purchase. «All that we like to sell at prices more than adequate, especially in the current economic situation», - said Lida Mirzazhanova. Some dealers, taking account of «the wishes of the public», reduced prices for the proposed works of art. For example, the White Cube gallery sold a picture of fashionable Anglo-Indian artist Rakiba Shaw (Raqib Shaw) for 575 thousand pounds, though in June at Fair Art Basel she asked for a similar work of 750 thousand.

One of the most successful artists in the exhibition was a Scot, Jim Lamb (Jim Lambie), whose works were worth not more than 50 thousand pounds. Buyers attracted low-cost work of famous authors such as Perry Grayson (Grayson Perry), and Idris Khan (Idris Khan). Sculptures of a young artist from Los Angeles Sterling Ruby (Sterling Ruby) also differed well: one was sold to the New York gallery Metro Pictures for 150 thousand dollars, and another provided by the Berlin Sprüth Magers Gallery, has 135 thousand. Photos Sergei Bratkov , for sale in Moscow gallery «Ridzhina», sold very well, although collectors are demanding discounts. «They want the prices were not in the euro and the dollar," - says the gallery owner Vladimir Ovcharenko. - This is a 35-percent discount ».

At the «fair-satellite» Zoo Art Fair works price of which does not exceed 50 thousand, differed very successful. At the Zoo came curators from the New York Museum of Modern Art and the Tate Modern gallery. Director of the London gallery Paradise Row Hekuort Nick (Nick Hackworth) said that for some participants, the fair was very successful. His gallery in half sold four of the Russian artist Goshi Ostretsov to 13 thousand pounds each. «Many of the major collectors, who are usually interested in pieces of a very well-known artists who come to us to look at the [work. - Ed. ] new, exciting young artists. Perhaps, the main trend of this month - that the highest and middle market segment, where the work of highly overvalued suffer, but the market for works of young artists very well », - he said.

The experts noted with satisfaction that, at London's fairs were not speculators. Dealers from Copenhagen Claus Anderson (Claus Anderson) said: «Well, that [the market. - Ed. ] again returns to its normal state and can again talk about art, rather than on investment».

In short, the Frieze fair and auctions Sotheby's, Phillips and Christie's once again showed that the main enemy of the art market - a ridiculously inflated price. While the loudest «failures» top lots at auction October 17-19 «overshadowed» is the fact that someone still managed to earn well in these auctions (evidence that the rise in prices has not yet ended). For example, at Sotheby's sculpture by Ghanaian artist El Anatsui of (El Anatsui) has nearly 350 thousand pounds, though was bought two years ago for 30 thousand. At long-Phillips bronze sculpture Subodh Gupta (Subodh Gupta), sold two years ago for 45 thousand pounds, went for 139 thousand. And at the Christie's painting of a Richard Prince nurse (Richard Prince) was sold for 3.2 million, while the previous owner bought it 18 months ago for 1.25 million.

Some collectors believe that buying art should be a high class right now, because if the art market breaks a serious crisis, nobody wants to put their Warhol and Bacon up for sale. Those who bought at Christie's a portrait of a beautiful girl reading a brush Lusiena Freud, has said that it agreed to pay 2.2 million pounds because of the fear will never see this work at a public auction. The same considerations may be guided by the buyer and, later acquired the picture Willem de Kuninga (Willem de Kooning) for 2.7 million pounds. At the Frieze fair London Lisson Gallery sold several expensive works of famous artists, including Anish Kapoor (Anish Kapoor) and Julian Opay (Julian Opie).

In short, while not as scary as it seems at first glance. In early November, will be major works of modern art auction Sotheby's and Christie's, as well as Impressionist and modern auctions, which have multimillion work Malevitch , Pablo Picasso (Pablo Picasso) and Vasily Kandinsky . Only after these auctions, the target audience are mainly Russian billionaires and the Qatari sheikhs, can be a more or less coherent picture is now on the art market. Now we can say that the market has received a serious blow, but not dead. And to die, apparently, is not going to.

Material prepared Yulia Maksimova

Sources: bloomberg.com , telegraph.co.uk , artinvestment.ru

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