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Collection in sole possession. Inheritance. ArtTactic Report
ARTinvestment.RU   10 февраля 2020

AI analyzes report data ArtTacic Single Owner Collections Auction Analysis Report about sales in the public market collections, formerly in the sole possession

Today the market is experiencing a change of generations of collectors, and as a result, in recent years, auction houses are increasingly announce bidding under the General title Single Owner Collections — collection in sole possession. The heirs, finding the best application Assembly, then put it up for auction. And that, in turn, takes the more likely, the louder was the history of the collection and its gone to another world Creator and owner.

Since the beginning of the 2020 world's media in the field of art printed obituaries of the six prominent collectors, among them Felix Marcillac, Esther diamond and Ferdinand of Needs. Bloomberg announced the intention of the heirs of Donald Marron, who died on 6 December 2019 in the United States, to bring the collection up for auction after less than two months after the death of the businessman. The newspaper indicated the estimated cost of collection ($450 million), adding that the contact with the leading auction houses has already taken place and the heirs are waiting for the best deals.

Obviously, such news in the first place dispersed the biggest sellers in the art market: auction houses are getting rich on the formula of "death, divorce, debt" (original — The Three D's: Death, Divorce, Debt). In this regard, the AI decided to refer to the report ArtTacic covering the auction sale of the collections in the sole possession from 2016 to 2019, with the aim to identify the main public channels in sales of expensive meetings.

According to the report, sales amount, collections in individual proprietorships (more — Kev) from 2016 to autumn 2019 amounted to $3.56 billion, including buyer's premium (BP —buyer's premium). On average over the same period, it accounted for 9.3 % of total auction sales (from 4.8 % in the first half of 2019 to 15.7% in 2018). In 2017-2018 years sales of Kev rose from $682 million to $1.91 billion, Even excluding from the statistics record the amount received for the collection of the Rockefeller Foundation ($848 million, 2018), the sales Kev is still a notable increase by 56.3 % since the beginning of 2017.

Referred to the collection of the Rockefeller Foundation gives Christie's first place among trading venues: in the period from 2016 to 2019, the share of the auction house was 58.8 % of sales Kev (though of 40.5 % is the collection of Rockefeller). For Christie's follows Sotheby's c share, equal to 40.4% of the total. Share Phillips is only 0.8 %. In the first half of 2019 Christie's totally sold Kev at $144 million, Sotheby's of $124 million, while Phillips received $8.9 million from the sale of two Kev.

the Report notes that the auction collections in the sole possession win on a number of indicators from auction with lots collected from different sellers. First — on the volume of demand and the amount involved in the auction buyers: as a rule, from-за quality items separately and additional capitalisation coming from the name of the previous owner. 2016 bidding Kev in 56 cases was carried out with 100 % of lots sold (15.9% of the total number of sales of such collections). 50,1 % Kev exceeded expectations of auction houses (was sold above the average estimate).

In most cases, the owners of the collections belonged to the so-called "Silent generation" (people born from 1925 to 1945 and began to form the Assembly shortly after the Second world war): 13 of the 25 largest sales Kev (52 %). Seven of these collectors wasAmericans, five — Europeans, and one — native to Asia.

Trades involving collections in the sole possession, belonged to the "stars" of music and cinema was less than 3 % of the total sales value of Kev in the period 2016-2019. As a rule, the results of these sales far exceed the expectations of the auction houses and attract new customers — among them a collection of David Bowie at Sotheby's (2016) and George Michael Christie's (2019). In particular, the auction is the personal collection of Bowie consisting of three parts, ensured 100 % of lots sold of 355 to 59 new price records represented in the collection of artists. A series of international exhibitions of the collection Bowie has attracted more than 55 thousand visitors.

the Sale in the sectors of art, presented in Kev, were as follows:

  • Impressionism and modernism: $793,1 million;
  • Chinese and Asian art: $million 683,7;
  • post-war and contemporary art: $466,2 million;
  • American art: $444,4 million;
  • Decorative arts and furniture: $ 310,1 million

I would add that each heir has three main options for the disposal of collection ancestors:

  • Monetization. the Heir is not interested in continuing the family tradition and puts collection up for auction — in whole or in part. In this case, the success of sales depends on significance of individual items, the curatorial approach in the collection and name of the owner;
  • Capitalization. the Heir wants to continue with the meeting — compiling or structuring, according to their own considerations and rules for the management collection. In the future, given the growth of its artistic value and market value, he can use her as an emotional source (case and pride of a lifetime) or a financial instrument (security Deposit or placement in the investment Fund);
  • Socialization. the Heir transmits the collection to the Museum — to one or more of, acquiring a new social status and investing in the cultural development of their country.

it is Important to understand that any of these paths is a personal choice of the heirs to a situation in which turned out to be their family. Art-рынок does not divide the decisions of the family, "correct" and "not right" and never Express them to public censure, but always want to support. We need to be very careful from relatives is required not to lose concentration and to surround yourself with competent professionals to achieve the maximum from the decision and represent them in negotiations with sellers or Museum.



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Индексы арт-рынка ARTIMX
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ARTIMX
13/07
1502.83
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ARTIMX-RUS
13/07
1502.83
+4,31%
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