From basic tips for the novice art investor on relatively complex issues, will be finished. The recommendations contained in first and second part of the article ¹ , dealt with vigilance in determining the authenticity of things, criteria for selecting works for an investment meeting, the possible nuances, as well as ways to determine the approximate market value of works. However, as is often the case, behind a serious discussion were simple questions, which, after all these valuable periods provenansov and techniques like, and ask something embarrassing: give head.

But, charming in their naivety, they only seem to be quite simple. As often happens with children's issues, they are too multifaceted for single «yes» or «No». But how hard to cut off any excess and pick the right analogy to answer them anyway you want.

«Children» questions, closing the trilogy tips for beginners D investors - not fiction. They remember from conversations with people trying to fast, sometimes not particularly penetrating, navigate, what's what, or, conversely, trying to get to shopping thoroughly.

In what art is better to invest: in Russian or foreign?

simplifying the situation, the answer can be formulated as follows: Russia is now more convenient to invest in Russian art. The reasons are many.

Russian Art School has historically high levels. This is an area in which Russia has much to be proud of in the world. Suffice it to recall, for example, Kandinsky and Malevich - Russian innovators, perevernuvshih of the horizons of art. And, of course, powerful artists of national significance, too, have at least a hundred. Love of Russian art in the country with the requisite decades. Shkolnikov vodili trips to art museums, to printed reproductions of «worker», «lights» and «The family and school», went on television and continue to be case-non-fiction program, very interesting. Issue and today released a lot of relevant literature. Available, but not least, the experts. Collecting Russian art more interesting for our compatriots. It is close to the perception on the subject, on the historical nuances of the atmosphere. This is important. Much Has the alien say birch grove or wheat field? A lot will say whether the Russian landscape with a gondola at the Venetian canal?

In addition to emotions, is, of course, the economic aspect. Most of the local collectors of Russian art collecting is - that is, other things being equal, domestic painter will sell faster and for more favorable terms. And more: with a high quality works of Russian art at times cheaper than comparable models on the world.

But this is again a question convenience rather than «better-worse». If the interesting western art, whether it be Brit-art or impressionist, the major obstacles to work with him, too, no - unless you specifically take into account the fact that to realize the investment potential of such items abroad will probably be easier than in Russia, through a more developed market infrastructure and a greater number of collectors. Interesting to note that recently in Russia is growing demand for the work of international artists of world significance, for the first class of names of Picasso, Modigliani, Renoir, etc. There is a growing interest in the art of contemporary Western artists. Perhaps a new generation of collectors looking for a theme, and can afford to focus on the budgets of millions of dollars.

noticed that quite often estimeyt in the auction catalog is specified, such as 20-30 thousand dollars, but actually the thing is sold for 100 thousand dollars. Why then bring estimeyt, and whether to rely on it?

Estimeyt - is conditional pricing benchmark, an informal assessment of the auction house experts, in fact, an authoritative reflection on how much, or may be some cost to this thing today. That is, this is not an obligation to the seller in a transaction defined range, or even fixing the reserve price (we'll talk about it below).

For the established artists of importance, whose paintings in large quantities in the market
turnover and the market does not shake them from the boom, auction prices often remain within the boundaries of estimeyta. Experts in this case able to fairly accurately predict the actual market range, but for buyers it is a useful and convenient information. But for a thriving growing areas estimeyt sometimes degenerates to nonsense. During the summer of 2005 was particularly memorable in this respect French auction BLM, on the creativity of Mstislav Dobuzhinsky. At the bidding of work, estimated at 3-4 thousand euros left for 80-100 thousand euro, with 20-25-fold excess estimeyta was massive. In the past few years on «Russian bid» 3-5-fold excess of total costs
estimeytov if not the norm, it is an ordinary case. After the next successful auction estimeyty adjusted higher side, but still often «fail» to a new spiral in prices.

What benefit can be derived from knowledge estimeyta? Indirectly, the lower limit of the estimated range suggests, for example, a backup price - the minimum possible for the seller. Present in the room price, buyers backup did not know it was not public and is fixed in the contract between the seller and the auction house. But buyers can reserve level of approximately assumed. For example, if the pending estimeyt 100-120 thousand dollars, it can be assumed that the boundary of the reserve is set at approximately 80 thousand dollars. This is not a rule, of course, a conjecture, the empirical formula for «20% below». In fact, the reserve could be 99 thousand - in the hall and a computer screen do not know about it. But, let's empirical formula is worked out. This means that if you want to try to buy something at the lowest possible price, it is to place the correspondence application (for example, on the site) to 85 thousand dollars. A bet of $ 50 thousand dollars, most likely, pointless. The price of such applications are unlikely to reach the reserve - and it hints estimeyt.

What's more profitable to buy: modern art or antiques?

It is clear that usual in such cases under the modern art means today, but under the antiquities - the fact that over 50 years, it has created around until the second half of XX century. Some nuances aside, the question can be reformulated. Which artists profitable to invest: in or on the young, little-known, promising? Operating these concepts, it makes sense to reflect.

Investment in antique paintings (both now and in the post-modernist) was sufficiently predictable. And their advantage. On the investment side of the collector of antique collections - sales statistics, the history of auction prices, literature, catalogs, reason, exhibitions, expositions of museums. The significance of the artist in the history of painting is already defined, it works studied, particularly marked by periods of good value, innovation received its rating. Your risk is, of course, and here. Can «not guess» with authenticity, it is possible to greatly overpay or commit an error in assessing the investment potential, a lot of things happen. But the risk to invest in «dummy» virtually non-existent. Accents in the creation of «antique» artist had already firmly set. Moreover, the desired objective can be achieved is often only with the height of the last decades, and this condition is met.

On the contrary, modern, budding artist - is often a dark horse. Cudba it works - lottery. Sometimes, to distinguish innovations from the drawing or technical seek custody only because of the specialist, possess excellent history of art. With prices for the work of relevant artists, too, is unclear: how much they should pay, why it is so much to whom and for what price they can then sell? Besides, life has shown that the occurrence in the history of art a little talent. It should be a fantastic combination of favorable circumstances, koim to some of steppe can be considered, such as account-level gallery of Charles Saatchi and Larry Gagosyana. Explore contemporary art, to understand it, buy it - it is undeniably fascinating. But rather refers to the category of ownership of gift vizionerstva, shopping for pleasure, for yourself , but not for the sake of investment, which requires predictability.

novice investor certainly visited the idea of the most advantageous option of investing: what to invest tens or hundreds of thousands of first names, it is easier to find a beginners perspective of artists, buy their picture and wait until they become known. Mind, of course, oil on canvas neprikayannogo Amedeo Modigliani, who now faces, and 40 million dollars, and the work of Niko Pirosmani, which забивали holey traktirnyh cracks in the walls, and cardboards Suprematists, which lines the floors in the state. Once the authors or working in the literal sense of a piece of bread, or its vymenivali «weird» public artworks for food.

Even closer to us on time, the sixties, some of which in Soviet times were acquired for a hat crackers, but now faces more than 100 thousand dollars. Why not try today to find the same neprikayannye talents? Many and trying. The problem is that the probability of error is much higher than the probability of winning the lottery this art. A lottery
with the announcement of the winning numbers will take place only a few tens of years.

In response to this question is not child should do some more clarifications. In the current contemporary art, too, formed their first names, and often they work with the assistance of influential curators and gallery owners experienced. But the price of the work of these artists often comparable with «antique». Why, then buy them?

Modern art attracts so that tempo tune with today's lifestyles, new patterns, philosophy, values. Often, it is aggressive, provocative, over-emotional - on the verge of epatazha. In short, allows the new owner to feel yourself and amaze others. Collecting Contemporary Art enables customers to communicate with the artist, who asked him about the inherent meanings. It is also important - with the Modigliani-word is no longer perekineshsya. Finally, the authenticity of the modern things can certainly be completely calm. Many advantages. And that passion may even lead to fabulously successful investment - such as those who bought the work was still only promising Demena Hurst in the 1990's or Jean-Michel Basque in the 1980's. (Although these examples are probably from the category of miracles, seasoned with a fantastic vizionerstvom.)

Returning to the calculation of luck, let us say that because the level of market uncertainty is extremely high, then consider buying such investment is still hardly possible. It is for us and now well-known contemporary artists in fashion and relevant, and whether they would be equally interested in 15-20 years - is the question.

to which artists need to buy to make a ten and fifteen thousand a year?

This is mildly said. Often the wording does not mince matters: is not up my street, no matter what to buy, the main thing - to invest for a good profit. Let not 200 percent, and at least 50, or better, 100 per year. You then choose something yourself ...

Such a conversation is unlikely to meet with understanding in any gallery.

Gallery, of course, not a museum, a place where art is sold and bought with money. And the buyer's investment incentives are well understood - nothing to feel embarrassed. But financial conditions are not taken place: a buyer for them is not a creditor, and gallery - not the borrower. Moreover, the scarce resource in this market are product quality, rather than money. It's easy to understand. If everything is easy - particularly in the gallery was to be in any financial pyramid.

challenge gallery - try to pick the correct thing by customers, to ensure that it was all right, earn money on it at the time of sale, and some time to resell this item on behalf of a client and re-earn their commission. For a client is entitled to rely on some good advice, but does not require financial guarantees.

Overall response to the question: instead of the customer decision to buy, no one will, and related investment risks incurred by the buyer. There are, of course, alternatives to the use of private consultants, but the role of the investor is limited to the execution of the functions malopochtennoy money with clerk. Yes, and the consultant does not assume the role of guarantor of return of 50 per cent annually. So the only decent option - learn to understand the most: read, ask, explore the topic of interest to visit the exhibition and to choose its direction. And especially among the fastest-growing areas that are attractive for investments these days are the representatives of the paintings and graphic art of the informal 1960's - 1980's, and works of «Russian foreign». It's the look is in the first place.

On the question of where to buy? In Moscow there are several local auctions, which are quite rare masterpieces. The main mass of transactions is at the gallery market. If there are no recommendations, the more intense way than to visit galleries, interesting profile, difficult to advise. When assessing the levels of galleries, it is important to consider not so much entourage, as the intellectual potential: what are the exhibitions held in the work on what monographs and catalogs participated as a professional community, receiving awards. Come, watch the exhibition, compare prices, ask questions to consultants galleries, indicate the direction of his interest. And gradually buy. Then, with time enough reputation and the right thing will «go» you as a collector yourself.

¹ B. Bogdanov. The first investments in the arts //Direktor-Info. 2007. Number 5. S. 36-39. Number 6. S. 40-44. Return

The article draws on information sites www.sothebys.com and www.artprice.com