In professional circles there is growing concern about the possible impact of years of economic instability on the art market, writes The Artnewspaper. In 2008, the financial crisis hit hard in all sectors of the art market, but the latter, unlike the rest of the economy, soon recovered, and particularly quickly came to a sector sales of expensive works by leading artists. Now, opinion was divided between two major versions of events. The first is based on the fact that art should be considered a luxury ( as costly product known couturiers and flight premium), the price that falls during a crisis; however, express an opinion rather outsiders. Proponents of the second version of confidence comes from the fact that works of art - a safe investment instrument, enjoying, along with gold and the Swiss franc, the increased demand during periods of market distress (this is what people close to the art market).

While experts were the art market in the summer holidays, deepening debt crisis in the cost of different European countries and lower credit rating U.S. agency Standard & Poor's prompted a new wave of anxiety and anticipation of a deep recession, similar to that observed in the ever-memorable year 2008. Rich people in the world financial centers like London and New York have become cautious to spend money . For example, the income of hedge fund SAC Capital, owned by art collector Steve Cohen (Steve Cohen), the first week in August dropped 4 percent. The value of shares of companies producing and selling luxury goods to, also fell by 15 - 30 percent. "If the current crisis in the footsteps of 2008, we are waiting for many adverse changes" - believes Isthop Julian (Julian Easthope), a London analyst at Barclays Capital.

Stocks auction house Sotheby's also felt the negative impact the current economic situation: July 7, they lost in the price of 37 percent - their prices fell from $ 48 8 cents to 30 dollars, thereby reducing the total cost of more than $ 1.2 billion. This is particularly disadvantageous to Sotheby's today, when competition with Christie's has affected not the best on the amount of profit. In the fight for the best lots, both auction houses have to offer sellers the most favorable conditions, and participation in this race, writes The Artnewspaper, reducing net income Sotheby's.

However, there is among the experts felt that the crisis of 2008 still was not in vain, and his lessons today give the players confidence of the art market. Art consultant Allan Schwartzman believes that the then crisis wave washed away many speculators and market-night. All recent periods of market instability, according to Schwartzman, only confirm that a work of art today - a worthy form of investment, like a traditional haven in a stormy sea of ​​market turmoil, such as gold.

Meanwhile, responding to crisis tendencies, the gold price reached a new record: the yellow metal is now 1830 dollars per ounce. The prices of silver and other precious metals also grow. is not far behind them, and the Swiss franc, considered one of the most reliable and stable currencies in the world, recently it has reached the price of 1 dollar 28 cents for the first time almost equal to the euro.

All the experts agree on one thing: the health of the market will largely depend on whether developing economies such as China, serve as a buffer and help to prevent the global economic crisis, when American and European markets are still not withstand the increased stress.

It seems that the major market players expect to seriously on the hidden potential of young economies, for example, the head of Sotheby's William Ruprecht, said recently that the auction house will redistribute the funds, reducing the cost of European projects and sending them to China. Not so long ago a branch in Hong Kong has opened the largest gallery White Cube.

However, in Asia, not everything is as it should be concerned about the Americans and Europeans: August 9, after the crash on U.S. exchanges and Europe, Hong Kong Hang Seng index fell nearly 6 percent, and with it came down and the stock prices of Asian companies, especially Korean. Many experts are concerned about the rise in China's trade surplus, which may prove too much for its economy. "If the market turmoil will begin again in the spirit of 2008, even those sectors of the art market, which are supported by relatively healthy economies in countries such as China and Brazil, may be subjected to negative influences. But everything will depend on the extent and depth of the recession ", - thinks Michael Plummer (Michael Plummer), an expert of the company Artvest.

Prepared Estrova Maria, AI

Source: artinvestment.ru