Bloomberg calculates losses Rybolovlev from investing in art
ARTinvestment.RU   01 марта 2017

Is counted losses of more than $ 253 000 000, but this is not the final. Russian billionaire continues to sell the collection at prices sometimes significantly cheaper than he bought

Bloomberg continues to publish detective series about the misadventures of a Russian billionaire and buyer of the art of Dmitry Rybolovlev after cooperation with the Geneva art-дилером Yves Bouvier. The journalists of the Agency become aware of some figures for how much Rybolovlev bought from Bouvier, and how he manages now to resell their masterpieces and simpler things. And if at least the order of these digits are correct, then in my previous article I seriously underestimated the scale of the disaster. Only eight listed in the article episodes (and all Rybolovlev, as they say, bought through Bouvier 38 paintings) the amount of its actual and potential losses in excess of $253 000 000. The figure is just monstrous.

the Fact that Rybolovlev started something-что to sell from his collection in the framework for private transactions, has been known before. But one thing private transactions with a contractual pricing, and quite another — public auction, where the price is formed on a competitive market principles. The auction price is objectively more confidence. Including the court.

In February — early March Rybolovlev put up at Christie's a serious pool of works from its collection. Part of the work sold, one sold and one still to be trading on 7 March 2017. But it is clear that on only one auction sales in recent Rybolovlev lost $170 000 000. And given the well-known private transactions — more than $ 253 000 000. Examples, see the captions to the photos.

it is Possible to speculate about why Rybolovlev is now so fast selling the collection at auction. Maybe it requires convincing evidence for the courts. Type "Look, I Picasso had sold for 35 million, and its actual market price is only 5 million, and showed that for an auction". Specific examples of the losses inflict maximum damage to the reputation of the Bouvier as a dealer and to arouse his other clients. Or maybe just too many unpleasant memories have left the history of the formation of this collection, therefore, soon out of sight —, out of mind. Or all together. But there is a third option: to decide, to fix large losses and turn the page. Why? Usually when investing in the masterpieces of the overpayment by 30-40 % — is not a critical issue. There is an empirical rule that such a thing should otvisetsya 7-10 years and only then for subsequent resale will bring a profit (which is called "digest" the previous overpayment). But there is a limit. If you bought Magritte 42 million more than the market or Rodin 27 million more than the auction price, maybe a lifetime is not enough to these masterpieces "adviceline" and "digest" still a crazy price. If your Picasso on the public market with difficulty take for 5 million, and you bought him for 35 million, then there is almost no options. To wait for nothing.

Yeah, I guess that could work as-то safer to reduce loss. Scandalous trail behind the thing doesn't exactly help the sale. But on the other hand, the payout will certainly not significantly, and the mood of the owner have no more of anything left. Maybe the money should be removed from art-активов urgently and at any cost. How do I know. The story continues. And the story from all sides to be extremely instructive.

bloomberg.com



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Индексы арт-рынка ARTIMX
Индекс
Дата
Знач.
Изм.
ARTIMX
13/07
1502.83
+4,31%
ARTIMX-RUS
13/07
1502.83
+4,31%
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