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news |
Phillips wraps auction week with respectable $95m sale
Buyers are looking for quality and rarity, but are dismissing aggressive estimates
By Charlotte Burns and Bonnie Rosenberg
Published online 12 May 11 link
THE ART NEWSPAPER (market) - NEW YORK. Auction week drew to a close tonight with Phillips de Pury's. The market is clearly motoring again, though buyers are behaving differently than during the boom-time feeding frenzy. Now, people crave quality and rarity. Collectors are willing to pay top dollar for premium pieces, but are showing savvy in dismissing aggressive estimates and second-rate works.
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Millionaires buy more art than ever
Distrust of markets fuels growth in passion investments
By Charlotte Burns
Published online 6 July 2010 link
THE ART NEWSPAPER (market) - LONDON. Millionaires are putting more money in art than ever before, according to a new report by Capgemini SA and Merrill Lynch & Co. The number of millionaires in the world grew by 17% last year and, with financial markets still in flux, art has emerged as the most popular category of “passion investment” according to Capgemini’s Ileana van der Linde who managed the research. “There has been a real shift in psyche,” said Van der Linde. “There is major distrust of financial markets and regulatory bodies, and people are looking to put their cash into tangible assets. |
Copyright 2012 Marlies Ihmels-Herget. All rights reserved.