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Why is art world thriving while economies crumble?, by Daniel Silk on Sept 15, 2008 22:58:47 GMT 1, All the Banks are up s**t creek ;D so people are taking out the money and spending it on what seems to be about the only growing market = Art ;D
All the Banks are up s**t creek ;D so people are taking out the money and spending it on what seems to be about the only growing market = Art ;D
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Why is art world thriving while economies crumble?, by Daniel Silk on Sept 15, 2008 23:03:39 GMT 1, As is being said on the other thread -
People would rather have their money in art that they can see and enjoy on the wall at home, than in a Bank somewhere that could all go tits up! any minute and you end up with nothing 
As is being said on the other thread - People would rather have their money in art that they can see and enjoy on the wall at home, than in a Bank somewhere that could all go tits up! any minute and you end up with nothing |
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brun
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December 2007
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Why is art world thriving while economies crumble?, by brun on Sept 15, 2008 23:13:36 GMT 1, depends on the art really , faile , bansky will survive .......but who else ?
i think it wont take long until people are selling up since most of the people are just flippers .........insect being a good example of that recently ,just look how any are for sale on ebay and how many people here didnt give a (i wont swear)......
depends on the art really , faile , bansky will survive .......but who else ?
i think it wont take long until people are selling up since most of the people are just flippers .........insect being a good example of that recently ,just look how any are for sale on ebay and how many people here didnt give a (i wont swear)......
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bullet
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January 2013
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Why is art world thriving while economies crumble?, by bullet on Sept 15, 2008 23:35:33 GMT 1, its always been the same, dont get why everyone is so surprised about it - art is a commodity like gold or diamonds that usually holds still, its better than a share option when things fuck up.
its always been the same, dont get why everyone is so surprised about it - art is a commodity like gold or diamonds that usually holds still, its better than a share option when things fuck up.
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Why is art world thriving while economies crumble?, by Happy Shopper on Sept 15, 2008 23:36:41 GMT 1, In an economic down turn people turn to entertainment for kicks. Maybe art is part of that.
Plus, those with spare cash (and those who bought property over 5 years ago) aren't that worried about the property market or borrowing more.
In an economic down turn people turn to entertainment for kicks. Maybe art is part of that.
Plus, those with spare cash (and those who bought property over 5 years ago) aren't that worried about the property market or borrowing more.
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brun
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December 2007
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Why is art world thriving while economies crumble?, by brun on Sept 16, 2008 0:09:10 GMT 1, yes entertainment thankfully i am entertainer , and i shall be paid hansomely in due course .............
yes entertainment thankfully i am entertainer , and i shall be paid hansomely in due course .............
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brun
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December 2007
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Why is art world thriving while economies crumble?, by brun on Sept 16, 2008 0:16:00 GMT 1, its strong cos people with bags of cash (and there are quite a few) like to decorate their homes with expensive art , they got bugger all else to spend it on ..... cos they got the car, the houses, the boats, the football clubs . it looks nice and it may be a good investment ......
why did brad and angela buy bansky ? cos they got all the other ones !!!!
its strong cos people with bags of cash (and there are quite a few) like to decorate their homes with expensive art , they got bugger all else to spend it on ..... cos they got the car, the houses, the boats, the football clubs . it looks nice and it may be a good investment ......
why did brad and angela buy bansky ? cos they got all the other ones !!!!
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jamesreeve5
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September 2012
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Why is art world thriving while economies crumble?, by jamesreeve5 on Sept 16, 2008 0:47:55 GMT 1, I think that once these hedge fund guys realize how bad they have gotten burned they might be slowing their art consumption a little bit. Couple that with personal investors bargain hunting in the markets through the end of this year and the beginning of next year and I think 2009 will be a quiet year for the art markets.
I think that once these hedge fund guys realize how bad they have gotten burned they might be slowing their art consumption a little bit. Couple that with personal investors bargain hunting in the markets through the end of this year and the beginning of next year and I think 2009 will be a quiet year for the art markets.
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Francis
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September 2007
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Why is art world thriving while economies crumble?, by Francis on Sept 16, 2008 1:02:15 GMT 1, I think that once these hedge fund guys realize how bad they have gotten burned they might be slowing their art consumption a little bit. Couple that with personal investors bargain hunting in the markets through the end of this year and the beginning of next year and I think 2009 will be a quiet year for the art markets.
Do you guarantee this? If so, I will hold off my buying until next year when I can get a Freud for $40,000
I think that once these hedge fund guys realize how bad they have gotten burned they might be slowing their art consumption a little bit. Couple that with personal investors bargain hunting in the markets through the end of this year and the beginning of next year and I think 2009 will be a quiet year for the art markets. Do you guarantee this? If so, I will hold off my buying until next year when I can get a Freud for $40,000 |
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RBK
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September 2006
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Why is art world thriving while economies crumble?, by RBK on Sept 16, 2008 5:42:57 GMT 1, Buying art is not 'safer' than having your money in cash at well-run & fully insured bank.
The 'super-rich' are still super rich whether economies are booming or the world is in a huge recession (which we are). It just shows they are playing in a completely different league. Russian/Chinese/Middle Eastern unimaginable wealth is what's fueling the high-end art market.
I mean Hirst/Sothebys sold 70mm today on the same day Lehman Brothers declared bankruptcy and the US stock market lost 500 points (4.4%). From the looks of it the Asians markets are down big already now, and AIG might go under tomorrow.
Very interesting/scary times. But let's be clear on one thing... the concept of buying art to 99.99999% of this lovely forum cannot even be compared to the huge gains being seen at the pinnacle of the contemporary art market. Invest in a boring government backed bond or keep your savings in cash at a top bank if you want to play it safe.
Buying art is not 'safer' than having your money in cash at well-run & fully insured bank.
The 'super-rich' are still super rich whether economies are booming or the world is in a huge recession (which we are). It just shows they are playing in a completely different league. Russian/Chinese/Middle Eastern unimaginable wealth is what's fueling the high-end art market.
I mean Hirst/Sothebys sold 70mm today on the same day Lehman Brothers declared bankruptcy and the US stock market lost 500 points (4.4%). From the looks of it the Asians markets are down big already now, and AIG might go under tomorrow.
Very interesting/scary times. But let's be clear on one thing... the concept of buying art to 99.99999% of this lovely forum cannot even be compared to the huge gains being seen at the pinnacle of the contemporary art market. Invest in a boring government backed bond or keep your savings in cash at a top bank if you want to play it safe.
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jamesreeve5
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September 2012
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Why is art world thriving while economies crumble?, by jamesreeve5 on Sept 16, 2008 6:08:29 GMT 1, simon - every market has it's booms and busts and the crash in 1987 led to the dampening of the art market until the 90's, then the dot com picked back up and times were good again (minus a little hiccup in 2001).
RBK is right people don't consider putting their money in art as a "safer move" than putting money in a bank (unless it's wamu). Speaking of banks, will Barlcay's stop being such a cocktease and at least buy part of Lehmans?
simon - every market has it's booms and busts and the crash in 1987 led to the dampening of the art market until the 90's, then the dot com picked back up and times were good again (minus a little hiccup in 2001).
RBK is right people don't consider putting their money in art as a "safer move" than putting money in a bank (unless it's wamu). Speaking of banks, will Barlcay's stop being such a cocktease and at least buy part of Lehmans?
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Grubster
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August 2008
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Why is art world thriving while economies crumble?, by Grubster on Sept 16, 2008 6:38:38 GMT 1, great thread and so many different views. Art is a great investment for the middle - mid-high income brackets IMO.. the super wealthy but art not for an investment.. they have guaranteed $$$ from gov't ran sources so thats irrelevant. PEACE
great thread and so many different views. Art is a great investment for the middle - mid-high income brackets IMO.. the super wealthy but art not for an investment.. they have guaranteed $$$ from gov't ran sources so thats irrelevant. PEACE
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Why is art world thriving while economies crumble?, by carlito on Sept 16, 2008 10:15:45 GMT 1, yawnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnn
fine art always the fecking preserve of money....this is a street art forum....counter culture...not freaking investment for beginners
yawnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnn
fine art always the fecking preserve of money....this is a street art forum....counter culture...not freaking investment for beginners
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Why is art world thriving while economies crumble?, by insite on Sept 16, 2008 10:53:48 GMT 1, yawnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnn fine art always the fecking preserve of money....this is a street art forum....counter culture...not freaking investment for beginners
Counter culture, you mean shopping yeah ?
yawnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnn fine art always the fecking preserve of money....this is a street art forum....counter culture...not freaking investment for beginners Counter culture, you mean shopping yeah ? |
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jnschicago
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July 2007
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Why is art world thriving while economies crumble?, by jnschicago on Sept 16, 2008 16:37:10 GMT 1, To build on RBK's answer, there are at least two macrotrends taking place right now that directly affect the high-end art market. The first is the "Rise of the Rest." Countries like Russia, China and various Middle East locales are producing enormous amounts of wealth for a select few. Those few will seek the same trappings that wealthy people have sought since the beginning of time: art, real estate, luxury transportation, etc. Second, the "spread' between the middle and upper classes in countries like England and the U.S. is rapidly increasing. In other words, a very small sliver of people at the top of the pyramid are controlling a larger and larger share of wealth. So, they too will seek the same trappings. You could also argue that instantaneous communication enables artists like Damian Hirst to stimulate awareness (and therefore interest) around the globe. That was infinitely more difficult for artists to accomplish prior to the internet and the 24 hr. news machine. All of this adds up to a lot more people investing in a fairly constant pool of art. Therefore, prices go up.
To build on RBK's answer, there are at least two macrotrends taking place right now that directly affect the high-end art market. The first is the "Rise of the Rest." Countries like Russia, China and various Middle East locales are producing enormous amounts of wealth for a select few. Those few will seek the same trappings that wealthy people have sought since the beginning of time: art, real estate, luxury transportation, etc. Second, the "spread' between the middle and upper classes in countries like England and the U.S. is rapidly increasing. In other words, a very small sliver of people at the top of the pyramid are controlling a larger and larger share of wealth. So, they too will seek the same trappings. You could also argue that instantaneous communication enables artists like Damian Hirst to stimulate awareness (and therefore interest) around the globe. That was infinitely more difficult for artists to accomplish prior to the internet and the 24 hr. news machine. All of this adds up to a lot more people investing in a fairly constant pool of art. Therefore, prices go up.
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RBK
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September 2006
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Why is art world thriving while economies crumble?, by RBK on Sept 16, 2008 17:00:55 GMT 1, johnstoops - interesting point about the Internet. It does make for quite an added variable and is very 'recent' with regards to its effect on everything.
johnstoops - interesting point about the Internet. It does make for quite an added variable and is very 'recent' with regards to its effect on everything.
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Why is art world thriving while economies crumble?, by Daniel Silk on Sept 16, 2008 17:26:34 GMT 1, I also wonder with this rise of wealth in places like China & Russia, that they rightly or wrongly see the UK and American style as a sign of wealth  so they are buying stuff like Bentleys, Hummers, plus UK and American Art
ooops! just realized stoops pretty much said the same thing  but much nicer than I could put it ;D
I also wonder with this rise of wealth in places like China & Russia, that they rightly or wrongly see the UK and American style as a sign of wealth so they are buying stuff like Bentleys, Hummers, plus UK and American Art ooops! just realized stoops pretty much said the same thing but much nicer than I could put it ;D |
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aginghippie
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December 2007
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Why is art world thriving while economies crumble?, by aginghippie on Sept 17, 2008 16:36:00 GMT 1, johnstoops - interesting point about the Internet. It does make for quite an added variable and is very 'recent' with regards to its effect on everything.
I think the Internet allowed a wider range of artists visibility than before but whether they will survive the down turn is a different question.
Until recently the price of art has driven people to spread their net wider than before. According to dealers I talk to there is a definite drawing back to the "trophy" artists - in other words the blue chips in the contemporary world.
It will be interesting to see which of the artists followed here is sufficiently established to survive the down turn. For these artists it is not a question of talent as much as whether they have established enough visibility and name recognition in the market not to slip back.
johnstoops - interesting point about the Internet. It does make for quite an added variable and is very 'recent' with regards to its effect on everything. I think the Internet allowed a wider range of artists visibility than before but whether they will survive the down turn is a different question. Until recently the price of art has driven people to spread their net wider than before. According to dealers I talk to there is a definite drawing back to the "trophy" artists - in other words the blue chips in the contemporary world. It will be interesting to see which of the artists followed here is sufficiently established to survive the down turn. For these artists it is not a question of talent as much as whether they have established enough visibility and name recognition in the market not to slip back. |
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Gentle Mental
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May 2007
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Why is art world thriving while economies crumble?, by Gentle Mental on Sept 17, 2008 18:11:04 GMT 1, the art world is not thriving.
it's just too retarded to respond the way stocks do.
and remember, the longer it takes for snowball to hit, the larger the snowball is going to be.
the art world is not thriving.
it's just too retarded to respond the way stocks do.
and remember, the longer it takes for snowball to hit, the larger the snowball is going to be.
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aginghippie
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December 2007
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Why is art world thriving while economies crumble?, by aginghippie on Sept 17, 2008 20:54:31 GMT 1, the art world is not thriving. it's just too retarded to respond the way stocks do. and remember, the longer it takes for snowball to hit, the larger the snowball is going to be.
The answer is 'sort of'.
The advantage the art market has over the stock or commodities market is it's trophy value. I'm idle but if you look back through this thread there is a comment somewhere to the effect that art is aspirational. Having a famous artist hanging on your walls will impress your friends or so people believe. This underpins the established artists but injures the lesser known (people are impressed by artists they have heard of).
The other thread is the collectors who will continue buying because their interests aren't purely financial. Some pieces rarely come up and you have to buy them when you can (if there is a Warhol Debbie Harry for sale let me know).
Over the last year the biggest problem has been the quality of work available. A lot of people hung onto the good stuff when they might have sold because they reckoned prices would continue to rise. That may well change and we could see some interesting things appearing on the market.
the art world is not thriving. it's just too retarded to respond the way stocks do. and remember, the longer it takes for snowball to hit, the larger the snowball is going to be. The answer is 'sort of'. The advantage the art market has over the stock or commodities market is it's trophy value. I'm idle but if you look back through this thread there is a comment somewhere to the effect that art is aspirational. Having a famous artist hanging on your walls will impress your friends or so people believe. This underpins the established artists but injures the lesser known (people are impressed by artists they have heard of). The other thread is the collectors who will continue buying because their interests aren't purely financial. Some pieces rarely come up and you have to buy them when you can (if there is a Warhol Debbie Harry for sale let me know). Over the last year the biggest problem has been the quality of work available. A lot of people hung onto the good stuff when they might have sold because they reckoned prices would continue to rise. That may well change and we could see some interesting things appearing on the market. |
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so they are buying stuff like Bentleys, Hummers, plus UK and American Art 
but much nicer than I could put it ;D
