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Post by sleepboy on Jun 7, 2008 21:28:02 GMT -8
When Hirst’s diamond-encrusted skull, For the Love of God, sold last year for $98.9 million in a private sale, it was touted as a record for a work by a living artist, enhancing the value of all Hirst’s work. Closer inspection revealed that Hirst himself retained a 24 percent stake in it; many in the art world think he never sold it at all. So he kept part of it??? WTF? I think there has definitely been price manipulation in the art market. Just in our genre there have been galleries that supposedly "sell out" but don't really. Now that people are used a certain price that the artist supposedly "sold out" at...it becomes easier to sell said art at a higher price in the secondary market by shady gallery owners. I can't even name the number of times that a piece supposedly sold to learn later that it's available or sold to someone else at a later time...
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Post by sleepboy on Oct 10, 2008 8:32:56 GMT -8
Hm.... this free-falling economy has to affect the art market right? Will we see more originals for sale (i noticed a lot of CRG's recently & Josh Keyes recently), galleries closing, etc.?
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Post by thecreep on Oct 10, 2008 9:34:13 GMT -8
I think the value of most works, works that we collect, will do fine through this financially troubled time. I have noticed where it is hitting the most, is the smaller up and coming artists. I have seen them selling their work off much cheaper than it should be. I'm sure they were struggling before, but now it must be getting harder.
So I am sure we will see works sell for cheaper prices, but not due to lower values, but rather a need to pay for the necessities of life rather than the comforts.
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Post by amin on Oct 10, 2008 20:46:37 GMT -8
I think those of us who are living beneath our means ("Millionaire Next Door" anyone?) aren't changing their spending habits. It's a lot easier to spend money when you're not worrying making a mortgage/car/rent payment.
Someone asked me a few days ago if buying art is an investment and to which I responded "It depends." The issue with pop-surrealism and graffiti art is that they are both niche scenes. Most active forum members probably know all the major collectors in these scenes. So, if the bubble did burst and people started to sell en masse, there won't be a lot of buyers. Whereas in the mainstream Fine Arts scenes (Modern, Contemporary, Classical, etc.) there are more buyers and investors willing to buy at certain price points. In the end, buy what you love and if you're spending habits are forcing you to sacrifice your quality of life, then consider cutting back.
As for my change in collecting, I just took a fulltime position with a large company so my time on the forums will be a lot less going forward.
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Post by shabadoo on Oct 29, 2008 19:24:34 GMT -8
Having just talked to two different gallery owners in the past week (one on each coast), both expressed frustration with a lack of sales due, they think, to the state of the economy. Coincidentally, they also expressed a deal of gratitude and excitement for my support, which was quite refreshing and appreciated, considering how snobby some can be (though not as common in this niche. The artists I ended up picking up pieces from aren't that well known, but the prices were more than reasonable and of solid quality. I think many people are having to cut back--not necessarily due to a lack of funds or of overextension, but due to fear and the unknown. Hard to buy art when you're not sure if you'll have a job in a week, month, whatever...And that's why, as much as I gripe, I do love the grocery industry!
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