Quick Hits: Art Buyers Brace for Slowdown Minyanville Staff Apr 17, 2008 1:45 pm |
![]() |
![]() |
|
||||||||||||
|
Art speculators are hoping they'll be better prepared than their real estate brethren if theirs is the next bubble to pop. With uncertainty plaguing financial markets, investors are turning to paintings, sculptures and other works of art as safehouses for their wealth. Fortune reports a February charity event organized by U2 frontman Bono raked in $42.6 million, almost 50% more than auction house Sotheby's (BID) predicted.
Collectors are moving cautiously, however, avoiding overly hyped artists and focusing on rare or unique pieces from around the world.
In 1989 as well as 1999, weak economic conditions hit contemporary art especially hard. Less is known about how well newer art will hold its value and many suspect it's more susceptible to price fluctuations than are classic pieces. You just never know whether giant ceramic fetuses will be in vogue.

Or pink tanks.

Or elephants made of guns.

Or autographed urinals.
discuss this article and more on the mv exchange |
|
Get real-time options trading ideas from Steve Smith, veteran options trader and newsletter author, plus let him show you the way to cut risk and boost your returns through the strategic use of options. Click here for a free 14 day trial to OptionSmith by Steve Smith.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.
Copyright 2009 Minyanville Media, Inc. All Rights Reserved.
| add rss feed | free article alerts |
Alaska
Arizona
Arkansas
California
Colorado
Connecticut
DC
Delaware
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota
Tennesee
Texas
Utah
Vermont
Virginia
Washington
West Virginia
Wisconsin
Wyoming
Local Guides

















