London and New York are primary centres for both finance and the art market, indicating the continuing power of place. Both cities have become havens for wealth, wealth that has poured into the art market, and sometimes into the newer practices of art investment. Under what can be termed the financialisation of art, we can
Socialite Julie Macklowe – seen here at 2019’s “Camo” theme event – has called the annual Met Gala a ‘shit show.’ Getty Images for The Met Museum/Vogue New York City socialite Julie Macklowe is breaking the number one rule of the Met Gala: you don’t diss Anna Wintour’s grand event. Page Six has learned that
Is art a currency? Investor Stefan Simchowitz thinks so. He wrote with uncompromising clarity about the post-Brexit era: “Art will effectively continue its structural function as an alternative currency that hedges against inflation and currency depreciation.” Have silver paintings become a proxy gold standard? How did it come to this? During the ongoing crisis, investors
Do these belong in a garage sale or a museum? © taikrixel—iStock/Getty Images, © Kris Connor — Getty Images Entertainment/Getty Images, © Debra L Rothenberg — Getty Images Entertainment/Getty Images; Photo composite Encyclopædia Britannica, Inc. Investing in art and other collectibles offers some features that traditional stock and bond investing simply can’t: physical appeal and
The $60bn art world in general is warming to the potential of cryptocurrencies, partly because of blockchain’s dual ability to establish the provenance of works of art and thereby reduce the reliance on brokers and other middlemen. Marcelo Garcia Casil, for example, is chief executive and co-founder of Maecenas, an online marketplace that will enable
Dmitry Rybolovlev thought he’d been ripped off when he paid the Swiss art dealer Yves Bouvier $127.5 million for Leonardo da Vinci’s Salvator Mundi in 2013, once he learned Bouvier had paid between $75 and $80 million for it. But after Salvator Mundi’s sale in November at Christie’s for $450.3 million, it was hard to
When it comes to major art fairs in southeast Asia, Art Basel Hong Kong sets the tone. Since it launched in 2013, the fair has made the city into a true destination on the annual art fair circuit. That’s a pattern the organizers of the inaugural UBS-sponsored Taipei Dangdai art fair, which opens this week (January 18–20, with
The value of a Picasso or a Ferrari typically rises in a strong economy, as do shares in a consumer staple like Procter & Gamble. But when the economy sours, those shares may be easier than the other possessions to shed. As wealthy collectors pull back on extravagances, investors could get stuck holding an asset
“Glad to be partners… Speak soon, I.” That’s how now disgraced art dealer Inigo Philbrick signed off a June 2013 email to his former friend and investor Andre Sakhai when he sold him a 50 percent share of a Wade Guyton painting, for $350,000. Sakhai, through his shell company V&A Collections, is now pursuing legal
The discovery that upended Jan Six’s life occurred one day in November 2016. Six is a 40-year-old Dutch art dealer based in Amsterdam, who attracted worldwide attention last year with the news that he had unearthed a previously unknown painting by Rembrandt, the most revered of Dutch masters — the first unknown Rembrandt to come