Positano News - Notizie della Costiera Amalfitana Penisola Sorrentina Campania - Positano News

FALLING ART PRICES

Più informazioni su



Art prices fall 35% as collectors cash in


By Deborah Brewster in New York


Published: April 7 2009 01:53 | Last updated: April 7 2009 01:53


function floatContent(){var paraNum = “3”
paraNum = paraNum – 1;var tb = document.getElementById(‘floating-con’);var nl = document.getElementById(‘floating-target’);if(tb.getElementsByTagName(“div”).length> 0){if (nl.getElementsByTagName(“p”).length>= paraNum){nl.insertBefore(tb,nl.getElementsByTagName(“p”)[paraNum]);}else {if (nl.getElementsByTagName(“p”).length == 3){nl.insertBefore(tb,nl.getElementsByTagName(“p”)[2]);}else {nl.insertBefore(tb,nl.getElementsByTagName(“p”)[0]);}}}}


Art prices plunged during the first quarter of the year as cash-strapped collectors looked to unload works by postwar masters that had earlier boomed in price along with the stock market.


The Mei Moses index, set for release on Tuesday, shows art prices fell 35 per cent in the first quarter, having held up during earlier months of the financial crisis.



The overall index fell 4.8 per cent last year.


The decline accelerated as people who lost money in the financial crisis, including victims of the Madoff fraud, put up works for sale, often at a loss, several art world insiders said.


The selling has particularly hit works by postwar and contemporary artists, they said. The Wall Street elite had favoured such works during a seven-year boom in art prices. The best performing postwar artist, Andy Warhol, saw a decline in the value of his work. A Warhol portrait of Mick Jagger sold for $1.1m in the quarter. The seller bought it in 2006 for $1.5m.


Postwar and contemporary art prices fell more than 30 per cent, according to the index, which combines New York and London prices. Such prices had enjoyed an average annual rise of 20 per cent for the past decade.


Works by Old Masters, a less fashionable genre in recent years, have declined less. A painting by J.M.W. Turner, “The Temple of Jupiter”, sold for $12.9m last quarter, a return of 10 per cent a year for the seller, who bought it in 1982 for $1.1m, said Michael Moses, a co-founder of the index.


The worst year on record for art investors was 1991, when prices dropped 41 per cent, said Mr Moses, who has collected data going back to the 1800s.


The index providers added that the art market tended to track the state of the economy but with a time lag.



#digg {left: 0; width: 1.4em; margin-left:9px;}
#reddit {left: 90px; width: 1.4em; margin-left:33px;}
#linkedin {left: 171px; width: 1.4em; margin-left:33px;}
#facebook {left: 230px; width: 1.4em; margin-left:33px;}
#delicious {left: 316px; width: 1.4em; margin-left:28px;}
#mixx {left: 0; width: 1.4em; margin-left:9px;}
#propeller {left: 90px; width: 1.4em; margin-left:36px;}
#yahooBuzz {left: 171px; width: 1.4em; margin-left:15px;}
#stumbleupon {left: 230px; width: 1.4em; margin-left:12px;}
#digg a {background: transparent url(“http://media.ft.com/cms/d6a60b9c-b9f7-11dc-abcb-0000779fd2ac.gif”) 0 -70px no-repeat;}
#reddit a {background: transparent url(“http://media.ft.com/cms/d6a60b9c-b9f7-11dc-abcb-0000779fd2ac.gif”) 0 -35px no-repeat;}
#linkedin a {background: transparent url(“http://media.ft.com/cms/cf4514a6-e6dd-11dd-8407-0000779fd2ac.gif”) 0 0px no-repeat;}
#facebook a {background: transparent url(“http://media.ft.com/cms/d6a60b9c-b9f7-11dc-abcb-0000779fd2ac.gif”) 0 -100px no-repeat;}
#delicious a {background: transparent url(“http://media.ft.com/cms/d6a60b9c-b9f7-11dc-abcb-0000779fd2ac.gif”) 0 0px no-repeat;}
#mixx a {background: transparent url(“http://media.ft.com/cms/d0d06dac-e6dd-11dd-8407-0000779fd2ac.gif”) 0 0 no-repeat;}
#propeller a {background: transparent url(“http://media.ft.com/cms/d1d3b6c8-e6dd-11dd-8407-0000779fd2ac.gif”) 0 0px no-repeat;}
#yahoobuzz a {background: transparent url(“http://media.ft.com/cms/d6a60b9c-b9f7-11dc-abcb-0000779fd2ac.gif”) 0 -140px no-repeat;}.linktext{padding-left:1.7em;}
#stumbleupon a {background: transparent url(“http://media.ft.com/cms/d6a60b9c-b9f7-11dc-abcb-0000779fd2ac.gif”) 0 -130px no-repeat;}
#sharelinks p {text-align:left;font-size:0.9em;}ul#shareslist li{padding-left:2px;}ul li
#delicious{margin-left:-0.8em;}

Più informazioni su

Commenti

L'email è richiesta ma non verrà mostrata ai visitatori. Il contenuto di questo commento esprime il pensiero dell'autore e non rappresenta la linea editoriale di Positano News, che rimane autonoma e indipendente. I messaggi inclusi nei commenti non sono testi giornalistici, ma post inviati dai singoli lettori che possono essere automaticamente pubblicati senza filtro preventivo. I commenti che includano uno o più link a siti esterni verranno rimossi in automatico dal sistema.