Articles Tagged with: Art

Damien Hirst collectors lose thousands as expert calls plummeting value ‘a bloodbath’

Controversial artist dubbed a ‘marketing genius’ was apparently less of an investment than collectors first thought

Artworks by Damien Hirst have reportedly plummeted in value since he shattered the world record for an auction sale in 2008. 

The Beautiful Inside My Head auction raised a whopping £111m for the artist over two days, even as the financial markets collapsed amid the subprime mortgage scandal. 

Artworks are often bought by collectors as long-term investments, with the hope that they will increase in value over time as the artist’s reputation grows. 

However, experts at website Artnet have discovered that 17 of the 19 Hirst works sold since the 2008 auction have actually depreciated in value, with a total loss of around £2.2m. 

A painting of a skull titled Beautiful Mider sold for £670,000 in 2008, but was sold last year for £449,000. The Times notes that the loss for the seller will have been worse due to buyer’s premium, seller’s fees and storage costs. 

Tim Schneider of Artnet said it was not a case of one or two works dragging down the average worth. “Instead of a formaldehyde tank, the best fluid measure here is a bloodbath,” he wrote. “Is this grim total just a matter of a few horrendous results pulling down the rest of the group by association? Individual results thunder back a loud ‘no’.

Art economist and author Don Thompson said it was unlikely that collectors who bought Hirst’s work as an investment would ever recoup the money they spent. “The  value of his traditional work, taxidermy animals, spot paintings, spin paintings, probably peaked with the auction,” he said. 

Art specialist Philip Hook warned collectors back in 2013 that the “bubble” maintained by Hirst’s PR machine would eventually burst. 

Speaking at the Cheltenham Literature Festival he said: “An artist who is simply very good at playing the market and is good at marketing himself, he is the most in danger of [his art] suffering when he dies,” he said. 

“Those works that are less aggressively presented to the public will last.”

https://www.independent.co.uk/arts-entertainment/art/news/damien-hirst-art-value-drop-collectors-lose-money-beautiful-inside-my-head-venice-a8537166.html


This Artist Created This Trump Themed Artwork One Month Before The Elections And He Completely Nailed It!

One month before the elections, a London-based artist going by the name E$COBAR (a street art tag based on the controversial Narcos anti-hero Pablo Escobar’s surname but with a “$” stylized “s”) created this satirical artwork based on the GoodFellas movie by Martin Scorsese… with a twist!

The movie’s stars Robert De Niro, Ray Liotta and Joe Pesci, were replaced with no other than … Donald Trump (at the moment president elect), Russian president Vladimir Putin and the supreme leader of North Korea Kim Jong Un as the modern time good fellows.

But wait, the best part is yet to come… how about that line just below the title reading “A Real Story” instead of “A Picture by Martin Scorsese”? Pure genius.

Does E$COBAR have a crystal ball? Probably. All we know is, with this one he totally nailed it.

GoodFellas is available as a limited edition print. The regular edition of 25 in sow sold out and only a handful of Artist Proofs are still available.

 

 


Walton Street Journal – Art Investment – Issue #3

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Walton Street Journal

Can You Go Wrong With Blue-Chip Artists?

Looking at recent record figures from the sales of Contemporary Art in New York, the answer seems to be: no. The price surge from the already impressive results of 2012 gives art collectors worldwide the welcome reassurance that investing in Art’s big names is a secure path to follow.

Works by heavy weight names like Andy WarholJean-Michel Basquiat and Roy Lichtenstein are still able to pull millions of pounds – with prices inflating by tenths of millions before changing hands after just one year.

While current trends such as American Abstract Expressionism performed impressively well this year, Pop Art is still one of the most popular currents. A major Warhol retrospective at the Hong Kong Museum of Art closed in March, after drawing more than 250,000 visitors. Predictably, non-living artists like Lichtenstein and Warhol are battling for the throne with ever inflating multi-million figures, but for those already looking ahead the artists to keep on the radar are surely the ones who are still alive like Robert Indiana – whose massive retrospective exhibition (“Robert Indiana: Beyond Love”)  is opening at the Whitney Museum in New York on September the 26th.

The author of the LOVE iconic paintings and sculptures will also be honoured with an exhibition (“The Essential Robert Indiana”) at the Indianapolis Museum of Art opening on the 16th of February 2014.

Get ready for some serious Robert Indiana madness!

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The American Dream Portfolio (The American Dream)

On the other side of the world – at the extremely successful (more than 60,000 visitors!) Hong Kong Base Art Fair, a recent artwork by Takashi Murakami (“Pom & Me: On the Red Mound of the Dead”) was sold for a reported sum of $400,000. The prolific Japanese master, dubbed the ‘modern day Andy Warhol’ for his similar work ethic and practices to his legendary mentor, never ceases to fascinate art lovers worldwide.  

As of 2013, Blue-Chip artists’ power seems to be unstoppable.

TM324

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Walton Street Journal – An Art Investment Feature by Walton Fine Arts London


 

 


Walton Street Journal – Art Investment – Issue #2

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Marc Boyan began his career in hospitality & marketing with the Goldsmith family, creating and selling events such as World Wrestling Federation, Net Aid, Smash Hits & Route of Kings. Whilst working on a television event he came across a highly effective barter system that was generating momentum in the US and had just hit the shores of the UK. Realising barter could be used in all areas of modern commerce he approached an established US barter firm, now owned by Omnicom, setting up their Global Event/Marketing division.

In 2000 Marc setup City Tour TV a tourist information channel with Nigel Havers as the first presenter. The pilot was sold 8 months later and the concept can now be found in various airlines, black taxis and hotels in the UK. In 2002 Marc Boyan helped create the marketing procurement function of Consensus Business Group, working closely with property tycoon Vincent Tchenguiz. He managed over $200m of procurement spend for companies such as Levis, Sky, Whyte & Mckay and Le Meridien Hotels. In 2003 Marc set up Miroma, a corporate barter company. A careful eye and flare enabled him to grow Miroma into one of the top corporate barter companies in Europe. He is now the majority shareholder in Miroma and the driving force behind its incredible growth.

Marc now splits his time between London, New York, Singapore and Sydney, focusing on expanding and diversifying Miroma Ventures.


Q: What was your first job
?

MB: Paperboy.


Q: What was the first business you owned
?

MB:City Tour TV, a tourist information channel.


Q: What drives you to strive harder in your business?

MB: People telling me I can’t do this.


Q: What was the first artwork you owned
?

MB: An Allen Jones.


Q: How did you go about buying it?

MB: At Auction, I had seen his work before and knew it was something I wanted to have for myself.


Q: What kind of art selection do you visage having in ten years?

MB: A combination. I would love some more abstract pieces; I’m a big fan of Allen Jones. I find him a less severe version of Francis Bacon and his subject matter is diverse. I would like to hold a few signature pieces by young developing artists like Bambi. I think Street Art is an emerging culture and we will see a lot of artistic talent making its way into the media, as demonstrated by Banksy! I’m also a big fan of Maya Arulpragsam (M.I.A), it might not be my style but I find her work really interesting.

There is a lot of growth in art within India. They just had their first Biennale and the diversity of artists is amazing, a lot of conceptual art that contains social and political tensions that dominate contemporary society. Its today’s history recorded and with more and more active involvement, that is something worth holding onto.

Q: You are an extremely successful entrepreneur, do you see similarities between the businesses that you acquire and the way buy art?

MB: I’ve got to like what I do and like what I buy.


Q: 
What advice would you give to our collectors when it comes to buying collectible art?

MB: Buy something you understand. I wouldn’t go and buy an Old Master painting simply because I don’t relate to the context.
Marc’s company’s website: WWW.MIROMA.COM

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Walton Street Journal – An Art Investment Feature by Walton Fine Arts London.

DOWNLOAD PDF VERSION: Walton Street Journal – May 2013

 


 

 


Lichtenstein Mania

The world doesn’t seem to get enough of Roy LichtensteinIn London, the “Lichtenstein: a retrospective” exhibition at Tate Modern is an ongoing huge success, attracting record number of visitors.  Co-organised by The Art Institute of Chicago and Tate Modern the show brings together 125 of pop icon’s  most definitive paintings and sculptures, 16 years after the artist’s death.

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