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4 Shifts in the “Unpredictable Art Market” You Should Know About A lawyer, a financier, an art advisor, and a journalist walk into a room…

ARTSY EDITORIAL

BY ABIGAIL CAIN MAR 4TH, 2016 10:27 PM

Installation view of Sims Reed’s booth at The Armory Show, 2016. Photo by Adam Reich for Artsy.

It sounds like the start to a bad gallery dinner joke. But at The Armory Show the topic of discussion was serious: “How to Optimize the Unpredictable Art Market.” In a testament to the topic’s immediacy, moderator and Financial Times columnist Georgina Adam admitted that her panel was originally called “The Rising Art Market,” until warnings of a slowdown began to proliferate. And joining Adam on stage to discuss were CEO of Athena Art Finance Andrea Danese, New York art lawyer Steve Schindler, and art advisor and curator Jeffrey Deitch. Here are four takeaways from the discussion:

An art-market slowdown could actually be good for collectors.

Deitch put the state of the market into a historical perspective when he noted that, in his 20 years sitting on panels to discuss the art market, this was the first time it hadn’t been rising. But he also made it clear that he doesn’t think that fact is cause for alarm. Quite the opposite: “I remain very, very optimistic and enthusiastic about this market,” Deitch said.

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very, very optimistic and enthusiastic about this market,” Deitch said.

The former director of the Museum of Contemporary Art, Los Angeles, Deitch traced a brief history of the art market—from the 1970s, when the buying and selling of art was less of a market and more of a “community,” through to today, where it has transformed into what he terms an “art industry.” The unprecedented art-market boom of the last five years had a dark side, according to Deitch: “There were a lot of extremes, a lot of excesses.”

He views a slowdown not as a reason to run At Art Basel in Miami for the hills, but rather an opportunity for Beach, the Art World serious art collectors to make their mark. In Slows Down and Wisens particular, a cooler market may be an Up opportunity to redefine how emerging artists READ FULL ARTICLE are collected. “The traditional collector, when I began in the 1970s, was not concerned at all about the secondary market for emerging artists,” Deitch said. “People collected as an extension of their own vision.”

Now, he says, collectors are often quite concerned about the projected financial performance of artworks they collect. “It has damaged the fabric of collecting emerging artists, and of course it’s induced the phenomenons of speculators and flippers,” he said. With a cooling of the art market, he suggested, it may be easier for collectors to take a step back and invest based on their proclivities rather than the potential for a huge windfall.

(This echoes the comments of Lisson Gallery’s Alex Logsdail, when speaking to Artsy at Art Basel in Miami Beach this past December.)

Danese jumped in: “Look at emerging artists the same way you look at angel investing—for every 50 you take, if you’re lucky, one works.” He cautioned that buyers shouldn’t invest in emerging art seeking out a meaningful rate of return on their investment; instead, it should be a chance for them to support an artist they feel passionate about.

Art is now an asset class. Or is it?

The responses were mixed when Adams posed the question: “Is art now securely established as an asset class?” For Deitch, the answer was a firm yes. He said the key indicator that places art alongside more traditional asset classes, such as stocks and bonds, is the ability to borrow against it.

“It’s proven to be a very, very solid asset,” he said. Danese agreed, citing a constant rate of return somewhere in the 12–15% range.

Schindler pushed back on the classification, however. “To my mind, while art is a valuable asset, to me it’s not quite there yet,” said the lawyer. He noted that stocks and bonds tend to perform consistently in response to changing economic conditions, while fluctuations in the value of art are less consistently tied to macroeconomic forces. “Partly it’s the transparency thing, partly it’s the idiosyncratic nature of the thing, but it doesn’t seem to rise to the same level of predictability as these same asset categories,” he said.

Danese countered, noting that the rise and fall of stock prices can also be notoriously unpredictable, and that if someone were able to amass a large and varied enough art collection, its value would stay more consistent. “It’s an asset class in its infancy, if you will,” he said.

Either way, the art market’s financialization is increasing transparency.

There are people who value the opacity of the art market, who “think it makes it interesting and idiosyncratic,” Schindler said. “On the other hand, we also see arriving into this market people from the world of finance, for whom opacity is unacceptable.” For Schindler and his firm, this means in-depth provenance and title research to gain a better understanding of what their clients are financing. That way they can avoid the art world’s “incredible lack of carefulness or record-keeping that sometimes hinders these transactions,” he said.

For his part, Danese sees the introduction of greater transparency as something that “could unlock an enormous amount of liquidity”—to the tune of trillions of dollars. More information about the value and provenance of works would bring an influx of new buyers into the market, he said, who may feel uncomfortable with the way business is currently conducted and worry that they are paying inflated prices. He believes a push for transparency will modernize the market, creating efficiency that it currently lacks.

Authenticity weighs heavy on major art-market players and their pockets.

Throughout the hour-long discussion, the Knoedler scandal came up every 10 minutes, like clockwork. Deitch recalled seeing one of the Knoedler fakes, a Pollock that sold for $17 million at the ADAA’s The Art Show more than a decade ago, and thinking that something was off. “But you can’t stand in the middle of the art fair booth and yell, ‘Fake!’” he said with a rueful smile. “In addition to just being completely inappropriate, you will get sued.” Deitch has been sued, in fact, for his involvement in a Basquiat authentication committee and said he spent $100,000 personally handling the suit.

He’s not alone—authenticating committees have a history of folding due to legal fees.

Schindler, who serves on the Art Law Committee of New York City’s Bar Association, is working to alter the legal landscape in favor of authenticators. Although he has helped to draft legislation that would shield authenticators from legal fees if they win in court (which they usually do), so far the bill has not been passed. He sees this sort of legislation as an important step towards increasing market transparency and avoiding the sort of costly lawsuits that resulted from the Knoedler Gallery fakes.

—Abigail Cain

Five Legal Cases Changing the Art Market as We Know It READ FULL ARTICLE

NYTimes.com 3.4.16

International New York Times 3.7.16

QQ.com / Finance 艺术品交易不景⽓ 并不影响⽤藏品来贷 款 收藏 艺术国际⽹ 王相宜 2016-03-10 14:26 我要分享

长久以来，艺术与⾦钱密切相连，但是在21世纪，这两者似乎 成了同义词。 从艺术中榨取⾦钱的⼀个⽅法是艺术贷款，就是把油画或雕塑 ⽤作贷款抵押品。⽽今，因易变和不透明⽽臭名昭著的艺术品交易 市场似乎正在⾛下坡路，资⾦更紧张，很多艺术品价格下跌，那么 这种有利可图的融资⽅式是否会对收藏者具有更⼤吸引⼒？ 私募巨头凯雷集团（Carlyle Group）当然这么认为。去年10 ⽉，该集团开设雅典娜艺术/ 公司（Athena Art Finance Corporation）。该公司与百达（Banque Pictet）合作，后者将利 ⽤凯雷集团的2.8亿，帮助⾼端艺术品所有者依靠藏品获取流动资 ⾦。 最重要的是，雅典娜提供⽆追索权贷款，只接受艺术品抵押。

这种贷款可能对借款者具有吸引⼒，因为出现违约时，贷款者只能 追索艺术品。 提供完全追索权贷款的艺术贷款公司要求以⼀系列私⼈财产作 为抵押，公众形象不佳。在2008年⾄2009年的⾦融危机中，为了 从艺术资⾦公司（Art Capital）贷款2400万美元，摄影师安妮·莱博 维茨（Annie Leibovitz）抵押了⾃⼰的四处房产和肖像权。她⽆法 偿还债务所引发的法律诉讼引起公众极⼤关注。

让-⽶切尔·巴斯奎特创作的吼叫的狗头 雅典娜的联合创始⼈兼⾸席执⾏官安德烈·达纳斯（Andrea Danese）在接受电话采访时说：“这是个机会。”他说，私⼈收藏家 ⼿中⼤约有价值1500亿美元的艺术品可作抵押。他说⾃⼰公司的产 品可能会吸引三类⼈。 “第⼀类是把钱投到私募股权交易中的亿万富翁，这类投资的 收益率为20%⾄25%，”他说，“第⼆类是拥有（⽐如说）价值3000 万美元的艺术品的收藏家，他们可以这些艺术品作抵押，去购买别 的艺术品。第三类是拥有很多艺术品但缺乏现⾦的七⼋⼗岁⽼⼈， 碍于资本收益或遗产税，他们不想出售艺术品。” 雅典娜提供最少100万美元的贷款，期限为6个⽉⾄7年，以⼀ 系列或⼀件艺术收藏品为抵押，贷款额不超过最低估价的50%。它 通常收取7%⾄9%的年利息，包括贷款发放费。 雅典娜是两家提供以艺术品为抵押的⽆追索权贷款的⼤型⾃筹 资⾦贷款公司之⼀。另⼀家是伦敦的法尔科美术公司（Falcon Fine Art）。从2015年1⽉创⽴时起，法尔科已经发放了约5000万美元 的针对⾼价位艺术品的贷款，年利率也是约为7%⾄9%。 伦敦艺术贷款公司Right Capital的总经理保罗·雷斯（Paul Ress）说，更⼤型的银⾏，甚⾄包括拥有艺术咨询部门（⽐如花 旗私⼈银⾏部[Citi Private Bank]）的⼤银⾏，向富有客户提供完全 追索权贷款，年利率仅为2.5%⾄3%。 “艺术贷款⾯向的客户群很窄，因为⽀付能⼒是个复杂的问题

，”他说，“⾼净资产⼈⼠不需要单独⽤艺术品做抵押来贷款。” 但是艺术贷款公司和典当⾏⼀样，在市场不景⽓时就会兴旺。 周⼀（3⽉1⽇），为了迎接军械库展览会（Armory Show）， 菲利普拍卖⾏（Phillips）在纽约举办“New Now”当代艺术品拍卖会 。其中的夜间拍卖会只有23件拍品，其中13件拍出，总拍卖额仅为 170万美元。唯⼀⼀件拍价明显⾼于估价的作品是让-⽶切尔·巴斯 奎特（Jean-Michel Basquiat）1983年创作的吼叫的狗头画作，估 价为8万⾄12万美元，拍卖价为25.7万美元，是当晚的最⾼价。 “⽬前市场正在经历⼀个变冷的过程。这是⼀个循环，对市场 是有益的，”Art Rank⽹站的创始⼈、洛杉矶卡洛斯·⾥韦拉（ Carlos Rivera）说。该⽹站⽤算法分析当代艺术家的作品，就像分 析股票那样，研究是该买进、持有还是卖出。 ⾥韦拉开设了⼀家新公司，名叫Levart，它很像新时代典当⾏ Borro，为⽐雅典娜针对的市场低端得多的市场提供流动资⾦。 Levart公司称，它能提供12⼩时⽆追索权贷款，以合适的当代艺术 品做抵押，最低估价5000美元即可。 25万美元以下的贷款的⽉利率很⾼，达4%。但这并未阻⽌艺 术界⼈⼠利⽤该⽹站筹资进⾏利润很⾼的短期转售。 Levart举例说，⼀位客户借了2万美元购买洛杉矶艺术家马思· 巴思（Math Bass）2014年创作的油画《Newz！》。去年11⽉， 这件作品以8.125万美元在菲利普的拍卖会上售出，当时的最低估 价为2.5万美元——这⼀估价反应了原始购买价。

如果市场确实出现严重下滑，贷款公司相信⾃⼰能帮助阻⽌抛 售。法尔科美术公司副总裁蒂姆·亨特（Tim Hunter）说：“当艺术 品价格下滑时，⼈们不想出售，但他们可能需要凭借藏品获取流动 资⾦。” 去年，富有的艺术品买家们⽆疑凭借⾃⼰的收藏品从苏富⽐获 得了很多流动资⾦。2015年，这家拍卖公司共发放7.33亿美元完全 追索权贷款，据2⽉26⽇公布的第四季度业绩，这些贷款共产⽣ 6500万美元的利润。 这些数字与这家拍卖⾏60亿美元的拍卖额相⽐可能不算什么， 但是它2015年的拍卖佣⾦为7.19亿美元，⽐2014年降低5%，⽽贷 款利润增长了38%。 对很多⼈来说，如今的艺术收藏完全是为了实现投资组合的最 ⼤化收益。但是法国上个⽉的⼀场拍卖会提醒买家们，不考虑商业 收益进⾏收藏会带来意想不到的益处。

埃马纽埃尔·弗雷⽶耶的镀铜雕塑《贪⾷的鹈鹕》是法国律师 ⽪埃尔·埃贝的藏品之⼀ 2⽉22⽇和23⽇，巴黎的艾德拍卖公司（Artcurial）拍卖法国 知识产权律师⽪埃尔·埃贝（Pierre Hebey）的收藏品。89岁的埃 贝去年离世。这场拍卖共拍得890万keyword/keyword欧元 keyword/keyword，约合980万美元，远⾼于600万欧元的估价， 564件拍品中有85%售出。最⾼价是罗伯托·马塔（Roberto Matta ）1938年的超现实主义画作《不安的⼼理形态》（Morphologie Psychologique de l’Angoisse），拍卖价为84.5万欧元。 埃贝的朋友包括马克斯·恩斯特（Max Ernst）和马克·夏加尔（ Marc Chagall）等。他喜欢购买20世纪艺术品。不过他⼀⽣也在收 藏装饰派艺术作品和19世纪青铜艺术品等古董。他经常早上5点就 拿着⼿电筒在巴黎周边的跳蚤市场转悠。 他令⼈印象最深刻的⼀次购买是埃马纽埃尔·弗雷⽶耶（ Emmanuel Frémiet）的镀铜雕塑《贪⾷的鹈鹕》（Pélican Gastronome），描绘的是鹈鹕给孩⼦们喂⾷。这件雕塑是弗雷⽶ 耶1890年受法兰西银⾏（Banque de France）的总裁委托创作的 。巴黎⼩皇宫博物馆（The Petit Palais）在艾德的拍卖会上以7.62 万欧元买下这件作品。 艾德拍卖公司的副总裁法⽐安·诺当（Fabien Naudan）讲述了 他认为买家们如此热情地在埃⽐的拍卖会上出价的原因。 “他们想购买他的⼀部分⼈⽣，”诺当说。他补充说，埃⽐收藏

艺术品完全是出于对艺术品的热爱。“⼈们愿意多花很多钱来获得 这种‘激情充电’。” 多花多少钱？“⼤概20%，”诺当说。 ⾦融业有时把艺术品归类为“激情投资”。有意思的是，激情似 乎⽐投资计划更能确保获得⾼于平均⽔平的经济回报。 （作者：王相宜） (艺术国际⽹)

Fine Art, High Finance: Liquidity Hanging on Your Walls

March 15, 2016

http://on.aol.com/video/fine-­‐art%2C-­‐high-­‐finance%3A-­‐liquidity-­‐hanging-­‐on-­‐your-­‐walls-­‐519584010

Fine Art, High Finance: Liquidity Hanging on Your Walls

March 15, 2016

http://www.msn.com/en-­‐us/money/smallbusiness/fine-­‐art-­‐high-­‐finance-­‐liquidity-­‐hanging-­‐on-­‐your-­‐walls/vi-­‐BBqvPDe

http://www.trend247.net/news/News/155620/Fine-­‐Art-­‐High-­‐Finance-­‐Liquidity-­‐Hanging-­‐on-­‐Your-­‐Walls

https://uk.finance.yahoo.com/video/fine-­‐art-­‐high-­‐finance-­‐liquidity-­‐211911136.html

March 15, 2016 6:11 PM EDT

Andrea Danese, chief executive officer at Athena Art Finance, discusses how art collectors can leverage their fine art to further their investments. He speaks on "Bloomberg Markets." (Source: Bloomberg)

http://www.bloomberg.com/news/videos/2016-­‐03-­‐15/fine-­‐art-­‐high-­‐finance-­‐liquidity-­‐hanging-­‐on-­‐your-­‐walls-­‐iltz3s3w

March 15, 2016 6:11 PM EDT

Andrea Danese, chief executive officer at Athena Art Finance, discusses how art collectors can leverage their fine art to further their investments. He speaks on "Bloomberg Markets." (Source: Bloomberg)

http://www.bloomberg.com/news/videos/2016-­‐03-­‐15/fine-­‐art-­‐high-­‐finance-­‐liquidity-­‐hanging-­‐on-­‐your-­‐walls-­‐iltz3s3w

http://finance.yahoo.com/video/fine-­‐art-­‐high-­‐finance-­‐liquidity-­‐152519261.html

SaudiGazette.com 3.28.2016