Great New York Times story on art flipping

[comicsnyc22]

http://www.nytimes.com/2014/08/18/arts/design/barbarians-at-the-art-auction-gates-not-to-worry.html?_r=0

 

In one striking example, Jean-Michel Basquiat’s “Warrior” sold three times at auction between 2005 and 2012, the painting’s price soaring during those seven years by 450 percent, to nearly $9 million.

 

In another, at Christie’s this May, an Alex Israel sky painting drew over $1 million, more than 10 times what paintings from this series fetched when they were created less than two years ago.

 

Such soaring prices and quick resales, especially of work by emerging artists, have fueled a perception that a new breed of collectors, fond of flipping art as they would a stock, have overtaken the market. In this view, widely held in the art world, work once valued for its lofty, aesthetic appeal has become a mere commodity, just another asset class for hedge-fund millionaires and others to cash in.

 

Also, from Charles Saatchi:

“Being an art buyer these days is comprehensively and indisputably vulgar,” he wrote. “It is the sport of the Eurotrashy, hedge-fundy, Hamptonites; of trendy oligarchs and oiligarchs; and of art dealers with masturbatory levels of self-regard.”

 

[Bronty]

Great quote

[dgillock]

http://www.nytimes.com/2014/08/18/arts/design/barbarians-at-the-art-auction-gates-not-to-worry.html?_r=0

 

Also, from Charles Saatchi:

“Being an art buyer these days is comprehensively and indisputably vulgar,” he wrote. “It is the sport of the Eurotrashy, hedge-fundy, Hamptonites; of trendy oligarchs and oiligarchs; and of art dealers with masturbatory levels of self-regard.”

 

I was thinking of maybe setting this as my signature line!

[comicsnyc22]

http://www.nytimes.com/2014/08/18/arts/design/barbarians-at-the-art-auction-gates-not-to-worry.html?_r=0

 

Also, from Charles Saatchi:

“Being an art buyer these days is comprehensively and indisputably vulgar,” he wrote. “It is the sport of the Eurotrashy, hedge-fundy, Hamptonites; of trendy oligarchs and oiligarchs; and of art dealers with masturbatory levels of self-regard.”

 

I was thinking of maybe setting this as my signature line!

 

I beat you to it!

[Garf]

Also, from Charles Saatchi:

“Being an art buyer these days is comprehensively and indisputably vulgar,” he wrote. “It is the sport of the Eurotrashy, hedge-fundy, Hamptonites; of trendy oligarchs and oiligarchs; and of art dealers with masturbatory levels of self-regard.”

 

... wow.

[vodou]

Also, from Charles Saatchi:

“Being an art buyer these days is comprehensively and indisputably vulgar,” he wrote. “It is the sport of the Eurotrashy, hedge-fundy, Hamptonites; of trendy oligarchs and oiligarchs; and of art dealers with masturbatory levels of self-regard.”

 

... wow.

Sounds sorta like sour grapes, maybe, for being cut off by it sounds like several artists/dealers? The powerplay and role reversal, of the usual rules of doing business, in the art world is so interesting, whether it's BIGTIMEGALLERYART or comic art.

 

There's so much wonderful art out there. Assuming you're a real collector and aficionado, it's always a buyer's market. Always. As long as you don't get hung up on some particular hoard held by one or a few nasty folk, easy enough to move on from those that don't respect how hard you worked for your money and how easily you can step back and take it away from the deal table.

[suspense39]

Thanks for posting. I've read so many contemporary art flipping stories lately.

[comicsnyc22]

Easy money to be made, and I'm fine with it. I just don't enjoy what I believe is an acceleration in value for pieces I particularly like. Obviously I'm being selfish, but flipping to me is more so about the market quickly understanding/determining the value of something quickly, vs. organic growth.

[Nexus]

http://www.nytimes.com/2014/08/18/arts/design/barbarians-at-the-art-auction-gates-not-to-worry.html?_r=0

 

In one striking example, Jean-Michel Basquiat’s “Warrior” sold three times at auction between 2005 and 2012, the painting’s price soaring during those seven years by 450 percent, to nearly $9 million.

 

In another, at Christie’s this May, an Alex Israel sky painting drew over $1 million, more than 10 times what paintings from this series fetched when they were created less than two years ago.

 

Such soaring prices and quick resales, especially of work by emerging artists, have fueled a perception that a new breed of collectors, fond of flipping art as they would a stock, have overtaken the market. In this view, widely held in the art world, work once valued for its lofty, aesthetic appeal has become a mere commodity, just another asset class for hedge-fund millionaires and others to cash in.

 

Also, from Charles Saatchi:

“Being an art buyer these days is comprehensively and indisputably vulgar,” he wrote. “It is the sport of the Eurotrashy, hedge-fundy, Hamptonites; of trendy oligarchs and oiligarchs; and of art dealers with masturbatory levels of self-regard.”

 

That may all be true, but you also rarely hear it expressed by anyone unless they've stopped being relevant. We've heard similar sentiments about this hobby right here in this forum, by a former dealer who cashed out too soon. In both cases, as well, these guys are criticizing the same behavior that enabled them to build (formerly) thriving businesses.

 

Bitter and hypocritical...sad way to go.

[Eric Seffinga]

Saatchi says: "Waaaaaaaaaah"

 

http://metro.co.uk/2014/05/27/yours-for-1-2million-tracey-emins-my-bed-up-for-sale-4740595/

 

and then laughs all the way to the bank...

 

http://www.parkrecord.com/ci_26071501/artist-emins-messy-bed-sells-4-4-million

 

[Doc McCoy]

I'm not going to argue about what others consider great art, but that is a ridiculous amount of money for a piece that could be replicated in any college dorm across this country.

[delekkerste]

I'm not going to argue about what others consider great art, but that is a ridiculous amount of money for a piece that could be replicated in any college dorm across this country.

 

I'd rather own Emin's "My Bed" than an Action #1 9.0.

[comicsnyc22]

I'm not going to argue about what others consider great art, but that is a ridiculous amount of money for a piece that could be replicated in any college dorm across this country.

 

I'd rather own Emin's "My Bed" than an Action #1 9.0.

 

I saw that at The Tate wayyyy back when. I'll never forget the smell.

[Terry Doyle]

I'm not going to argue about what others consider great art, but that is a ridiculous amount of money for a piece that could be replicated in any college dorm across this country.

 

I'd rather own Emin's "My Bed" than an Action #1 9.0.

 

I saw that at The Tate wayyyy back when. I'll never forget the smell.

 

 

Nothing a good housemaid can't fix . . .

[Overthetopinc]

Gene are you kidding or being serious? If you are serious it must be because of the attention and big numbers it brought. I would like to hear your well versed reasoning why this mess stain bed is better then the best comic in the world.

thanks,

Matthew

[theflashunc]

The Boss of the household is a modern art fan, and this hangs on the wall in our apartment. Seem appopriate.

 

[comicsnyc22]

The Boss of the household is a modern art fan, and this hangs on the wall in our apartment. Seem appopriate.

 

 

There it is.

[delekkerste]

Gene are you kidding or being serious? If you are serious it must be because of the attention and big numbers it brought. I would like to hear your well versed reasoning why this mess stain bed is better then the best comic in the world.

thanks,

Matthew

 

I'm totally serious - I think it's bold and cool. It's also a "best of the best" example of Emin's and YBA artwork. It's iconic, one-of-a-kind, viewed and studied by millions. A lot of contemporary art won't last, but this will. Action #1 is just a collectible. This is art.

 

Not to mention, who cares about Superman? He wouldn't make my top 50 list of favorite comic book characters, so why should I care about Action #1? I mean, I recognize its relative rarity and importance for helping to spawn everything that followed, but I would no more want a copy of Action #1 just because it was first than wanting the first Karl Benz automobile from 1885 instead of, say, an Aston Martin DB5, Mercedes 300SL Gullwing, Ferrari F40 or McLaren F1.

[Solar]

It's just such an inconvenient piece. If I were an Emin fan, I'd rather look at it in a museum than have to maintain that disaster. I know you're not supposed to buy based on what looks good on your wall, but 'My Bed' is a pretty extreme case of "keep that thing out of my house (or climate controlled storage facility, if you prefer)."

 

Seriously though, if I were going to blow 7 figures on YBA art, I'd have to go Hirst. His market is saturated right now, but IMO he'll be the only one with more than a single sentence in the art history books of 2114.

 

 

[Overthetopinc]

Ya ya I have heard that from years,flashunc, But its not like these people create something put it out on their front porch and its so popular or newsworthy it stops traffic and draws crowds that it became's "amazing art". There are plenty of players involved of which are galleries and people whispering in each others ear on what's so good about it to people with money trying to convince them of its worth. That is where I say its a sham. The fact that people would elevate this junk to that kind of status is where the crime is. Not the fact that someone thought let me rub some condoms and beer bottles on a bed and see if it sells. No its the clowns that have a sharp tongue and sell it to the people which makes this idea of why didn't you do it first sound more like an execuse then sound reasoning.

Gene I guess you were serious. To each his own but I just wonder to myself if you didn't see this bed already and saw someone put that on ebay what kind of comments you would have for it let alone if you would buy it and at that at what price. I wonder.

thanks,

Matthew