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That $100,000 Painting Bought to Flip Is Now Worth About $20,000

Started by vodou,

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vodou

vodou

Posted
Posted

That $100,000 Painting Bought to Flip Is Now Worth About $20,000

 

by Katya Kazakina artdetective

September 19, 2016

 

Art dealer and collector Niels Kantor paid $100,000 two years ago for an abstract canvas by Hugh Scott-Douglas with the idea of quickly reselling it for a tidy profit. Instead, he is returning the 28-year-old artist’s work to the market this week at an 80 percent discount.

Such is the new art season. At auction houses in London and New York, sellers are preparing to bail on their investments after the emerging-art bubble burst and the resale market for once sought-after artists dried up.

 

“I’d rather take a loss,” said Kantor, who is offering the Scott-Douglas work at the Phillips auction in New York on Sept. 20. “I feel like it can go to zero. It’s like a stock that crashed.”

 

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mysterio

mysterio

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“I’d rather take a loss,” said Kantor, who is offering the Scott-Douglas work at the Phillips auction in New York on Sept. 20. “I feel like it can go to zero. It’s like a stock that crashed.”

 

Maybe it is just me, but this quote may not help promote his sale...

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Bronty

Bronty

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Contrast that quote with this quote (from Simchowitz whom I'm heard of before in similar articles). He know what to say :insane:

 

 

 

Keeping estimates modest could help set up a new bullish cycle, said Stefan Simchowitz, the Los Angeles entrepreneur known for buying in bulk from young artists on behalf of clients and for his own collection.

“I am going to be extremely active in the auction market as a seller and a buyer,” said Simchowitz, who owns 3,500 artworks.

At Phillips, Simchowitz is parting with a piece by Lucy Dodd, an artist he said he isn’t able to collect in depth.

“I want to create a supply chain of work at lower price points so that people can come in again and start buying opportunistically,” Simchowitz said. “People can say: ‘I don’t have to worry about losing this money.”’

 

The first quote has the message: "holy shnit this stuff is dropping like a rock." The second has the message "what a great time to buy, things are so cheap again" :insane:

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suspense39

suspense39

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there are so many examples of that right now, take a young artist, put them straight to auction bid them up and dump! it's horrible for the artist and pretty much ruins their career.

in the good old days, the dealer would control the market, slowly building an artists prices over time.....that was before auctions ruled the roost. Thats also why i don't necessarily think the market always knows......the market knew last auction it was a hundred grand, and this auction the market knows it's twenty.......

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suspense39

suspense39

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Contrast that quote with this quote (from Simchowitz whom I'm heard of before in similar articles). He know what to say :insane:

 

 

 

Keeping estimates modest could help set up a new bullish cycle, said Stefan Simchowitz, the Los Angeles entrepreneur known for buying in bulk from young artists on behalf of clients and for his own collection.

“I am going to be extremely active in the auction market as a seller and a buyer,” said Simchowitz, who owns 3,500 artworks.

At Phillips, Simchowitz is parting with a piece by Lucy Dodd, an artist he said he isn’t able to collect in depth.

“I want to create a supply chain of work at lower price points so that people can come in again and start buying opportunistically,” Simchowitz said. “People can say: ‘I don’t have to worry about losing this money.”’

 

The first quote has the message: "holy shnit this stuff is dropping like a rock." The second has the message "what a great time to buy, things are so cheap again" :insane:

 

he's the worst

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Bronty

Bronty

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Posted
Contrast that quote with this quote (from Simchowitz whom I'm heard of before in similar articles). He know what to say :insane:

 

 

 

Keeping estimates modest could help set up a new bullish cycle, said Stefan Simchowitz, the Los Angeles entrepreneur known for buying in bulk from young artists on behalf of clients and for his own collection.

“I am going to be extremely active in the auction market as a seller and a buyer,” said Simchowitz, who owns 3,500 artworks.

At Phillips, Simchowitz is parting with a piece by Lucy Dodd, an artist he said he isn’t able to collect in depth.

“I want to create a supply chain of work at lower price points so that people can come in again and start buying opportunistically,” Simchowitz said. “People can say: ‘I don’t have to worry about losing this money.”’

 

The first quote has the message: "holy shnit this stuff is dropping like a rock." The second has the message "what a great time to buy, things are so cheap again" :insane:

 

he's the worst

 

Don't know anything about him, but he knows which message to tell the reporter (shrug)

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comix4fun

comix4fun

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“I’d rather take a loss,” said Kantor, who is offering the Scott-Douglas work at the Phillips auction in New York on Sept. 20. “I feel like it can go to zero. It’s like a stock that crashed.”

 

Maybe it is just me, but this quote may not help promote his sale...

 

 

 

Buy it Now!! Before it's FREE!!!!

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Nexus

Nexus

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he's the worst

 

Don't know anything about him, but he knows which message to tell the reporter (shrug)

 

Lots of articles on Simchowitz online. A controversial figure, to say the least. My cousin just spent a bit of time with him working on a TV project. Walked away with a positive impression, but then, he isn't an art collector.

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Bronty

Bronty

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Paragraphs like this make me cringe. That last sentence :facepalm:

 

Reputations in the art world are forged over many years across countless fairs, openings, reviews and dinners. Although laypeople may look at a $30 million Richter and compare it to splatters from a second grader, Richter’s prices are determined not by chance but by the elaborate academic, journalistic and institutional infrastructure the art world has built to mete out prizes and anoint the next generation of cultural torchbearers.

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comix4fun

comix4fun

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Paragraphs like this make me cringe. That last sentence :facepalm:

 

Reputations in the art world are forged over many years across countless fairs, openings, reviews and dinners. Although laypeople may look at a $30 million Richter and compare it to splatters from a second grader, Richter’s prices are determined not by chance but by the elaborate academic, journalistic and institutional infrastructure the art world has built to mete out prizes and anoint the next generation of cultural torchbearers.

 

 

 

 

AKA Mutual Masturbation Society.

 

 

Like every other collectible market. lol

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Bronty

Bronty

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Seems to me like too many rich people (with money to burn in their pockets) are in search of the next, 'Emperor's New Clothes' (shrug)

 

Just people looking for the next big thing. Half the people on the boards are doing the same thing. Particularly every time a movie gets announced.

 

These contemporary collectors are all people looking for the next Groot. That's a speculative game by its nature.

 

The less speculative stuff probably isn't as fun to talk about.

 

We're not so different. People get excited by new stuff in comic art too and pay prices that really aren't justified by the track record, yet. Sometimes those buys turn out cheap with hindsight and sometimes they turn out to be expensive mistakes.

 

2c

 

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Terry Doyle

Terry Doyle

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Seems to me like too many rich people (with money to burn in their pockets) are in search of the next, 'Emperor's New Clothes' (shrug)

 

We're not so different. People get excited by new stuff in comic art too and pay prices that really aren't justified by the track record, yet. Sometimes those buys turn out cheap with hindsight and sometimes they turn out to be expensive mistakes.

 

2c

 

Personally, I just buy stuff that strikes a chord with me . . . though I'm sure you're right about the 'speculative' breed of so-called collectors . . .

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