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

[Gurneyx]

I think he is smart in what he said because now he will spark interest with people who might not have even thought about buying the piece. He might actually help drive the price up because people will think they are getting a bargain. People love a bargain!! Someone who has cash to pay 20 or 50 grand for it and brag to to there friends that it was sold before for 100,00. People love to brag about bargains!

[Bronty]

Prices are up - great time to buy, everything is going up

 

Prices are down - great time to buy, everything is cheap

 

[suspense39]

Prices are up - great time to buy, everything is going up

 

Prices are down - great time to buy, everything is cheap

 

 

!

[The-Collector]

I think he is smart in what he said because now he will spark interest with people who might not have even thought about buying the piece. He might actually help drive the price up because people will think they are getting a bargain. People love a bargain!! Someone who has cash to pay 20 or 50 grand for it and brag to to there friends that it was sold before for 100,00. People love to brag about bargains!

 

True. He has also effectively put a ceiling on the price. No one will pay 100k now.

[vodou]

I think he is smart in what he said because now he will spark interest with people who might not have even thought about buying the piece. He might actually help drive the price up because people will think they are getting a bargain. People love a bargain!! Someone who has cash to pay 20 or 50 grand for it and brag to to there friends that it was sold before for 100,00. People love to brag about bargains!

 

True. He has also effectively put a ceiling on the price. No one will pay 100k now.

Not necessarily. Depends how impaired the market for the artist is at this point. I've pre-auction handicapped things I was chasing exactly the same way ("ceiling now is..") and been blow out when the ceiling is surpassed, leaving me quite disappointed as I thought the rest of the world understood it the same way as I...that it shouldn't even go for half the previous high-water mark. When this does happen (new high-water) it's usually a one-off and the next piece auctioned flails as reality re-asserts itself. Likely the press on the 'dead' piece and the past pricing structure does motivate more bidders/bidding than usual, as (yes, it's true) everyone loves bragging about a bargain. (Looking directly in the mirror right now.) And then lose their collective minds in the heat of the auction moment! (Nope, not me. Never )

[The-Collector]

I think he is smart in what he said because now he will spark interest with people who might not have even thought about buying the piece. He might actually help drive the price up because people will think they are getting a bargain. People love a bargain!! Someone who has cash to pay 20 or 50 grand for it and brag to to there friends that it was sold before for 100,00. People love to brag about bargains!

 

True. He has also effectively put a ceiling on the price. No one will pay 100k now.

Not necessarily. Depends how impaired the market for the artist is at this point. I've pre-auction handicapped things I was chasing exactly the same way ("ceiling now is..") and been blow out when the ceiling is surpassed, leaving me quite disappointed as I thought the rest of the world understood it the same way as I...that it shouldn't even go for half the previous high-water mark. When this does happen (new high-water) it's usually a one-off and the next piece auctioned flails as reality re-asserts itself. Likely the press on the 'dead' piece and the past pricing structure does motivate more bidders/bidding than usual, as (yes, it's true) everyone loves bragging about a bargain. (Looking directly in the mirror right now.) And then lose their collective minds in the heat of the auction moment! (Nope, not me. Never )

 

Except here we have the seller announcing what he purchased it for and saying he just want's to get rid of it because it is like a bad stock.

 

So someone might pay 100k caught up in the heat of the moment but I doubt it.

[suspense39]

After reading the whole article, it's seems that Nils paid about 25k for it, it's value went as high as 100k and then dropped.....the headline makes you think he paid 100k. Still someone did pay 100k for one of these pieces at auction.

[John E.]

I like this quote: "That’s because speculators purchase art to resell it, not to keep it." If OA collectors, er, speculators, keep buying and dumping, yeah, it's gonna have an impact on the market. If we want to see a healthy market, see our collection hold or increase value, best to hold on to the stuff. But I'm preaching to the choir, I know.

[THE_BEYONDER]

“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...