Art finance
Financial arrangements regarding the buying and selling of art have their roots in old-school pawnbrokers. Practices have greatly developed over the years and now encompass art loans and guarantees underwritten by auctioneers or third parties.
Briefing sheds more light on Sotheby’s new strategy
19 March 2007MORE details have emerged of how Sotheby’s are repositioning themselves to compete at the top end of the art market.
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Increasingly bankable Banksy
26 February 2007Anonymous artist’s contempt for art market does nothing to dampen demand
Gold price leaps to six-month high
26 February 2007Late trading in New York on February 21 saw the price of gold rocket $23.50 (£16.50) to $680.50 (£482.50) an ounce, its highest close since July 7 last year. The leap followed publication of the US Department of Labour’s Consumer Price Index (CPI) report showing inflation had risen faster than expected in January.
Christie’s acquire Haunch of Venison
26 February 2007CHRISTIE’S International have raised the stakes in the frantically competitive post-War and Contemporary art markets by acquiring leading dealership Haunch of Venison.
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Global buyers raise the bar in London market
12 February 2007Auction series takes art sales to new level
Chinese artists now lead Contemporary art top 100
05 February 2007Share of places has risen to a quarter as prices have soared, say Artprice
Christie’s total – the highest in history
15 January 2007Helped by their stunning November series of New York art sales, Christie’s announced 2006 sales of £2.51bn including auction premiums. The figure – that includes more than £137m in private sales – is the highest in art auction history.
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Year of the dealer’s stock sale continues
15 January 2007Already 2007 looks set to follow 2006 as the year of the dealer’s stock sale. As reported last week, renowned international style guru and interior decorator Keith Skeel is to follow in the footsteps of Partridge, Dick Turpin, and John Jesse by selling his collection of ‘antiques and eccentricities’ at auction.
Christie’s secure big lead in Paris
08 January 2007Christie’s confirmed their Paris dominance in 2006 by posting sales of €200.8m (£135m), up 74 per cent on the previous year.
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Celtic auction bonanza
08 January 2007Dublin and Edinburgh rooms all but double sales totals as Bonhams raise stakes in Scotland
Droit de Suite nets £1m in its first year
03 January 2007THE British art trade has paid out over £1m since Droit de Suite came into force at the start of the year. Despite some initial bureaucratic difficulties, the Artists’ Resale Right appears to have been implemented more smoothly in Britain than in other European countries.
Sotheby’s hit back over share price claims
03 May 2006SOTHEBY’s have hit back at claims that investors are losing confidence in the art market despite the company’s biggest shareholder selling their entire stake.
Chancellor scraps all plans for art SIPPs
06 December 2005Art, antiques, wine, classic cars – pension hopes disappear
Don’t pin hopes on SIPPs for sales boom
05 December 2005But they will bring benefits for the industry, expert advises
Sotheby’s up the stakes as they extend credit facility by $50m
05 December 2005Sotheby’s have extended their credit facility by $50m to $250m, bringing them greater room for manoeuvre in competing for business.
Russians’ bid to double reserves sends gold price to 18-year high
26 November 2005THE price of gold reached an 18-year high last week, after speculative buying surged with the news that the Russian central bank is planning to double its gold reserves.
Contemporary still booming
19 November 2005Christie’s return higher total for a single sale, but Sotheby’s secure top price of series
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Not big money but it’s still a model market
22 October 2005THE 20th century fashion and accessories sales at Christie’s South Kensington (20/12% buyer’s premium) are not the firm’s biggest money-spinners.
Now there’s another delay in collusion payments Red tape means a further two or three months’ wait
18 October 2005Red tape continues to delay compensation payments in the Sotheby’s/Christie’s collusion case, despite assurances that they would be made by the end of September.
Gold hits a 17-year high as precious metals rise
18 October 2005GOLD hit a 17-year high of £268.81 per 24 carat troy ounce as ATG went to press, Michael Bloomstein of Brighton reported.
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