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.
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Biggest ever annual fall in furniture
24 January 2011THE parlous state of the English antique furniture market is confirmed this week with a sharp fall in the Antique Collectors' Club's Annual Furniture Index.
Chinese bonanza brings rising turnovers for provincial rooms
17 January 2011LARGELY thanks to the voracity of Chinese buyers, four of the UK’s heavyweight regional auctioneers enjoyed record sales figures in 2010.
Chinese boom sees Salisbury rooms post sales of £23m
10 January 2011UNDERLINING the impact of the market for Chinese works of art on the UK auction landscape, Salisbury auctioneers Woolley & Wallis posted total hammer sales in 2010 of £23.36m.
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Two blockbusters in New York antiquities sales
07 January 2011THE latest antiquities series at the major rooms in New York produced strong selling rates, a slew of high individual prices and two blockbuster results.
Record year for Ketterer Kunst
07 January 2011MUNICH saleroom Ketterer Kunst enjoyed a record year in 2010, posting annual sales of €21.6m (€26m including premium).
Sotheby’s broker art leasing deal for museum
26 July 2010A DEBT-plagued university in Boston has entered into an agreement with Sotheby’s to lease rather than sell off works from its museum’s $350m art collection.
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Hong Kong sales solid across the board
22 December 2009WHAT the latest Asian auction series in Hong Kong lacked in terms of headline-grabbing 18th century Imperial blockbusters, it more than made up for in solid performances across the board.
Sotheby’s see fall in revenue in skewed third quarter results
09 November 2009DAMIEN Hirst and juggled dates have severely skewed Sotheby’s third quarter results for 2009, contributing to a fall in revenue of 41 per cent year-on-year to $44.9m.
Dreweatts set up separate company to handle clients' money
05 October 2009LEADING UK fine art auctioneers Dreweatts have established a separate company governed by independent directors to handle clients’ money.
Vendors remain unpaid as Scottish saleroom ‘downsizes’
28 September 2009SCOTTISH auctioneers Loves Auction Rooms of Perth appear to have ceased trading, leaving vendors unpaid.
Price of scrap silver rises sharply
07 September 2009THE price of silver rose sharply over the course of last week, up almost £1 to £7.75 per ounce by Friday.
Deloitte tell clients: buy antiques now
17 August 2009DELOITTE, the leading accounting and business consulting firm, has recently turned its attention to the antique furniture market and concluded it is a good time to acquire a “proven asset at a low price”.
St Laurent sale proves a godsend for Christie’s
10 August 2009Christie’s have announced a premium-inclusive £1.2bn ($1.8bn) in sales for the first six months of 2009, down 35 per cent on the same period last year, when results were £1.8bn ($3.5bn).
Sotheby’s revenues halved
10 August 2009Second quarter results for Sotheby’s in 2009 show operating revenues down almost half to $167.3m on the first three months of the year thanks largely to the decline in auction totals.
Still no payment from dealer who bounced cheque
10 August 2009THREE weeks after cheque-bouncing dealer Tony Nowaosad vowed to settle his debt at Durrants Auction Rooms, he has still not done so, say the auctioneers.
Campaigners set out plan to woo Whitehall
15 June 2009THE campaign to persuade the government to extend business support to the antiques industry has set out in detail exactly what it wants to achieve.
Sotheby’s adopt ‘aggressive response’ as downturn bites
20 May 2009SEVERE belt-tightening is the order of the day at Sotheby’s as the company ride out the downturn and position themselves to take strong advantage as the market recovers.
Getting the most out of foreign currency
08 May 2009LEADING independent private and commercial foreign exchange providers Currencies Direct are hosting two seminars for LAPADA members to help them get better value on their foreign payments.
Own Art leads to £10.5m of sales in first five years
08 May 2009The Arts Council have reported that over £10.5m worth of arts and crafts sales have been generated by its Own Art programme since the scheme's April 2004 launch.
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Claim reveals terms offered to top seller
20 April 2009More details have emerged regarding the ‘breach-of-contract’ lawsuit which claims that Christie’s backed out of a $40m guarantee made to secure a Francis Bacon self-portrait for sale.
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