New Collectors from Russia, India, China and Hong Kong Invigorating Art Auctions

NEW YORK, NY.- Less than two years after a precipitous fall, the art market is flexing its muscles again, emboldened by recent auction records and an influx of determined international collectors rich with cash.  With two works breaking the $100 million mark this year, auction houses Christie’s and Sotheby’s have convinced such owners of rare and never-auctioned fine art as Steve Wynn that it is a good time to sell — and reap tremendous profits.  Hordes of wealthy new buyers, ready [...]

Cooper review stance on art slammed as ‘madness’

Sydney, Australia.- In November 2007, Sydney financial planner Greg Nazvanov sold $600,000 worth of shares and with the proceeds began to buy Australian art. Mr Nazvanov, 40, now holds about 200 paintings, most of them indigenous works, which were independently valued in February at $3 million. While most equities investors have had 33 per cent wiped off their superannuation funds as the global financial crisis bit and bit again, Mr Nazvanov has seen his retirement savings multiply five times. Mr [...]

Collectors and Auctioneers See Signs that Art Market is on the Verge of Solid Recovery

NEW YORK.- The art market plummeted with the onset of the global financial crisis but experts, fund managers, collectors and auctioneers are rallying on signs the once-hot investment is on the verge of solid recovery. Less than two years after an unusually long-lived art boom came to an end with lower prices and a decreased supply, bidders have returned to salesrooms, prices are mostly ticking up and records are being set once again. Independent fund manager Castlestone Management, which specializes [...]