NYC & The Art Market Set to Crash??
But, I have to admit... As I've watched the prices of Modern Art continue to
sky rocket appreciate every year... At every auction I attend with my paddle in the air in the back of my mind, I'm always thinking.. DOPE Someday it's all going to come crashing down, so you better love what you're chasing trying to buy, cause you're getting ripped off never getting your money back!
roller coaster ride attached color chart, A Big MAO thanks to our super smart friends at Fernwood Art Investments for this cool historic art value chart.
Well.. given the
ludicrous, Huge Piles of cash that just got paid out on Wall Street the last few weeks to the lucky, spoiled, greedy NYC bankers, an Art Crash sure isn't going to happen this year.
In a story released on Bloomberg News Today, Download 2005WallStBonuses.txt, Wall Street firms will pay out a record $21.5 BILLION in bonuses for 2005! For the 174,000 NYC people working for Wall Street firms, the average year end bonus will rise 10% to an all time high of $125,500. More stories are sure to follow. You can expect to see Hedge Fund Managers like, art buying machine, Steven A Cohen taking home Billions and Billions as well. So what does this mean... ??
My guess.. art prices continue to go up. The sound of Doe-Rae-Mee $$$$ from Wall Street will continue to rain down upon NYC Real Estate, Weekend Beach Communities, plus the absolutely "necessary to impress" luxury bling-bling items like Cartier, Botox, Gucci, Big Buxom Blond Second Wives, Fancy cars, AND Expensive Art. So you can expect to see all these well greased
masters of the universe executives rushing out to spend their newly found earned riches.
So, look out Chelsea Gallerinas here they come!! It's probably also not a bad idea for Museum, Foundation, and worthy Charity Fund raising type people to get a move on it. Start asking for that extra donation, pledge drive, renovation grant, or acquisition fund, so strike while the coffers are full! And Boy are they going to be full!!