Art Basel.. Going Strong in the Face of a huge sell off in Stocks Worldwide!!
Well.. Today starts Art Basel.. the streets of Chelsea must be empty, cause it's the worlds largest art
sale fair. Everybody who's anybody in the art world is there.. Hence why losers pikers like me are still in the office working this week!
So, Here's an early glowing report from Linda Sandler and Katya Kazakina of Bloomberg News. Basel Art Fair May Sell More Than $300 Million!! Bloomberg ArtBasel06_Story.txt
Some of the quotes from this report are
insane great :
- "People aren't even waiting to get to the fair before they buy!",
- "Barbara Gladstone just sold four of five pieces in 30 minutes",
- "Everything if flying off the shelf.."
- "A lot of art is overpriced and it's inspiring speculators to want to own art"
- "Demand had quadrupled contemporary prices sine 1995"
Well, Not to be a Debbie Downer.... But, it's amazing to see this contemporary art buying euphoria, given what's just occurred in the world wide stock markets.
Below are two charts. They both start in Jan 2004, one of the US S&P 500 stock market index, and the second chart is of the Euro S&P 50 stock market (both shown in US Dollar terms). Now, most certainly, I'm NOT in the camp of "The Art Market is going to crash and burn soon," But seeing a few TRILLION DOLLARS get wiped out in stocks the last 2 months, can't be a good thing for contemporary art prices... but who knows...
It's not like they keep making more contemporary art, right ? Yikes!