Fortune Magazine Writes About Investing in Art Photography
To further the concept of Art Photography as
a speculative an Investment vehicle.. This week Fortune Magazine's Stephen Milioti writes a feature story about gambling Investing in Art Photography. Investors Zoom in on Photography in www.Fortune.com
My favorite line from the story :
Had you decided to sell that 1979 (Helmut Newton) photograph at Christie's for $38,400 (as its owner did last month), you would have enjoyed better price appreciation than a comparable investment in an S&P 500 index fund, General Electric stock, or ten-year Treasury bonds. And Newton isn't the only photographer whose prices are on the rise.
FYI... In the print edition.. they further illustrate contemporary photography's
over valuation strong returns by showing this Candida Hofer image, as a prime example of how ridiculously fast the "value" of a modern photo can appreciate. Yikes! (Photo of Lowell Petti in front of Wolfgang Tillmans Lot at Phillips Photo Auction)
Another great quote..But this one should be filed under the category of "What in gods name is Josh smoking !!"
I think photography is still hugely undervalued in the scheme of art. It is greatly undervalued in terms of comparison to sculpture and painting," says Joshua Holdeman, international director of photographs at auction house Christie's. "You can buy one of the icons of art history in the photography genre for the same price as a third-rate Renoir sketch."