Art goes back to basics
“The world today doesn’t make sense. So why should I paint pictures that do?” – Pablo Picasso
The world last year made even less sense than usual as some parts of the art market collapsed in value and others held steady.
Experts believe certain themes will steer art buyers to safety and (maybe) restore faith in 2009.
Charles Dupplin, chairman of art and the private client division at insurer Hiscox, is bullish on the Old Masters, which include 18th century artists such as Rubens, Raphael and Da Vinci. “The Old Master market looks like it will be resilient. The supply/demand equation is good and there are institutional buyers too,” he says.
An Old Masters sale at Christie’s on December 2 sold four fifths of 44 lots, raising £14.7m, and Sotheby’s had a good result with its Old Masters sale the next day, which raised £13.3m from three fifths of lots Dupplin predicts in art with practical intrinsic value, such as antique furniture.
He says: “This area has been out of fashion for so long that it has enjoyed none of the boom times. An antique chest of drawers can cost the same at Christie’s as a new one at Harrods.”
UK auction house Bonhams smashed records when it sold a 19th century French cabinet for over £2m in December.
Deutsche Bank, which has an art collection to rival some of the top galleries and is a perennial sponsor of the Frieze Art Fair, thinks next year could mark a turning point for emerging market art and artists.
Deutsche’s Alistair Hicks, says: “The art world is at a crossroads. Exciting new artists are emerging across the world, and for the first time, they have the opportunity to find support across the world, rather than just through the traditional art market centres.”
This story first appeared in the January 2009 edition of Wealth Bulletin, which is distributed with the Wall Street Journal Europe and Financial News.
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