Would you buy a bond from an art critic?
Dan Rees, Artex Painting, 2011.
Estimate £10,000 – 15,000
Sold For £40,000
The Contemporary Art day sale at Phillips has just finished a few minutes ago, and the market’s traders are already at work on the secondary market, offering to collectors, or to other traders, the few names we already know: Ostrowski, Murillo, Smith, Falls, and some others soon expected to pop up on auction. That is a good thing, we are always happy when paper is turned into an artwork. Nevertheless, we would like to point out again that art is different from finance as, for example, finance is different from real estate.
Therefore, as it would be a mistake confusing a bond with a flat, so it would also be a mistake to use mathematical models or others presumed scientific parameters, to decide who is to buy and who to sell. The art system has its own way to produce, organize, and read information. It is always boring, and probably even damaging, to end up talking about art only in terms of economics, as any good art dealer would certainly tell you.
November 25, 2020
