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Christies Has First $1Bn Week

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Christie’s Has Art World’s First $1 Billion Week
A purchase price of $5.8 million with fees for Joan Mitchell’s 1969-70 Abstract Expressionist painting “Afternoon” pushed the total art sales by Christie’s this week past $1 billion.

It's clear QE has certainly worked for a tiny section of soceity they are rolling in it whilst the rest of us clearly aren't working hard enough.

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AUCTION-articleLarge.jpg

Jean-Michel Basquiat’s enamel spray, acrylic and oil stick on canvas called “The Field Next to the Other Road,” for $37.1 million.

:blink:

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:blink:

O FFS that's just utter 5h1te. It's like a 5 year old has drawn it. I've still got some pictures from when I was a kid, in fact I had one exhibited in the local gallery it must be worth a fortune.

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It's that scarcity = profit thing again.

If I drew a picture of something, I would be the only possessor in the world. The 200p piece of art. I just need to convince others it's worth loads.

People who make things have pricing power. Those who are "retailers" (like the service economy) who buy stuff from China and flip for a margin, are in a race to the bottom, because there is always someone bigger and badder who could do it better. Apart from fake 200p art, I have great pricing power.

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....selling some stuff on Ebay, and looked at other listings and the people who do it professionally.


I think you can learn about how markets work after looking at Ebay.


For example, let's say I have this rare object that is no longer produced, and likely never to be re-produced. Now if I want to get shot of it, I'd put it on auction for 7 days for 99p start. If it is a hot item, I might put it on for 3 days. A more illiquid item, possibly for 10 days.


If it is a very illiquid item, I might put it on for 30 days, with a "Buy it now", with the option to re-list for another 30 days for free afterwards. This option is key, because this is how all the very rare expensive items list.


Let's say I have a lock of hair from Elvis - it will take time to shift it, as not everyone is looking for a lock of Elvis's hair. How much is it worth? Maybe I could put it on the website for $10,000, Buy it Now. I might be the only one with that listing, in the whole world - this puts me in a very powerful monopolistic position, because I can name my price.


Now if there are no takers, then I have a problem after two months. During that time, I may visit Elvis collector forums to "market" that listing, and to drum up interest.


If I had two locks of hair, and I knew I couldn't shift them, I would only put one listing up, to test the market. I can see how many people visited the listing, and how many have added it to their watch list.


Another strategy, is to put one lock up, and then after a while, put the second up at $20,000, double the price - this would make the first listing seem cheap, and any "watchers" would feel more encouraged to buy. If I sold the first lock, $10,000 is now the market price I have set as a transaction as taken place. Maybe a few years ago, someone else sold the same item for $20 - but now I have raised the prices for the entire market for Elvis Locks.


If I had one lock, and I was not in a hurry to sell, I could take it off the market, and re-list at a higher price (something that is going on in the London property market). This would make watchers get up and buy as the market, that I fully control, is running away from them. This won't work all the time as higher prices will bring on more supply - another person might have a box of 50 locks of hair stored somewhere deep in the loft! They as a unsophisticated seller, could flood the market and the price will crash.

Edited by 200p

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So where are we on this road map?

I don't think we've covered Art bubbles - here's an interesting chart I quickly found (up to date as of 2011):

220.jpg

http://www.arthistorynews.com/articles/220_China_and_art__the_next_bubble

Sotherby's is BID on the NYSE; here's an update chart (as of today's close) overlaid. I think if we break out, to new highs, then the art sector is off to the races. It's just the beginning.

Image1.png

BID live chart http://bigcharts.marketwatch.com/kaavio.Webhost/charts/big.chart?nosettings=1&symb=bid&uf=0&type=2&size=2&sid=4527&style=320&freq=2&entitlementtoken=0c33378313484ba9b46b8e24ded87dd6&time=20&rand=550451763&compidx=aaaaa%3a0&ma=1&maval=30&lf=2&lf2=1&lf3=0&height=444&width=579&mocktick=1

Edited by 200p

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They're not even trying to disguise the piss-takery! :lol:

Makes the London property market look completely sane.

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Tony Hancock had it all summed up.

He might even have inspired “The Field Next to the Other Road,” posted above.

Edited by billybong

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Art is an enormous sham bubble, these people aren't artists they are usually rich kids too thick to get a proper job. Its all about cult of personality there is no art in it.

Art is such an important part of the human race, every single thing that is man made starts as a drawing from the car you drive to a spacecraft to a pair of socks were all designed at the start as a drawing and as picasso says "everything starts with drawing"

. Art should be a hugely important part of us as a species it was one of the first things that showed we have intelligence that we were more than apes and yet like everything the banks seized it and raped it for profit creating mega bubble upon mega bubble. did you know there is evidence that 30000 years ago artists worked full time and others would collect food and hunt so they could do this?

Art is very representative of everything wrong with our society. It is something we humans do, it s our beautiful inspiration and yet every day it gets butt******ed by the giant squid.

It is the emperors new clothes for billionaires.

Like buying a house you would have to be smoking crack to think buying art is a good idea at the moment.

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You can't eat it, and it produces no yield. (Buy gold :ph34r: )

Well, at least it doesn't deprive someone a roof over their heads. I'd say go invest in art if you are rich - it doesn't hurt anyone. I wonder if we will get a painting that breaches the $1bn mark.

Most Expensive Painting

picasso_painting.jpg

Item: Pablo Picasso's Nude, Green Leaves and Bust
Winning Bid: $106.5 million
Sold: 2010

http://content.time.com/time/specials/packages/article/0,28804,1917097_1917096_1917100,00.html

---

Mackay went on to say that there was one very rare *Insert investment* that was traded for not money, but for four fat oxen, eight fat swine, twelve fat sheep, two hogsheads of wine, four turns of beer, one thousand pounds of cheese, two tons of butter, a bed, a silver cup, a set of fine clothes, two lasts of wheat, and four lasts of rhye. This was all valued at around 1500-2000 guilders. In another instance, he stated a *insert investment* was traded for 12 acres of farm land.

http://www.todayifoundout.com/index.php/2012/12/when-certain-tulips-cost-more-than-a-house/

Edited by 200p

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Normal folk do consume huge amounts of "art" everyday it doesn't have to have the elitist ******** around it to artificially prop up values.

art bubble will pop but its so irrelevant now nobody will notice. It is complete nonsense.

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I reckon everyone should go to the car boot and look for an old painting or drawing, the older the better, and the bigger the better - pay no more than £5.


Then stick it in auction/ebay for £5000. List it as "vintage" or "rare art". A few of those sold and there's your house deposit.


I collect old calculators, (pay no more than £1) one day when I am old and retired, I'll take them to the Masonic hall and set up a stall on market/fair day and sell them for millions, whilst I grumble about how the young have it easy! Some people already do that - militaria, stamps, dinky toys, coins etc.

Edited by 200p

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Here is what you can do

do a series of paintings, it doesn't matter if your good or not in fact the worse the better, give each painting a stupidly pretentious self indulgent name like "dialectic of conscious reason"

limit your number of paintings, one a month tops.

Put all your efforts into building a cult of personality by doing outrageous things, just make it your full time job, throw poo at an MP whilst wearing a ball gown, crash tv shows dressed as a napoleon cat make totally outrageous statements like fat people should be shot. When you are interviewed be a total ****, self absorbed and rude. You get the idea.

eventually when you are "known" you can start selling art. sell those few shit paintings you done and buy your house outright. If you have no dignity, self respect or talent this is absolutely better than working 25 years in a job you hate to buy a house

You think I am making this up? bjorks bf/husband is an artist he covered himself in oil, put on a dress and stuck a dildo up his **** on video and that was called art

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You'd think so given the price of biotech stocks.

I fear you missed the subtlety to my post that raises it beyond the naivety of the 6th 3rd form debate team.

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They had some art bloke on BBC the other day saying the reason global criminals (he didn't call them that of course - called them Middle East royalty or something) like art is because you can roll it up in a hurry and flee the country with £100m in your luggage.

Bearer bonds, diamonds etc similar but high end art has a very high value to weight ratio.

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You can't eat it, and it produces no yield. (Buy gold :ph34r: )

Well, at least it doesn't deprive someone a roof over their heads. I'd say go invest in art if you are rich - it doesn't hurt anyone. I wonder if we will get a painting that breaches the $1bn mark.

Most Expensive Painting

picasso_painting.jpg

Item: Pablo Picasso's Nude, Green Leaves and Bust

Winning Bid: $106.5 million

Sold: 2010

http://content.time.com/time/specials/packages/article/0,28804,1917097_1917096_1917100,00.html

---

Mackay went on to say that there was one very rare *Insert investment* that was traded for not money, but for four fat oxen, eight fat swine, twelve fat sheep, two hogsheads of wine, four turns of beer, one thousand pounds of cheese, two tons of butter, a bed, a silver cup, a set of fine clothes, two lasts of wheat, and four lasts of rhye. This was all valued at around 1500-2000 guilders. In another instance, he stated a *insert investment* was traded for 12 acres of farm land.

http://www.todayifoundout.com/index.php/2012/12/when-certain-tulips-cost-more-than-a-house/

I would say the $1bn painting already exists. The Mona Lisa, for example. Can you imagine how much that would fetch? Probably far in excess of $1bn. No matter what the bid reached, somebody would always stump up more, just to be able to have it. It is literally priceless.

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I would say the $1bn painting already exists. The Mona Lisa, for example. Can you imagine how much that would fetch? Probably far in excess of $1bn. No matter what the bid reached, somebody would always stump up more, just to be able to have it. It is literally priceless.

For everything else, there's Mastercard.

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