When my editor at Conde Nast Portfolio.com asked me to examine how the global credit crisis was putting a squeeze on art financing, I chose to explore just how the credit crunch was hurting the very niche the art market once counted on: budding contemporary art collectors.
Left, a Mark Rothko work that recently fetched $3,386,500 at auction.
Filed under Art & Collecting
The contemporary art market has been rising steadily for more than a decade. But the prices of the artworks aren’t the only things soaring. The costs of creating many of the sprawling, edgy pieces increasingly coveted by today’s collectors are also skyrocketing, according to veteran gallery owners and art dealers, who say that ballooning production costs are squeezing their profits. Conde Nast Portfolio.com.
Left, Damian Hirst’s $100 million diamond-encrusted skull.
Filed under Art & Collecting
The market for 20th-century furniture has long been booming, with the well-crafted, highly polished pieces created in the postwar period routinely commanding huge sums at auction and in international furniture galleries. But in this piece for The Financial Tines I explore how the boom has spawned another expensive niche: original children’s furniture designed by modernist masters from Arne Jacobsen to Harry Bertoia.
Left, kids chairs designed by Arne Jacobsen.
Filed under Art & Collecting
Troy McMullen | Journalist 