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Shutting up shop

Susan Moore

Wednesday, 22nd October 2008

Susan Moore offers advice for collectors

One day, perhaps sooner rather than later, it may be possible to draw a telling analogy between the practices of the world financial markets which propelled the global economy to the brink of recession and those which prompted the phenomenal rise of the international contemporary art market. After all, so many of the players are one and the same. Of course, the contemporary art market has not crashed — its next real test comes with November’s multimillion dollar sales in New York — but only fools’ gold would bet on anything other than what might euphemistically be termed an adjustment.

In these more thoughtful times it seems likely that collectors might begin to ask themselves why art came to be produced in such large quantities in recent years, and why prices for these works suddenly and consistently came to outstrip those of the greatest old and modern masters. It is not inconceivable that anyone with any money left might begin to seek more value in the works of art that they buy — intellectual value, that is — and even, dare I say, beauty and a quality of facture. For that reason it is hard to imagine the pendulum of taste not swinging back sufficiently to allow even the most fashion-conscious to consider the art — and the decorative arts — of the past.

As it is, a surprising number of the most successful of all contemporary artists and dealers have long collected old art, and rising prices have encouraged numerous contemporary art collectors to look backwards too. Even that market darling of American Pop, Jeff Koons, recently spent a record £3.2 million on securing a 15th-century limewood St Catherine by the greatest of all German medieval sculptors, Tilman Riemenschneider.

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prinkipo71

October 25th, 2008 1:09am

rather than lament the demise of dealers I would be inclined to celebrate a dawning golden age for collectors (those who have some cash stashed away) in search of bargains. Christie's in New York earlier this month was carnage - for the sellers. I picked up a Picasso lithograph, some 13th century Khmer statuary and a Sienese altarpiece for 30%- 50% below the low estimates. Pile in.