With the run up to TEFAF New York and the May sales at Sotheby's and Christie's, Bloomberg has this interesting article on the effects of the stock market on the art market.
Not only does this article highlight the 1973 biennial's influence on the art market, especially via Robert and Edith Scull's consignment to Sotheby's Parke-Burnet that year, but it also highlights the tenuous nature of an artist's future in the market beyond their lifetime, especially without galleries to keep their market going.
Da Vinci Salvator Mundi Sells at Christie's Contemporary Art Sale for $450.3 million to an As Yet Unnamed Bidder in Feat of Name Value and Strategic Marketing
The New York Times reported on the sale with a clip of the final bid
The Paris Photo Salon is in full swing. This article highlights the precarious market for art photography.
Artsy editorial explains another potential change in the Federal tax code that would affect art collectors and the art market
More art market participants than ever before now use a special tax strategy that enables them to defer paying capital gains taxes on the sale of art, making it an ever-more-important factor fueling art market turnover, especially for very expensive works of art. I call it the art market’s “rocket fuel.”
Unfortunately for art buyers, this tax strategy recently attracted the attention of the U.S. House of Representatives, which in early November proposed its elimination in the Tax Cuts and Jobs Act. But observers have predicted the demise of this special tax preference for art for the past 20 years, only to see it remain steadfastly in the tax code. What follows is an explanation of how the tax strategy works, and who is eligible to use it, followed by a discussion of what its repeal could mean for the art market.
Click the link below to read the full article.
Artists and art dealers are finding ways to use more social media platforms to sell art as highlighted in this Forbes article
Like the markets for antique furniture, 19th century and Old Master paintings, the market for antique frames has seen an overall decline since 2008. Artsy provides an interesting look. https://www.artsy.net/article/artsy-editorial-history-frames-market
Wife and Husband Artist Duo - Anni and Josef Albers - Three New Exhibitions and their Foundation at Work
Read this in-depth article that reveals the fascinating details - How do you make an artist into a key figure of art history?
Appraisal Qualification Board (AQB) Announces New Criteria Requirements for Qualified Appraisers - effective January 1, 2018
Also click the tab "Who is a Qualified Appraiser?" to find out more.