You can burn a whole career on a failed sale
Amy Cappellazzo, International Co-Head of Post-War and Contemporary Art, Christie's, New York
Page [1] [2] [3]
On whether the market is manipulated by someone with inventory or a vested interest
I have a few stocks that I follow very closely, personally. I'm positive there are people with much more information than I have, so how do I manage to be successful in what I do in the stock market, despite the fact that I'm not getting the best inside information? I pose that same question in other markets that are supposedly regulated and transparent. Some markets, such as art, are thinly traded; a fabulous object in the many millions of dollars may never find twenty bidders. In the end, like a stock, you have to believe in the inherent quality of something. We sold the Jackson Pollock from the Museum of Modern Art for a stunning price - $ 11 million and change. That was a fabulously strong price. There were actually a number of bidders for a while, but in the end, it was essentially two people, and that's what one can expect. It's usually down to two, even at a lower price point, but certainly, the higher you get, the thinner it gets.
Collectors who do "well" at auction
They are the ones who are focused and disciplined; the ones who are really searching for quality; the ones who can see and feel and smell an artist's importance before the rest of the world does. Someone with a good eye; somebody who is very impulsive and will bid to the end - that's the kind of person who is successful. They buy a lot because they don't always buy with value in mind, but they're certainly good buyers.
On the value of a life-sized taxidermy horse hanging from the ceiling [Maurizio Cattelan's The Ballad of Trotsky (1996)] It is a very difficult piece. That happened to be an outstanding price ($ 2 million) and an excellent example of the artist's work. But the thing to consider also is that it's a two-bidder situation, there were really two people fighting for it [reportedly Dakis Joannou and Bernard Arnault]. And that's what auction is all about. It's getting those people in the ring to fight, to spar with one another and really see who the winner is. [...] There are always advantages and disadvantages to auctions. There is a risk that one takes when they put something up at auction - you hope that it was estimated properly, you hope that the specialist you were working with gave you the right information about the market, and that you were consulted in advance and lowered the reserve, if needed. There are a lot of factors involved, but offering something privately can be just as risky.
Page [1] [2] [3]
Page [1] [2] [3]
On whether the market is manipulated by someone with inventory or a vested interest
I have a few stocks that I follow very closely, personally. I'm positive there are people with much more information than I have, so how do I manage to be successful in what I do in the stock market, despite the fact that I'm not getting the best inside information? I pose that same question in other markets that are supposedly regulated and transparent. Some markets, such as art, are thinly traded; a fabulous object in the many millions of dollars may never find twenty bidders. In the end, like a stock, you have to believe in the inherent quality of something. We sold the Jackson Pollock from the Museum of Modern Art for a stunning price - $ 11 million and change. That was a fabulously strong price. There were actually a number of bidders for a while, but in the end, it was essentially two people, and that's what one can expect. It's usually down to two, even at a lower price point, but certainly, the higher you get, the thinner it gets.
Collectors who do "well" at auction
They are the ones who are focused and disciplined; the ones who are really searching for quality; the ones who can see and feel and smell an artist's importance before the rest of the world does. Someone with a good eye; somebody who is very impulsive and will bid to the end - that's the kind of person who is successful. They buy a lot because they don't always buy with value in mind, but they're certainly good buyers.
On the value of a life-sized taxidermy horse hanging from the ceiling [Maurizio Cattelan's The Ballad of Trotsky (1996)] It is a very difficult piece. That happened to be an outstanding price ($ 2 million) and an excellent example of the artist's work. But the thing to consider also is that it's a two-bidder situation, there were really two people fighting for it [reportedly Dakis Joannou and Bernard Arnault]. And that's what auction is all about. It's getting those people in the ring to fight, to spar with one another and really see who the winner is. [...] There are always advantages and disadvantages to auctions. There is a risk that one takes when they put something up at auction - you hope that it was estimated properly, you hope that the specialist you were working with gave you the right information about the market, and that you were consulted in advance and lowered the reserve, if needed. There are a lot of factors involved, but offering something privately can be just as risky.
Page [1] [2] [3]
Collecting Contemporary
Flexicover, 16.8 x 22.6 cm (6.6 x 8.9 in.), 300 pages
$ 34.99
$ 34.99
Words from the wise: insiders' tips on how to navigate the art market like a pro
Chris Ofili, The Adoration of Captain Shit and the Legend of the Black Stars, 1998, mixed media on canvas, 244 x 183 x 13 cm (96 1⁄8 x 72 x 5 1⁄8 in.). Courtesy of Afroco, The Dakis Joannou Collection, Athens, and Victoria Miro Gallery
Ron Mueck, Mask II, 2001, mixed media, 77.15 x 118.11 x 85.09 cm (30 3⁄8 x 46 1⁄2 x 33 1⁄2 in.). Art Supporting Foundation/SFMOMA. Image courtesy of James Cohan Gallery, New York