Tough sledding in the auction world

Comments

• roadrunner Posts: 28,313 ✭✭✭✭✭

  May 11, 2016 7:51AM

  There's definitely a correlation as coins are also part of the larger collectibles market. There are some cracks in the precious metals and commodities since a big run from Dec/January. It could now be showing up in art. Though I would correlate the art market more to the stock market and inflationary expectations.
  
  
  
  Either way it's not a good sign for rare coins if top end art is lacking buyers all of a sudden. The collectibles/PMs/coin markets often peak in April/May (1980, 1990, 2004, 2006, 2011). And we've had a nice bounce from March 2009 through summer 2015. Worth watching further. Thought 7 and 8 figure art is not in the same league as 6 and 7 figure rare coins. A 66% sell through rate in this big art auction sounds like March-May 2009 in coins. While big dollar art is just coming off a great 6 year run, the majority of the market (like most coins) has never recovered from the 2009-2011 crunch).

  Barbarous Relic No More, LSCC -GoldSeek--shadow stats--SafeHaven--321gold

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• epcjimi1 Posts: 3,489 ✭✭✭

  May 11, 2016 7:53AM

  link
  
  
  Gee, what a surprise.

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• clarkbar04 Posts: 4,979 ✭✭✭✭✭

  May 11, 2016 8:11AM

  Things down here at the bottom are still just fine.

  MS66 taste on an MS63 budget.

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• gypsylea Posts: 193 ✭✭

  May 11, 2016 10:47AM

  roadrunner, it is definitely not a good sign for the coin market if, as some seem to think, the collapse of the high end of the market for such things as impressionist paintings is due to the end of the credit cycle. I don't think it is widely understood how important credit is in the auction part of the coin market-- cash advances to consignors and terms to successful bidders.

  Collector since adolescent days in the early 1960's. Mostly inactive now, but I enjoy coin periodicals and books and coin shows as health permits.

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• Lakesammman Posts: 17,460 ✭✭✭✭✭

  May 11, 2016 11:13AM

  I work closely with a local art dealer who has been bemoaning the lack of good material coming to auction for several years.
  
  
  
  Great art is closely held and museums are constantly taking pieces out of the market leaving "dreck" to circulate.
  
  
  
  Auctions can give the impression of a crashing market while good pieces continue to bring strong dollar, often privately.
  
  
  
  I would read that article with a grain of salt.....

  "My friends who see my collection sometimes ask what something costs. I tell them and they are in awe at my stupidity." (Baccaruda, 12/03).I find it hard to believe that he (Trump) rushed to some hotel to meet girls of loose morals, although ours are undoubtedly the best in the world. (Putin 1/17) Gone but not forgotten. IGWT, Speedy, Bear, BigE, HokieFore, John Burns, Russ, TahoeDale, Dahlonega, Astrorat, Stewart Blay, Oldhoopster, Broadstruck, Ricko, Big Moose, Cardinal.

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• yosclimber Posts: 5,050 ✭✭✭✭✭

  May 11, 2016 12:03PM

  Agreed.
  The article uses a very crude comparison:
  an auction's total gross sales with another auction a year previous.
  The quality of the pieces being offered could be much lower!
  In particular the two Christie's auctions:
  - $78.1 m (this past Sunday)
  - $658.5 m (one year prior).
  But the 2015 auction had:
  "... works by ... Mark Rothko, Andy Warhol, Lucian Freud, Cy Twombly, ..." etc.

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