Clare McAndrew and a hugely certified crew of members clarify the main tricky monetary issues dealing with artwork traders. Key issues include:
- Appraisal and valuation
- paintings as personal loan collateral
- Securitization and taxation
- making an investment in artwork funds
- The black-market paintings exchange
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Additional info for Fine Art and High Finance: Expert Advice on the Economics of Ownership
Because of the scarcity of high-quality works in circulation in the art market, increased supply can have a strong, positive effect on prices, unlike in other asset markets where excess supply drives prices downward. Because the total quantity of art supply is essentially ﬁxed in the short run for nearly all artists (and also in the long run for deceased artists), no matter what price someone may be willing to pay for more art, extra supply cannot be created simply to meet demand. 10 It is because of these lim its on supply that prices for art can shoot up to seemingly extraordinary levels when works appear on the market, with collectors trying to seize the often rare opportunity to own a particular unique asset.
For a full discussion of the impact of these new economies on the global art market, see Clare McAndrew, Globalisation and the Art Market: Emerging Economies and the Art Trade in 2008 (Helvoirt: TEFAF, 2009). 7. An interesting example given in McAndrew (2008) shows that in 2006 91 percent of the total global art auction turnover are in the price bracket below $25,000, and within those sales just over 76 percent are below $6,000. See Clare McAndrew, The International Art Market: A Survey of Europe in a Global Context (Helvoirt: TEFAF, 2008).
Much of the expansion in the global art market was driven by strong prices for ﬁne art at auction, but certain sectors led the market in price increases. As a Art Appraisals, Prices, and Valuations 33 result of its unprecedented growth rates and the number of new global investors who were attracted to it, the Contemporary sector received much attention. 1 After 2006, the Contemporary market continued to advance, and by 2007, it had become the largest department in the major salesrooms of Sotheby’s and Christie’s.
Fine Art and High Finance: Expert Advice on the Economics of Ownership