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Author Topic: Price of contemporary art skyrockets.  (Read 2312 times)
solid12345
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September 28, 2014, 11:27:04 PM
 #21

Before I got into crypto one of my hobbies was buying and selling antique photos, if you want to talk about something that is booming and holds their value, old civil war/old west daguerrotypes & ambrotypes are where it's at and they are becoming harder and harder to find for an affordable price.

Also I've noticed antique Chinese photos and porcelain attracting buyers too, think new wealth buying their heritage back from the west.
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September 28, 2014, 11:40:00 PM
 #22

The Commission investigation into the scam began in January 2000 when Christie's first approached the US Department of Justice and the Brussels authorities offering evidence of the cartel.

So the authorities allowed this scam to cointinue for over 14 years?  Huh

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September 29, 2014, 05:01:40 PM
 #23

I have graduated arts school. I have never understood why people would park their money into art (being it contemporary or classical). Why would someone put money in art as investment?

I cannot see why a Rembrant is more valuable than a good copy or how can you measure the price of a painting. For someone it might worth 10,000 for someone it wouldn't worth 100.

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October 01, 2014, 04:05:08 AM
 #24

I have graduated arts school. I have never understood why people would park their money into art (being it contemporary or classical). Why would someone put money in art as investment?

I cannot see why a Rembrant is more valuable than a good copy or how can you measure the price of a painting. For someone it might worth 10,000 for someone it wouldn't worth 100.
It is very difficult to measure what a specific piece of art is worth. In reality it is only worth what someone is willing to pay for it (and the market is very illiquid).

I believe the primary reason the people buy art is to be able to look at it and have it on display. Being able to look at a specific piece of art made by a famous artist is what gives art it's value. If people were to have additional excess money to spend on art then the overall price of art will increase.
RonPaulBTC
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October 01, 2014, 12:02:02 PM
 #25

I have graduated arts school. I have never understood why people would park their money into art (being it contemporary or classical). Why would someone put money in art as investment?

I cannot see why a Rembrant is more valuable than a good copy or how can you measure the price of a painting. For someone it might worth 10,000 for someone it wouldn't worth 100.

It's the same as anything else. Value is an human concept, if a lot of humans are willing to pay 10K for a painting, then it has that value. It's all about cache of the artist and whatnot. Why is Justin Bieber a multimillon making machine? because of his cache and big demand for him.
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October 01, 2014, 02:38:57 PM
 #26

I have graduated arts school. I have never understood why people would park their money into art (being it contemporary or classical). Why would someone put money in art as investment?

I cannot see why a Rembrant is more valuable than a good copy or how can you measure the price of a painting. For someone it might worth 10,000 for someone it wouldn't worth 100.

It's the same as anything else. Value is an human concept, if a lot of humans are willing to pay 10K for a painting, then it has that value. It's all about cache of the artist and whatnot. Why is Justin Bieber a multimillon making machine? because of his cache and big demand for him.

The art scene is populated with lots of individuals that (ab)use possession of art as means to impress others and to portray themselves as intellectuals. So conversing about art is a great way to distinguish oneself from the "primitive masses" that don't have the capital and knowlegde to take part in this exquisite hobby. The vast majority of contemporary artwork does neither exhibit special technical nor creative ability. There are a few exceptions though.

So an investment in contemporary art is extremely speculative, because you bet on trends among the wealthy.

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October 01, 2014, 05:33:31 PM
 #27

http://news.yahoo.com/record-breaking-contemporary-art-103321463.html

The proper way to read pieces like this is to understand that the price of art is difficult for governments to manipulate unlike gold, fiat, or even crypto to some extent.  The rich are parking their money in art not as an investment but just as a place to hold value.  When the price of art is rising, understand that the art isn't necessarily getting more valuable but its price in fiat is changing as a hidden sign of inflation.

Do you think the art market isn't or can't be manipulated? It makes much more sense to manipulate something that has a purely subjective value, like collectibles, art, antiques, etc., than something that produces an objective income, like the stock market.

Take a look at the following documentary if you are interested (that's just the first part, I can't find a complete video in English):

https://www.youtube.com/watch?v=Km5KS7U9aOc


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October 04, 2014, 09:11:59 AM
 #28

http://news.yahoo.com/record-breaking-contemporary-art-103321463.html

The proper way to read pieces like this is to understand that the price of art is difficult for governments to manipulate unlike gold, fiat, or even crypto to some extent.  The rich are parking their money in art not as an investment but just as a place to hold value.  When the price of art is rising, understand that the art isn't necessarily getting more valuable but its price in fiat is changing as a hidden sign of inflation.

Do you think the art market isn't or can't be manipulated? It makes much more sense to manipulate something that has a purely subjective value, like collectibles, art, antiques, etc., than something that produces an objective income, like the stock market.

Take a look at the following documentary if you are interested (that's just the first part, I can't find a complete video in English):

https://www.youtube.com/watch?v=Km5KS7U9aOc

There is some non-speculative value in art as people like to buy art to be able to look at it and for it's prestige and to impress people that visit their home.

I do agree that the prices of art can easily be manipulated as it is generally very illiquid and does not trade very often and is very hard to accurately price 

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October 04, 2014, 01:52:18 PM
 #29

lars Ulrich, drummer from Metallica, bought some Pollock paintings in 90s one for 5 millions dollars, He sold them in 2003 one for 10 millions dollars. Grin

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icemarcus
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October 04, 2014, 05:59:46 PM
 #30

Interesting... Will it go lower?
http://techcrunch.com/2014/10/04/the-bitcoin-selloff-continues/?ncid=rss&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+Techcrunch+%28TechCrunch%29&utm_content=FaceBook
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