Credit Suisse Charity Art Auction – artmarketblog.com

Credit Suisse Charity Art Auction – artmarketblog.com

WE THE PEOPLE (EXPERIENCE LIFE), 2007 Inkjet ultrachrome archival print 111.8 x 127 cm

WE THE PEOPLE (EXPERIENCE LIFE), 2007 Inkjet ultrachrome archival print 111.8 x 127 cm by Ester Partegas

Credit Suisse in conjunction with Phillips De Pury are holding a charity auction to benefit Room to Read who raise funds educate children in the developing world who otherwise wouldn’t have access to education. The works available for auction have been touring as an exhibition where people have had the opportunity to put in silent bids. Bids can also be made in person by paddle during the auction, in writing prior to the sale, by telephone and over the internet through Art & Entrepreneurship’s online bidding facility. The final auction takes place in London with auctioneer Simon de Pury on November 24, 2008. The auction’s revenue will be split between the artists and Room to Read, a charity which partners with local communities throughout the developing world to build schools, establish libaries and computer labs, publish local language children’s books and fund long-term scholarships for underprivileged young girls. The silent bids will be recognized at this auction. 50 percent of the proceeds will go to the artists; the other half to “Room to Read”

For further details go to the auction website here:
https://artandentrepreneurship.credit-suisse.com/index.php

Works by the following artists are included in the auction:
* Allora & Calzadilla
* André Pretorius
* Anonymous
* Cao Fei
* David Benjamin Sherry
* Gonzalez & Russom
* Heman Chong
* Latifa Echakhch
* Mai-Thu Perret
* Mamiko Otsubo
* Matthew Smith
* Michael Bauer
* Nicola Gobbetto
* Pavel Pepperstein
* Plamen Dejanoff
* Thukral & Tagra
* Tzu Nyen Ho

All the works on offer can be viewed, and online bids submitted for the works here:
https://artandentrepreneurship.credit-suisse.com/page/auction/auction.php?artist=120

Form for telephone and absentee bids can be found here:
https://artandentrepreneurship.credit-suisse.com/page/guideToBidding/Bid_Formular.pdf

**Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of http://www.artmarketblog.com, writes the art column for the magazine Antiques and Collectibles for Pleasure and Profit and contributes to many other publications.

Art Sydney 08 Art Fair Report – artmarketblog.com

Art Sydney 08 Art Fair Report – artmarketblog.com

img_00022A few weeks ago I attended the Art Sydney 08 Art Fair (http://www.artsydney08.com.au) which is Sydney’s largest annual art fair and is produced by Single Market Events who produced the event in association with International Concert Attractions (ICA) and the Affordable Art Fairs which take place annually in London and New York. Previous Art Sydney fairs have been rather impressive with plenty of quality work on show however this year Art Sydney 08 had to compete with the biennial Melbourne Art Fair (http://www.artfair.com.au) which is the leading art fair and public exposition in the Asia Pacific region and one of Australia’s most significant exhibitions of contemporary visual art. The art market in Australia is quite small which means that most galleries could not justify attending both fairs so with the Melbourne Art Fair being a far more prestigious event most of the major galleries chose to give Art Sydney 08 a miss. Unfortunately this left Art Sydney 08 with plenty of available exhibition spaces which were filled with tacky galleries showing works of decorative art that resembled the mass produced objects available from stores such as Target and Ikea. Luckily a few trendy galleries showing emerging contemporary artists such as Chalk Horse Gallery (http://www.chalkhorse.com.au/) and Horus and Deloris Contemporary Art Space (http://www.horusanddeloris.com.au/) were in attendance which gave some credibility to the fair.

With the Melbourne Art Fair about to become annual Art Sydney 08 will have to up the ante significantly if they are going to be able to compete which I hope they will because the fair has the potential to be a really significant event.

**Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of http://www.artmarketblog.com, writes the art column for the magazine Antiques and Collectibles for Pleasure and Profit and contributes to many other publications.

Christie’s Post-War and Contemporary Art Auction – artmarketblog.com

Christie’s Post-War and Contemporary Art Auction – artmarketblog.com

Sale Information:
Sale 2048
post-war and contemporary art evening sale
12 November 2008
New York, Rockefeller Plaza

"Lake Resort Nurse" by Richard Prince

"Lake Resort Nurse" by Richard Prince

Lot Description:
Lot 10
Richard Prince (b. 1949)
Lake Resort Nurse
signed, titled and dated ‘Richard Prince 2003 LAKE RESORT NURSE’ (on the stretcher)
ink-jet print and acrylic on canvas
70 x 48 in. (177.8 x 121.9 cm.)
Painted in 2003.
Estimate: US$5,000,000 – $7,000,000

Although Prince’s “Nurse” series of paintings are the most iconic works by the artist they are not usually regarded as his most important work. The price of Prince’s “Nurse” works has sky rocketed over the past couple of years culminating in the sale of “Overseas Nurse” at Sotheby’s in July of this year for 4.2 million pounds (US$8.4 million) including buyers premium, a record for the artist. Works from the “Nurse” series began appearing at auction in 2005 with “Bachelor Nurse” which sold for US$484,000 including buyers premium. I fear that the extreme and rapid price increase of Prince’s work, especially his “Nurse” series, may be the result of what I like to call the “trophy syndrome” where artist’s work takes on the characteristics of a designer brand and is purchased with the intention of showing how much money they have to spend on designer items where the value is more in the brand than the object it’s self. Funnily enough in 2007 Prince worked with the designer Marc Jacobs to make handbags for Louis Vuitton which were unveiled at a fashion show where the bags were paraded by models dressed in outfits inspired by the “Nurse” paintings.

With the likelihood of more “Nurse” paintings appearing at auction at a lower price point in the near future I think that buyers will struggle to justify purchasing this work at all let alone for US$5,000,000 – $7,000,000.

Lot details here:

http://www.christies.com/LotFinder/lot_details.aspx?from=searchresults&intObjectID=5147464&sid=452dad28-fe20-4180-9c4d-61afdc897bca

Lot Description:
Jean-Michel Basquiat (1960-1988)
Untitled (Boxer)
signed ‘Jean Michel Basquiat’ (on the reverse)
acrylic and oil paintstick on linen
76 x 94 in. (193 x 239 cm.)
Painted in 1982.

Having died in 1988 aged only 27, works by Jean-Michel Basquiat will always be scarce meaning the artist’s very best works such as the monumental “Untitled (Boxer)” will be even more highly coveted by investors and collectors. A highlight of Christie’s Post War and Contemporary Art auction taking place on the 12th and 13th of November, “Untitled (Boxer)” is one of the most important works by the artist ever to come to auction and was one of the featured works of the 2005 Basquiat retrospective which was organised by the Brooklyn Museum and toured around the USA. Basquiat is one of those tortured geniuses who have short but intense careers that result in a profound and intense body of work which, in the case of Basquiat, reflected the fast-paced, spontaneous, passionate yet self-destructive life that he led. Very much an art world hero, Basquiat is the sort of artist whose work appeals to a wide range of people for a variety of reasons which is evident in the the amount of attention that has been given to the sale of “Untitled (Boxer)”.

The desirability of “Untitled (Boxer)” is significantly increased by the following factors:

1. Artist died young leaving small body of work
2. Artist has a dramatic and controversial life story
3. Interesting provenance including ownership by a museum and a celebrity
4. One of the most important works of Basquiat’s oeuvre
5. Art historical significance

“Profit I” (1982), a work closely related to “Untitled (Boxer)”, was sold at Christie’s in 2002 for US$5 million (hammer price) which if multiplied by the average increase in price of Basquiat’s work according to artprice.com would come to almost US$25 million. “Profit I” is, however, a significantly larger work (220×400 cm compared to 193 x 239 cm) and is considered to be Basquiat’s greatest masterpiece. The current auction record for a Basquiat is $14.6 million for “Untitled,” which sold at Sotheby’s last year. Estimated to fetch between US$12million and $16million, “Untitled (Boxer)” undoubtedly has the potential to be a record-breaker with value still beyond the upper estimate. The provenance, significance of the work as a part of the artist’s oeuvre and the importance of this work in an art historical context is more than enough to justify the purchase of this work at the upper end of the estimate (US$16,000,000) even in the current economic climate.

Lot details here:

http://www.christies.com/LotFinder/lot_details.aspx?from=searchresults&pos=9&intObjectID=5147473&sid=452dad28-fe20-4180-9c4d-61afdc897bca

**Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of http://www.artmarketblog.com, writes the art column for the magazine Antiques and Collectibles for Pleasure and Profit and contributes to many other publications.

Winners of Abraaj Capital Art Prize Announced – artmarketblog.com

Winners of Abraaj Capital Art Prize Announced – artmarketblog.com

Dubai, London – The selection committee of the Abraaj Capital Art Prize today announced the three recipient curator/artist teams of its first competition: Cristiana Perrella & Kutluğ Ataman; Carol Solomon & Zoulikha Boubadellah; and Leyla Fakhr & Nazgol Ansarinia. Their projects, which are being created this very moment, will be unveiled during Art Dubai of March 2009. As Art Dubai is the Middle East’s largest modern and contemporary annual art fair, the unveiling during this event will offer the winning artists an unparalleled opportunity to widen their global reputation and network. The works will become part of the Abraaj Capital corporate collection.

The Abraaj Capital Art Prize, one of the most generous art prizes in the world, provides an exciting opportunity for creative collaboration between international curators and artists from the Middle East, North Africa and South Asia (MENASA) region. Almost 100 curator/artists applications were received, evaluated and discussed by the Abraaj Capital Art Prize selection committee. The committee looked for innovative ideas and use of medium; a reflection of regional and local cultural principles, experimental art production  techniques; and a balanced application which showed the curators’ strength and ability to push the artists’ boundaries. The prize was established in April of 2008 and is designed to create a viable platform for individual artists who are revered in their local communities but lack international critical and commercial exposure. ACAP provides them with the opportunity to hone their talents working alongside international curators and to reach a global audience through the display of their work at Art Dubai. The Abraaj Capital Art Prize is the world’s largest art competition endowment, worth a total of US$1 million.

Winners:

kutlug_cristianna05Cristiana Perrella (b. 1965, Rome) is curator of the Contemporary Arts Programme at the British School in Rome where she has developed a series of events focused on the dialogue between the British and Italian art scenes. She curated several one-man shows and published a number of monographs. She is working with Kutluğ Ataman (b. 1961, Istanbul), who studied at UCLA in Los Angeles and has pursued successful careers in both feature film-making and contemporary art. His works primarily document the lives of the marginalized individual, examining the way in which people create and recreate their identities. In 2003 the London Observer named him ‘artist of the year’ and in 2004 he was short-listed for the prestigious Turner prize. Ataman’s movies include The Serpent’s Tale (Karanlik Sular) (1994); Lola+Bilidikid (1999); and 2 Girls (2005). Cristiana Perrella saw Ataman’s first work Semiha Unplugged in 1997 and has followed his career ever since. In 2006 his work was included in a Perrella-curated show and in 2007 she invited him for a residency program at the British School in Rome.

carol_zoulikha06Carol Solomon (b. 1953, Pennsylvania) is currently Visiting Associate Professor of Art History at Haverford College, Haverford, Pennsylvania. She was Curator of European Art at
the Mead Art Museum at Amherst College in Massachusetts, worked at the Museum of Fine Arts in Boston and has taught at several prestigious universities in the US and Canada.
Video and installation artist Zoulikha Bouabdellah (b. 1977, Moscow) who was raised in Algeria and who studied in Paris will work alongside Carol Solomon. Since finishing her studies in 2002, Zoulikha has been widely exhibited and  major shows include L’art au fémin (2008) in Algiers and Airs de Paris (2007) in Paris. In 2007 her work was featured in the African Pavilion at the 52nd Venice Biennale. Carol Solomon first encountered Zoulikha Boubadellah in 2007 in Paris during the Airs de Paris show. In 2008 she included two of Boubadellah’s works in the The Third Space: Cultural Identity Today at the Mead Art Museum in Amherst College and invited her to be a visiting artist in residence during the same time.

nazgol_leyla01Leyla Fakhr (b. 1979, Isfahan) studied in London and Tehran and is assistant curator at Tate Britain and independent curator in Tehran. In 2006 she curated Untitled (do not give your opinion), an exhibition of works by Nazgol Ansarinia (b. 1979, Tehran) with whom she will collaborate for the Abraaj Capital Art Prize. Nazgol studied graphic design in London,
followed by an MFA in San Francisco. After having worked in the US and Europe, she returned to Tehran where her work focuses on everyday objects and their relationship to a larger social context. Dissecting the daily and piecing it back together to make other structures and patterns apparent often forms the core of her work. Leyla Fakhr and Nazgol Ansarinia met while working at the Tehran Museum of Contemporary Art. Since then a strong artist-curator relationship as well as a profound friendship has underpinned their collaborations. In 2007 Fakhr curated Ansarinia’s first solo show at the Ave Gallery in Tehran.

**Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of http://www.artmarketblog.com, writes the art column for the magazine Antiques and Collectibles for Pleasure and Profit and contributes to many other publications.

Art Auction Estimates Mean Little – artmarketblog.com

Art Auction Estimates Mean Little – artmarketblog.com

calculatorWhile looking through the real-estate section of a newspaper the other day I realised how much more useful those listings were that included information (date and price) regarding the last time the property was traded as well as the estimated price. There is no doubt that it is in the best interest of the auction house to provide an estimate because with an estimate the auction house is, in essence, able to dictate to the buyer what they think they should be getting for the painting regardless of whether that estimate reflects the current market value. Basically what I am getting at is that auction houses do not have to justify the estimate that they place on a work and as such are able to manipulate the perceived value of a work by providing highly inflated estimates.

If the auction houses were to include date that each work was last sold and the price that it sold for it would mean that they would have to actually justify the estimates that they put on works and would therefore not be able to get away with unrealistically high estimates. Auction houses can also use low estimates to make the sale price look far higher than it really was by setting the estimate below what they know the work should sell for. As an example of the way that the previously traded price can have a major impact on the way the value of an artwork is perceived and how the estimate is not as useful as people may think let’s pretend that Cezanne’s La Cote du Galet à Pontoise is about to be sold at auction. Let’s say that the estimate for La Cote du Galet à Pontoise was set at US$4million – US$7million and sold for US$8 million dollars which would seem like a successful sale. For starters the estimate should be more like US$7million – US$10million and if one was to look at the sale history of this work one would find that La Cote du Galet à Pontoise came up for auction at Sotheby’s in 1996 and sold for US$11 million then came up again for auction at for auction in 2000 at Phillips de Pury & Co where it sold for US$8.5 million. Doesn’t look like such a great buy now does it. The moral of the story is don’t rely on auction estimates to determine the value of a work of art and always look at the date and price of the last sale.

**Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of http://www.artmarketblog.com, writes the art column for the magazine Antiques and Collectibles for Pleasure and Profit and contributes to many other publications.

Herb Williams’ Obama Portrait Video – artmarketblog.com

Herb Williams’ Obama Portrait Video – artmarketblog.com

“Obama Portrait In Thousands of Crayons”

This is a short story on Nashville artist Herb Williams, who spent over four months making a large 3-d portrait of Barack Obama out of thousands of crayons. You can view more of the crayon sculptures at http://www.herbwilliamsart.com.

See video here:

http://www.wsmv.com/video/17916594/index.html

Please also follow this link and digg the video to spread the word!!

http://digg.com/arts_culture/Obama_Portrait_In_Thousands_of_Crayons?OTC-em-st1

Well done Herb !!!

**Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of http://www.artmarketblog.com, writes the art column for the magazine Antiques and Collectibles for Pleasure and Profit and contributes to many other publications.

Free Shepard Fairey Obama Victory Stickers – artmarketblog.com

Free Shepard Fairey Obama Victory Stickers – artmarketblog.com

Free sticker celebrating Obama victory by Shepard Fairey available here:
http://pol.moveon.org/shepstickers/?id=-3768774-adT5Utx

From moveon.org website:
These commemorative stickers mark Barack Obama’s historic victory and were designed by groundbreaking artist Shepard Fairey—the same artist who designed the world-famous, iconic “Hope” poster for Obama.

obama-faireyYou can get one sticker for free. For a $3+ donation, we’ll send you 5 stickers. For a $20+ donation, we’ll send 50 stickers. Stickers are 4.5″ x 6″ (about the size of a postcard) and may take 5-7 weeks to arrive.

Also available starting Saturday November 8, at 12:30 p.m. ET will be a full size print of the image in a limited edition of 5000. These 5,000 limited edition prints are 24″ x 36″ and are offset printed on French Paper Company’s Cream Speckletone stock under the artist’s supervision. Each print is numbered by hand, 1 through 5000. The first 1000 in the series are signed by Shepard Fairey.

The prints signed by the artist will be available to those who donate $500 or more, while supplies last. The unsigned prints will be available to those who donate $80 or more, plus an additional $10 donation to cover shipping, while supplies last.

Print will be available here:
https://pol.moveon.org/shepstickers/leposters.html

**Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of http://www.artmarketblog.com, writes the art column for the magazine Antiques and Collectibles for Pleasure and Profit and contributes to many other publications.

Future50 UK Art Sale at Axis Online – artmarketblog.com

Future50 UK Contemporary Artists at Axis – artmarketblog.com

future502 A fantastic opportunity to purchase work by some of Britain’s hottest emerging artists called Future50 has recently been launched by Axis, the online contemporary art portal. According to the website, Axis (http://www.axisweb.org) is the best online resource for information about contemporary art. The website features profiles of professional artists and curators, interviews, discussions, art news, debates and showcases the artists to watch.

Future50 features fifty of the most interesting and significant UK artists of 2008, handpicked by curator and gallerist Ceri Hand and Axis curator Liz Aston from the Axis website. The project provides a snapshot of diverse, exciting contemporary practice alongside the opportunity to buy great works of art. All work is available for sale and can be purchased online. All the works on display have affordable price tags, starting from £120.

The full catalogue can be viewed here:
http://www.axisweb.org/Future50SearchResults.aspx

Please note that online purchasing will be suspended during 20-24 November when purchasing will only be possible at PSL [Project Space Leeds] during Future50 opening hours.

The first annual Future50 exhibition will take place at PSL (Project Space Leeds), between 21 and 23 November 2008. Contemporary art specialists will be on hand to offer expert advice and information about the artists. If you want to see the exhibition, PSL is located in Leeds city centre, just 5 minutes walk from Leeds Train Station. Please use the car park at Leeds Train Station as Whitehall Waterfront car park closes at 4pm. PSL is accessible to wheelchair users. Please contact us at future50@axisweb.org or 0845 362 8230 if you have any other access requirements.

PSL [Project Space Leeds]
Whitehall Waterfront
2 Riverside Way
Leeds LS1 4EH

Future50 will be open 12-6pm

**Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of http://www.artmarketblog.com, writes the art column for the magazine Antiques and Collectibles for Pleasure and Profit and contributes to many other publications.

Trophy Sellers Endanger Art Auction Results – artmarketblog.com

Trophy Sellers Endanger Art Auction Results – artmarketblog.com

One of the most dangerous scenarios for the art market is the existence of large numbers of extremely wealthy people who have no idea about the value of art yet have excessive amounts of money to spend on expensive trophies and status symbols. Sound familiar?. While the money was flowing, all those cashed up hedge fund managers and investment bankers were so dazzled by their own wealth that they bought works of art for every conceivable reason other than because it was good art. Not only did they buy art for the wrong reasons but because they had so much money they were willing to pay excessive amounts of money for what were probably mediocre or extremely overrated works of art.

Now that the river of money has dried up and money has started to become an issue for many of the formerly mega wealthy people who were spending big on art the reality of their misguided purchases will start to become clearer. The trophies that they acquired, which they probably now realise are not quite as fantastic as they first thought, will most likely be the first things to go. The problem is that when these works go to auction the sellers will be expecting to sell their works for at least what they payed for them. However because they paid excessive amounts for these works of art and because people are not willing to pay over the odds for anything other than the very best, it is unlikely they will get what they want for them. This won’t stop the owners of these works trying to get a return on their investment which will mean that the auction houses will most likely end up putting lots of works up for auction with estimates and reserves that are way too high for the current market. Excessively high estimates and reserves equals works being passed in or being sold for way under estimate which will make the whole art market appear to be suffering when in fact it really isn’t.

**Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of http://www.artmarketblog.com, writes the art column for the magazine Antiques and Collectibles for Pleasure and Profit and contributes to many other publications.

Manipulated Art Auction Results Affect Perception of Art Market- artmarketblog.com

Manipulated Art Auction Results Affect Perception of Art Market- artmarketblog.com

Why is it that we continue to use auction results as an indicator of the health of the art market when they are obviously not an accurate representation of the health of the art market and do not reflect the sentiment and actions of buyers and sellers who are making transactions via fairs, galleries or brokers. At the moment sellers are abandoning the auction houses because they don’t want to risk having their works not sell or sell for below the estimate. Either of these two scenarios would be obviously detrimental to people’s perception of the value of the a particular work especially if the work was valuable enough to warrant media reports on the auction result. If sellers are making alternative arrangements to sell their work then there will obviously be a negative effect on the art auction industry yet no-one seems to be taking this into account when reporting on auction results.

If auction results were to be used as an indicator of the state of the art market then wouldn’t the reserves and estimates have to remain the same as they were prior to the financial crisis taking hold because by lowering the estimates and reserves the auction houses are manipulating people’s perception of the auction results by using what is effectively a tactic employed by the auction houses to lure bidders. Guaranteed prices for sellers and irrevocable bids for buyers also skew the results which means that works with either a price guarantee or an irrevocable bid should not be included in results used to determine the status of the art market. In a nutshell, there are so many ways that auction houses can manipulate auction results and market sentiment that auction results can never be taken at face value.

Most people seem to believe that if someone is willing to pay $50 million for a Picasso painting that had an estimate of $40 million that the art market is going strong yet if that Picasso painting fails to sell or only sells for $30 million then all of a sudden it’s all doom and gloom. What if the person who would normally have been more than willing to spend $50 million on the Picasso decided to spend his money on ten works worth $5 million instead?. What if the person who was going to buy the Picasso instead went to a gallery and bought another Picasso for $50 million? . Just because an expensive and highly desirable work of art fails to meet expectations doesn’t mean that the money isn’t being spent on art just that it isn’t being spent on that particular work of art. Just because only 60% of the lots at an art auction are sold or only 60% of lots are sold by value doesn’t mean that the money isn’t being spent elsewhere at fairs or galleries.

Renoir might have said that “There’s only one indicator for telling the value of paintings, and that is the saleroom” but in today’s market where manipulation of prices and sentiment is rife the saleroom is not the only indicator for telling the value of paintings. The only true indicator of the health of the art market is the amount of money that people are spending on art regardless of what it is or where it was purchased.

**Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of http://www.artmarketblog.com, writes the art column for the magazine Antiques and Collectibles for Pleasure and Profit and contributes to many other publications.

October 08 Art Market Review Video – artmarketblog.com

Art Market Reality Check – artmarketblog.com

Art Market Reality Check – artmarketblog.com

Some important things to keep in mind about art investment and the art market:

-If you are concerned about your works of art losing value because of the current economic crisis you have either bought the wrong works, have a bad art investment strategy or own an entire collection of works you don’t like and wouldn’t want to hang on your walls.

-If you don’t like art and want a good return from your investment then don’t buy art as an investment. You might, however, consider investing in an art investment fund if you have the sort of money required to gain entry.

-An art market correction should not worry art investors who have approached art investment in the right way because such investors will have factored in the possibility of having to sell prior to the end of the intended holding period of after the end of the intended holding period and will have diverse collections to ensure.

-The best art investors are art collectors because art collectors tend to be more interested in developing their knowledge of art and can consequently make better judgments when deciding whether an artwork is likely to be a good investment or not.

-Seven to ten years is the minimum amount of time you will most likely have to hold onto a work of art for that work of art to increase in value enough to provide a descent return and cover the costs of sale.

-Buying one work of art and hanging it on the wall is not investing in art.

-Don’t forget that when calculating your return you need to factor in selling fees and, in some countries, capital gains tax.

-Successful art investors make regular purchases in order to maintain a continual connection with the market and to develop a keen understanding and appreciation for art as an investment. Buying one work a month is a good way of keeping in tune with the art market and developing an understanding and appreciation for collecting and investing in art.

-Most financial advisors that I am aware of have suggested that if you are going to include art in your investment portfolio that 10-15% of the value of your portfolio should be invested in art.

-Art is best utilised as a form of diversification and should not be relied upon to generate a return and should not be the sole component of an investment strategy.

**Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of http://www.artmarketblog.com, writes the art column for the magazine Antiques and Collectibles for Pleasure and Profit and contributes to many other publications.