本帖最后由 九天揽月 于 2010-1-30 20:07 编辑
2010-01-30
A special report on the art market
Suspended animation
temporary suspension of the vital functions (as in persons nearly drowned), 暂时搁浅
The art market has suffered from the recession(withdrawal, 经济衰退), but globalisation(全球化) should help it recover, say Fiammetta Rocco (interviewed here) and Sarah Thornton
Nov 26th 2009 | From The Economist print edition
THE longest bull run(股市活跃期) in a century of art-market history ended on a dramatic note with a sale of 56 works by Damien Hirst, “Beautiful Inside My Head Forever”, at Sotheby’s in London on September 15th 2008 (see picture). All but(almost) two pieces sold, fetching(sell for, 售得) more than £70m, a record for a sale by a single artist. It was a last hurrah(excitement). As the auctioneer(拍卖商) called out bids
(叫出价), in New York one of the oldest banks on Wall Street, Lehman Brothers,
filed for bankruptcy(申请破产).
The world art market had already been losing momentum(impetus, 刺激) for a while after rising vertiginously(changeable) since 2003. At its peak(acme, 最高点) in 2007 it was worth some $65 billion, reckons Clare McAndrew, founder of Arts Economics, a research firm—double the figure five years earlier. Since then it may have come down to $50 billion. But the market generates(create) interest far beyond its size because it brings together great wealth, enormous (tremendous) egos, greed, passion and controversy(dispute) in a way matched by few other industries.
In the weeks and months that followed Mr Hirst’s sale, spending of any sort became deeply unfashionable (unstylish), especially in New York, where the bail-out(以优先股发给股东作为红利之行为???) of the banks coincided with(concur) the loss of thousands of jobs and the financial demise(金融消亡???) of many art-buying investors. In the art world that meant collectors stayed away from galleries and salerooms. Sales of contemporary (modern) art fell by two-thirds, and in the most overheated(过热的) sector(part)—for Chinese contemporary art—they were down by nearly 90% in the year to November 2008. Within weeks the world’s two biggest auction houses, Sotheby’s and Christie’s, had to pay out nearly $200m in guarantees(guarantor, 担保人) to clients who had placed works for sale with them.
The current downturn in the art market is the worst since the Japanese stopped buying Impressionists(印象派画家) at the end of 1989, a move that started the most serious contraction(萎缩) in the market since the second world war. This time experts reckon that prices are about 40% down on their peak on average, though some have been far more volatile. But Edward Dolman, Christie’s chief executive, says: “I’m pretty confident we’re at the bottom.”
What makes this slump(slack) different from the last, he says, is that there are still buyers in the market, whereas in the early 1990s, when interest rates were high, there was no demand even though many collectors wanted to sell. Christie’s revenues (total income) in the first half of 2009 were still higher than in the first half of 2006. Almost everyone who was interviewed for this special report said that the biggest problem at the moment is not a lack of demand but a lack of good work to sell. The three Ds—death, debt and divorce—still deliver works of art to the market. But anyone who does not have to sell is keeping away, waiting for confidence to return.
The best that can be said about the market at the moment is that it is holding its breath. But this special report will argue that it will bounce back(get over, 回升,卷土重来), and that the key to its recovery lies in globalisation. The supply of the best works of art will always be limited, but in the longer run(长远来看) demand is bound to(必定) rise as wealth is spreading ever more widely across the globe.
The World Wealth Report, published by Capgemini and Merrill Lynch, charts the spending habits of the rich the world over. It includes art as one of a range of luxury items they like to buy. According to the report, in 2007 there were over 10m people with investible assets of $1m or more. Last year that number dropped to 8.6m and many rich people scaled back(reduce) their “investments of passion”—yachts(游艇), jets(喷气式飞机), cars, jewellery and so on. But the proportion of all luxury spending that went on art increased as investors looked for assets that would hold their value in the longer term.
The regional spread of buyers also changed significantly as some parts of the world became relatively richer. During the boom(a rapid increase) the number of wealthy people in Russia, India, China and the Middle East rose rapidly. In 2003 Sotheby’s biggest buyers—those who purchased lots costing at least $500,000—came from 36 countries. By 2007 they were spread over 58 countries and their total number had tripled (to make three times as great or as many).
That upward (ascending) trend is still continuing, and many of the new buyers take a particular interest in the art of their own place and time. Last year China overtook(catch up with) France as the world’s third-biggest art market after America and Britain (see chart 1), and some 25% by value of the 100,000-plus works of art sold by Christie’s went to buyers from Russia, Asia and the Middle East.
Auction records remain dominated by Impressionist and modern works (see table 2), but the biggest expansion in recent years has been in contemporary art. Prices of older works keep going up as more people have money to spend, but few such works become available because both collectors and museums tend to hold on to what they have. Old Master paintings, for example, have stuck at (stick at, 坚持)around 5% of both Sotheby’s and Christie’s sales for many years. By contrast, contemporary art, which in the early 1990s accounted for less than 10% of Sotheby’s revenues, grew to nearly 30% of greatly increased revenues by last year. Dealers and auction houses now sell more post-war(战后) and contemporary art than anything else. This report will concentrate on that part of the market, which accounts for about half the world’s art trade and most of the excitement.
Part of the extra demand has come from a large increase in the number of museums. Over the past 25 years more than 100 have been built, not only in America and Europe but also in the sheikhdoms of the Persian Gulf and the fast-growing cities in Asia; sometimes in partnership with Western institutions, such as the Guggenheim or the Louvre, sometimes on their own. Many of these institutions have made their mark by buying contemporary art.
Over the same period the number of wealthy private collectors has also increased many times over, and so has their diversity. The record price for one of Andy Warhol’s giant faces of Chairman Mao was $17.4m, paid by Joseph Lau, a Hong Kong property developer. It was the first major Warhol to go to the Far East. A month later the Qatar royal family bought a Hirst pill cabinet, entitled “Lullaby Spring”, for £9.7m, the first major Hirst bound for the Middle East. Everyone wants an iconic work(标志性的作品), which helps explain the global demand for artists such as Warhol, Jeff Koons and Mr Hirst—and the eye-watering prices(惨不忍睹的,难以接受的) such work can command.
Masters of the art universe
Straddling all areas of the art market(横跨技术市场所有领域的???) is a handful of individuals who have emerged as the key figures in the art world in recent years. Chief among them is François Pinault, a luxury-goods billionaire who is also a noted collector of contemporary art and the owner of Christie’s. Philippe Ségalot, his French-born adviser, was behind one of the biggest deals involving a single work of art, the private sale of Warhol’s 1963 painting, “Eight Elvises”, to an anonymous (匿名的) buyer for over $100m.
Mr Ségalot is also believed to be advising the royal family of Qatar, which in the past two years has spent large sums buying modern art at auction, including record-breaking(破纪录的) works by Mark Rothko and Mr Hirst. Steven Cohen, an American hedge-fund billionaire, also owns works by Warhol, Mr Hirst and Mr Koons. Mr Cohen used to be a sizeable(big) shareholder of Sotheby’s and is still an important provider of liquidity(流动资金) to art buyers.
The popularity of blockbuster(magnate, 巨头,大鳄) art exhibitions and the emergence of buyers with a different cultural history have helped change tastes. Artists such as Edvard Munch and Vasily Kandinsky rose sharply after solo shows(个人展) in London and New York. Alexei von Jawlensky and Emil Nolde were regarded as specialist interests until Russian collectors began seeking them out. Zhao Wuji used to be just another Chinese painter-in-exile; now he is recognised as an Abstract Expressionist master influenced by Paul Klee and praised by both Joan Miró and Pablo Picasso. |