Theodore Johns’ Post

ART BASEL & MIAMI ART WEEK 2024 Value Proposition | Be Transformative House of Craven’s 2024 Art Week goals (December 02, 2024 - December 08, 2024) are to benefit galleries, artists, and social-impact organizations. WHY | THE ART MARKET HAS CHANGED … Auction Houses and Galleries Are Working Together—Here's Why… Art-market demand is all about access—if House of Craven can provide really great access to really transformative Art, then that works for all parties. House of Craven can conduct private sales, at fixed prices, which can involve galleries and dealers. This mechanism is gradually becoming a larger part of our auction business, integrating private selling exhibitions and opportunities into our services. In doing so, House of Craven encourages our art specialists to engage our clients in both public auctions and private sales, dissolving the boundaries separating the two, while prioritizing the collector’s needs. House of Craven can curate shows in galleries to build brand awareness. The gallery benefits from new visitors and potential collectors from around the world, as well as a portion of the sales. House of Craven has partnered with ART Money. Art Money Interest Free enables you to enjoy the art you love today and pay over 10 monthly payments, interest-free, when purchasing from House of Craven. House of Craven pays a commission to Art Money, enabling the interest-free business model. HOW | THE ART MARKET HAS CHANGED … Auction Houses and Galleries Are Working Together—Here's How… -Client-Centric Focus -Eliminating Notion of Rivalry or Competition and Fostering Aligned Goals -The Integration of Collaborative Approach and Relationship-Based Models -Referral Partnership Designed to be Mutually Beneficial Shared Art Ecosystem Goals House of Craven's 2024 Art Ecosystem Goals -Grow Art Market -Attract a New Global Audience of Collectors -Champion Next Generation of Leading Artists -Provide creative Financing Solutions | To Enjoy Fine Art, You Don’t Really Need To Own it! The next generation for art will be the tokenization of art and blockchain-enabled ownership verification Transformation -- Via -- Technology -- Authentication -- Avenue to Sell Original, Digital Works To learn more, please visit: www.houseofcraven.com https://lnkd.in/dSfnDYUi

Yesterday, our auction lot, soon to be up for fractional bids on aShareX, Inc., was approved by the SEC. Fractional art investing has exploded over the past couple of years, but the Inversion Art / aShareX "Contemporary Collection I" is the first fractional art investment opportunity offered in the ultra contemporary category. This segment of the art market is characterized by its focus on artists who are currently active, whose work reflects current cultural, technological, and social trends, and whose career trajectories could lead to considerable increases in art values. Recent years have provided compelling examples of ultra contemporary artworks achieving remarkable returns. For instance, a painting by Avery Singer, Dancers Around An Effigy to Modernism, which sold for around $15,000 in 2013, sold for $3.1M in 2021. Similarly, Flora Yukhnovich's work, Tu Va me faire rougir, which initially sold for less than $40,000 in 2017, was acquired for $2.5M in 2022. These examples underscore the potential for exponential growth in the value of artworks from emerging artists within a relatively short time frame. The artists selected by Inversion Art for its own programs and Contemporary Collection I are highly acclaimed and have demonstrated signals which correlate to high long term art values (prestigious degrees, group exhibitions, awards, etc.). The artists in this collection include two PhDs in art and art history, including from Yale University, artists who have exhibited at MoMA PS1 and the Centre Pompidou, a 2022 Guggenheim Fellow, and an artist with works in the collection at the Whitney Museum of Modern Art. The allure of investing in a carefully curated collection of works from emerging artists lies in the diversified potential for outsized returns, diverging significantly from the 6-12% returns currently available via fractional investments in Picassos and other blue-chip artworks. The potential for a work of art purchased for $20,000 to climb to values of $2 million or more within 6 to 8 years represents an investment opportunity that is virtually unparalleled in other asset classes, albeit accompanied by commensurate risk. Now that this sale is approved by the SEC, anybody can bid to own a piece of the collection for as little as $500. If you're interested in learning more, please shoot me a message! Work shown is by Wilfred Ukpong : Are my Dreams Too Bold for the Carbon Skin I Bear #1 (2017) 59 x 59 in. Pigment print on museum pro matte canvas, bordered with black acrylic paint on plated repurposed fabric by community participants and covered on artist’s frame made with repurposed oil industrial polystyrene and light steel pipe #artinvesting #alternativeassets #fineart #artcollecting #fractionalownership #startups Masterworks

Are we in an art market reset? According to data from Artnet's mid-year review (a must-read), everything points in that direction. But with every crisis comes risks and opportunities. "The market conditions present opportunities for buyers with cash and a discerning eye. Galleries are offering big discounts, and some have even lowered prices to move works." Read the report: https://lnkd.in/ecBZzBcQ #ArtMarket #Auctions #ArtInvestments #Collections

The international art market is currently navigating a period of profound uncertainty. This shift has left even the most seasoned collectors and dealers questioning the future of art as both a cultural and financial asset. In June, Sotheby’s London evening sale featured Jean-Michel Basquiat’s *Portrait of the Artist as a Young Derelict*, which sold for a modest £16 million. This sale was emblematic of a broader trend—a decline in the art market that has many wondering if this is merely a cyclical downturn or the beginning of a seismic shift. Auction sales at major houses like Sotheby’s, Christie’s, and Phillips fell by 27% in the first half of 2024, with the market for post-war and contemporary art dropping nearly 26% in value. Confidence within the industry hit a four-year low, with only a small fraction of insiders optimistic about a near-term rebound. In response, auction giants like Sotheby’s and Christie’s have begun adjusting their strategies. Staff cuts have been announced, and business models reevaluated. Sotheby’s, seeking to secure its future, welcomed a significant cash infusion from Abu Dhabi’s sovereign wealth fund, signaling a shift in the global art finance landscape. Meanwhile, the primary market is not immune to these challenges. Esteemed galleries like Marlborough Gallery have closed their doors, while others, such as Mitchell-Innes & Nash, have rebranded as advisory spaces. Even industry stalwarts face upheaval, with high-profile departures and restructuring becoming the norm. Amidst this backdrop, a paradox emerges. Stock markets, particularly in the United States, are booming. The S&P 500 has risen by 70% since 2022, marking its best performance in decades. Yet, this newfound wealth is not translating into increased investment in the art world. The question persists: why are the wealthy not channeling their resources into art? As the art world grapples with these changes, a new era seems to be dawning. The wealthy, with their jet-setting lifestyles and multiple homes, are becoming increasingly elusive. This mobility poses challenges for auction houses and dealers, who struggle to maintain a stable client base. The increasingly peripatetic nature of private wealth makes it difficult for the art trade to nurture reliable relationships, as the wealthy flit between their various properties, often avoiding prolonged stays in cities with progressive tax regimes. In this turbulent landscape, the future of art as an investment is uncertain. Would younger generations, with their global perspectives and digital inclinations, continue to see value in the traditional art market? Or would they seek new avenues for their wealth, perhaps in digital art forms or other emerging markets? The art market's future will be shaped by those who can embrace change and reimagine the role of art in a rapidly shifting global landscape. https://lnkd.in/e6RBZk7r

Galleries reconnect with established artists as ultra-contemporary declines. Two years ago, ultra-contemporary art, created by artists under 40, dominated the market, with high demand at Frieze for emerging names like Flora Yukhnovich. However, in 2023, auction sales for many of these artists plummeted—Yukhnovich’s dropped 88%, and overall sales for ultra-contemporary artists fell by 43%. This downward trend continued in 2024, with a 53% decline in the first half of the year. As ultra-contemporary art struggles, established artists have returned to the spotlight. At Frieze Masters 2024, historical pieces saw strong sales, with Hauser & Wirth moving works on paper by Charles Gaines for $175,000 to $195,000 each. At Gagosian, nine sculptures by Carol Bove sold for $850,000 apiece within hours of the fair opening, while David Zwirner reported total sales of $4.6 million on the first day, including a Lisa Yuskavage painting that sold for $2.2 million. Larger galleries have shifted focus toward tried-and-tested names, with more established artists commanding higher prices amid a market adjusting to more cautious buying trends. As buyers shift focus, the influence of Paris and economic factors like Brexit are also reshaping the art market landscape. Some American collectors opt for fairs in Paris over London, underscoring the shifting dynamics in the art world. #artcollecting #artexhibition #artmuseum #artinvesting #artinvestment #artcollector #artnews #artworld #artmarket #artmarketnews #artauction #arthistory #worldrecord #modernart #impressionism #postwar #frieze #artbasel #london #paris https://lnkd.in/erTxfdtY

Perrotin Gallery to launch 3,800-Square-Foot Space in London’s Five-Star Claridge’s Hotel by 2025. Emmanuel Perrotin, the renowned French art dealer with galleries in major global cities like Paris, Hong Kong, New York, Seoul, Tokyo, Shanghai, and Los Angeles, is set to expand his presence with a new location in London’s prestigious Claridge’s Hotel in 2025. The announcement was made via Perrotin’s Instagram, where he emphasized the importance of having a gallery in London: “We’ve had a longstanding connection with the UK’s art scene and collectors. I’ve been waiting for the right conditions to establish the gallery here. I’m thrilled to offer our artists a new platform for exhibitions and projects within such an iconic venue.” The gallery’s new 3,800-square-foot space will be situated in the heart of Mayfair at Claridge’s, the luxury five-star hotel. Perrotin pointed out that Claridge’s had already set a precedent in 2021 by hosting an exhibition of Damien Hirst, an artist with whom Perrotin has a long history. Earlier this year, Perrotin opened a gallery in Los Angeles, coinciding with the fifth edition of Frieze LA, marking the city’s growing influence as a contemporary art center. He noted LA’s dynamic creative energy across various fields, such as music, film, and dance, which aligns with the gallery’s diverse programming. This diversity, Perrotin explained, fosters synergy between the worlds his artists operate in and helps elevate their profiles, enabling long-term success. Perrotin’s global gallery expansion has been rapid since the 2010s, with spaces opening in Hong Kong (2012), New York (2013), Seoul (2016), Tokyo (2017), and Shanghai (2019). However, a recent business collaboration with dealers Tom-David Bastok and Dylan Lessel, which began in 2021, was discontinued at the start of 2024. This partnership had focused on secondary market sales and saw Perrotin add another Paris location to his portfolio while extending his reach into the Middle East with a gallery in Dubai. Both spaces will now continue under the name Bastok Lessel. Perrotin made headlines late last year when he sold a 60 percent stake in his gallery to Colony Investment Management. Reflecting on the deal, Perrotin told Bloomberg that while the art market has undergone a major transformation, there’s still more to come, and the gallery aims to further expand its global presence. Ahead of the London gallery’s opening next year, Perrotin is set to participate in Frieze London, presenting a show featuring British sculptor Lynn Chadwick. #artcollecting #artexhibition #artmuseum #artinvesting #artinvestment #artcollector #artnews #artworld #artmarket #artmarketnews #artauction #arthistory #worldrecord #modernart #impressionism #postwar #perrotin #london #claridgeshotel Perrotin

Does the De la Cruz Collection Sale mark the End of an Era? While some elite private museums may endure, many will likely struggle. Younger generations prefer experiences over possessions, as evidenced by flatlining art sales and record-breaking ticket sales for events like Taylor Swift’s tour. The recent sale of the De la Cruz collection highlights the unpredictable nature of contemporary art investments, underscoring the stability and value of Impressionist, Modern, and Post-War Arts. May is traditionally a key month for the art market, with Sotheby’s, Christie’s, and Phillips's auctions in New York setting the tone for the year. These sales usually boost confidence, encouraging wealthy buyers to make further acquisitions at Art Basel and other events before their summer breaks. This year brought complications. A cyberattack disrupted Christie’s website, and there was a noticeable lack of prestigious single-owner collections. Christie’s managed to stage an evening sale of works from Miami collector Rosa de la Cruz’s estate. Despite financial guarantees ensuring all 26 works would sell, the modest prices raised questions about contemporary art’s long-term investment value. While the auction made $34.4M against an estimate of $25.8M to $37.9M, the collection was valued at $100M just a few years ago. This highlights a significant decline in the value of contemporary art. For instance Sterling Ruby’s early spray painting sold for far less than mid-2010s prices. The closure of the De la Cruz’s private museum in Miami and the ongoing sales of lower-value pieces from the collection underscore the volatile nature of contemporary art investments. Carlos de la Cruz explained that the collection was being sold to relieve the next generation of its financial burden. With an estimated $84 trillion in assets set to transfer between generations in the US, the art world hopes for new buyers with the same passion as their predecessors. However, there is skepticism about whether younger generations will have the same interest in owning and displaying contemporary art. Howard Rachofsky, a prominent collector, questions whether the Instagram generation values culture similarly. Fatoş Üstek argues that museums need to adapt to today’s “experience economy,” where younger people gain status through shared experiences rather than ownership. The long-term impact of this cultural shift on the art market remains uncertain. Current concerns include slowing economies, ongoing wars, and the upcoming US presidential election. These challenges underscore the value of investing in Impressionist, Modern, and Post-War Arts, which offer stability and predictability in an otherwise volatile market. #artcollecting #artexhibition #artmuseum #artinvesting #artinvestment #artcollector #artnews #artworld #artmarket #artmarketnews #artauction #artfair #impressionism #contemporaryart

Does the De la Cruz Collection Sale mark the End of an Era? While some elite private museums may endure, many will likely struggle. Younger generations prefer experiences over possessions, as evidenced by flatlining art sales and record-breaking ticket sales for events like Taylor Swift’s tour. The recent sale of the De la Cruz collection highlights the unpredictable nature of contemporary art investments, underscoring the stability and value of Impressionist, Modern, and Post-War Arts. May is traditionally a key month for the art market, with Sotheby’s, Christie’s, and Phillips's auctions in New York setting the tone for the year. These sales usually boost confidence, encouraging wealthy buyers to make further acquisitions at Art Basel and other events before their summer breaks. This year brought complications. A cyberattack disrupted Christie’s website, and there was a noticeable lack of prestigious single-owner collections. Christie’s managed to stage an evening sale of works from Miami collector Rosa de la Cruz’s estate. Despite financial guarantees ensuring all 26 works would sell, the modest prices raised questions about contemporary art’s long-term investment value. While the auction made $34.4M against an estimate of $25.8M to $37.9M, the collection was valued at $100M just a few years ago. This highlights a significant decline in the value of contemporary art. For instance Sterling Ruby’s early spray painting sold for far less than mid-2010s prices. The closure of the De la Cruz’s private museum in Miami and the ongoing sales of lower-value pieces from the collection underscore the volatile nature of contemporary art investments. Carlos de la Cruz explained that the collection was being sold to relieve the next generation of its financial burden. With an estimated $84 trillion in assets set to transfer between generations in the US, the art world hopes for new buyers with the same passion as their predecessors. However, there is skepticism about whether younger generations will have the same interest in owning and displaying contemporary art. Howard Rachofsky, a prominent collector, questions whether the Instagram generation values culture similarly. Fatoş Üstek argues that museums need to adapt to today’s “experience economy,” where younger people gain status through shared experiences rather than ownership. The long-term impact of this cultural shift on the art market remains uncertain. Current concerns include slowing economies, ongoing wars, and the upcoming US presidential election. These challenges underscore the value of investing in Impressionist, Modern, and Post-War Arts, which offer stability and predictability in an otherwise volatile market. #artcollecting #artexhibition #artmuseum #artinvesting #artinvestment #artcollector #artnews #artworld #artmarket #artmarketnews #artauction #artfair #impressionism #contemporaryart

The year in Asia: looking back on the Art scene in 2023 and 5 trends for 2024. 2023 saw a 14 percent year-on-year decline in sales across mainland China and Hong Kong, according to the most recent Art Basel and UBS Global Art Market Report. Sales in the region were still 13 percent above 2020 at $11.2 billion. 5 Trends for 2024 : - New homegrown Art Fairs Define: Seoul launched. Korean collector JaeMyung Noh announced the launch of his new art fair in Seoul in April 2024, ART OnO. There is also Art Collaboration Kyoto. - Private Chinese Museums face challenges Ding Yixiao founded Xiao Museum of Contemporary Art in China in 2021. In August, the museum was shuttered and he had been banned from doing business with Phillips due to outstanding payments. Liu Yiqian and Wang Wei, the billionaire founders of Shanghai’s Long Museum, sold 50-60 works of their collection. - Seoul and Singapore move beyond the new fair hype The country’s auction market in the first half of 2023 was down 9.9 percent from the previous six months and down 44.8% from the first half of 2022. The launch of Frieze Seoul last year ebbed almost instantly after the inaugural edition. In Singapore the January 2023 launch of ART SG saw the same. Sotheby’s first auction in Singapore, in 2022, saw total sales of $17.5 million, while this year’s edition raised $11.1 million. Korea remains a solid market with strong attendance at Frieze Seoul’s. Plans for a new multimillion-dollar art storage facility, next to Incheon International Airport, were announced last month. - Hong Kong pulls through Since 2019, Hong Kong has seen its art market dampened by political protests and lockdowns-travel restrictions due to the pandemic. However, this year, Hong Kong art exports rose nearly 60 percent in the first quarter compared with last year. The launch of its highly anticipated West Kowloon Cultural District, Hauser & Wirth’s relocation to new premises, and Art Basel Hong Kong’s return to its pre-pandemic size in 2024, provide reasons for optimism. - To censor or not to censor ? Due to the $2 million dollar fine levied at comedian Li Haoshi for his joke referencing the Chinese military, this year’s Beijing Gallery Weekend saw local galleries self-censor. On the other hand, Hong Kong’s Tai Kwun Contemporary held the first major survey exhibition on LGBTQ+ perspectives in the city. One work, Taiwanese artist Shu Lea Cheang’s video was removed due to explicit sexual content. Shanghai-born artist Lu Yang’s work Electromagnetic Brainology was edited at the inaugural edition of ART SG with two of the key virtual gods portrayed in the work resembling Hindu deities Kali and Shiva notably missing. #artcollecting #artexhibition #artmuseum #artinvesting #artinvestment #artcollector #artnews #artworld #artmarket #artmarketnews #artauction #artgallery #artfair #arthistory #artworld #fair #worldrecord #modernart #impressionism #postwar #contemporaryart #christies #sothebys #hongkong #singapore #korea

Is the art market crashing?  It seems that it is all the art world is talking about these days. “It’s Not a Soft Landing: Contemporary Art Prices Come Crashing Down”, titled Artnet on March 22nd. Is this the End? It got people talking, worrying, and making doomsday predictions. But really? The End? The end of what?  Of the ultra contemporary art bubble? The end of art speculation? I have my doubts. Yes, recent contemporary art auction results have come down significantly in recent months. But maybe it is not a bad thing. Yes it has negatively impacted the auction houses’ profit margin; speculators that are looking to flip works and make a profit and anyone who is solely looking at art for its investment value.   But is it symptomatic of the entire art market? I don't think so. The art market is known to be resilient. And ultimately, a cooling of the auction market will offer opportunities for buyers who acquire art on the primary market. The fact that the prices on the secondary market are “crashing down” is not affecting the artists’ bottomline. In the United States, artists make no money when their work is sold on the secondary market. And it is not affecting most art collectors, who are looking to buy art on the primary market, directly from galleries or artists. According to Artnet there is a “growing disconnect between the primary and secondary markets. Primary prices have gotten so high for some artists that they cannot be resold for a profit any longer”. And while this holds true for certain artists, it's the type of information savvy art buyers need to make informed decision. Buyers, beware. The majority of my clients buy art on the primary market. According to a recent UBS survey on art collecting ““most collectors are motivated by personal pleasure and self-identity when it comes to assembling their art collections”. It is reassuring to know that is not all about the return on investment. As an art advisor it is my role to educate my clients about the right market value of artworks; identify artists whose career has a potential for growth; warn them when there is too big of a disconnect between the primary market price and the secondary market price; and ultimately make sure my clients spend their money wisely while acquiring art they will enjoy for a long time. In my opinion, 2024 will provide opportunities to the savvy art buyers. #contemporaryart #contemporaryartmarket #artmarket #artcollecting #artbuying #primarymarket #secondarymarket #artadvisor