«I LIKE MONEY ON THE WALL»
(Reuters) - Fueled by international collectors and Wall Street investors reaping soaring profits, the beaten-down art market appears poised for a remarkable comeback after an 18-month stumble. Rare buying opportunities to buy works by such modern masters as Jasper Johns and Mark Rothko will spur stiff competition and hefty spending by deep-pocketed collectors at the critical spring sales hosted by auction powerhouses Sotheby's and Christie's, art experts predict."You're going to see records set," said Baird Ryan, managing director of the private financial and consulting services firm Art Capital Group.
"I think we're going to be surprised by buyers' excitement," he said. "The international money exists, and there has been a secular recovery in the U.S., particularly in capital markets. Wall Street has had a really good year."Top hedge fund managers -- who played no small role in the sustained art market boom that ended precipitously with the 2008 financial crisis -- recorded their best year ever in 2009. The annual ranking by AR: Absolute Return + Alpha showed the top 25 managers earned more than $25 billion.
0 Comments:
Post a Comment
Subscribe to Post Comments [Atom]
<< Home