«GOOD BUSINESS IS THE BEST ART»

With fluctuating currency levels, volatile stock markets and widespread inflation concerns, art is increasingly seen as a safe asset. “This idea is spreading,” says Fred Alger, a former Wall Street tycoon and co-founder of new publication The Art Economist. “There is no question that both the rising stars and the established ones represent a fine store of value.” Events this week are focusing on this potential, including the panel discussion “Everything you can’t afford to not know about art as an investment”, due to be hosted on Wednesday morning by Montage Finance. “There will be plenty of bankers in the room,” said Montage founder, and former hedge-funder, James Hedges, prior to the event. The increased liquidity and confidence of the city’s financiers does not, however, necessarily mean a gold rush at the 13 New York fairs this week and numerous gallery shows. “You’re either an art buyer or you’re not,” says McCormack.

-The Art Newspaper