Skip to: Content
Skip to: Site Navigation
Skip to: Search
« Back to the grid | Next story »

Art Funds Looking Far East

Posted Mar 20, 08 11:54 AM CDT in Business,  Arts & Living 

(Newser) – With major economies slowing and the US dollar near historic lows, art investment funds are looking to move away from the slowing Western art market, Bloomberg reports. Funds are sinking millions into works from China, India, and the Middle East. One leading fund has met its target for contemporary Chinese art and is aiming to expand into older works.

Investment chiefs think the slowdown in the West could be a bonus for art funds looking to pick up some bargains. "This is a good time to start an art fund," one manager said. "I believe in the next two years things will slow down and there will be opportunities to buy collections and distressed portfolios.''

Source Bloomberg

0 comments | Print E-mail | Digg Seed this on Newsvine Add this link to Del.icio.us StumbleUpon

Related Newser Stories

  • Major Works Fail to Sell at Christie's

    Nov 13, 08 9:16 AM CST
    Major Works Fail to Sell at Christie's The art world bust continued last night at the Christie's contemporary auction in New York, where almost a third of the 75 works on the block went unsold. Not a single collector bid for the highlight of the sale, a self-portrait by Francis Bacon estimated to sell for around $40 million, Bloomberg reports. And in a sign of the times, a collection of 16 drawings put up by the CEO of bankrupt Lehman Brothers sold for just $13.5 million, below the low estimate.
    More »

  • Masters Shore Up Shaky Art Market

    Jul 3, 08 9:48 AM CDT
    Masters Shore Up Shaky Art Market The art market has again defied the economic downturn, with Christie's and Sotheby's bringing in more than $1 billion combined during the past two weeks' London sales—a 19% rise from last year. But those numbers disguise the erratic nature of the market, writes the Wall Street Journal. While new collectors from Russia and the Middle East are paying top dollar for works by established modern masters, younger artists went bust. More »

  • Art Continues to Buck Ragged Economy

    May 14, 08 2:21 PM CDT
    Art Continues to Buck Ragged Economy Christie's auction of contemporary art in New York belied an economic downturn, the Times reports, with paintings, sculpture, and even a house fetching handsome prices. Two works drew particular attention: a portrait of a 280-pound nude woman by Lucian Freud, which sold for $33.6 million, and a house in Palm Springs by Richard Neutra, which fetched $16.8 million. More »

  • Spring Art Auctions Surrounded by Crash Talk

    Apr 29, 08 10:25 AM CDT
    Spring Art Auctions Surrounded by Crash Talk It's auction season again in the art world, and Sotheby's and Christie's have put record estimates on dozens of paintings. Despite warnings in the media of an imminent crash, prices of fine art seem to be impervious to the global economic downturn. It's enough to make one writer at Slate wonder: Are observers of the art market rooting for a collapse? More »

  • Rockwell Santa Painting Sells for $2.17M

    Nov 30, 07 2:02 PM CST
    Rockwell Santa Painting Sells for $2.17M Straddling the line between art, illustration, and extravagant Christmas gift, Norman Rockwell's "Extra Good Boys and Girls" raked in $2.17 million at a Christie's auction this week. The painting, originally a 1939 Saturday Evening Post cover, didn't hit the $2.5 million to $3.5 million estimate, but Christie's was still jolly, Reuters reports. More »

Staff members hold a Chinese oil painting titled "Put Down Your Whip" by Xu Beihong during an auction in Hong Kong Saturday, April 7, 2007.   (AP Photo/Kin Cheung)
A visitor talks on his mobile phone backdropped by 1993 painting "Sunshine" by artist Yue Minjun in London, Wednesday Oct. 10, 2007.   (AP Photo/Lefteris Pitarakis)
"The Massacre at Chios" by mainland Chinese artist Yue Minjun at a Sotheby's auction preview in Hong Kong Wednesday, Oct. 3, 2007.   (AP Photo/Vincent Yu)
Visitors look at a painting 'Untitled (sheep herd)' by Chinese artist Yue Minjun on display at an auction house in London, Monday, Feb. 4, 2008.   (AP Photo/Sang Tan)
« Prev« Prev | Next »Next » Slideshow
Our editors also recommend:

Threads (
1
 of 5)

Tags

art • hedge fund • art market • investment • Christie's • Fine art market


Loading...

Today's Most Popular

Loading...

Other Arts & Living Stories

What is Newser?

2008 Codie Finalist

Face it: there's too much news. At Newser a team of editors and writers culls the most important stories from hundreds of U.S. and international sources and reduces them to a headline, picture, and two paragraphs. It's the Newser guarantee: we can take any report or column or video and pack what you need to know into 120 words or less. Newser's short-form aggregation, visual format, and unique information tools help you get more of the kind of news you want, in a quicker and more entertaining way. And we do it 24/7—you can come back morning, noon, night (and in between) for something new that matters. Read less, know more.

Learn more »