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cornered: A CONVERSATION WITH TODD LEVIN, ANDREW WITKIN, RICHARD POLSKY and CHRISTINE PFISTER Donna Dodson
ALL ART COLLECTORS HOPE THAT THE WORKS OF ART THAT THEY BUY WILL APPRECIATE IN VALUE OVER TIME, ESPECIALLY IF THE PRICE TAG FOR THE ARTWORK IS FIVE FIGURES OR MORE. SOME WOULD ARGUE THAT ART HAS BECOME A COMMODITY, AND LIKE OTHER COMMODITIES, ONE MIGHT WONDER HOW ART COMPARES TO OTHER INVESTMENTS. ARTSCOPE CONTRIBUTOR DONNA DODSON “CORNERED” LEVIN ART GROUP DIRECTOR TODD LEVIN; ARTIST ANDREW WITKIN, DIRECTOR OF THE BARBARA KRAKOW GALLERY; RICHARD POLSKY, AUTHOR OF “I BOUGHT ANDY WARHOL” AND “I SOLD ANDY WARHOL (TOO SOON)”; AND CHRISTINE PFISTER, OWNER OF PENTIMENTI GALLERY IN PHILADELPHIA, TO FIND OUT...
Donna Dodson: Art as an investment vehicle? How does it compare to other investments over time? More/less stable?
Todd Levin: In the majority of cases, art is neither a good investment nor an efficient investment vehicle. Most art will not appreciate, and in addition, there are high transaction costs including dealer markups, auction house commissions, insurance, crating, storage, shipping and customs costs, and capital gains tax when a work is sold. Like the stock or bond markets, the art market is made up of many separate parts…
Andrew Witkin: One cannot put all “art” together and analyze it as investment. There are so many subsections and undefineables. Basically — in order to analyze, one needs to quantify. One needs to stop talking about art and look at supply and demand. Supply of what? Demand by whom? Just like any analysis, one either needs to engage what art is, or engage what the art market is...
Richard Polsky: The art market is the business of buying low/selling high, which is more about money than art. The art world is about relationships, studio visits, parties, the noble aspects of art — it’s wonderful, beautiful and intrinsically valuable, i.e., most collectors are buying art to decorate their homes and it is a living collection...
Christine Pfister: Established artists’ works of art hold their value and their work is a stable investment vehicle over time, but only time will tell for emerging and younger artists.
Read the entire article in our magazine pages... |
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