Summary
These new art funds aim to find 'value' in an artist (almost exactly as if they were a stock price) as well as to make money out of arbitrage discrepancies in the market (sometimes you can find an edition of three with different prices in different galleries in different countries). Today it seems, as Godfrey Barker muttered to me the other night at the Sotheby's party, that there is no difference between a new artist and an unquoted company.
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Extract
The Great Art Bubble
Last week, on my second evening at Art Basel Miami, the Cannes Film Festival of the contemporary art world, I attended a dinner hosted by art-fair sponsors Bulgari in the old Dupont bank building in downtown Miami. Before dinner, the VIP collectors and guests were invited to stroll around inside the 1920s vaults where jewellery worth tens of millions was on display. As I stood inside the art deco vault, sipping champagne, I overheard the following remark from a super-rich American collector as ...
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