State of the Art Market: What to Buy and What to Sell
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International expert in art advising, appraising, inventory and collecting, Anita Heriot of Pall Mall Art Advisors discusses changes in today's dynamic marketplace, and their effects on the global ...

International expert in art advising, appraising, inventory and collecting, Anita Heriot of Pall Mall Art Advisors discusses changes in today's dynamic marketplace, and their effects on the global auction market.

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State of the Art Market: What to Buy and What to Sell Presentation Transcript

  • 1. State of the Art Market: What to Buy and What to Sell Thursday, January 23rd 2014
  • 2. Presented by: Anita Heriot Pall Mall Art Advisors Before becoming President of Pall Mall Advisors, a U.S. and U.K. appraisal firm, Anita Heriot served as Vice President, Head of Appraisals, and ran the British & Continental Furniture and Decorative Arts department for Samuel T. Freeman & Company. She also worked for Masterson Gurr Johns International, a London based firm, as an appraiser. Ms. Heriot is a member of the Appraisers Association of America and is USPAP certified. She has testified as an expert witness in major court cases involving art valuations. She lectures on various topics relating to art, collection, and appraising. She is a graduate of Bowdoin University with advanced degrees from University of London and New York University.
  • 3. Major Influences on the Market and Value • Generational Shifts • Global Shifts • Economic Shifts Damien Hirst
 Twenty-Nine Pills (detail) 2008 Estimate £400,000 - 600,000 Sold for £1,105,250 ($1,987,502)
  • 4. When is Art an Asset?
 Knowing What to Buy and What to Sell “A piece of fine decorative art that an individual or corporation owns with the expectation that it will provide future benefit” 9 Multicolored Marilyns Sold for $4,900,000 in 2008
  • 5. What is the Asset Value?
 Knowing What to Buy and What to Sell Fair Market Value: “The price a willing buyer would pay a willing seller in an open marketplace in which neither was coerced to buy or sell.” Open Market Closed Market ! Auction ! Auction house private sale ! ! Gallery ! Private brokered sale ! 1stdibs
  • 6. The Effect of Generational Changes on the Market
  • 7. Dining Room vs. Expanded Kitchen
  • 8. Dining Room vs. Expanded Kitchen
  • 9. Living Room vs. Great Room
  • 10. Living Room vs. Great Room
  • 11. The Importance of Function Over Form
  • 12. The Importance of Function Over Form
  • 13. The Importance of Function Over Form
  • 14. Change in Taste
  • 15. Globalization of the Market
 New Buyers / New Markets Chinese Market Chinese Dongjun Shen
 Purchaser of French Chateau in Bordeaux Imperial Double Dragon White Jade Seal Estimate $30,000 - 50,000 Sold for $3,500,000
  • 16. Top Three Artists in 2011 Zhang Daqian Andy Warhol Qi Bai Shi
  • 17. The Hot Art Market
 Knowing What to Sell Roy Lichtenstein Estimate $300,000 - 400,000 Sold for $41,000 in 1993 Cartier Pagoda Brooch
 Achieved a World Record White Jade Snuff Bottle Sold for $600 in 2002 Sold for $7,500 in 2012
  • 18. What is Not Hot in the Asian Market Chinese Han Dynasty Figure Japanese Imari Vase
  • 19. Regional Art Market Alexi Petrovich Bougoliubov
 View of Venice Customs House Valued for Estate Tax $12,500 in 2002 Estimate $700,000 - $900,000 Sold for $1,049,000 !19
  • 20. Blue Chip Artists Pablo Picasso
 Buste d’homme Estimate $5,000,000 - $7,000,000 Sold for $9,685,000 in 2013 !20
  • 21. Growth of the Jewelry Market 2006 ! $67,000 / carat 2012 ! $150,000 / carat !21
  • 22. The Gentleman’s Market Patek Philippe
 1955 Mercedes-Benz
 18K Gold Watch 300 SL Alloy Gullwin Sold for $243,000 Sold for $4.5 Million !22
  • 23. Contemporary Market vs. Other Markets !23
  • 24. Sell Smart:
 The Auction Marketplace !24
  • 25. The Auction House Matters General Auction Houses !25
  • 26. Americana Specialists Sold for $158,000 !26
  • 27. Asian Specialists Sold for $183,000 !27
  • 28. Contemporary and Modern Design Richter Sold for $11,000,000 !28
  • 29. Collector Cars Sold for $1,500,000 !29
  • 30. Heritage Auctions Sold for $1,300,000 !30
  • 31. Selling at Auction:
 It is All Negotiable • Seller’s Commission (0 - 15%) • Insurance • Storage and Shipping • Catalogue Fee • Photography Fee !31
  • 32. Marketing Your Treasures • Catalogue Marketing • Pre-Sale Parties • Single Owner Sale • The Press !32
  • 33. Turning a Recession into an Opportunity Decrease in value Blue Chip Paintings American 25% Decorative Arts 30 - 50% Furniture 40 - 60% !33
  • 34. American Art:
 The Hidden Opportunity !34
  • 35. Pennsylvania Impressionist Market: Edward Redfield 2005 Retail Prices 2011 Retail Prices Sold for $700,000 Sold for $280,000 !35
  • 36. George Nakashima: Set of 6 Black Walnut “New” Chairs 2006 2011 Estimate $12 - $18,000 Sold for $23,000 Estimate $12 - $18,000 Sold for $11,000 !36
  • 37. Turning a Recession into an Opportunity • Buy American • Buy Japanese Fine & Decorative Arts • Buy the Very Best That You Can Afford Guy Wiggins (1883 - 1962) Washington Square Park !37
  • 38. Sell Smart:
 A Success Story Barbara Safford Collection Estimate $750,000 - 1.2 Million Hammered at $3.9 Million !38
  • 39. Buy for Investment and Love: David BurliuK Chrysanthemums & Asters !39
  • 40. Questions
  • 41. Trov is the Personal Cloud for Every Thing You Own.
  • 42. Easily and Securely Collect, Value and Connect Every Thing you Own. Easily add items to your Trov by snapping a photo or sending A digital receipt. Items will be automatically updated with extra details, including photos, descriptions and values. Be automatically informed of the value of items in your Trov and your total 'Trov Worth' so you can make more informed decisions. Unlock a world of opportunity through the things you own, such as online marketplaces, discounts on insurance, social sharing and more!
  • 43. International Appraisal and Advisory Firm located in Philadelphia, San Francisco, Glasgow, Edinburgh, London.