Bubble Bubble

labrea_gwNovember 15, 2013

The Top 400 richest USIAN's have $300 Billion more than last year . I don' know what nations the buyers were from.
The art market is booming or perhaps bubbling
Why not buy a Bacon for $147 Million it's so much more interesting than stocks but it does have to be insured & stored or displayed. It was a record for a Francis Bacon & after all the Subject matter is Lucian Freud another great painter. (I liked them both but that counts for little)

Even better still a Warhol fetched $105 million (there was a case for the Bacon that he didn't have a vast output & so desirability is based on rarity. In fact thats what a Forbes article of a few days ago pushed as a salient point behind the price of Bacon

Warhol however had a huge output & his works come up at many auctions. His Celebrity silk screen portraits fetching very high prices.
This disaster series always left me cold his green car crash sold in 2007 for $64 Million.
In many cases these works are spirited off to vaults and aren't seen until the next time they come up at auction.
People hanging out of cars mangled, people jumping from windows , the electric chair repetitive images from Tabloids or what Tabloids used to print to sell papers when their photographers ran to these sites to catch the bodies while they were fresh.
Henry Geldzahler is credited with planting the idea in Warhols head for the series.
AH Well!
I often wonder what the original photographs would go for?. The Boom or bubble has been going on for a year now Lots of cash refusing to go back into stocks has been gobbling up & driving up prices of many modern & Contemporary artists.
Bright shiny Koons Balloon animals Orange Balloon Dog sold for $55 Million.
I wonder what his Made in Heaven. Series are selling for graphic digital paintings of him having sex with his for porn playmate Chicollina. Ah well!
Now that China & Russia are gobbling them up too they can't talk about decadent culture!

(I have no moral ax to grind against people buying these Very Large Comics or baseball cards)

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jodik_gw

Toil and trouble... is all that comes to mind.

Art is another of those subjective things. And taste is something that money can't purchase.

It amazes me that some people are perfectly wiling to place actual monetary value in the higher multiple digit range on an item that I, personally, wouldn't really want if it were free.

But then, art is subjective as noted above... and taste is an individual thing.

People are free to do as they wish with their holdings, though... so...

My favorite piece of art is a drawing my daughter did when she was about 5... it's called, quite simply, "Puppies"... and it's an adorable rendition of four little Bulldog pups peeking over a large felled tree log. I love it, and published it in an issue of our breed specific magazine back in the day.

    Bookmark   November 15, 2013 at 8:31AM
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labrea_gw

I was thinking m ore about market than what was being marketed.

    Bookmark   November 15, 2013 at 8:34AM
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david52_gw

I wonder what my sofa-sized print, on velvet, of 7 dogs playing poker is now worth.

At auction, on a good day.

    Bookmark   November 15, 2013 at 9:07AM
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jerzeegirl(9)

With art the price - and market value - is set by what an individual is willing to pay for any given painting. I am not sure that the concept of "worth" enters into the equation because these are all pretty unique items with nothing to compare them to. The market is set by what anyone is willing to pay for any given art work.

I remember when the Portrait of Dr. Gachet sold for $82.5 million at Christie's and people were marveling that an painting could sell for that much. $82.5 but we are talking about Van Gogh. I like Francis Bacon but......

The art auction world is pretty darn weird. At auction buyers get applauded for paying the most, when in most other purchases (real estate, for example) paying the least is usually the desirable outcome!

    Bookmark   November 15, 2013 at 9:09AM
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nancy_in_venice_ca Sunset 24 z10

At auction buyers get applauded for paying the most, when in most other purchases (real estate, for example) paying the least is usually the desirable outcome!

The widening wealth gap -- the fairly recent transfer of wealth to the top tier in the U.S. -- undoubtedly contributes to this bubble.

It was a record for a Francis Bacon & after all the Subject matter is Lucian Freud another great painter. (I liked them both but that counts for little)

Same for me.

    Bookmark   November 15, 2013 at 10:43AM
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jodik_gw

I've always liked that piece, David... not so much in velvet, but just the piece, itself.

Worth, value... I fully understand this is based upon what a buyer is wiling to pay... what the market will bear... or whatever.

I just can't help thinking about what such large amounts of wealth might do for humanity, put to other uses...

    Bookmark   November 15, 2013 at 10:58AM
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epiphyticlvr

The art world, especially that of auctions is it's own special entitiy. I am always amazed at what is bought at what price and what is passed on.

It was a record for a Francis Bacon & after all the Subject matter is Lucian Freud another great painter. (I liked them both but that counts for little)

Same for me.

Ditto

    Bookmark   November 15, 2013 at 11:04AM
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duluthinbloomz4

Humanity needs art. Think of art as a kind of aesthetic wealth.

Without it art we'd be pretty sad and dull and the world would be a lesser place.

    Bookmark   November 15, 2013 at 11:19AM
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mylab123(z5NW)

Creating art as well as art appreciation goes back to our cave days. It seems to have a place of importance in Maslow's hierarchy of needs. Art would of course include writers, poets, those who sculpt, music - it seems man is driven to create beauty, even if very few will ever see the finished product .

    Bookmark   November 16, 2013 at 1:08AM
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jmc01

Gems have recently been auctioned at very high prices as well. What makes the market for gems? Again, a willing buyer and seller of a commodity with limited availability. No different than art IMO.

    Bookmark   November 16, 2013 at 3:47AM
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jodik_gw

Gems and precious metals... another area where such value or worth, and the money often paid, could be so very well used in other ways to help humanity... and another area where beauty is in the eye of the beholder.

I love jewelry, but there are some stones of lesser value that I prefer over other stones of greater value. It all depends on what one likes. There are several gems I like a lot more than diamonds. And I prefer silver over gold... and gold has a higher value. It's not the value that's important, but how the piece speaks to me.

The same for literature... some people find infinite value in certain works, while my preferences are not always with what are considered the works of the "great masters".

So, it's all subjective... though I find that expression through art is a very important part of of the human condition. And there are so many things that fit the description of art.

    Bookmark   November 16, 2013 at 7:52AM
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haydayhayday

"I just can't help thinking about what such large amounts of wealth might do for humanity, put to other uses...

...

Gems and precious metals... another area where such value or worth, and the money often paid, could be so very well used in other ways to help humanity..."

How does that work?

Hay

    Bookmark   November 16, 2013 at 10:03AM
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elvis

jodi: ***I just can't help thinking about what such large amounts of wealth might do for humanity, put to other uses......

Gems and precious metals... another area where such value or worth, and the money often paid, could be so very well used in other ways to help humanity...***

"How does that work?

Hay"

Same question.

    Bookmark   November 16, 2013 at 10:40AM
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jmc01

Same question.

    Bookmark   November 16, 2013 at 10:44AM
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david52_gw

Well, with precious stones, its pretty easy to trace the trickle down theory from the $20,000,000 diamond necklace through the assorted steps - jewelry store here, diamond merchants there, stone cutters over here, smugglers up there â¦â¦. all the way down to the illegal mining pits in Sierra Leone where they only get paid if they find a stone, and get to enjoy their $20 if they survive the night.

And we wouldn't want to deprive the guy of his $20, amirite?

    Bookmark   November 16, 2013 at 10:59AM
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haydayhayday

I bet the guy getting $20 is happy to get it.

But, really my question is addressed to after the fact.

I think Warhol's pricey painting was completed by him within a Summer. If you want to argue that he could have been spending his time in ways that would be of more "benefit to humanity", that's one debate.

But, after the fact, if this painting gets bought and sold at very large prices, how has humanity gotten hurt? What got diverted?

I'd like to understand it.

Hay

    Bookmark   November 16, 2013 at 12:45PM
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blfenton

David52 - maybe your velvet painting could ride the coattails of Cezanne's "The Card Players"

The diamond The Pink Star (now apparently called the Pink Dream) sold this week for $83M. Yes it's huge, yes it's flawless and yes it's pink but WOW. I wonder where this wealth is coming from or is it just consumerism run amok.

Here is a link that might be useful: The Card Player

    Bookmark   November 16, 2013 at 2:24PM
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labrea_gw

Humanity may need art but once again a lot of this will never see the light of day or have human eyes gaze on it for years at a time. These often will become parts of collections that sit in vaults either appreciating of depreciating.

Curious if Warhol even touched that canvas beyond signing it.
Like many of the old masters assistants often carry out a lot of thee work.

    Bookmark   November 16, 2013 at 4:08PM
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