Fund Managers Moving Towards Art As Investment Diversifier, Will These Managers Balance Their Art Portfolio Investments With A Global Mix?
Castlestone is investing in western artists like De Kooning. By focusing only on western art, is the fund going to miss out on higher returns later?
We have written before on Castlestone Management, a $660 million investment fund that focuses on works of art, which the fund feels is a better investment over the long term than traditional hedges like gold or other hard assets. Today, Bloomberg has an excellent profile of the fund, noting that it is designed to benefit from one of art’s great features — a resistance to the great asset de-valuer: inflation. Castlestone, and art investment funds like it are , Farah Nayeri writes, “designed as an anti-inflation shelter at a time when recession-busting stimulus packages are flooding the global economy with cash.” So with the number of these funds increasing, as investors look for inflation-defying destinations for their money, will they get with the program and look for a more global mix, made up of Chinese, Indian, and other emerging artists? Or will they stick to their Picassos and Warhols?
It looks like Castlestone may be up for anything as time goes on, but at the moment they seem to be a bit top-heavy with artists who are late in their career. However, with this sort of fund growing and becoming more popular with inflation-weary investors who aren’t up for the rollercoaster ride of investing in gold, stocks, or jewels, an art fund might be just the thing.
Posted in Art, Business, China, Chinese Art, Culture, Economics, Investment, Museums
Tagged alexander calder, australia, bloomberg, castlestone, China, contemporary art, farah nayeri, fine art fund group, fund, gold, google, hedge, Investment, investment fund, jean-michel basquiat, philip hoffman, picasso, reuters, warhol, willem de kooning, zhang huan
With Auctions Of Western Favorites Doing Better Than Expected, Will We See The Same Excitement Surround Upcoming Contemporary Asian and Chinese Art Auctions?
Up for auction later this month in Hong Kong: contemporary Chinese artist Tang Zhigang's "Chinese Fairytale" (2006). Will Asian collectors pounce on the best buyers' market in years?
As trend-watchers love to say, the art market may be down from last year, but it’s far from out. Yesterday’s auction at Christie’s suprised many, with better-than-expected bidding and several works exceeding their estimates. As the New York Times noted, works by historical favorites like Picasso and Giacometti brought solid prices, and the auction injected a dose of optimism into the auction market, which has recently been affected by the same drop in confidence as the rest of the economy. However, Christie’s success is not the main point that interested me in the New York Times article. This is what caught my eye:
Posted in Art, China, Chinese Art, Investment
Tagged AFP, Art, asian, auction, China, christie's, emerging markets, New York, new york times, picasso, qatar, reuters, sotheby's, warhol