New Post has been published on https://cryptomoonity.com/look-lateral-revolutionizing-fine-art-investment/
Look Lateral: Revolutionizing Fine Art Investment
A man passing by the Chinese-French artist Zao Wou-Kiâs âJuin-Octobre 1985â, the most expensive painting ever to sell at auction in Hong Kong.
Brooke Einbender, Art and Content Manager, Look Lateral
The $63 billion art market is at a pivotal moment of transformationâââart fairs are increasing around the world; auction houses are experiencing record-breaking sales; and technology is facilitating the rapid spread of information globally. The art market has experienced 12% growth between 2016â2017, and is expected to grow even more in 2018. The total number of âonline art salesâ is predicted to increase by 69% to $9.14 billion in 2021.
Fine art is a non-correlated asset that helps diversify risk and safeguard value.
The following secondary art market case studies signify the importance of fine art as a valuable investment with promising returns:
Jenny Savilleâs Propped (1992) is a nude self-portrait painted around the time of Savilleâs graduation from Glasgow School of Art. Soon after, art dealer Charles Saatchi purchased the flesh study painting for $5,248. In the most recent Sothebyâs London auction Propped sold for $12.4 million, breaking the record for the worldâs most expensive female living artist.
In 1955, American collectors, Elizabeth and Frederick Stafford, acquired Constantin Brancusiâs 31-inch-tall brass sculpture La Jeune Fille Sophistiquee (1932) for $5,000 directly from the artist. Today, the work is estimated at more than $70 million, which is âabout a 1,400,000 percent return over 63Â years.â
In 1993, a self-portrait by Francis Bacon, Two Studies for Self-Portrait (1977), sold at Sothebyâs for ÂŁ353,500. In 2015, the paintingâs value increased 4,000-percent, selling at auction for $22.4Â million.
Francis Bacon, Two Studies for Self-Portrait, 1977. Image courtesy of Sothebyâs.
In 1951, American painter Norman Rockwell (1894â1978) was commissioned to paint Saying Grace (1951) for $3,500. Rockwell is considered a Modern master who captured American life in his paintings. In 2013, the Saying Grace was purchased for $46Â million.
Over the past decade, Romanian artist Adrien Ghenieâs (b. 1977) career has flourished. During Ghenieâs 2009 solo exhibition, âDarkness for an Hourâ, Genieâs two-part canvas Nickelodeon (2008) was purchased for $70,000. In 2016, the painting was sold at auction for $9 million, a price appreciation of 16,000%.
Andy Warhol, Orange Marilyn, 1964, silkscreen on canvas.
In the 1960âs, American Pop artist Andy Warholâs Orange Marilyn (1964) silkscreens were purchased for $2,400. During the Sothebyâs contemporary art auction in 1998, the silkscreens were purchased for $17.3 million, surpassing Sothebyâs estimate of $5Â million.
Art collector, John Magnier, bought Amedeo Modiglianiâs 1917 nude painting, Nu CouchĂŠ (Sur Le CĂ´tĂŠ Gauche), at auction for $26.9 million in 2003, a record for the artist at the time. In 2018, the work sold at auction for $157.2Â million.
Amedeo Modigliani, Nu couchĂŠ (sur le cĂ´tĂŠ gauche), 1917, oil on canvas. Image courtesy of Sothebyâs.
According to the New York Times,
âThe seller sought to capitalize on the paintingâs recent inclusion in the Modigliani retrospective that closed last month at Tate Modern in London, where it was featured on posters and on the cover of the catalog.â
In 2000, Claude Monetâs painting MatinĂŠe sur la Seine (1896) was purchased at auction for $5.7 million. In 2018, the work sold at Sothebyâs for $20.5Â million.
In 2000, Pablo Picassoâs painting of Marie-ThĂŠrèse Walter, Le Repos (1932), sold at auction for $7.9 million. In 2018, the work went to auction and sold for $36.9 million.
In 1994, Gustav Klimtâs garden scene painting Bauerngarten (1907) was purchased at auction for ÂŁ3.7 million. In 2017, the painting sold at Sothebyâs for about $59Â million.
Gustav Klimt, Bauengarten, 1907, oil on canvas. Image courtesy of Sothebyâs
In 1999, Gerhard Richterâs squeegeed painting Abstraktes Bild (1986) sold at auction for $607,500. In 2015, the painting was estimated to sell at auction for $21.4 millionâ$30.57 million; ultimately, the work sold for $46.3Â million.
In 1959, the art dealer Leo Castelli sold Robert Rauschenbergâs work Forge (1959) for $1,000; in 1973, the work sold at auction for $60,563; and in 2007 Forge sold for $6.2Â million.
âThe return varies substantially (1) from initial sale to first auction (34.06%), (2) between the repeat sales (14.63%), and (3) from initial sale to second auction (19.99%)â
Jean-Michel Basquiat, Untitled, 1982. Yusaku Maezawa Collection, Š 2018 The Estate of Jean-Michel Basquiat/ADAGP, Paris/ARS
In 1984, the painting Untitled (1982) by Jean-Michel Basquiat (1960â1988) was sold at Christieâs for the first time for $19,000. In 2016, Untitled (1982), was purchased at auction for $110.4 million. This sale became the most expensive work sold by a U.S. artist. Additionally, Basquiatâs Warrior (1982) increased 450% in price to $9 million between 2005 and 2012.
Alighiero Boetti is an important Italian conceptual artist who was a member of the Arte Povera movement. Boettiâs hand-embroidered tapestries, such as Mappa, have appreciated in the last decade from $2,000 to $2.7Â million.
William Eggleston, Memphis c. 1969. Image courtesy of MoMA.
William Eggleston is known as the father of modern color photography. His iconic photograph of a tricycle Memphis (1969) was sold for $7,000 in 1990 and skyrocketed to a selling price of $365,000 in 2015.
In 2008, Alberto Giacomettiâs bronze sculpture, Standing Woman II (1959â60), sold at auction for $27.4 million. In 2010, Sothebyâs estimated Giacomettiâs six-foot-tall bronze sculpture, Walking Man I (1960), to sell between $19.2 million to $28.8 million; however, the work sold at auction for $104.3Â million.
Look Lateral is revolutionizing investment in fine art.
Despite an increase in online sales, the art market remains one of the few markets that has yet to be fully disrupted by technology. Look Lateralâs marketplace allows investors at all levels to diversify their portfolio and engage in a finally liquid art market.
Fimart sets precedent as the first 24/7 marketplace to buy and trade fractions of art.
Fractional ownership reduces the high barriers to entry in the art market. Now art lovers and collectors, investors at all levels, and the crypto world can build a collection of fractional masterpieces. FimartâââFractional Marketplace of Artâââutilizes pricing tools and market trends to educate participants on art investments.
Look Lateral establishes a new type of art patronage.
Token holders can delegate their fractional ownership to help restore ancient artworks, support a museumâs goal to acquire new art, or help an emerging artist launch their career. Look Lateral celebrates the idea of âGiving and Gettingâ. For example, a collector can donate a physical artwork to a museum, thus relinquishing 51% of their fractional ownership, while still retaining 49% of the artwork as its value appreciates.
Look Lateral cultivates art awareness in society.
Look Lateral magazine ⢠Issue #1, 2018
The collectible magazine is structured as a full-day itinerary exploring one-of-a-kind stories in the contemporary art world. From an artist studio visit in Azerbaijan to an art hotel in Singapore, each editorial enriches global art knowledge. In addition, Look Lateralâs online magazine and social media presence delivers fresh art news daily.
Related
Development Progress Update(Sept 23rd)
Hero Node â AMAďź2ďź
Winklevoss ETF Rejected â 5+ More Waiting on...
Crypto Markets Rebound After News the US SEC Will ...
.yuzo_related_post imgwidth:155px !important; height:145px !important; .yuzo_related_post .relatedthumbline-height:15px;background: !important;color:!important; .yuzo_related_post .relatedthumb:hoverbackground:#fcfcf4 !important; -webkit-transition: background 0.2s linear; -moz-transition: background 0.2s linear; -o-transition: background 0.2s linear; transition: background 0.2s linear;;color:!important; .yuzo_related_post .relatedthumb acolor:!important; .yuzo_related_post .relatedthumb a:hover color:!important;} .yuzo_related_post .relatedthumb:hover a color:!important; .yuzo_related_post .yuzo_text color:!important; .yuzo_related_post .relatedthumb:hover .yuzo_text color:!important; .yuzo_related_post .relatedthumb margin: 0px 0px 0px 0px; padding: 5px 5px 5px 5px; jQuery(document).ready(function( $ ) //jQuery('.yuzo_related_post').equalizer( overflow : 'relatedthumb' ); jQuery('.yuzo_related_post .yuzo_wraps').equalizer( columns : '> div' ); )
