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Look Lateral: Revolutionizing Fine Art Investment

A man passing by the Chinese-French artist Zao Wou-Ki’s “Juin-Octobre 1985”, 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 transformation — art 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 2016–2017, and is expected to grow even more in 2018. The total number of “online art sales” 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 Saville’s Propped (1992) is a nude self-portrait painted around the time of Saville’s graduation from Glasgow School of Art. Soon after, art dealer Charles Saatchi purchased the flesh study painting for $5,248. In the most recent Sotheby’s London auction Propped sold for $12.4 million, breaking the record for the world’s most expensive female living artist.

In 1955, American collectors, Elizabeth and Frederick Stafford, acquired Constantin Brancusi’s 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 “about a 1,400,000 percent return over 63 years.”

In 1993, a self-portrait by Francis Bacon, Two Studies for Self-Portrait (1977), sold at Sotheby’s for £353,500. In 2015, the painting’s value increased 4,000-percent, selling at auction for $22.4 million.

Francis Bacon, Two Studies for Self-Portrait, 1977. Image courtesy of Sotheby’s.

In 1951, American painter Norman Rockwell (1894–1978) 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 $46 million.

Over the past decade, Romanian artist Adrien Ghenie’s (b. 1977) career has flourished. During Ghenie’s 2009 solo exhibition, “Darkness for an Hour”, Genie’s 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 1960’s, American Pop artist Andy Warhol’s Orange Marilyn (1964) silkscreens were purchased for $2,400. During the Sotheby’s contemporary art auction in 1998, the silkscreens were purchased for $17.3 million, surpassing Sotheby’s estimate of $5 million.

Art collector, John Magnier, bought Amedeo Modigliani’s 1917 nude painting, Nu Couché (Sur Le Côté 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 $157.2 million.

Amedeo Modigliani, Nu couché (sur le côté gauche), 1917, oil on canvas. Image courtesy of Sotheby’s.

According to the New York Times,

“The seller sought to capitalize on the painting’s 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.”

In 2000, Claude Monet’s painting Matinée sur la Seine (1896) was purchased at auction for $5.7 million. In 2018, the work sold at Sotheby’s for $20.5 million.

In 2000, Pablo Picasso’s painting of Marie-Thérèse 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 Klimt’s garden scene painting Bauerngarten (1907) was purchased at auction for £3.7 million. In 2017, the painting sold at Sotheby’s for about $59 million.

Gustav Klimt, Bauengarten, 1907, oil on canvas. Image courtesy of Sotheby’s

In 1999, Gerhard Richter’s squeegeed painting Abstraktes Bild (1986) sold at auction for $607,500. In 2015, the painting was estimated to sell at auction for $21.4 million–$30.57 million; ultimately, the work sold for $46.3 million.

In 1959, the art dealer Leo Castelli sold Robert Rauschenberg’s work Forge (1959) for $1,000; in 1973, the work sold at auction for $60,563; and in 2007 Forge sold for $6.2 million.

“The 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%)”

Jean-Michel Basquiat, Untitled, 1982. Yusaku Maezawa Collection, © 2018 The Estate of Jean-Michel Basquiat/ADAGP, Paris/ARS

In 1984, the painting Untitled (1982) by Jean-Michel Basquiat (1960–1988) was sold at Christie’s 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, Basquiat’s 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. Boetti’s hand-embroidered tapestries, such as Mappa, have appreciated in the last decade from $2,000 to $2.7 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 Giacometti’s bronze sculpture, Standing Woman II (1959–60), sold at auction for $27.4 million. In 2010, Sotheby’s estimated Giacometti’s 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 $104.3 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 Lateral’s 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. Fimart — Fractional Marketplace of Art — utilizes 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 museum’s goal to acquire new art, or help an emerging artist launch their career. Look Lateral celebrates the idea of ‘Giving and Getting’. 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 Lateral’s online magazine and social media presence delivers fresh art news daily.

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