Salient to Investors: Art speculators’ whims often transform art into a terrible investment. Even beautiful art can be a fundamentally fickle asset. Adam Lindemann cites more speculative buying than ever since the financial crisis, but says people avoid artists whose price goes down. In the contemporary art world there is a
READ MORE... →Salient to Investors: Charles Beddington said Caravaggio is a particularly difficult artist as the quality of his execution is variable, and so he’s easy to copy. Beddington said the big auction houses are keen to avoid bad publicity and are extremely careful about consulting the relevant academics. Samson Spanier said several recent high-profile cases
READ MORE... →Salient to Investors: Marc Faber at the Gloom Boom & Doom Report says: High-end assets from stocks to art to real estate are in a bubble caused by central bank money-printing. This money doesn’t increase economic activity and asset prices in concert, instead creates dangerous excesses in countries and asset
READ MORE... →Salient to Investors: Halsey Minor sold CNET Networks for $1.8 billion in 2008 and 5 years later has filed for personal bankruptcy thanks to bad bets on real estate, horse farms, start-up investing, and other ventures that took him out of his technology comfort zone. Read the full article at http://www.bloomberg.com/news/2013-05-30/cnet-founder-minor-files-for-bankruptcy-after-selling-art.html
READ MORE... →Salient to Investors: The midsize art galleries that helped transform western Chelsea into New York’s major art hub are being squeezed out of the neighborhood by booming real-estate development and rising rents. Stuart Siegel at CBRE said every developer in New York wants to be in West Chelsea, and landlords
READ MORE... →Salient to Investors: Jeffrey Gundlach at DoubleLine Capital says: The first phase of the coming debacle was the 27-year buildup of corporate, personal and sovereign debt to 2008. The third phase will be deeply indebted countries and companies defaulting sometime after 2013. Buy gemstones, art and commercial real estate and other hard assets. Chinese
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