The Contemporary Art of Investment
With a tally of $93,734,500 and 49 of the 54 lots offered being sold, Christies Postwar and Contemporary Art evening sale held in New York on Wednesday achieved a seemingly impossible result set against the gloomy media coverage of the auction industry. Closer examination of the works sold explains this seemingly impossible total.
The top lot of the sale: David Hockney’s Painting ‘Beverley Hills Housewife’ which sold for $7.9 million - a record for the artist - is a perfect example. This large diptych was entirely fresh to the market as it had been in the collection of art patron Betty Friedman since it was bought in 1967 from a New York gallery, where it was first shown.
The cast iron provenance of the work coupled with its immaculate condition made it irresistible to both collectors and investors alike. The results of this auction shows that, in today’s recession, quality artworks can still be a solid investment. With banks, corporations and even the government holding collections of contemporary art, this type of asset is now on par with other more traditional commodities such as jewellery, diamonds and gold bullion, which are increasingly considered to be solid investments in the current financial climate.
If you need to service a short term cash requirement, there is no need to sell your prized possessions. The Borro team is keen to lend against works of contemporary art by established artists, and if your pledged artwork appreciates in market value during the term of your loan, it will be even more valuable when you settle the loan, and get your artwork back.
Borro.com is regulated by the UK Government, and all Borro contracts are approved by the Office of Fair Trading. For loans ranging from £100 - £100,000 for 1 to 6 months, contact Samantha Lilley, Head of Valuation, Borro.com, for a confidential valuation.
