Contemporary Art Collector Broad Says Market has "Leveled Out"

Eli Broad, the billionaire collector of contemporary art and benefactor of the LA County Museum of Art and the LA Museum of Contemporary Art. In speaking with Scott Reyburn of Bloomoberg at Art Basel, Broad stated the contemporary art market has "leveled out". Broad both personally and through his foundation is very active in the contemporary art market. This only relates to one portion of the market, but it is also the market that has probably seen the largest drop of in prices since the fall. It is good news to hear as the contemporary art market contains some very high end artist and value, and is a market segment that is closely watched.

Reyburn reports in his interview with Broad, “Prices are more rational,” the Los Angeles-based collector said in an interview at Art Basel yesterday. “They went up 500 percent over 10 years, now they’re up 250 percent. Now good things are beginning to come on the market.”

Broad, 76, one of the biggest U.S. art buyers, said prices are lower this year in Basel, the largest commercial fair for modern and contemporary works. The quality is higher, he said.

“During the fair,” said Broad, “we bought a drawing for an Ed Ruscha painting we have in our Foundation for a fraction of the price it was estimated at in an auction a year ago. It failed to sell.”

Silver-haired Broad, wearing a dark-blue blazer and open shirt, was speaking as dealers said more realistic pricing and an emphasis on classic works had generated better-than-expected sales at the preview day.

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