Strength in Old Masters

Kelly Crow writes an interesting article in the Wall Street Journal on The European Fine Art Fair, or TEFAF now going on in Maastricht, The Netherlands. The fair runs from March 12th through the 21st.Unlike many other fairs, TEFAF focuses on the old master sector, and according to Crow, there is some strength in the marketplace.

The fair is the size of 5 football fields, and the estimate worth of the paintings on display is in the $4 billion range. Crow states that 70% of the Old Master market is represented at TEFAF, but I am not real sure what that statistic specifically refers to. The TEFAF has a great website at http://www.tefaf.com

Crow reports

Now the Old Masters are staging their comeback. The highest price paid all last year for a work of art at auction was for Christie's $48 million Raphael chalk drawing, "Head of a Muse," sold in December. Christie's also broke Rembrandt's record by getting $33.2 million for his "Portrait of a Man, Half-Length, With Arms Akimbo." Sotheby's, meanwhile, got a record $13.5 million three months ago for Anthony van Dyck's 1640 "Self Portrait."

The traits that once made such Renaissance men appear old-fashioned—their scholarly followings, their steady price levels—have now become strong selling points. Although the recession hurt every art category last year, Old Master values at auction only fell 12% last year, compared to a 60% drop for contemporary art, according to Clare McAndrew, a Dublin-based art economist. Old Masters also have a history of rebounding quickly from downturns: As an investment asset, older art yielded a 6.2% compound annual return over the past decade, besting the negative 1.4% for the S&P 500 for the same period, according to the Mei Moses Annual Old Master Art Index, which tracks repeat sales of thousands of artworks at auction and compares the trajectory of art prices to other financial barometers.

To read the full WSJ article, click HERE.

The TEFAF website states

As a visitor to TEFAF Maastricht you will be present at an outstanding event, one that offers the best choice of the very best in fine art. You will have a unique chance to view and to buy paintings from Bruegel to Bacon as well as objects reflecting 6,000 years of excellence in the applied arts.
No where else will you find such an elegantly displayed selection of genuine masterpieces from 263 of the world’s most prestigious art and antiques dealers from 17 countries.
No where else will you find such rigorous investigation of their quality, condition and authenticity. Every item is checked by one of 26 vetting committees made up of over 155 internationally respected experts.
And no where else will you find yourself in such a distinguished and stimulating company of dealers, academics, art critics, and collectors. During the week of the fair, anyone who is anyone in the field of fine art will be at TEFAF Maastricht.