Bloomberg has a good update on current art news, including the sale of Eric Clapton's platinum Patek Philippe selling for $3.6 million, personal letters from Mick Jagger, and a speedboat piloted by David Beckham.
Also, the news update states Chinese auction sales in London have fallen by almost half as buyers are becoming more selective, and there is a new art fund at Berenberg Bank with a total capitalization of $63.6 million to invest in art for investors with a minimum of 100,000 euros.
Overall a very good quick look at what is happening in the art markets.
Bloomberg reports
Source: BloombergArt Fund
Berenberg Bank said it has founded a 50 million-euro ($63.6 million) art fund to give investors willing to pledge a minimum of 100,000 euros access to a different asset class at a time when stocks and bond markets are plagued by economic insecurity.
“Tangible assets remain firmly in investors’ focus,” Raymund Scheffler, the manager of Berenberg Art Advice and head of the bank’s Dusseldorf branch, said in an e-mailed release. “Because their value moves independently of classic investments like shares, bonds or even real estate, an art investment can complete every well-structured portfolio.”
The bank will cooperate with museums and collectors to identify top-quality artworks, according to the bank’s statement. The Fine Art Fund Group, an art investment company established in London by Philip Hoffman in 2001, will advise it on acquisitions.
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