Beautiful Asset Advisors/Mei Moses Fine Art Index has just released its September tracking report with art market performance data. Unfortunately, the index is showing a year to date loss of approximately 3.1%. As the report notes, September is one of the slower months of the year for art auctions. It will be interesting to see how the major fall sales in London and New York perform. See the chart below to track the Mei Moses Art Index against other financial indicies.
Mei Moses reports
Source: Mei Moses Fine Art IndexBEAUTIFUL ASSET ADVISORS® LLC
10/10/2014
INSIGHTS ON ART MARKET FINANCIAL PERFORMANCE THROUGH
SEPTEMBER 2014 BASED ON THE MEI MOSES® FAMILY OF ART INDEXES©
JIANPING MEI & MICHAEL MOSES
SIGNS OF WEAKNESS CONTINUE IN THE WORLD WIDE ART AUCTION MARKET IN SEPTEMBER LEAVING THE INDEX BASICALLY UNCHANGED FROM ITS END OF JULY LEVEL. EQUITIES FINISHED THE MONTH NEAR ALL TIME HIGHS.
WEAKNESS IN THE WORLD WIDE AUCTION ART MARKET CONTINUED TO DEVELOP IN SEPTEMBER PRODUCING A YEAR TO DATE LOSS OF ABOUT 3.1% IN THE MEI MOSES® WORLD ALL ART TRACKING INDEX. THIS IS SIMILAR TO THE YEAR TO DATE RESULTS IN JULY. ART CONTINUES TO SIGNIFICANTLY UNDERPERFORM EQUITIES©
MONTHLY TRACKING GRAPH THROUGH SEPTEMBER 2014
Our expanded data collection efforts provide sufficient and timely incremental data allowing us analyze the world art auction market on a near continuous basis. We create monthly tracking reports for the Mei Moses® world all art index for the cumulative world wide sales that have transpired during the year up to the end of each month. We treat the sales in each successive year-to-date period as if they represented transactions for the full year. The figure on the first page shows the 2012 end-of-year value for the new index (set at a value of 1.0) and twelve alternative projections for 2013 end of year values based on the successive monthly sales. There are no auctions in August so we do not include that month in our analysis. The twelfth point becomes the true value for 2013 since it is based on all transactions in that year. This process is replicated for the current year.
The figure also compares the world art index with the monthly closing values of two total return equity indexes. We now also supply a three month moving average of the world all art index for those individuals who feel that the relationship between this average and the actual index, like the fifty day moving average in stocks, provides information as to whether it is currently a good time to make purchase or sale decisions.
September is the slowest month of the fall auction season. Our data collection and reporting efforts based on 14 Sotheby’s and Christie’s world wide auctions that occurred in September 2014 only produced 109 repeat sale pairs mainly from small Old Masters(OM19C) and Post War and Contemporary (PWC) works of art sales in New York and London. There were also Traditional Chinese works of art (TSWA) sales in New York. The repeat sale pairs created by these sales allowed us to create the Mei Moses® world all art tracking index for September 2014 which produced the aforementioned loss as compared to the closing value for year end 2013.
 |
No comments:
Post a Comment