The one-day program will be instructed by Michale Moses, co-founder of Mei Moses family of art indexes. In addition to Michael Moses, Professor Pepe Carmel of the NYU Art History Department will also present on art connoisseurship.
What makes this program so unique and opportune is the time set aside to visit the auction houses which will be preparing for the major May contemporary art sales. Christie's is only a short walk from the Deloitte boardroom. The Master Class participants will be supplied with a list of works that can be viewed to develop mark to market valuations. For example, Christie's will offer at its Rockefeller Center location, in a special Monday night sale, Picasso's Les Femmes de Alger which has been widely reported in the press to have a pre-sale estimate of about $130 million and, importantly for Master Class attendees, has a prior auction price. The discussion (and viewing) of this important Picasso work will certainly be a highlight of the class.
As appraisers, we look and comparable properties and then make adjustments based upon time frame, market trends as well as other factors. This Master Class on art market performance and valuation will discuss many instances and circumstances where value is impacted.
For example many collectors, as well as appraisers have questions on what impacts value, such as:
- impact of size on value
- does a signature matter
- should I only buy high priced works
- should I pay above the auction house estimate
- how long should I hold the work
- do certain artist outperform the market
- does the relative importance of a work matter.
- judge the reasonableness of the proposed change in price implied by the auction house price estimate for a work coming up for sale compared to the previous auction price of the same item.
The Master Class in Art Market Performance and Valuation will answer those questions based upon historical repeat sales data. The descriptive data points also include analysis based upon the size of the work, if the work is signed and/or dated, medium, how often exhibited, cited in the press and offered at auction. When all of these descriptive data points are collected and analyzed, the Mei Moses art indexes are able to calculate a true financial rate of return over time. The Master Class will explain this process and how to use it for specific purposes such as investment or appraisal valuations.
As many readers of the AW Blog know, I have long been a proponent of using indexed valuation data to support a market analysis in appraisal reports and specifically those generated by Mei Moses. Indexed market trends, mark to market conclusions and financial annual return data, when used properly along with other research and valuation content can be incorporated into appraisal reports to support value conclusions.
Many experienced appraisers are looking for new and sophisticated approaches to value along with educational opportunities beyond the basics which are represented in general course books and appraisal text, conference, and webinars. As many appraisers are aware, there are very few choices when it comes to complex and mulit-layered programs being offered for senior appraisers who regularly deal with advanced valuations and unconventional assignments. This Master Class in Art Market Performance and Valuation certainly offers the type of sophistication and progressive proficiency which will assist senior appraisers for years to come.
Click HERE for the full course outline. Keep in mind the class size is limited and May 9th is fast approaching. In addition to appraisers, I can also see collectors, wealth managers, insurance adjusters, art law professionals, trust and estate professionals, galleriests, and the art market trade press interested in such a program.
Beautiful Assets Advisors and Mei Moses report on the Master Class
Source: Beautiful Asset AdvisorsFor more than 20 years we at Beautiful Asset Advisors® LLC have been collecting, repeat sale, data on objects that have sold at least twice at public auction. Over that time period we have amassed a data base of over 45,000 of these repeat sale pairs. We use the basic price and date information to produce our family of nine Mei Moses® art indexes. We provide indexes representing four world wide collecting categories, (old master, impressionist and modern, post war and contemporary and traditional Chinese works of art) three indexes for regional collecting categories (American, British and Latin American); and an annual and semi-annul world all art index.
The indexes help us understand art market financial performance from 1810 until the present and allow us to compare this performance to that of equities, bonds, materials, and inflation. These indexes can also be used in wealth management decisions. They can be used as part of an optimal asset allocation process which includes art so that a portfolio can be built that matches the risk-return desires of the individual collector/investor.
But indexes do not help the potential collector/investor determine which object to buy and what might be a reasonable price to pay for the object. Most individuals, have questions such as: does size matter, does a signature matter, should I only buy high priced works, should I pay above the auction house estimate, how long should I hold the work, do certain artist outperform, does the relative importance of a work matter.
In addition to these questions potential buyers would also like to be able to judge the reasonableness of the proposed change in price implied by the auction house price estimate for a work coming up for sale compared to the previous auction price of the same item.
Our data collection philosophy over the years has been an expansive one. In addition to price and date of a work of art we collect all the data in an auction catalog description of a work that we can categorize. We include artist, size, whether the work is signed/dated, what medium was used, how often has it been on exhibition, how often has it been cited in the press, and how often has it been offered at public auction.
The price and date information allow us to calculate a true financial return over time for each object. The additional information allows us to calculate how each descriptive parameter affects that return and thus allows us to answer the questions posed above at both the world wide and collecting category levels and at the individual artist level for those with very active auction intensity.
Our indexes and database have been used in research articles published in leading academic journals such as the American Economic Review, The Journal of Finance, The Rand Journal and won best paper in the Investment Management Consulting Association Journal in 2008. Our research has also been used by many financial firms in reports to their clients on asset class performance. The results of our research have also been published in thousands of articles that have appeared in the financial press.
Now we want to summarize what we have learned and communicate our findings. We decided that the best way would be in an interactive environment with a small group of interested art market participants in a one day intensive master class on art market performance and valuation. We feel that this course would be unique for three reasons.
First, it will answer the questions posed above and additional questions generated by participants based on our proprietary indexes and database;
Second, it will use market and artist-based historical performance results to develop an independent estimate of the value of works that are coming up for sale at the major spring auction this May and that have sold previously at auction;
Third, while our skills are quantitative, we feel that the best valuation estimate must additionally include a qualitative dimension. We have therefore included in the course outline time for a lecture on connoisseurship, to be delivered by Professor Pepe Carmel of the NYU art history department. In addition time will be available for visits to the major auction houses so that the students can see first hand some of the works, at all price levels, discussed during the connoisseurship lecture.
The course will be delivered at the state of the art boardroom of Deloitte LLP at Center. This generous use of their space, perfectly suited for 40 participants, continues the firm's dedication to fostering a better understanding of the art market though their annual research conferences. The most recent conference was a part of the 2015 Armory Show in New York. Despite a raging snowstorm, the room was almost full to capacity, a testament to the high reputation of their conferences and the quality of the invited panelists.
Michael Moses, co-founder and developer of the Mei Moses family of art indexes, will deliver the 2 morning and 2 late afternoon sessions on the following topics: comparative financial performance, wealth management including art, strategic issues which affect returns and market based valuation of works coming up at the current auctions at all price levels. The participants' will be supplied with a list of works that can be viewed during the auction house visits for which we will develop a mark to market valuation during the last session of the day. The course outline and time schedule is attached.
The one- day fee is $1,250 including the lectures and valuation information. A discounted fee of $1,000 is being offered to premium members of our website www.artasanasset.com. The class will take place on May 9, 2015 the weekend prior to the major Post War and Contemporary auction sales. Prior registration and payment is required via the previously mentioned website. Just click on the first item on the left hand side tool bar of the website home page and follow the instructions. Building security requires photo identification so please use the name on your I.D. when you register.
No comments:
Post a Comment