In general the compiled auction data shows a 7.9% increase in the Mei Moses World All Art Index since the end of 2010. This is better than the 6% return of the S&P 500 over the same time period. The full report answers many questions regarding the perception that investments over time in the upper end of the fine art market is outperfomring the middle market. The data collected shows that collectors in the middle art market do not have an investment return disadvantage.
The Mei Moses data and analysis comes from over 27,000 paired art market transactions with document purchase prices and sales prices over the past 200 years. By using the Mei Moses art indexes it is possible to answer strategic questions regarding the financial performance of art. The reports are based upon these repeat sales and are not based upon anecdotal information or general observation.
The recent BAA press release states
Click HERE to visit the BAA site for more information.Like May June was dominated by the big IMPMOD and PWC end of month sales taking place in London rather than New York. The beginning of the month saw smaller sales from most other collecting categories across Europe, Hong Kong and New York. The month started on a bright note with a small very strong sale, average compound annual returns (CAR) of over 30% for the lots we had prior auction purchase prices for, of TCWA in Hong Kong. At the same time in Paris there was an IMPMOD sale with good results, average CAR of about 8% and a set of very good Russian sales in London with average CAR of 10%. The following week there was a group of OLM19C sales in New York which produced weak results, an average CAR below 2%. These were followed by small sales in London of OLM19C, with an average CAR of 8% and a very strong BRP sale, with an average CAR of 13%. The main features of the last two weeks were the big IMPMOD and PWC sales in London. We have reported in detail on these earlier and will not repeat the analysis here; they are available on our website, except to point out that all the IMPMOD sales were quite strong as were the night PWC sales. However the day PWC sales were so weak that they helped reduce the overall return of the world all art tracking index from over 10% at the end of May to 7.9% at the end of June.
It is interesting to note however that if individuals had invested equal sums in the S&P 500 total return index for the same holding period as each of these 359 art objects the average CAR of those investment would have been 6.15%. It is also interesting to note that the 359 June art sales as a totality produced an average CAR of 8%.
No comments:
Post a Comment