Will Collectors Buy?

  • Artworks valued up to US$2.5 billion are hitting the auction block in New York
  • Headline grabbing works include a Picasso painting estimated at US$120 million and a Monet painting estimated at US$65 million
  • Collectors are cautious and conservative due to high interest rates and geopolitical risks
  • Quality artworks did well in London and Paris, indicating potential success in New York
  • Auction houses have been more conservative in their estimates and sales management
  • Day sales offer potential opportunities for buyers
  • The art market is not monolithic, but consists of micro markets driven by individual artists, time periods, and collectors

Major modern and contemporary art auctions estimated to fetch up to US$2.5 billion over the next two weeks in New York include several headline grabbing works. Collectors are cautious and conservative due to high interest rates and geopolitical risks. Quality artworks did well in London and Paris, indicating potential success in New York. Auction houses have been more conservative in their estimates and sales management. Day sales offer potential opportunities for buyers. The art market is not monolithic, but consists of micro markets driven by individual artists, time periods, and collectors.

Public Companies: Sotheby’s (Unknown), Christie’s (Unknown), UBS (Unknown), Bank of America (Unknown), Phillips (Unknown)
Private Companies:
Key People: Emily Fisher Landau (Art Patron), Pablo Picasso (Artist), Claude Monet (Artist), Alex Glauber (Founder of AWG Art Advisory), Matthew Newton (Art Advisory Specialist at UBS), Joan Mitchell (Artist), Jasper Johns (Artist), Ed Ruscha (Artist), Mark Rothko (Artist), Cy Twombly (Artist), Chara Shreyer (Late California Collector), John Cheim (Gallerist), Sam Josefowitz (Entrepreneur), Ivan Reitman (Filmmaker), Genevieve Reitman (Unknown), Drew Watson (Head of Art Services at Bank of America Private Bank), Francis Bacon (Artist), Andy Warhol (Artist), Arshile Gorky (Artist), Richard Diebenkorn (Artist), René Magritte (Artist), Paul Signac (Artist), Morgan Long (Advisor and Executive at the Fine Art Group)

Factuality Level: 7
Justification: The article provides information about upcoming art auctions in New York and includes estimates for the prices of certain artworks. It also discusses the current state of the art market and the factors that may impact collectors’ behavior. While the article does not contain any obvious misinformation or bias, it does include some subjective statements and opinions from art advisors. Overall, the article provides factual information about the art market and upcoming auctions, but readers should be aware of the subjective nature of some statements.

Noise Level: 3
Justification: The article primarily focuses on the upcoming art auctions in New York and provides information on the estimated prices of various artworks. It briefly mentions the performance of previous art fairs and auctions, but does not provide a thorough analysis of long-term trends or antifragility. The article lacks scientific rigor and intellectual honesty as it relies on opinions and statements from art advisors without providing evidence or data to support their claims. It also does not offer actionable insights or solutions for readers. Overall, the article contains some relevant information but lacks depth and critical analysis.

Financial Relevance: Yes
Financial Markets Impacted: The article discusses major modern and contemporary art auctions in New York, which could have an impact on the art market and potentially affect the prices of artworks.

Presence of Extreme Event: No
Nature of Extreme Event: No
Impact Rating of the Extreme Event: No
Justification: The article primarily focuses on the upcoming art auctions in New York and the potential impact on the art market. There is no mention of any extreme events or financial crises.