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Art Basel In Miami Beach: Art Price Inflation Part Two

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Amedeo Modigliani’s “Nu Couché” (1917-18). Credit via Christie’sAmedeo Modigliani’s “Nu Couché” (1917-18). Creditvia Christie’s

Art Price Inflation Part Two:  “How Much is That Nude in the Window?”
“What to Do With 170,000,000 Amex Points?”
By: Christopher Ormsby and Daedrian McNaughton
Premier Guide Miami

     PGM is not The WSJ.  Still, in true Art Deco fashion, we each have three character acronyms.  The similarity might have ended there, but our newly created Economics Department’s intern wanted to follow up on our Art Basel and art price inflation post so we allowed it.

As we posted in Art Basel in Miami Beach 2015: Eli Broad And Art Prices, anyone who follows the art market needs to keenly watch what the, “big fish in the pond,” are doing.  This week in New York, Amedeo Modigliani’s, Nu Couche (Reclining Nude), sold for a record $170 million.   The buyer was a Chinese museum founded by Liu Yiqian–a Chinese businessman who often puts large art purchases on his American Express Card.  To be clear, Liu was a taxi driver before he struck it rich.   Good for him, but that’s another story.  

At face value, this purchase would seem to validate the strength of the art market.   Something else happened recently though.  Over ten billion dollars of artwork is scheduled for sale this month at various auctions in New York.  An early auction of major works by a well-respected collector at Sotheby’s barely cleared the auction house’s estimates–hardly the sign of strength.

Traders call events like this, “divergences.”    One segment of a market moves sharply in one direction, while another segment moves in the opposite direction.   It’s a sign of possible change in the air.   A market can’t move in two directions simultaneously; something has to give eventually.

Again, we say to watch what the likes of Eli Broad and other major purchasers do at Art Basel this year.  Surely, they will be active, but it’s a question of how aggressive they are.

For more information on Art Basel in Miami Beach, please visit https://www.artbasel.com/miami-beach

 

Photo: Amedeo Modigliani’s “Nu Couché” (1917-18). Creditvia Christie’s

 

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unnamed-34Welcome. My name is Daedrian McNaughton, Jamaican born and bred, Miami-based, a full time flight attendant, student pilot, blogger and founder of Premier Guide Miami. I am honored to be the Miami blogger to cover the 1972 Miami Dolphins honored by President Barack Obama at the White House. I have also covered Art Basel in Miami Beach, the Dalai Lama's visit to Miami, the Clinton Global Initiative, various television shows including, The X Factor, The Voice, American Idol, Glee, multiple Bravo series and interviewed over 100 of entertainment stars and celebrities including Dwyane Wade, former vice-president of the United States, Al Gore; Kelly Rowland, Betty White, Sheryl Lee Ralph, Keith Urban, Trace Adkins, Nene Leakes, John Stamos, Kathy Griffin, Nigel Lythgoe, Anthony Bourdain, Sir Richard Branson and son, Sam Branson; Simon Cowell, Suze Orman, Eva Longoria, Jane Lynch, Rosie O'Donnell, Dr. Oz, Joan Rivers, Donald Trump, Kelsey Grammer, Anna Kournikova, Blair Underwood and Vanessa Williams. During my leisure time, I enjoy test driving luxury cars and traveling to exotic and luxurious locales like Ian Fleming's Goldeneye, Jamaica. Connect with me on Twitter @Daedrianm or @PremierGuideMe unnamed-82 vanessa williamsSuze OrmanAl_GoreDonald-Trump hqdefaultchris-tucker-339-569x377 daedrian-150x150 daphne-guinness Forest-Whitaker-569x426 John-Walsh-with-Daedrian-McNaughton-150x150 outlistevent-150x150 sean-penn-checking-out-my-boobs timthumb.php owen-wilson-569x426 sean-penn-checking-out-my-boobsclive-davis-569x426