Word: buys
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Dates: during 1980-1989
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Aponte's version is different. Consumer affairs found "gross irregularities" in art auction houses, he says. Chandelier bidding amounted to "an industry practice, both above and below the reserve." (A chandelier bid above the reserve violates present rules.) Aponte was also concerned about the practices of not announcing buy-ins and of keeping reserves secret. The auction houses held that if bidders knew what the reserve on a lot was, it would chill the market. Art dealers, lobbying the agency, maintained that the reserve should be disclosed and that bidding should start...
...field that can still produce huge unsettling leaps of price that shake a market to its core, as publisher S.I. Newhouse's gesture of paying $17.7 million for Jasper Johns' False Start in New York a year ago proved. (It made sense, of a kind, for Newhouse to buy the Johns: he owns quite a few others, whose book value has accordingly multiplied...
Nothing is more objective than the new class of European and Japanese investors. What the Japanese are doing has very little relation to collecting as it was once understood. They are, quite simply, investment-buying on a huge scale, with limitless quantities of cheap credit: one zaibatsu offers open- ended loans of any size at 7% (3.5 points below the U.S. prime rate) to Japanese who want to buy Western...
Japanese buyers may be aesthetically unsophisticated -- they buy names, not pictures -- but this will inevitably change. (It did in America, after 1890, while Europe was laughing.) The Tokyo market still has a weakness for yucky little Renoirs and third-string Ecole de Paris painters like Moise Kisling, whom nobody wanted a few years ago; one Japanese collector is the proud owner of a thousand paintings by Bernard Buffet. But the Japanese started going after bigger game about five years ago, and already the outflow is immense. Contemporary art has become, quite simply, currency. The market burns off all nuances...
...Yorkers can currently see from a loan show of its holdings at the Frick Collection). At least one museum, the Getty in Malibu, Calif., with its $3.5 billion endowment and almost limitless spending power, seems unaffected by the rise in price. In May it was able to buy Pontormo's Portrait of a Halberdier at Christie's for $35 million and last week Manet's acridly ironic view of a flag-bedecked Paris street with a war cripple hobbling along it for $26.4 million...