Piermarq director Rob Russell was asked for his insights regarding art as an asset class by the Australian Financial Review
Read the full article here
His views distilled and quoted:
The art market may still be cyclical and counter-cyclical, but those cycles are moving closer together, Rob Russell, of Sydney’s Piermarq Art Advisory, says.
“I would describe it as a more efficient market [now], which is what investors look for,” Russell says. “There’s increasing liquidity in the market – albeit not at push-a-button, sell-a-share speed – but it enables the ability to make movements and adjustments far shorter in terms of their [price] peaks and troughs.”
The change has come about because “the trend setters” – ultra-high net worth and high net worth individuals – know that there will never be another Picasso.
“There’s a fixed market when an artist passes away,” he says.
The art market’s strength is its opacity – you need to be in the market to understand what’s going on. That opacity is also a barrier to entry for those who aren’t in it.
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