Saturday, February 24, 2007

More liquidity, more art

A recent Bloomberg article focuses on the "flood" of art fairs hitting New York this weekend.

New money, and slightly-aged money (think Martha Stewart and the Hermes crowd) are out in force, working their way between the aisles of fashionable sales events, the Art Show and the Armory Show.

From, "Art Fairs Flood Manhattan With Pollocks, Richters, Bargains":

``People have seen art go up so much in the last 24 months,'' said dealer David Nash of New York's Mitchell-Innes & Nash gallery, who has booths at both the Art and Armory shows. ``People don't feel they are risking anything. They feel they are missing out if they don't buy.''

Nash said he sold an Impressionist painting for more than $1 million last week to a new collector flush with a Goldman Sachs bonus.

``There's a lot of liquidity and even more complacency,'' said money manager and collector David Dechman, who added he was at the opening to socialize, not necessarily to buy. ``That makes people feel comfortable going shopping.''

There seems to be no shortage of people walking around the leading financial centers with a large sum of money burning a hole in their pockets.

For more on this, see the "search blog" features for the term, "art".