WEEKLY BLOG: UPS AND DOWNS OF ART INVESTMENTS

BUBBLES COME TO DISASTROUS LANDINGS

VASILIS ZENETZIS, THE ACROPOLIS ATHENS

THE WORLD OF ART IS NO DIFFERENT TO THE WORLD OF FINANCE AND COMPANIES COMING WITH PROMISES OF BILLIONS BUT ENDING UP IN THE TRASH BIN VERY SHORTLY DUE TO BAD IDEAS, BAD INVESTMENTS, OBSOLETE IDEAS ETC.

THE ART MARKET BEHAVES SIMILARLY AT TIMES BUT NOT ALWAYS.

GREEK MARKET COLLAPSE??

THE GREEK MARKET HAS COME OF AGE AND ALONGSIDE THE GREEK ECONOMY AND ITS COLLAPSE COME THE BAD NEWS OF THE GREEK ART MARKET, TO FOLLOW THAT DOWNWARD TREND. THE MARKET IS STILL BREATHING AND HOLDING JUST. IT WILL BE PREMATURE TO BURY THIS MARKET BUT THE TREND IS SO OBVIOUS THAT ALL OF US WHO HAVE AN INTEREST IN THE GREEK MARKET ARE JUST HOLDING ON STRAWS AND HOPING FOR THE BEST UNTIL THE ECONOMY IN GREECE IMPROVES. TALKING ABOUT HOLDING ON STRAWS IS THE BEST WAY WAY TO DESCRIBE THE SITUATION.

SALES IN LONDON OVER THE LAST THREE YEARS HAVE BEEN HOVERING ROUND THE 50% SOLD WITH A TOTAL SOLD BETWEEN 1-1.5 MILLION POUNDS. IT IS NOT COMPLETE ANNIHILATION BUT IT IS NO GOOD EITHER WHEN ONE TAKES INTO ACCOUNT THAT THE SALES ARE BIANNUAL AND THE BEST ONES IN THE WORLD. FROM TOATLS OF 8-10 MILLION IN SALES TO ONE MILLION IS INDEED DISASTROUS.

SALES IN GREECE AT VERGOS AND HELLENIC AUCTIONS ARE SHOWING SIGNS OF UNWILLINGNESS TO SELL WHILE IN CYPRUS PSATHARIS SHOWS SIGNS OF MAINTAINING THE LEVEL OF EARLIER AUCTIONS. ONE HAS TO HOPE FOR THE BETTER BUT THE SIGNS ARE NEGATIVE AND THE CLIMATE IN THE COUNTRY AND AMONGST INVESTORS WORLDWIDE IS NOT POSITIVE TO SAY THE LEAST.

ANTONIS ANDREADIS, MAKING BREAD

WE ARE AN INTERNET GALLERY WITH 95% OF OUR STOCK BEING GREEK ART WORTH ANYTHING BETWEEN 500-100,000 FOR OUR BEST LOT. WE DO NOT SELL AS WE ARE MAINLY COLLECTORS AND THUS WE EXPECT AND HOPE BETTER THINGS WILL HAPPEN. WE ADVISE ANYBODY WHO INVESTED IN GREEK ART TO HOLD, IF IT IS POSSIBLE.

PETER CONSTANT

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