Speculation in New York [May 06]
At the end of the prestigious May sales, the
average price of works negotiated in New York auction rooms was
up by 56% compared to that registered at the peak of the
speculative bubble in 1990. Over recent months, the rate of
inflation observed on the American art market since 1999 has
considerably accelerated and since April 2005 average sales
prices in New York have risen by 49.6%!
In this context, we are seeing a lot of works
that were bought only several years previously being put back on
the market at prices much higher than their previous prices.
Thus, at the moment, works of art are proving to be a
particularly auspicious investment for those who built up their
portfolios in the 1990s. Over the last 10 years, the overall
average value of the Fine Art works has risen 144%.
In order to assess the New York price index
by examining repeated sales, Artprice has identified works of
art which have been involved in at least two transactions in New
York. By measuring the variation in prices we can construct an
accurate price index, undistorted by the different price
evolutions around the world.
Here are a few of the lucrative ‘repeated sales’ identified:
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