reaction on "Discoveries of Fakes: Their impact on the art market"
I think its interesting that a piece of art is only considered fake after its mentioned in the press. This gives time to owners of real or fake art pieces to deal with the matter.
What disturbs me is that there is only a database for expensive paintings, starting from prices above $100.000. Why not lower?
Another interesting aspect is the fact that there is a cycle in the formation of prices after a fake is discovered. Prices increase again after a year instead of remaining low.
Arts in psychotherapy? Ive never
heard of the term before and therefore it got my attention.
Apparently art is often used to deal
with pain. Moreover, a lot of artists have created a different manner to treat
pain but they all use art by placing the pain outside, into artistic creation. In
the paper there are six examples given of contemporary artists.
For example Sophie Calle used other
people by asking them about the situation in which they had suffered the most.
She wrote down the pain of others in a book where she added one photo relating
to each story. It helped her to relativize
her own problems and to solve them.
In general art provides insight in
pain which is very important in art therapy. The art therapist doesnt evaluate
the aesthetic form of the work but his role consists simply in accompanying and
supporting patients such that they can find their own form of personal
expression. Art is an indirect way to help patients and therefore a more
approachable way than having a regular therapeutic conversation.
I think that art can be useful for
certain people to express their emotions and I find it remarkable that they use
such special treatments in therapy.
Femke De Cock
Reference: Therapeutic thinking in contemporary art: Or psychotherapy in the arts, Eva Marxen, MA, MA, DEA
While 70% of museum their income consists
of subsidies of the government, its important that they attract a lot of
visitors to be seen to offer value to government. Because of that, they use
marketing strategies and try to maximize their management approach.
There are given two types of
managers in the paper. The first one, the custodial manager, tries to improve traditional
activities. Especially, he takes care of
research and collections. The second, the entrepreneur, is more based on
business activities and he tries to attract visitors by creative programming.
For example, market analyses, survey non-visitors and efficiency measures.
Service delivery is a very important
part of marketing. Furthermore, the elements of service delivery in a museum
are: education, accessibility and communication. Adapted services for different
interest groups of visitors are an example of accessibility. Communication
stands for interaction, interpretation and entertainment. And last, education
is the relevance and quality of the content of the museum for the visitors.
Its important to be aware of the
impact of good management and marketing to have more visitors. Mostly it is
important for a manager for the furtherance of the organization.
Femke De Cok
Reference: Audrey Gilmore, Ruth Rentschler, (2002) "Changes in museum management: A custodial or marketing emphasis?", Journal of Management Development, Vol. 21 Iss: 10, pp.745 - 760
Discoveries of Fakes: Their impact on the art market
Discoveries of Fakes: Their impact on the art market
This paper analyzes several interesting subjects and hypotheses like: What happens with fake paintings?, Are fakes more likely to be sold by a major or a minor auction house?,How do the prices react before and after the discovery of fakes?.
The fake is considered discovered on the date when it is first mentioned in the press. Once it is discovered, it will be removed immediately from the market and mentioned in a database. This database only exists for paintings which have a value higher than 100.000$.
The major auction houses have better procedures to assess the originality of the artwork and therefore buyers will have more faith in them. So the seller, who is sure about the genuineness of the painting he/she owns, will prefer a major auction house. Conversely, the owner of fakes will chose to sell his paintings by a less known auction house because they want to avoid the screening tests. These tests prevent fakes from reaching the market.
The probability to sell a painting (which has been copied) depends mainly on the price asked. Prices do not react immediately after fakes are made public. After the news is spread, owners might postpone their sales. But they cannot postpone their sales indefinitely. So some sellers are forced to decrease their prices. A year after discovery, prices will start increasing again because buyers know a lot of fake paintings will be removed from the market by then.
What determines a successful auction? An analysis.
What determines a successful auction? An analysis.
Have you ever wondered why auctions work the way they do? Well, Ive found a paper that may hold the answer to that question. You can read it here: http://www.rst.nus.edu.sg/research/workingpaper/2004-010.pdf.
The paper itself deals with the various aspects of how auctions function and which underlying factors determine a successful auction sale. The research is done using data from auctions in Singapore and several other sources.
Using empirical data and several statistical data analysis techniques the researchers come to many interesting results and conclusions. First of all an auction sale is more likely to occur if its about a distress sale. This is logical because the seller wants to get a part of his/her investment back, no matter the cost. The fact that the chance of a sale is higher if the market is not in a recession, the choice of the auction house/agent and whether there are a lot of people present at the auction are other determining factors. There are still other factors which are also mentioned in the paper. The thing that all these factors have in common is the fact that they all appear to me as common sense and seem logical, the paper only proves it to be so.
This study may prove valuable to people who want to sell things at, or organize an auction. Meaning they can first study the different factors that lead to a successful sale. This in order to find out if the time is ripe to sell or not, which is of course the whole reason of an auction: selling things.
Reference: Ong, E. S. ; Lusht, K. & Mak, Y. C. 2005. Factors Influencing Auction Outcomes: Bidder Turnout, Auction Houses and Market Conditions. Journal of Real Estate Research. Volume 27, number 2, 177-192.
DEA meets Picasso: The impact of auction houses on the hammer price
DEA meets Picasso: The impact of auction houses on the hammer price
In May 2004 Picassos famous work Garcon a la Pipe was sold at Sothebys New York for $104 million, and became the most expensive painting ever. This paper examines: is there a connection between the price of an artwork and the auction house? and what is DEA?.
The amount of people, who invests in expensive paintings, is increasing. So it becomes more important to know which indicators define the hammer price of an expensive painting. When we focus on auction houses as a main variable, we notice it is difficult to link the inputs (the physical characteristics of Picasso paintings) and the outputs (the auction prices). A benchmarking technique called DEA, is used to investigate if there is a connexion between them.
So our two questions are related. The Data Envelopment Analysis (DEA) is a tool which allows us to analyze various input indicators of Picasso paintings sold in different auction houses. The result of this analysis shows that there is a difference in performance between the auction houses. So it is a fact that some auction houses are able to sell a painting at a higher price than others. Sothebys New York seems to be the most efficient house over all Picasso periods and sales periods according to the DEA.
Fakes, do measures need to be taken or should we promote it?
Fakes, do measures need to be taken or should we promote it?
I have found a paper about fake art and whether it should be tackled or should be welcomed as something acceptable and not bad. The paper gives an economic view on fakes instead of dealing with the art historic view of fakes being something bad. The paper defends its own opinion, comparing the negative and the positive aspects of fake art.
Maybe fakes are wanted in the art industry? Fakes can be a blessing for artists because they can boost up the notoriety of the artist. Its free promotion! It shows that this creation is in demand, the willingness-to-pay raises. Fakes can give a boost to the artist his creativity, enhancing his skills. A lot of old masters use the technique of copying to improve their talent.
Not everything about fakes, as may be suspected, is positive. Fakes creates uncertainty for future buyers. This leads to the fact that some auction houses and branded art dealers promote the authenticity of the works they are selling. Fakes can lead to a market of organized crime.
The paper really changed my point of view towards (illegal) fakes. We should be more positive if we find an extremely good copy of a work, instead of being disappointed for what reason? we should be grateful that such good painters still exist.
Reference: Frey, B.S., 2000. Art fakes what fakes? Working Paper Series of the University of Zurich, No. 14, 1-18.
