10 reasons why the art world probably deserves a recession

1
The 287 works sold for $NZ 365 million in Damien Hirst’s September auction Beautiful Inside My Head Forever at Sotheby’s, were all made in 2008.

2
New Zealand art dealers opposing a five percent artist resale tax on artworks claimed the tax would make art harder to sell to collectors. Strangely this stumbling block was not mentioned back when they raised their own commissions by more than six percent from 331/3 to 40 percent.

3
Sotheby’s has a current stock price valuation of around $NZ999 million and has just got agreement from its bank for a loan of $NZ455 million. That’s for half its current value.

4
Swatch has installed a billboard in St Mark’s Square in Venice to advertise its James Bond Villain Collection of watches.

5
Antony Gormley’s Angel of the North in an edition of 12 maquettes sold in 1996 for $NZ 204,000, in 2006 for $NZ 817,000, and in 2008 for $NZ 1.5 million.

6
Auction House Phillips de Pury has been purchased by Moscow-based Mercury, a company that also owns brand concessions for Ferrari, Prada, Armani, Tiffany and Maserati.

7
Most dealers allowed collectors one hour to consider reserved artworks at the Frieze Art Fair this year in contrast to the ten minutes that had been usual during the Fair’s history.

8
The 2006 self-portrait Who needs blood when you've got lipstick? by Kate Moss in lipstick and her former boyfriend Pete Doherty's blood fetched $NZ91,500 at auction last month in London.

9
When asked if collectors’ needs had evolved, New York framer Eli Wilner replied, “We’ve been asked to install collections on yachts, on planes, and in people’s homes.”

10
The recent Richard Prince survey show was presented by the Serpentine Gallery in collaboration with Louis Vuitton. All the works were from Prince’s collection and presumably for sale.

Image: Chart by Art Market Research