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Paul Gauguin
"The art is plagiador or revolutionary."
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The ten most expensive works of the market.
Ancient painting
The most expensive ancient painting of the history.

ACQUISITION
Preferable
in favor of the State

In several European countries included Spain, the state has a position privileged on the market of works of art that allows him to buy a work paying the same price as the buyer it is ready to pay to the seller in a private buying and selling. The mechanism works of the following way:

1. - When two private persons agree for the buying and selling of a work of art they must communicate it to the Department of Culture indicating the price that he goes to pay.

2. - From the above mentioned communication the Department has the term of a few months to exercise a right of preferable acquisition that is called “Derecho of Score ”

3. - If the buying and selling has not communicated officially when the department should have her knowledge he has of several months to exercise another right of preferable acquisition that is called “Derecho of retract ”

The Department does not use any of these rights only in special cases for the protection of the cultural heritage in order to obtain works to be exhibited in public museums. Also the Department also can use this faculty during the development of an auction, when it has gone over at the final price the department can remain with the work paying the same price. The evaluation of the works that the state is interested in realizes an experts' committee of the department of culture and the state has of 2 years to pay the finished price. The justification of which these rights exist consists in protecting the patrimony to allow the works to go on to the public collections, but also there are many authors, persons who think that these rights are antiquated and are opposite to the market freedom.

WALL STREET
His portfolio diversifies with investment specializing in art

More and more investors, not only specializing collectors, are paying attention to the art.

The art is seen more and more not only like a nice image, but also like assets that can generate a good reward. In fact, several important banks and other organizations begin to see the art like an alternative class of assets very similar to the actions, the bonds and the real property.

The reason is that the art can impel the yields of a portfolio and reduce the risks. For years the private banks, like the directed ones by J.P. Morgan Chase and Co., Citigroup Inc and Bank of America Corp., they have offered to the interested wealthy clients in the art several services that help them to shape his collections, including market research. Nevertheless, they did not see the art like a class of assets to diversify an investments portfolio. Now more and more art investment funds try to offer to the investors the opportunity to acquire a participation in a portfolio of works of art, of a way similar to a portfolio of actions.

Fernwood Art Investments glides to extract to the market funds that they will buy, possess and manage a wide works of art portfolio for the investors of high patrimony. The fund will be distributed across recognized investment banks and it would be free for international investors. Jennifer Winn, spokeswoman of the signature, said that they might consider the Latin American art to be a part of some funds.

Also, in the horizon there is the so called fund of funds created by ABN Amro Holdings NV, which will distribute the money of the investors between several new investment funds in art. The giant of the Dutch banking foresees to introduce the fund at the beginning of next year and he even is considering to offer his own art investment fund. ABN informed that his funds also will be available to Latin-American investors.

The change towards the art is one more sign of that the investors are redistributing the money of his portfolios. Now there look for alternatives as diverse as areas timber merchants and works of art. Joining his attraction, the art has demonstrated to have a low interrelation with Wall Street, what means that the prices do not move according to the actions, with what it reduces the risk of a portfolio.

The idea is that like the art market “es extremely inefficient, there are big opportunities to overcome the performance by means of the active management of a portfolio of art ”, says Bruce Taub, president of Fernwood. “A long term, the financial tendency is that the art rises with the economy ”.

The art is greatly more volatile than the actions. The losses, although they do not promise to be so much like the spectacular profit, they are frequent. The picture of David Hockney of 1966 "Portrait of Nick Wilder" sold in 2002 for US$2,87 million. One year later it turned to compromise for US$500.000 less. "Nenuphars", of Monet, of 1906, it was sold for US$18,7 million in 2002, but only a few years earlier it was quoted in US$21 million.

The new generation of investors of art applies practices of investment similar to those of Wall Street. It tries to value the art examining factors that include from money-market rates movements statistical models, who analyze meticulously the valuations of yield of the set of the work of a concrete artist compared to that of his competitors. Some of them measure even the “liquidez ” of an artist examining how many works put themselves in sale and how many sell.


Jeff D.Opdyke
"The Wall Street Journal"

THE BACKSTAGE OF AN AUCTION

This video brings us over to the history of an auction of auctions to know what happens so that a work obtains millionaire numbers.


("La Vida is an art", she programmes of the Argentine television).

NORMS THAT GOVERN THE AUCTIONS
Market analysis of current art

The buy - sale of works of art is governed by the same norms as that of any other good although there are certain differences:

1 - The restriction to the international movement of the works since some states protect avoiding the exportation. In Spain the BIC they are unexportable.

2 - Market with strong state intervention, the state reserves the rights of preferable acquisition.

3 - On the market of the art the system of the auctions has importance.

The auctions are public acts organized by specializing companies where a set of goods is on sale and there is awarded the person who pays for them after a competition process, the highest price that is called an auction price. The procedure splits in:

1. - The company gathers the goods that they go to auction, they organize them in lots and it announces them of direct form in the room and across the distribution of a catalog.

2. - The special day celebrates a public act directed by the personnel of the company. Every lot begins with a starting price if nobody pays it stays without selling if someone offers to pay it there begins a competitive process in which of direct form or across another person or by phone... the possible buyers are raising the offer up to the final price that a buyer offers.

3. - The company and the buyer celebrate his contract of buy - sale so that the auctions house receives a commission that ranges between 10 and 15 %. The buyer must fulfill the legal requirements (to pay taxes, not to extract it of country...).

The big international auctions are celebrated especially in New York and in London, in the rest of the big capitals also there are companies of auctions, but the money volume is very low, this owes to several factors:

1. - Wide development of the market in the Anglo-Saxon countries.

2. - Freedom of circulation of works, they are not subject to any restriction.

3. - Facility on the subject of taxes.

In other countries like Spain, the market of the art is subject to strong restrictions since the principal works cannot go out of the country and also the state reserves special rights, all this discourages the possible buyers.

Two big international companies of auctions are Sotheby's and Christies. These two companies distribute the market of big works and even have been condemned for the courts of USA for realizing practices opposite to the free competition, nevertheless, the two first ones in the market keep on being with big difference.

SPECIFIC CONDITIONS...
... on the subject of works of art identification

According to the prestigious room of auctions "Durán", the specific conditions on the subject of identification of the works of art and artistic objects that age is ruled for any declaration printed on the catalog and referred to the responsibility, attribution, origin, date, origin and condition of the lots is always the expression of an opinion that is ruled by the interpretive terms that next we detail:

a) FRANCISCO OF GOYA AND BRIGHT (NAME AND SURNAMES).-It Means that, in the opinion of the Room of Auctions Durán, it is a question of an authentic work of the mentioned artist.

b) ATTRIBUTED TO FRANCISCO OF GOYA AND BRIGHT (NAME AND APELLIDOS).-It Means that, in his opinion, it is a probable work of the mentioned artist, but bearing in mind the existence of contradictory opinions on the part of expert acquaintances or authorities in the matter.

c) F. OF BRIGHT GOYA (INITIAL OR INITIALS OF THE NAME AND SURNAMES).-It Means that, in his opinion, it is a work of the epoch of the mentioned artist and that it can be, whole or partially, of his hand.

d) WORKSHOP OF FRANCISCO OF GOYA AND BRIGHT (NAME AND SURNAMES).-It Means that, in his opinion, it is a work realized by a hand not known in the workshop of the mentioned artist, not necessary under his direction.

e) CIRCLE OF FRANCISCO OF GOYA AND BRIGHT (NAME AND APELLIDOS).-It Means that, in his opinion, it is a work realized by a painter unknown or not identified by us, but following seemingly the style of the mentioned artist, although he should not be necessary his disciple.

f) STYLE OF..., and FOLLOWER OF FRANCISCO OF GOYA. - It means that, in his opinion, it is a work realized by a painter working in the style of the mentioned artist, who can be or not his contemporary, but not necessary his disciple.

g) ACCORDING TO FRANCISCO OF GOYA. - It means that it is a work of an imitator copying or following the style of the mentioned artist.

h) COPY OF FRANCISCO OF GOYA. - It means that, in his opinion, it is a question of a copy of a famous work of the mentioned artist, with or without changes of composition, color or other tones, realized in epoch very later to his execution.

i) SPANISH SCHOOL. XVIIITH CENTURY (School with date).-Means that, in his opinion, it is a question of a work realized by an artist of this nationality or working in Spain and realized in the XVIIIth century or according to the cánones of the epoch.

j) SPANISH SCHOOL (School without date).-Means that, in his opinion, it is a question of a realized work following the style of a certain or indeterminate Spanish artist, independently of the epoch or of the nationality of his author.

k) The SIGNED term means that, in his opinion, the signature is the certification of the artist or executed with his knowledge.

l) The term WITH SIGNATURE OF..., means that, in his opinion, the signature is realized by a different hand wing of the mentioned artist and without his knowledge.

m) The DATED term, it means that, in his opinion, the date is of the hand of the mentioned artist.

n) The term WITH DATE OF..., means that, in his opinion, the date has been added by a hand different from that of the artist.

o) When they put an asterisk (*) preceding the designation of the artist, he wants to mean that they do not know any more information on the name of the artist, although it could be an authentic work.

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HOUSES OF AUCTIONS

Compilation of the houses of auctions of Spain and of the principal ones in Europe and Spanish America, which allow his access Internet route, in whose places webs there is offered all kinds of information related to his activity.



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