MM - Kunstindex
Manager Magazin, Special Issue on Art Markets, May 2016 full text (in German)

MM - Der Steve-McQueen-Effekt
Manager Magazin, Special Issue on classical Ferraris, January 2016 full text (in German)

MM - Füllt den Keller auf, Weinfreunde!
Manager Magazin, Special Issue on Wine as an Investment, September 2015 full text (in German)

MM - Kunstindex
Manager Magazin, Special Issue on Art Markets, May 2015 full text (in German)

MM - Rendite aus leidenschaft
Manager Magazin, Special Issue on the Art Boom, on Wine, Cars and on Watches, February 2015 full text (in German)

Top 50 Artists of 2015
"When it comes to the highest-grossing artists on the auction block over the past several decades, it may seem a bit like a game of musical chairs..."
Art+Auction, Databank, August 2016 full text

Real Rates of Return
"Many factors can influence the price achieved by an artwork on the block. Most important are its provenance and the timing of the sale, which make it difficult to establish an expected measure of return on investment (ROI)...."
Art+Auction, Databank, June-July 2016 full text

Contemporary in Crisis
"Growing expectation of an art market correction centers on overheating in the postwar and contemporary category, but this large group—encompassing Mark Rothko and Andy Warhol, Christopher Wool and Oscar Murillo—should not be expected to perform uniformly. To compare areas of relative strength and weakness, we created three dynamic indices for category segments based on auction sales data from 2000 through 2015...."
Art+Auction, Databank, May 2016 full text

Measure of Worth
"The high end of the art market has continued to grow—with more than $8 billion in sales notched in 2015—albeit at a more measured pace since the beginning of 2016...."
Art+Auction, Databank, April 2016 full text

The Winner’s Circle
"In examining the top-selling lots at auction each year over the past three decades, several trends have emerged, most notably that, since 2006, the Impressionist and modern artists who regularly took home the lion’s share on the block began to give way to postwar and contemporary practitioners....."
Art+Auction, Databank, March 2016 full text

A Mutable Market
"Like the broader market for postwar and contemporary art, the market for works by Chinese contemporary artists has been on the rise since the financial crisis of 2008–09. An analysis of more than 100,000 auction lots sold since the beginning of 2000 shows the same strong growth..."
Art+Auction, Databank, February 2016 full text

It’s a Man’s World, Part 2
"It is well known that women artists come up short in the marketplace in terms of gallery representation; they are also shortchanged on the auction block in the number of individual sales and the prices realized there. But just how far do women trail their male counterparts?..."
Art+Auction, Databank, January 2016 full text

It’s a Man’s World
"Women may be gaining ground in curatorial circles (...) but it is no secret that the art markets are biased in terms of gender. All of the top 100 works ever sold at auction were created by male artists..."
Art+Auction, Databank, December 2015 full text

Bubble Watch: Part 2
"This month, we continue to explore the possibilities of bubbles developing in the current art markets by means of data analysis..."
Art+Auction, Databank, November 2015 full text

Bubble or Not?
"It has been seven years since the financial recovery began following the correction of 2008, and few sectors of the market have rebounded as robustly as art—particularly postwar and contemporary art, which has doubled in value since then..."
Art+Auction, Databank, October 2015 full text

Reading the Tea Leaves
"Stock volatility in Shanghai and broad-based auction declines have provoked anxiety about a Chinese withdrawal from art markets, but the worries may be exaggerated..."
Art+Auction, Reporter, September 2015 full text

Falling for Bordeaux
"The global auction market for fine wine has seen explosive growth in the past 15 years; the escalation in price that occurred through 2010, demonstrated by repeat sales of the same vintages, may have surprised even the most bullish investors..."
Art+Auction, Databank, September 2015 full text

The More Things Change...
"The fine art auction market, as represented in our database of records collected from houses both large and small, was more than 50 times larger in 2014 than it was in 1974. The increase from around $150 million to $8 billion was built on an expansion into new geographic markets, diversification among buyers, and, most significantly, the growth of the contemporary sector..."
Art+Auction, Databank, Summer 2015 full text

Superstars, or Supernovas?
"The Secondary market for works by artists born after 1980 has been white hot in recent years, as evidenced by numerous sales in the six-figure range. Buyers ranging from serious collectors such as Dakis Joannou to speculator Stefan Simchowitz seized the opportunity to get in early on the careers of those with the potential to become the next Gerhard Richter or Jean-Michel Basquiat..."
Art+Auction, Databank, July-August 2015 full text

All-Time All-Stars
"Which artists rule the auction market over the long run? To gauge their relative success, we analyzed more than 5.2 million auction lots over the past 45 years, enabling us to tease out not only who is on top, but also which artists have had the most staying power in terms of market value..."
Art+Auction, Databank, June 2015 full text

A Rising Tide
"The Global art market has been on a roll in recent years, with a record $15.4 billion in sales on the block in 2014 — a 24 percent increase over the prior year. Based on our analysis of more than 1.2 million auction records over the past decade..."
Art+Auction, Databank, May 2015 full text

What is the Value of Luxury?
"Over the past several decades, investments in luxury goods such as artworks, premium timepieces, classic cars, and fine wines have come to be viewed not only as sources of pleasure for high-networth individuals but also as an effective hedge against inflation, like gold and Treasury notes..."
Art+Auction, Databank, April 2015 full text

The Rise and Fall of Damien Hirst
"Easily the most famous of the YBAs, that brash group of British visual artists who stormed the art scene at the close of the 1980s, Damien Hirst saw the market for his works..."
Art+Auction, Databank, March 2015 full text

The Company You Keep?
"While the art market has seen sustained growth over the past several years, the same cannot be said for the value of publicly traded companies related to it. Take Sotheby’s, for example..."
Art+Auction, Databank, February 2015 full text

A Master's Market
"Rembrandt van Rijn was arguably the most prosperous and celebrated painter of his day. Yet in 1656, at age 50, the Dutch master went bankrupt as a result of several years of badly managing his personal assets. In contrast, his paintings have proven to be among the most valuable of art world assets..."
Art+Auction, Databank, December 2014 full text

Is it a Bubble?
"When Francis Bacon’s Three Studies of Lucian Freud, 1969, fetched an astounding $142,405,000 in November 2013, it pushed the tally for the evening sale at Christie’s New York to a record-breaking total of more than $691 million...."
Art+Auction, Databank, November 2014 full text

Fair Days for the Art Trade
"The number of art fairs has mushroomed over the past decade. Today, there are more than 250 taking place worldwide, offering the full range of art from antiquities to contemporary works..."
Art+Auction, Databank, October 2014 full text

Medium Matters
"While the art market has long judged paintings to be the most durable asset, the sums achieved in recent years by postwar and contemporary artists are eyebrow-raising. The market for prints, even those by the same blue-chip names, has remained largely under the radar, although the category is growing..."
Art+Auction, Databank, September 2014 full text

Eye on Photography
"Iconic images by 20th-century masters of photography have been commanding greater prices at auction in recent years, with several of the most expensive works clearing $500,000 since 2010..."
Art+Auction, Databank, July-August 2014 full text

Basquiat Case
"Melding street-art sensibility with urgent, virtuosic strokes, works by Jean-Michel Basquiat have found an ardent audience, sending prices skyrocketing. Last year, in fact, Basquiat outperformed nearly all other blue-chip artists..."
Art+Auction, Databank, June 2014 full text

Going up: Postwar and Asia
"For this third and final installment in our series comparing categories of paintings as investment vehicles, we look at two market segments—postwar and contemporary and Asian modern and contemporary—to assess performance over the past decade against other works of art, based on more than 800,000 sales records..."
Art+Auction, Databank, May 2014 full text

Art of the Americas
"For this second installment in our series comparing categories of paintings as an investment vehicle, we turn our eyes to the New World to see how the American and Latin American market segments have fared over the past decade..."
Art+Auction, Databank, April 2014 full text

A Decade in Review
"While art as an asset class has been proving its mettle in recent years, not all categories of paintings—Old Masters, 19th-century European, Impressionist and modern, American, Latin American, Asian contemporary, and postwar and contemporary—have performed alike..."
Art+Auction, Databank, March 2014 full text

More Valuable than Gold
"Over the past decade, art—and more specifically, postwar and contemporary art—has come to be viewed as a viable asset class by financial institutions worldwide. But how does it compare to more traditional investments, including..."
Art+Auction, Databank, February 2014 full text

The Fast Lane
"In Monterey this past August, RM Auctions' sale of classic cars became the highest grossing ever when 87 percent of the 120 vehicles on offer sold for a combined $125 million, with more than a dozen cars setting benchmarks for individual models..."
Art+Auction, Databank, January 2014 full text

Minding the Gender Gap
"Only 6.5 percent of the paintings sold at auction in 2012 were the work of female artists. This staggeringly low figure is nonetheless more than twice that of two decades ago, when just 3 percent of works that came on the block were by women..."
Art+Auction, Databank, December 2013 full text

The Documenta Effect
"DOCUMENTA, which takes place every five years in Kassel, Germany, is one of the world's most important exhibitions of modern and contemporary art. It has been responsible for launching the international careers of many art luminaries since its inception in 1955..."
Art+Auction, Databank, November 2013 full text

Market Snapshot
"Although photography sales accounted for only 1.9 percent of U.S. dollar turnover in the overall art market in 2012, the category has been on the rise since the late 1990s, as evidenced by data we gleaned from more than 150,000 auction sales between 1993 and 2012..."
Art+Auction, Databank, October 2013 full text

American Exceptionalism
"Until recently American art—a category comprising Colonial 17th-century through prewar 20th-century modernist paintings—was much like blue-chip stocks, performing reliably and steadily in terms of market size and price volatility. Over the past 18 months, however, we have seen a very different picture..."
Art+Auction, Databank, September 2013 full text

To Have and to Hold?
"It has long been taken for granted among art market professionals that collectors are prepared to put a premium on works that are fresh to the market—and, conversely, that the price will suffer if a work is re-offered at auction after too short a period of time. But just what length of time is considered optimal for holding on to a particular work?..."
Art+Auction, Databank, July-August 2013 full text

The Death Effect? Not So Fast
"Conventional wisdom dictates that when a famous artist dies, there is a near-immediate upswing in prices as collectors scramble to snap up remaining available works. The idea is that buyers will want to act fast because, in addition to the certainty that no new work will be created, there is a presumption that..."
Art+Auction, Databank, June 2013 full text

Counting on Contemporary
"Even the most casual observers of the art market know that contemporary art has been the star of the auction realm in the past few decades. Though contemporary sales were once considered the "younger siblings" of the major New York and London auctions each year..."
Art+Auction, Databank, May 2013 full text

An Investment Worth Toasting
"While it is no secret that the global auction market for fine wine has seen explosive growth in the past 15 years, the escalation in price demonstrated by repeat sales of the same vintage might surprise even the most bullish investors..."
Art+Auction, Databank, April 2013 full text

Calibrating the Richter Scale
"In October 2011, when Gerhard Richter's Kerze, 1982, reached £10.5 million ($16.4 million) at Christie's London, the painter declared, "It's just as absurd as the banking crisis. It's impossible to understand, and it's daft." The artist's opinion notwithstanding, that price was exceeded 10 times in the following months..."
Art+Auction, Databank, March 2013 full text

The Art of Appreciation
"Here we expand on last month's analysis of repeat sales of paintings at auction by breaking out results according to individual auction categories. Once again looking at the period from 1985 to 2011, we measure the annualized effective rate of return (ERR) of repeat sales in..."
Art+Auction, Databank, February 2013 full text

The Second Time Around
"The rise and global expansion of the art market in recent decades—particularly in the past 10 years—has surprised even the most bullish observers. However, given that so many factors can affect the price of a work at auction..."
Art+Auction, Databank, January 2013 full text

Crescent Rising
"Since 2006, when Christie's inaugurated annual auctions in Dubai, the market for postwar and contemporary art of the Middle East has grown at a staggering rate. And with the addition in 2008 of auctions by Sotheby's in Doha and Bonhams in Dubai, the market has begun to mature and come into focus..."
Art+Auction, Databank, November 2012 full text

Eastern Expansion
"Coming off the implosion of the real estate bubble in Japan in the early 1990s and the resulting years of stagnation, few could have predicted the explosive economic growth that would spread across Asia, especially in China and India, over the past dozen years..."
Art+Auction, Databank, October 2012 full text

Up, Up, and Away
"The growth in the auction markets over the past 40 years has been staggering. From less than 6,000 recorded lots in 1970 the industry has grown more than elevenfold to reach nearly 70,000 sales in 2011. The growth as measured by dollar turnover has been even more striking..."
Art+Auction, Databank, September 2012 full text

Taking the Long View
"When looking at how a market segment performs over the long haul, a comparison of similar sectors can highlight the strengths and weaknesses of each. Here we compare four leading categories: Impressionist and modern art, contemporary art, American paintings, and Latin American art..."
Art+Auction, Databank, July-August 2012 full text

Mastering Old Masters
"Old Master paintings, drawn from a fixed list of artists and a body of works that changes only with occasional discoveries and reattributions, offer an intriguing opportunity to compare the performance of high- and low-end artworks over a long period of time..."
Art+Auction, Databank, June 2012 full text

Time-Tested Investments
"Raphael, Rembrandt, and Rubens are three of the biggest names in art history. But through the centuries many of their works, and those of other Old Masters, have fallen victim to war and disaster or been altered and damaged in accord with changes in taste..."
Art+Auction, Databank, May 2012 full text

Following the Paper Trail
"As a category, prints can often go overlooked in the face of flashier and higher-priced paintings. But lower visibility hasn't kept the market for comparatively affordable multiples from growing over the past 25 years..."
Art+Auction, Databank, April 2012 full text

Out of Africa
"This month we look at the market for African tribal art, a dizzyingly diverse field filled with passionate collectors who tend to buy in depth..."
Art+Auction, Databank, March 2012 full text

Label Consciousness
"The billion-dollar wine market is largely driven by the fabled names of Bordeaux: Château Lafite Rothschild, Château Latour, Château Pétrus, and Château d'Yquem, among others. In 2010, prices for the best Bordeaux first growths reached jawdropping heights..."
Art+Auction, Databank, February 2012 full text

Betting on Bling
"Over the past 12 years buyers have been eagerly laying out millions for glittering gems, pushing auction prices to new heights, particularly those for diamonds, both colored and white. Top-quality examples can now fetch between $1 million and $2 million a carat..."
Art+Auction, Databank, January 2012 full text

Mainland Takeover
"The Chinese population has become wealthier over the past decade, with the number of high-net-worth individuals—those with liquid assets of $1 million or more—increasing from 211,000 in 2002 to 535,000 in 2010. At the same time, interest in Chinese art and antiques has grown..."
Art+Auction, Databank, December 2011 full text

An Eye on the Times
"A rare convergence of style and technology, fine timepieces attract a wide range of buyers, from connoisseurs seduced by sophisticated mechanisms to the fashion-conscious looking to express their personal tastes or investors seeking something with material as well as aesthetic value..."
Art+Auction, Databank, November 2011 full text

Hot Wheels
"There is no doubt that vintage automobiles have evolved from luxury hobby to serious investment in 2010. 68 classic cars surpassed $1 million at auction, compared with just 12 in 2000..."
Art+Auction, Databank, October 2011 full text

Liquid Assets
"Wine, one of the fastest-growing luxury sectors, has generated hundred of millions of dollars in auction sales over the past fewl years, with houses notching record totals. Christie's, for instance, saw its wine sales triple from 2000 to 2010..."
Art+Auction, Databank, September 2011 full text

Following Their Passions
"One of the primary reasons the market for art and luxury collectibles has been so robust over the past decade is that more people have large amounts of money to spend on passion investments—those made out of personal interest rather than for pure economic gain..."
Art+Auction, Databank, July-August 2011 full text

Taking Stock of the Decade
"Despite the economic woes still gripping much of the world, yhe spring sales in New York and London gave cause for cautious optimism about the upward trajectory of the art market. So we decided to take a macro look at the past decade, analyzing how art compares with other asset classes..."
Art+Auction, Databank, June 2011 full text

Bric Building
"When the acronym BRIC was coined a decade ago to denote the rapidly developing nations of Brazil, Russia, India, and China, few could have predicted the impact their explosive economic growth would have on the markets for their art. As newly wealthy consumers emerged in those countries, which account for more than 40 percent of the world's population, so did demand for works made by their national artists..."
Art+Auction, Databank, May 2011 full text

Conversation with Roman Kraeussl
"Roman Kraeussl, associate professor of finance at VU University Amsterdam, specializes in research on art investment. In 2006 he founded the Web site, where he publishes studies on art as an asset class..."
Art+Auction, Databank, April 2011 full text

National Selection
"Postwar and contemporary art soared to unheard-of heights in the 21st century until the market stalled in 2008. Today, the sector is again booming, as witness London's February sales..."
Art+Auction, Databank, April 2011 full text

Style Investing
"How does modern and contemporary Asian art stack up against other styles when it comes to return on investment? We decided to find out by comparing an index of the auction sales of paintings from that category—comprising art from China, Japan, Korea, India, and Southeast Asia..."
Art+Auction, Databank, March 2011 full text

In Retrospect
"There is no doubt that major museum exhibitions can affect the art market. A good show can expose an artist to a broader audience, convince buyers of a creator's value, and coax them into investing in a particular name..."
Art+Auction, Databank, February 2011 full text

Dripping with Jewels
"One of the few categories that attract buyers across the entire spectrum of collecting specialties, jewelry brings in a significant chunk of change for the auction houses. In 2010, just through October, combined gem-sale totals at Sotheby's and Christie's had topped $500 million..."
Art+Auction, Databank, January 2011 full text

Betting on Blue Chips: Art Proves a Safe Place to Stash Cash
"How powerful a financial strategy is collecting art? How does the return on $100,000 dropped on a topnotch painting 30 years ago measure up to that on the same sum put into real estate or a hedge fund over the same period?..."
Art+Auction, Databank, December 2010 full text

Slicing up the Auction Market
"The auction business is massive, with billions of dollars changing hands each year. To determine how the terrain is shifting, we crunched some numbers, specifically, the dollar and volume totals for sales of paintings..."
Art+Auction, Power Issue, December 2010 full text

The 50 Most Golden Postwar and Contemporary Painters
"With Christie's, Phillips de Pury, and Sotheby's all hosting big-ticket postwar and contemporary sales this month, we decided to create an index of the top 50 painters in this category based on their total take at auction..."
Art+Auction, Databank, November 2010 full text

Holding Steady: Prints Emerge as a Safe Investment
"Over the past decade, prints have accounted for a significant chunk of fine-art auction revenue. Although most of these works—which range from lithographs and silkscreens to etchings and drypoints—are relatively affordable, with more than half selling for less than $5,000 over the past 10 years, many examples have fetched upwards of $100,000..."
Art+Auction, Databank, October 2010 full text

Where to Invest: Picasso, the Stock Market, or Gold?
"When Pablo Picasso's Nude, Green Leaves and Bust, 1932, brought $106 million at Christie's New York on May 4, it became the most expensive artwork ever sold at auction. Many professionals in the field observed that this price and the overall success of the auctions held during the first six months of 2010 suggest that the art market is recovering as the global financial crisis recedes. But do Picassos represent a reasonable investment?..."
Art+Auction, Databank, July-August 2010 full text