The phenomenon is called greed, and it is regarded as a mortal sin. But it is not something deeply Human? Is people not to be trusted, to know the specify of greed at all? It is enough to be the bidding battle in an art auction just to present The experience of pure Stress, in the best sense. The brain releases dopamine, the reward system is activated, the fear is subdued. And if you are not careful, it get hold of you at the end of may but a work of art – and a hefty bill at the top.
The greed was in the art market of the past 25 years, a unique economy, thanks in part to the permeability of this market, the volatility and lack of regulation. And because of the enormous increase in the value rates. What was, above all, a new caste of super-rich art buyers, and speculators, carefully.
"The art world", says the trader, author and market expert, Kenny Schachter, "is the only place in the world where you can to spend on the art fair Art Basel, literally from the gallery berth berth walk and in half an hour, $ 500 million, without a single Hand shake. It is only necessary that you say: I'll buy it.“ Always assuming you have a half a billion on Hand.
speculation on explosion arrest rising prices
If now the indications are increasing that the Era of the unregulated art market hysteria and speculation leads, perhaps, to your end, then this may be certainly to of the disease and the resulting economic crisis. The latest auction results are still solid, but the future of Art Basel, for example, Isser is something unusual. But the speculative demand on explosion arrest the rising prices of a Revision and the bets are likely to fizzle out to turn a quick Profit soon, this story is especially significant: the rise and fall of the art dealer Inigo Philbrick.
As the 24-year-old Philbrick, in the year 2011, the art market stage is entered, and in New York at Christie's, a photograph by Andreas Gursky for a record price of 4,33-million Dollar auctioned, was the handsome redhead in the tailored suit is still virtually unknown. Nine years and many art-Deals later, waiting Philbrick, now 33 years old, on the island of Guam, an American Outpost in the Pacific, on his extradition to the United States after he, in shorts and Espadrilles, in the island state of Vanuatu, East of new Zealand, arrested was on suspicion of fraud and forgery.
The FBI had activated together with the state of New York, the "Art Crime Team" and around the world, according to Philbrick wanted. The is a "serial fibber", says the Prosecutor, Geoffrey S. Berman: one who had cheated collectors, investors, and lenders, a two-digit million sum. And the Deputy FBI Director, William F. Sweeney, Jr. added in a notification by the authority, the one and only Deal of the permanent Philbrick, in the case of a condemnation, was, "be a jet-setting life against a bleak cell in the Federal prison exchange".Updated Date: 08 July 2020, 14:20