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5 Ways to Value Your Collection, Whether It’s Fine Wine or Shrunken Heads
March 1, 2019 | The New York Times | By Paul Sullivan.

Collectible assets include wine, spirits, coins, trading cards as well as more unusual items, like lighters, belt buckles and even shrunken heads. These collections cost money and time to assemble and certainly have a value to their owners, but can they be considered legitimate investments? That depends on the market.

For many collectors, the only option to buy, sell or even value these assets is through online auction platforms like eBay or enthusiast sites, but for others, their possessions are treated as fine art.......the market for collectibles, which are often valued in the millions of dollars, may not always be so easy to weather. It can experience sudden surges that put desired items out of the reach of true collectors or it can collapse, wiping out the gains speculators thought they had made.

In an economic slowdown, how these investments are treated depends on supply and demand as well as unpredictable forces like fashion and popularity.....Collectibles can be broken into categories determined by provenance, rarity and even a moment in time. Here are five issues to consider when weighing the investment potential of your collection.....
(1) The standouts in the crowd - Leading the pack are high-quality items that have broad name recognition.
(2) High risk, high reward -
(3) Not all collectibles are investments- jewelry is not an investment....because the market is driven too much by changing fashion.
(4) Obscure and difficult to sell - establish the value of esoteric collections by using third-party appraisers. But insurance companies like A.I.G. value these collections by their replacement value, not by the price someone would pay for them.
(5) A market downturn - =hether it’s shrunken heads, 1,000 bottles of wine or sheets of trading cards, a ready buyer may not be available — or may want to pay much less (i.e. a step change in the valuation).
collectibles  collectors  high-risk  howto  obscure  valuations  AIG  auctions  assets  brands  eBay  economic_downturn  esoteric  fine_arts  high-end  high-quality  investing  investments  passions  step_change  unpredictability  wine  whisky 
18 days ago by jerryking
In Nicoled Blood on Twitter: "(I will make the call pretending to be you if it’s something that makes you want to vomit.)"
(On debt collectors:)
“I get just incandescent with rage over people getting fucked over by bullshit and it’s only getting more pronounced as I age.

“And the stuff you just have to KNOW, like I have people come with terrifying bills already in collection and the first thing I say is a) get verification of the debt, which they have to provide if asked, and b) offer them a quarter of the amount and ask for a payment plan.

“They will usually take a quarter bc they bought your debt for literal pennies on the dollar, and it’s so much less to crawl out from under.

“(I will make the call pretending to be you if it’s something that makes you want to vomit.)

“Also you can request in writing that you only be contacted in writing and they have to do it. They can NOT call your workplace if told to stop. You have rights!

“Oh, and if you do not think you owe this money, do not give them a DIME or it can be interpreted as you claiming responsibility.”
debt  collectors  debtcollectors  Nicole_Cliffe  2018 
october 2018 by handcoding
How Financial Products Drive Today’s Art World
July 20, 2018 | The New York Times | By Scott Reyburn.

How does one invest in art without going through the complications of buying and owning an actual artwork?

That is the question behind financial products for investors attracted by soaring art prices but intimidated by the complexity and opacity of the market..... entrepreneurs are trying to iron out the archaic inefficiencies of the art world with new types of financial products, particularly the secure ledgers of blockchain...... “More transparency equals more trust, more trust equals more transactions, more transactions equals stronger markets,” Anne Bracegirdle, a specialist in the photographs department at Christie’s, said on Tuesday at the auction house’s first Art & Tech Summit, dedicated to exploring blockchain......blockchain’s decentralized record-keeping could create a “more welcoming art ecosystem” in which collectors and professionals routinely verify the authenticity, provenance and ownership of artworks on an industrywide registry securely situated in the cloud...... blockchain has already proved to be a game-changer in one important area of growth, according to those at the Christie’s event: art in digital forms.

“Digital art is a computer file that can be reproduced and redistributed infinitely. Where’s the resale value?”.....For other art and technology experts, “tokenization” — using the value of an artwork to underpin tradable digital tokens — is the way forward. “Blockchain represents a huge opportunity for the size of the market,” said Niccolò Filippo Veneri Savoia, founder of Look Lateral, a start-up looking to generate cryptocurrency trading in fractions of artworks.

“I see more transactions,” added Mr. Savoia, who pointed out that tokens representing a percentage of an artwork could be sold several times a year. “The crypto world will bring huge liquidity.”......the challenge for tokenization ventures such as Look Lateral is finding works of art of sufficient quality to hold their value after being exposed to fractional trading. The art market puts a premium on “blue chip” works that have not been overtraded, and these tend to be bought by wealthy individuals, not by fintech start-ups.....UTA Brant Fine Art Fund, devised by the seasoned New York collector Peter Brant and the United Talent Agency in Los Angeles.

The fund aims to invest $250 million in “best-in-class” postwar and contemporary works,...Noah Horowitz, in his 2011 primer, “Art of the Deal: Contemporary Art in a Global Financial Market,”.... funds, tokenization and even digital art are all investments that don’t give investors anything to hang on their walls.

“We should never forget that in the center of it all is artists,”
art  artists  art_advisory  art_authentication  art_finance  auctions  authenticity  best_of  blockchain  blue-chips  books  Christie's  collectors  conferences  contemporary_art  digital_artifacts  end_of_ownership  fin-tech  game_changers  investing  investors  opacity  post-WWII  provenance  scarcity  tokenization  collectibles  replication  alternative_investments  crypto-currencies  digital_currencies  currencies  virtual_currencies  metacurrencies  art_market  fractional_ownership  primers 
july 2018 by jerryking
Christie’s Jussi Pylkkanen and superauctions
NOVEMBER 10, 2015 | FT | John Gapper.

....Of all his crafty sales tactics, the one used to greatest effect by Christie’s 52-year-old global president — the auctioneer on top of the wave of wealth in the world’s art market — is the query: “Are you sure?” He asks it as one of the last two bidders in an auction drops out, threatening to finish it. As he halts the action for a few seconds — what he calls “the auctioneer’s pause” — pressure builds on the reluctant bidder.

'Are you sure, sir?'

Auctions are unusual in the 21st century - most things, even luxury items such as watches and clothes, sell at fixed prices although there is some room to haggle. Even many items on eBay, the electronic platform, are sold at fixed prices. In The Dynamics of Auction , Christian Heath, a professor of work at King's College, London, describes them as "a somewhat anachronistic method of selling goods, more common perhaps to traditional agrarian societies than post-industrial capitalism."

They are still used for art because every painting is different and has no intrinsic value - it does not yield anything and the cost of manufacture is usually tiny. They are also a good way to get high prices - when buyers compete against a deadline, they behave differently. The desire not only to acquire it but to beat others causes what Deepak Malhotra, a Harvard professor, terms the "emotional arousal" of auctions.

"We know that the Modigliani [being sold on Monday] is the artist's greatest work," says Pylkkanen, never short of an extravagant compliment for his inventory. "We know that it was painted in 1917. We know that it is being sold 100 years later, and that nobody in their lifetime has had an opportunity to buy it on the open market. We're all individuals and when we get a chance, it's like, 'That's the one. I've got to go [for it].' "

The task of the auction house is to gather as many people as possible - especially wealthy people - in a saleroom, or on the end of a phone line to the room, and to create the atmosphere for such moments to occur. The auctioneer must be charming, relaxed, and pleasantly ruthless. "You need poise, control and an element of openness because you're inviting people to this thing. You're making them compete without pushing too hard."
auctions  Christie’s  pricing  books  sales_tactics  art  collectors  collectibles  high_net_worth  Jussi_Pylkkanen  intrinsic_value  art_market 
may 2018 by jerryking

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