The New York Times has another jaw-dropping article on art as an investment. This time the premise is that lending art to museums is a great way to increase its value. A few excerpts:
“Grela Orihuela, the director of Art Wynwood and a consultant for Art Miami, two art fairs in Miami, agreed that ‘a museum show can change the reputation of an artist.’ She added: ‘A museum show can be very influential for an artist. It changes the price point…’
“Art collectors also have the option of lending their art to museums to increase the value of their works. Ramón Cernuda, a collector of Cuban art… said he had about 350 works of art but could display only about a third of the collection. Right now, seven or eight of his paintings by Wifredo Lam, among the best-known Cuban painters, are part of a traveling retrospective that is now at the Tate Modern in London.… Mr. Cernuda said he understood the financial impact of his loans. ‘In general, it enhances value,’ he said. ‘There is a direct relationship between value and exhibition…'”
(Shown, Steve McQueen and Pierce Brosnan in 1968 and 1999 versions of The Thomas Crown Affair.)
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