Art as Investment
Now that the Chinese have discovered the art market has a way to invest their money, the global art business has grown exponentially, reaching estimated sales of €43 billion in 2012. “In the top price segment, art functions as an investment. The rich want to protect their assets,” American collector and author Ethan Wagner (“Collecting Art for Love, Money and More”) said in an interview.
There is no better place to do this than in Switzerland, where, unlike in Germany, exported art is exempt from value-add tax. This is one of the reasons Art Basel has become a global hub for art and home to its most important fair. Sam Keller, director of Fondation Beyeler, a Basel museum, is also stunned by the development. “Artists now attract the same attention as rock stars used to get,” says Keller, who headed Art Basel for a long time. But he also sees nothing wrong with the global elite’s choosing to spend their money on art. Albeit it is widely acknowledged that many of these artworks promptly disappear into art warehouses. One of the world’s most valuable art treasures is being stored in an extremely ugly place, a six-story concrete building known as the Geneva free port. Instead of windows, much of the façade of this giant safe for the world’s wealthy is covered with gray panels. A movement what is fairly new and should be questioned if the Artist is happy with his artwork which houses now in a place like described, basically not to be seen miserable in a grey not sexy place, to be forgotten?,..Gives me time to dream away and invent a safe warehouse more like a get together for art collectors and people to show off their latest buys while having a drink in a nicely designed super safe house! A place safe to show your treasures as jewellery, photos, paintings and anything else which is from value enough to be stored in a safe house. Why not enjoy our so well collected treasures instead of hiding it ? Maybe the ¨safe house¨- cq warehouse- will be the newest stock market, we go back to the floor, see, talk, buy, and leave it there to be sold to the next for a higher bid. From private clubs to private stock markets.