The Market for Major Works Is Heating Up, but Small Investors Can Get Chiseled
On May 4, Pablo Picasso’s "Nude, Green Leaves, and Bust" sold for $106.5 million at Christie’s in New York, setting the world record for any work of art sold at an auction. Which has art-loving investors wondering: Is the art market exiting its recession? If theft is any gauge of popularity, they can take heart: Five multimillion-dollar works, including pieces by Picasso and Henri Matisse, were found missing from Paris’s Musée d’Art Moderne early Thursday. "It looks like the art market is starting to come back," says Michael Moses, a retired professor at New York University’s Stern School of Business and co-creator of the widely followed Mei Moses All Art Index. The art world tends to trail the stock market by six to 18 months, he says, which suggests there could be more upside later this year.
By Mary Pilon, May 22, 2010 WSJ