Written by: Frosk1
I was reading Dagbladet the other day, and came across this very interesting article about a woman in Compiegne, France. This woman had a small picture above her oven in the kitchen for many years, and went to the local auksjonist to see if it was worth anything.
It turned out that this painting belonged to a series of eight paintings made by the renaissance painter Cimabue. Cimabue was born Cenno di Pepo, in Firenze, Italy in 1240. The picture is several centuries old. A painting from the same series is now exhibited at the National Gallery in London.
Copied from: https://www.dagbladet.no/kultur/fant-mesterverk-pa-kjokkenet/71634142
So, this means that a woman in France has lived in this apartment for many years, totally ignorant of the fact that a painting worth up to six million american dollars is hanging on her wall in her kitchen. The painting will now be auctioned off.
I have to say that I am very curious about where this painting is going to end. This painting could be related to huge value creation in the art industry because it would probably attract tourists from all over the world, to see this painting.
As mentioned, another painting from the same series is now at The National Gallery in London. Tourists to a museum would mean creating value in that specific museum, but as well as in the city, as for example the hotel- and restaurant industry.
But this painting will probably be sold to a private collector, don’t you think?
Copied from: https://news.artnet.com/market/exodus-sothebys-plunges-auctioneer-rocky-waters-461087
The three largest auction markets is in the US, China and UK, and the countries had a combined share of 88%. Works of art selling at prices in excess of 1 million accounted for 61 % of total sales value in the fine art auksjon market, but a very small number of high value sales dominate auction markets in general. So this is a special case. The top five auction houses in the world is; Christie’s, Sotheby’s, Poly Auction, China Guardian and Phillips, which represents 50% of global sales, and Christie’s and Sotheby’s make up as much as 40%.
So who are the
collectors and buyers? Numbers from 2018 sounds like this;
International museums 6%
Local and national museums 5%
Private institutions 6%
Art advisors 4%
Interior designers 3%
Other art market professionals 7%
Private collectors 68%
The collectors age;
15-39 years (13%)
40-64 years (63%)
65+ years (24%)
These numbers substantiate my claim that the painting will be sold to a private collector, probably a «trophy hunter», who appreciate the social status value of artwork.
Sources;
https://no.wikipedia.org/wiki/Cimabue
https://www.dagbladet.no/kultur/fant-mesterverk-pa-kjokkenet/71634142
Seminar 2, Peter Booth
Making sense of art and design industries 