THERE GOES THE NEIGHBORHOOD
In New York, the commonly accepted wisdom is that art galleries tend to gravitate to gritty up-and-coming areas thick with bohemians, artists and hipster hangers-on. But a new study released by the University of Southern California’s Lusk Center for Real Estate claims just the opposite: Galleries open in high-end Manhattan neighborhoods that house the kind of wealthy consumers likely to buy art, not the people making it.
“These findings counter the common and somewhat romantic perception that galleries locate in gritty artist communities,” assistant professor Jenny Schuetz, who co-authored the study with Lusk Director Richard Green, wrote. “Similar to jewelry, furniture and antique districts, most galleries cluster near affluent potential art buyers, rather than the artists themselves.”
The neighborhood profile that attracts art galleries, the study asserts, “is consistent with luxury retail.”
The art-auction calendar in the Middle East continues to get busier, with Christie’s announcing that it will add a second day to its October sales of modern and contemporary Arab, Iranian and Turkish Art in Dubai.
The rapid ascent of the Chinese art market and auction business is far from a secret at this point, but an article in the The New York Times about the phenomenon makes a few key points about developments in that field, including the fact that, according to art-market research company Artprice, Chinese auction houses may now be the world leader in sales, moving $8.3 billion of goods a year.
With the season’s first major art auctions still more than a month away, The Observer has been looking for hints about the state of demand in the art market. At the Art Basel art fair in June, dealers reported that clients were spending freely, but we wanted to know just how intensely they are doing so.
And so this news caught our eye: high-end Parisian fashion house Hermès announced that its profits for the first half of the year jumped a jaw-dropping 50 percent over the previous year, with revenues climbing an astounding 21.5 percent, to €1.31 billion ($1.89).