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Artprice: All Segments of the Art Market Are Gold Mines for Those Who Know How to Anticipate and Wait

Vlad Poptamas

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According to thierry Ehrmann, the found and CEO of Artprice.com, “Our clients, with Artprice, can follow artworks from one appearance at auction to another, which give them insight into how collectors anticipate the Art Market and benefit from its long-term general evolution.

When we take a look at the first quarter of 2019, for instance, we see that a large number of Fine Art auction lots have proved the extraordinary profitability of Art as an investment over the last thirty years. Of these the most spectacular was probably David Hockney’s Henry Geldzahler and Christopher Scott (1969), which fetched the quarter’s best result at over $49 million on 6 March 2019 at Christie’s London. In November 1992, the same 2×3 metre canvas had sold for $1 million.”

The price evolution of Paul Signac’s Le Port au soleil couchant proves that the best financial returns are not reserved for Post-War and Contemporary artists.

The seascape’s three appearances at auction show a constant and extremely dynamic appreciation over nearly forty years, for a historical artist whose contribution to the History of Western Art has long been recognised:

  • 12 May 1980$490,000 (Sotheby’s New York)
  • 11 May 1993$1.8 million (Sotheby’s New York)
  • 27 February 2019$26 million (Christie’s London)

Basquiat still leading

The upside on works by Jean-Michel Basquiat has been somewhat less publicized over the first part of 2019… and yet the American prodigy generated three of the ten best gains in the first quarter. On 5 March 2019 at Sotheby’s London, his 1986 canvas Apex (painted two years before his death by drug overdose) reached $10.8 million, multiplying its value by no less than 370 times since its last auction in June 1988 when it sold for just $29,400.

A pencil drawing entitled Soothsayer (1983) proves that Basquiat’s success covers all of his production. Acquired for $32,900 in June 2002, this small work sold for $997,600 on 5 March 2019, representing an average annual return on investment of +22% over the last 17 years.

Similarly, his paper collage Untitled (1987) – sold during the same session at Sotheby’s in London – confirms a very clear trend:

  • on 25 March 1993 it fetched $26,700 (Christie’s London)
  • on 5 March 2019 it fetched $1,321,000 (Sotheby’s London)

We have seen this kind of price metamorphosis with lots of other artists as well. The Minimalist French artist, Daniel Buren (b. 1938) is today enjoying an extraordinary price ascension that is rewarding all the collectors who anticipated the power of his art a quarter of a century ago.

His canvas Peinture acrylique blanche sur tissu rayé blanc et rouge, purchased $3,500 in 1997 at Libert-Castor in Paris, fetched $357,500 at Phillips in London on 8 March 2019.

Likewise in Asia

Hong Kong’s recent prestige sales in the wake Art Basel Hong Kong generated a number of significant revaluations that benefit Asian collectors. The biggest rise in China during Q1 2019 came from a painting by Fengmian Lin (1900-1991) titled Wisteria. Twenty-seven years ago it sold for $15,000 at Sotheby’s in New York. Since 2 April 2019, it is now worth over $1.3 million.

The return to Hong Kong of great works by Chinese Modern artists, long traded on the Western marketplaces, can have a considerable impact on their value. But the development of the Hong Kong market over the last 30 years also benefits artists who have never left Asia.

Take for example the latest result for an ink drawing by artist Yu Feian (1888-1959) entitled Parrot (1945). Purchased in Hong Kong in 1990 for $11,400, the same drawing resold for 70 times that amount in the same city (Sotheby’s) on 2 April 2019 ($787,000).

Women in vogue

The Japanese artist Yayoi Kusama also, unsurprisingly, ranks among the most impressive price accretions in Q1. Today the most successful female artist on the global Art Market, with an auction turnover exceeding $100 million in 2018 (ahead of Louise Bourgeois and Joan Mitchell), Kusama has not always had this kind of success.

In 2000, the record auction price for one of her paintings was just $80,000, whereas her Interminable Net # 4 (1959) fetched close to $8 million on 1 April at Sotheby’s Hong Kong. In terms of revaluation, her sculpture Midsummer (1983), acquired for just $7,200 at Sotheby’s in London in 2000, resold for $428,000 at the same auctioneer 19 years later.

The prize for the most unexpected price jump in Q1 2019 must surely go to 17th century Flemish artist Michaelina Wautier. Long forgotten by art historians, Wautier was ‘rediscovered’ in 2018 with a first retrospective organized at the Museum aan de Stroom and at the Rubens House in Antwerp.

The renewed attention had a profound impact on the prices of her works and her canvas A garland of flowers (1652) reached $471,000 on 30 January 2019 at Sotheby’s in New York. In 1993, the strange bouquet with a hovering dragonfly sold for just $20,000.

As Q1’s global auction results show, the best financial performances come from all segments of the Art Market, and not just from its high-end or from Contemporary Art or from the American market…

Artificial Intelligence

Personalized Learning Paths Offer Roadmaps to Dream Jobs

Vlad Poptamas

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When moving into a new career or field, determining how your strengths transfer and what additional skills you need to learn can be challenging; Forbes SmartAdvisor bridges this gap.

Experience the interactive Multichannel News Release here: https://www.multivu.com/players/English/8716951-forbes-smartadvisor-personalized-learning-paths-offer-roadmaps-to-dream-jobs/

By utilizing three information points—users’ personality, their current skills, and the skills necessary for the aspirational role they selected—Forbes SmartAdvisor creates a customized learning path. This Learning Path is personalized just for you. It identifies which self-paced course from Learn@Forbes’ library of over 700 courses, specializations, and Learning Pathways in marketing, human resources, leadership, finance and accounting, entrepreneurship, sales, communications, customer service, and project management make sense for the career you’re aspiring to.

How It Works
Forbes SmartAdvisor, which is free, and takes just three minutes to complete. First, you will complete a brief personality assessment. Second, you select the aspirational role you want, and third, you upload your resume (which is optional).

Using Holland’s Occupational Model and Gardner’s Theory of Multiple Intelligence model, in moments, you will receive your personalized and unbiased results. Insights on your learning style(s), working style(s), attributes, and skills are provided in your custom report, as is a learning pathway that maps the Learn@Forbes courses that will teach you the additional skills you need to get the job you want. Each course on your personalized learning path is self-paced. And, you can take as many as you would like at a time.

Next Steps
Forbes SmartAdvisor users can save their results for future reference. Those who would like to start their personalized learning path can do so with a free 14-day trial. Learn@Forbes subscriptions start at $12.50 per month. For additional information, visit learn.forbes.com.

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Artificial Intelligence

MRA Group Develops Lab Spaces to Keep Up with Cell and Gene Therapy Demand in Philadelphia Region

Vlad Poptamas

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In response to the growing cell and gene therapy demand in the Philadelphia region, MRA Group (MRA) is pressing onward to deliver by year end, two specialized multi-tenant life science lab buildings: a 65,000+/-SF lab building in the city of Philadelphia and a 72,000+/-SF lab building at Spring House Innovation Park, just outside the city.

“Through this pandemic, we continue to see strong demand from growing in-market life science prospects and out-of-market entrants looking for high-quality lab space,” said Phil Butler, Vice President of MRA Group. “Prospective tenants value speed-to-market, and given the regional demand, we believe pushing forward is the right thing to do.”

While construction slowed due to COVID-19 mandated shutdowns, MRA remains on track to welcome tenants this year to newly developed, state-of-the-art, customizable, hard-to-come-by lab space in the region. Now that Philadelphia is a nationally recognized biomedical cluster, or a Big4Bio region, prospective life science companies attracted to the area have encountered a shortage of available lab space; a concern MRA Group is working to correct.

“A recent study found 98% of commercial lab space is occupied,” said Sam Woods Thomas, Director of Life Sciences and Biotechnology for the City of Philadelphia. “We are excited by and proud of MRA Group’s efforts to broaden our Life Sciences real estate pipeline. Philadelphia scientists and academic institutions are pioneers in innovation, but they need more space to continue,” Thomas shared. “MRA Group’s development efforts are essential pieces to this sector’s continued growth in our city and region.”

Spring House Innovation Park’s new 72,000+/-SF rentable lab building is within the BioLaunch611+ Keystone Innovation Zone and sits on the sprawling, 133-acre, Lower Gwynedd, Montgomery County campus owned and developed by MRA Group.

“When we acquired Spring House Innovation Park in 2017, we sought to create a suburban life science destination,” said Mike Wojewodka, Senior Vice President of MRA Group. “To date, we have approximately 150,000 square feet leased to nearly two dozen tenants, of which nearly half are in the life science industry.  We’ve recently welcomed AnPac Bio, a leading international biotechnology company, while later this summer a gene therapy company, Exegenesis Bio, will be joining our roster which includes Jefferson Institute for Bioprocessing. Based on current leasing activity, we anticipate the 72,000+/-SF lab building being fully leased and occupied by the end of the year, which is why MRA remains focused and bullish on developing these much needed lab spaces for our region.” Companies interested in Spring House Innovation Park, visit  www.springhouseinnovationpark.net.

Additionally, MRA Group, on behalf of a local university, is developing a 65,000+/-SF scientifically advanced, multi-tenant wet and dry lab and office building in Philadelphia.

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Artificial Intelligence

Auto Theft Recoveries Soar During COVID-19 Lockdown

Vlad Poptamas

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LoJack®, a brand of CalAmp (Nasdaq: CAMP) and a leader in stolen vehicle recovery (SVR) and innovative automotive services, today announced auto theft recoveries in the U.S. jumped 15 percent in April 2020 over April 2019 and continued to grow in May, outpacing last year’s number at this time by 11 percent. The report indicates an increase in auto theft recoveries, and highlights changes from the same period last year to date, demonstrating that while auto theft is on the rise during the COVID-19 lockdown, consumers must stay vigilant and protect their vehicles.

While essential workers travel to and from work and others have sheltered in place, auto thieves continue to operate during a global pandemic according to LoJack’s U.S. Recoveries Trends report. The report found that the U.S. — during the rising spread of COVID-19 — saw a big increase in stolen vehicle recovery across the country in April 2020 compared with April 2019. In May, the following states saw a significant increase in auto theft recoveries:

  • California increased 35 percent
  • Colorado increased 20 percent
  • Washington State increased 25 percent

With the Fourth of July holiday approaching, LoJack and CalAmp urge drivers to take these simple precautions:

  • Try to park your car in well-lit areas or within range of security cameras
  • Don’t leave valuables in plain sight in your vehicle
  • Double check to make sure your vehicle is locked
  • Don’t leave windows or sunroofs cracked and don’t leave your car running unattended
  • Be mindful of where you leave your keys or key fob; don’t leave a spare key in the vehicle

“It’s clear that auto thieves have been hard at work during the pandemic,” said Justin Schmid, senior vice president, general manager of LoJack Global. “The cost of losing a vehicle to theft during a time like this where many people have lost their jobs and income builds on already elevated stress levels and an experience that no one wants to face. It’s important to LoJack and CalAmp that we share the facts and equip Americans with solutions that protect their families and bring peace of mind during an already chaotic time.”

Stories across the U.S., including a nurse in Boston who had her car stolen in April from her driveway while between shifts at the local hospital, remind us that no one is immune. With COVID-19 continuing to impact communities, auto theft should be the least of one’s worries, including frontline workers. Between their telematics-based connected car app SureDrive™ and the traditional LoJack® System technology, LoJack offers a variety of solutions to protect vehicles and provide additional support for drivers, with features including:

  • Stolen Vehicle Location Assist: Provides trained U.S.-based agents to coordinate directly with law enforcement to help track and locate a stolen vehicle.
  • CrashBoxx: Sends instant crash alerts to loved ones with trained U.S.-based agents available to help provide timely assistance and facilitate emergency response
  • Tripwire Early Warning: Enables proactive monitoring and alerts consumers of unexpected car movement, such as when towed or stolen.
  • Virtual Boundaries: Allows consumers to set easily configurable boundaries that send notifications when loved ones arrive at their destination.
  • Destination Search: Displays integrated and searchable landmarks such as emergency rooms, gas stations, car washes, or other key destinations.
  • Where’s My Car: Delivers real-time location of your vehicle, whether driving or parked.
  • Speed Alerts: Enables parents to set a speed threshold and receive alerts if a teen driver or other loved one goes faster than they should

The LoJack Stolen Vehicle Recovery System consistently delivers a 90% plus recovery rate on cars, trucks, and SUVs, and over $1 billion worth of LoJack-equipped vehicles have been recovered in the U.S. alone*.

“We are committed to supporting families with innovative solutions that protect their vehicles and loved ones, consistent with the proven LoJack brand promise of safety and security for the road ahead,” said Schmid.

*LoJack® unit activation is contingent upon the vehicle being located within LoJack’s SVRU coverage area that spans counties across 29 states throughout the U.S. and the District of Columbia. You may find LoJack’s coverage areas at www.lojack.com/coverage or by calling 1-800-4-LoJack. Used car values are best estimates derived from NADA Guide web services values and clean retail value from NADAGuides.com for the make, model and year of the vehicle in the month it was recovered.

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