News

Art Price Deflation Stings Billionaire

Back in October 2016, the Elliott Wave Financial Forecast noted:

Earlier this year, Warhol's painting of Elizabeth Taylor "failed entirely to sell or even attract any bids." It is considered a "distressed" portrait. The art market should continue to slide....

So, this March 7 Bloomberg headline isn't surprising:

Russian Billionaire Loses $150 Million on Four Artworks

Here's an article excerpt:

Russian billionaire Dmitry Rybolovlev sold a painting by Mark Rothko for 10.7 million pounds ($13.1 million) on March 7, the final artwork in a batch of five he consigned to Christie’s that lost about $150 million.
Rothko's "No. 1," painted in 1949, sold at auction in London within the estimated range of $10 million to $15 million, and below the 24 million euros ($36 million) that Rybolovlev paid for it in 2008. Last week, Rybolovlev sold three paintings at Christie's, each at a loss. A sculpture by Auguste Rodin failed to sell.
Rybolovlev’s decision to offload so many artworks by top 20th-century artists has left many experts puzzled. He acquired them over a decade with the help of Swiss art dealer Yves Bouvier and already lost an estimated $100 million selling three works by Paul Gauguin, Gustav Klimt and Rodin in the past 18 months.

You can read the entire article by following the link below:

https://www.bloomberg.com/news/articles/2017-03-07/russian-billionaire-loses-150-million-on-sale-of-four-artworks