The Republican Party in the United States continues its hollow claims that taxing the wealthy one percent will ultimately hurt the other ninety-nine because it is those at the very top that provide private sector jobs
However, The Wall Street Journal a few days ago reported that art auction houses such as Christies and Sotheby’s are doing well because their rich clients believe art is a more secure commodity presently than either stocks or real estate.
January 2011 Art Exchange opened a centralized marketplace in Paris to sell shares in works of art much like stock exchanges around the world sell shares in major companies. The first piece offered was a painting by Italian artist Francesco Vezolli, The Premier Of A Play That Will Never End, valued at €135,000, with individual shares going for €10 each.
Roxani Azmi, a journalist who covered the story for The Art Newspaper, attended the Paris Photo fair in November 2011. Prices were astronomical. The fair was held in the Grand Palais to accommodate more exhibitors including well-established international galleries such as Fraenkel, Gagosian, and Pace/MacGill.
Purchases were made by Los Angeles County Museum Of Art, Metropolitan Museum, and San Francisco Museum Of Modern Art, paying from €3,000 to €12,00 for vintage photographs.
There are speculations that Paris is becoming the photo capital. It was the undisputed art capital over half a century ago but after World War II the center shifted across the Atlantic to New York. Perhaps one reason it is regaining its status is because rich Americans love going to Paris, especially when top work is offered.
image & text copyright © 2012 by N. A. Diaman, all rights reserved