英国《金融时报》文章：拍卖价格下滑4.5%，艺术品市场6年繁荣终结

2009年1月9日，英国《金融时报》发表题为“拍卖价格下滑4.5%，艺术品市场6年繁荣终结”的评论文章。此次市场下滑是艺术品市场连续六年来的首次。金融危机发生后，全球艺术品市场的繁荣嘎然而止。由长江商学院金融学教授梅建平和纽约大学教授摩西共同创建的“梅/摩艺术品投资指数”表明，当代作品价格下滑达到11%。文章通过梅/摩指数和摩西教授评论对2008年艺术品市场进行了综合分析。

英文原文如下：

FINANCIAL TIMES
Six-year art boom ends as auction prices fall 4.5%

By Deborah Brewster in New York
Published: January 9 2009 02:00 | Last updated: January 9 2009 02:00

Art prices fell 4.5 per cent last year, the first drop in six years, as a global boom in the market ended abruptly following the financial crisis.

Prices of contemporary works, which had risen the most, fell 11 per cent, according to the Mei Moses art index. In the five years to 2007, art prices rose an average 20 per cent annually as increasing worldwide wealth spurred the growth of new collectors and markets, such as Russia, China and India.

The drop in art prices last year was minor compared with the decline of 37 per cent in the Standard & Poor's shares index. During the past 50 years, art outperformed stocks, with a compound annual return of 9.8 per cent compared with 9.2 per cent for stocks, said Michael Moses, co-creator of the index. However, the index records only sales and does not take into account works that did not meet their reserve price. For example, "No. 43 Mauve" by Mark Rothko, the abstract expressionist painter, was on sale last year with an estimate of $20m (€14.5m, £13.2m) to $30m but failed to sell. The owner bought it for $1.5m in 1988.

Along with financial markets, art prices and sales appear to have fallen precipitously in the final quarter of the year. During 2007 and up to September 2008, four-fifths of artworks with estimates of more than €1m ($1.4m, £900,000) were sold, according to Artprice.com, a market tracker. After September 15, only 55 per cent of such works found buyers. Artprice said: "The autumn of 2008 clearly appears to have been the peak of a now deflated speculative bubble."

Mr Moses said art prices fell only slightly in the first half of the year, and by a much larger amount in the second half. The old master and Impressionist sectors showed price rises of 11 per cent and 4 per cent respectively for the year. That was offset by drops in contemporary and American works.

Mr Moses said the relatively small drop overall reflected the fact that many works sold had been held for a long time. For example, "Beggar's Joys" by Philip Guston, the abstract expressionist, sold at Sotheby's in New York in November for $10.2m. It last changed hands in 1996, for $1.7m. That represented a compound annual return of 16 per cent, said Mr Moses.

The Mei Moses index tracks the prices at which individual works sell over time, using a methodology similar to the Standard & Poor's Case Shiller property index. The figures for last year are based on works sold at Christie's and Sotheby's in New York.

 

关于长江商学院

长江商学院成立于2002年11月21日，是由李嘉诚基金会捐资建立的拥有独立法人资格的非营利性教育机构，为国际管理教育协会(AACSB) 和欧洲管理发展基金会 (EFMD) 成员，并获得AACSB和EQUIS认证，是国务院学位委员会批准的“工商管理硕士授予单位”（含EMBA和MBA）。学院总部位于北京，现设有工商管理硕士项目（MBA）；高级工商管理硕士项目（EMBA）；企业家学者项目；高层管理教育项目（EE）及全球独角兽项目。

长江商学院以“为中国和世界培养一批具有全球视野、 全球资源整合能力、全球价值对接能力及全球担当、具备人文关怀和创新精神的世界级商业领袖”为己任，致力于打造全球新一代商学院，通过新视野、新思维、新格局、新境界与新商业文明，培养重视社会创新的经济上新生代迭代的力量，为全球重大问题的解决贡献中国智慧和中国方案。