Alternative Investments: The Market of Art Objects

News - November 12, 2008

Two auctions are planned to be held in the nearest time: 15 November – in Private Latvian Art Museum (Riga) and 17 November – in Baltic Beach Hotel (Jurmala).

Is it worth buying a masterpiece of art when the world undergoes the financial crisis? The common sense says it is not,, unless we talk about investments as opposed to a whim. Moreover, the largest collections of contemporary art were made during the crisis – for example, Peggy Guggenheim who in 30-40’s of the previous century invested in avant-garde instead of classics, and therefore multiplied her capital.

Local auctions in most cases offer Latvian paintings that are mainly meant to bring you enjoyment.  The “made-for-home” artworks usually are presented in a sale: the excellent interior detail that implies good taste of its owner. 

Paintings of  Janis Rozentals (Jānis Rozentāls) add value in organized auctions. Thus, there are numerous artworks of Janis Rozentals in the stock of the Private Latvian Art Museum (www.plmm.lv). The museum has such paintings as “Brother’s portrait” and “Black snake has ground the flour”; their reserved price is 500 Lats. In its turn, the value of “Fairy-tale motives” is ten times higher. Gallery “Jekabs” organizes the auction in Jurmala (www.paintings.lv) and is ready to present another artwork of Janis Rozentals – Riga Latvian society’s main façade fresco sketch “Beaty. Power. Wisdom.” (reserved price – 12000 Lats).    

There are many other painters whose artworks also will be presented in the auctions: Roman Suta (Romāns Suta), Aleksandra Belcova (Aleksandra Beļcova), Eduard Kalnins (Eduards Kalniņš), Leo Svempa (Leo Svempa), Francisk Varslavan (Francisks Varslavāns), Lidia Auza (Lidija Auza). Latvia is proud of afore mentioned masters. The young painters also will be presented in the auctions.

Next auction is planned to be held the Private Latvian Art Museum on 5 December 2008.

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