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Brooke Lampley of Christie’s on the recent success of major art auctions and its value as an investment.
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Porn stuff it was -- a leading auction house tells us that demand for the best -- -- off exceeds supply.
That's why prices all going up so much.
We have what does -- -- she's the head of impressionist -- -- Crist is joining us here in the New York City Brooke welcomed the program thank you.
Now you just have an extremely successful -- program you raised hundreds of millions of dollars -- -- analysts.
Unless 770.
Million dollars over the last two weeks for impressionist and modern art and let's turn contemporary and that is a great deal more than you expected to bring in correct it is it's more than a hundred million over are protected combines.
Camp for the last two week which means that the prices paid well Ohio then the sellers were expecting correct then he could have predicted.
And we -- artist -- now on you in the business of selling an auction but in the last few -- value judgment.
Why do you think prices are all so much why do you think that relatively wealthy people of putting their money in the final one because they believe -- and long term stable asset class.
-- appreciation.
We see got over and over and that's been the phenomenon of global phenomenon but -- kind of pickup in prices a hundred million more than you were expecting.
That means there's a Max in flocks into this asset class they really believe in this thing.
Well or -- that are collectors are competing ever more aggressively for the past works.
And we put forward exceptional quality works across the board the past two weeks.
On everything from Monet to Warhol and people competed aggressively for those pieces.
We've we've shown some on the screen right now on this is this is the fine art that is -- then yes this is final fist -- -- our.
Another big -- I'm just trying to get to grips with 770 million dollars with a fine -- wouldn't hold -- -- just every half percent what's that one on the screen right now.
That is Warhol statue of liberty from 1967.
Come -- 39 million dollars hammer which swift buyer's premium comes to 43 point seven million dollars okay.
39 million dollars coming so the go in the opposite a bank goes up voted on million dollars sold to the -- and whenever.
And then you -- -- won't.
The buyer's premium content -- still.
For clients that then yes.
You're charged four point seven million dollars full auctioning off -- 339 million dollars -- -- are costs involved to.
All I'm sure there are about -- until we leave them without around world.
-- -- -- Okay there's costs -- production now look at from the -- point of view for a second.
Opposite -- a very good price but are they selling now.
Because they take their profits now so they pay this year is Lola capital gains tax rate the next year.
There's been a lot of speculation about the -- and Shirley it's something that we're mindful of but I believe primarily that our sellers were selling this season because they -- an optimal market.
Moment and we advise them accordingly this was a moment to.
Optimize their sell price and not fundamentally -- people were choosing to south and -- was a lot of discretionary telling.
You're dealing -- off -- and and Marten impressionist -- Kevin can you just extend across the whole off spectrum.
He's everything -- in -- as an asset class.
India that I would be a generous statement I think I think this is leading four.
All of what we sell is -- this is wary as fast as soon as it is where it's not so Leonardo war room one million little guys them.
What -- -- he got -- incredibly scarce and rare and wonderful objects.
Will always drive prices and jewelry for example -- is doing extremely well.
You do -- -- you I don't personally it's not not an expert in jeweler is fine -- but you know that's -- diamonds and fine that they're going up.
Yes we had a tremendous sell this past week and sneak a look at.
Is interested to -- used the expression asset class from us from Houston that wanted.
Artists.
Yet he's got another big -- coming up.
We always do we have sales again in London in February for these two categories and and we hope that tide will continue to rise who's behind.
Last question everyone my which nationality.
All over the world but any impressionist and modern -- my experts he is particularly last week the buying was over 50% American -- fastening.
But Brooklyn play Christians thanks so much for joining us income again these are interesting so appreciate it thank you.
Mitt Romney.
