The picture is bleak for art bought recently, says the New York Times.
At the four auctions that Christie’s and Sotheby’s held in New York this spring, the return on 32 paintings that had been held for less than four years was a negative 16.8 percent. By contrast, the average return for 55 paintings that had been held for more than four years was 5.4 percent.
“Once again this illustrates the difficulty of being a short-term trader in art, especially when you are buying at the end of a period of excess returns,” Mr. Moses said.
Read the full article from the New York Times, HERE.