The power of provenance ... WHAT?! ... and in the digital world (blockchain) ... bdraggin' rites ... I wish I was!
In uncertain times markets often see a “flight to quality” or proven assets. One indicator of worth is provenance or history of ownership. >>>https://www.artory.com/
“People are drawn to stories,” says dealer and advisor Andrea Crane. “Provenance tells the story of where an object has been.”
Having been owned (or perhaps used) by beloved celebrities, politicians, respected artists or renowned museums can dramatically boost an artwork’s value, she says.
Collections from patrons who focused on exceptional works by canonical artists have lately proven irresistible. When 35 works from the Macklowe collection, including examples by Giacometti, Pollock, Rothko and Twombly, came to the block at Sotheby’s in November, it was a white glove sale (wedding dress is it a white glove sale?) that far exceeded its $400 million estimate. Totalling $676 million, it is the most valuable single-owner auction ever staged. The remainder of the collection will be sold in May.
At Christie’s in November, oil magnate Edwin Cox’s holdings of masters, including Caillebotte, Cézanne, and Van Gogh, demonstrated that even a category that is lately less fashionable than contemporary art could inspire deep bidding globally, exceeding its $268 million high estimate to total $332 million.
Jiménez says that some buyers (purveyors) need the stamp of approval of noted collectors. “It imparts a historical connection to the work and adds cachet,” she adds. “A good provenance is reassuring for collectors newer to the field, who want to jump into the deep end but are unsure of their choices.”
