To come across a limited edition print by such an amazing artist for the measly sum of $800 is fantastic. To come across a limited edition print by such an amazing artist each of which has multiple hand additions in pencil and ink making each print unique is just plain rare. The work I am referring to by the American artist Randy Wray (http://www.randywray.net) and is titled “Ickybana Offering” which refers to the ritual flower offerings made in sixth century Buddhist temples that later became known as ikebana. What makes this print even more special is the fact that each of the 30 prints in the edition is made up of a different combination of between 3 and six images in various different colour combinations which, along with the hand additions, makes each print even more unique.

According to Element Editions (http://www.elementeditions.com) Wray "chose to utilize multiple processes (sculpting, painting, photography, digital manipulation, and drawing) in creating his image" The process of creating this work started with several sculptures which Wray created and then photographed followed by the use of digital manipulation to combine elements of each of the photographs of the sculptures. The next stage of the process involved the creation of drawings using a computer which were based on various details of the sculpture as well as images of plants, spider webs, the human tongue and abstract patterns which were then transfered to silk screens. To finish the print off Wray hand screened three to six images in various combinations and colours on each version of the print and then added unique hand applied editions to each. What an incredible amount of work for one print!!

The multiple layers and variety of techniques that Wray used to construct this image has given the work an incredible sense of depth that draws the viewer into a mesmerising cacophony of highly energetic shapes, colours and forms that can only be described as surreal. When I first viewed this work I saw an image that looked something like a cross between a fireworks show and an exploding pinyata but after reading about the reference to flower offerings I began to see an image that expresses the beauty, radiance, energy and life that each new bloom brings to the world.

Wray’s biography is as impressive as his work with a list of exhibitions he has taken part in that is as long as your arm. As well as producing prints and paintings, Wray is also a highly accomplished sculptor whose work “Voice” has just been added to the permanent collection of the Weatherspoon Art Museum in Greensboro, NC. The sculptural chandelier will be installed in the interior front stairwell of the museum.

The high level of artist involvement and the individualisation of each print has resulted in a limited edition work that is as far from a mass produced print as you can get. What Wray has created is a true original limited edition print that, although an edition of 30, offers each buyer a truly unique work of art. If you have $800 to spend on art then spend it on this because you’ll be hard pressed to find a better investment for that $800. Wray’s “Ickybana Offering” can be purchased from the Element Editions which can be found here:
http://www.elementeditions.com

Image: “Ickybana Offering” by Randy Wray

**Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of http://www.artmarketblog.com, writes the art column for the magazine Antiques and Collectibles for Pleasure and Profit and contributes to many other publications

Herb Williams Wins Next Star Artist Competition

American artist Herb Williams has been announced as the winner of the 2008 Next Star Artist competition (www.nextstarartist.com), the global search for the visual artist with the highest potential for success in the art market. The winner of the competition was chosen by a panel of fifteen judges that consisted of influential people from various sectors of the art world.

Herb Williams is a Nashville, Tennessee based sculptor whose innovative use of crayons to construct highly tactile and engaging sculptures are impressive to say the least and attracted plenty of attention from the Next Star Artist judges. According to his website (www.herbwilliamsart.com), Williams is the “only individual in the world with an account with Crayola”. As the winner of the competition, Williams will receive an amazing promotion and PR package that includes, amongst other things, a solo online exhibition, an online media blitz, and three months of mentoring, advice and promotion by art consultant and art market analyst Nicholas Forrest.

“The reason that I created the Next Star Artist competition is that I come across so many fantastic artists who either do not have the skills to promote themselves or are just not in a position to take advantage of the promotional opportunities that are available. I would like to congratulate Herb Williams for winning the first Next Star Artist competition and would also like to thank all the artist’s who entered the competition and wish them all the best of luck in their future endeavours” Nicholas Forrest (founder of Next Star Artist competition)

###

For more information visit the Next Star Website at http://www.artmarketblog.com or email Nicholas Forrest at info@artnotice.com

When the Australian government announced that they would be introducing a resale royalty for artists I was extremely impressed and excited to say the least. Although there are many people in the art market who view the resale right as a major threat to the thickness of their wallets but as far as I am concerned there is a much bigger picture to consider which I have written about previously. Because of the success of the resale right in the UK as implemented by DACS, I and many other people presumed that the resale model implemented in Australia would be pretty much the same as the UK with a few minor tweaks to suit the Australian market.

Unfortunately during the week my positive impressions of the current Australian government were severely damaged when I found out the government was actually considering a resale royalty model that is nothing like the UK model and would severely limit the royalties able to be collected by established artists. The model being considered would limit artworks eligible for a resale royalty to those that had been created after the implementation of the resale royalty in 2009. This would mean that pretty much all artists other than those who do not have a secondary market for their work would have limits placed on the works which they could collect a resale royalty. Of greatest concern would be the impact this model would have on the Australian Aboriginal artists who are the ones that are most deserving and most in need of the royalty. There are many elderly Australian Aboriginal artists who would benefit greatly along with their community from receiving the royalty yet would be virtually excluded from the right if this ridiculous post resale implementation creation date model is implemented. At the very least the model implemented in Australia needs to include all works created by living artists.

I would like to hear your thoughts on the resale right so I have devised some questions below that you can answer in the comments section below. If you are reading this post on another website other than the Art Market Blog please go here to post your comments.

1. Do you think that the resale right in the UK should be extended to include deceased artists who are still in copyright?
2. Do you believe that UK dealers would take their business overseas to countries where the resale right does not exist if the resale right in the UK is extended to include deceased artists?
3. Is there another resale model that you think would satisfy both the artists and the dealers?

**Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of http://www.artmarketblog.com, writes the art column for the magazine Antiques and Collectibles for Pleasure and Profit and contributes to many other publications

Every year universities from all over the UK present the work of their graduating visual art and design students in what are know as "degree shows". As a result of the art market boom, what were once shows more concerned with academic achievements and grades are now commercially oriented extravaganzas where the art market elite go in search of the next art star. Art market power house Charles Saatchi is a regular at the degree shows and often buys a particular graduates whole body of work which usually results in that particular artist getting plenty of press and a rapid increase in demand for their work.

Because of his fame, Saatchi is basically able to increase the value of an artist's work just by buying it so he can actually make money just by buying an unknown artist's work. Those of us that don't have the power and influence that Saatchi does will have to do things the hard way and actually put some thought into whose work we will be betting on. Below are some websites that will help all those art collectors and investors who are looking for the next big thing.

Degree Shows at the University of the Arts London
http://www.arts.ac.uk/showtime/explore/

Free Range - Europe's largest showcase of graduate art and design
http://www.free-range.org.uk/

Slade Degree Shows 2008
http://www.ucl.ac.uk/slade/degree2008/index.html

Royal College of Art Degree Shows
http://www.show2008.rca.ac.uk/Default.aspx?CategoryID=60028

London Metropolitan University Degree Show
http://www.londonmet.ac.uk/jcamd/department/2008-summer-show-preview.cfm

If you are really confident you can even view the work of graduating secondary-school students via the Royal Academy Online Summer Exhibition here:
http://www.royalacademy.org.uk/education/a-level-summer-exhibition-online/a-level-summer-exhibition-online-2008/

**Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of http://www.artmarketblog.com, writes the art column for the magazine Antiques and Collectibles for Pleasure and Profit and contributes to many other publications

Just because the 2008 Sydney Biennale is a non-commercial show (meaning that the works are not for sale) doesn't mean that the biennale isn't a great opportunity for investors and collectors to scout out new talent, because it definitely is. In fact I would consider a non-commercial event such as the 2008 Sydney Biennale to be an even better opportunity for investors and collectors than many of the commercial art fairs primarily because of the fact that many of the artist's whose work is sold at commercial art fairs have already been "recruited" by dealers whereas non-commercial art events such as the 2008 Sydney Biennale include artists whose work may not have been discovered by the art market as yet.

If you can't make it to the Sydney Biennale, which is taking place until the 7th of September 2008, then you are in luck because this year's Sydney Biennale website is absolutely fantastic and jam packed with information. Before you begin any serious analysis of artists and artworks you should purchase the biennale catalogue through the website because it is an extremely informative, interesting and high quality publication that should be in the book shelf of every serious art investor and collector. To order your copy of the 2008 Sydney Biennale catalogue go to the link below and fill out the interactive order form which can be submitted via email.
Biennale Catalogue Order Form:
http://www.bos2008.com/files/2008_bos_catalogue_order_form.pdf

Once you have secured your copy of the catalogue you can then begin checking out all the artists who are taking part in the Sydney Biennale by clicking on this link: http://www.bos2008.com/app/biennale/artist/184 and selecting the artist's you wish to view from the menu on the left hand side of the website. You should also check out the exciting online venue that includes projects by participating artists based on the exhibition theme: Revolutions – Forms That Turn and can be found here: http://www.bos2008.com/revolutionsonline/

According to the Biennale website "More than 70 living artists have created new works especially for this publication, amongst them: Christoph Büchel; Gerard Byrne; Janet Cardiff & George Bures Miller; Jeremy Deller; Mark Dion; Willie Doherty; Sam Durant; Liam Gillick; Shaun Gladwell; Pierre Huyghe; Joan Jonas; Brian Jungen; Jannis Kounellis; Tracey Moffatt; Reinhard Mucha; Giuseppe Penone; Dan Perjovschi; Nedko Solakov; and Lawrence Weiner" so if you can't find something to interest you then you aren't looking hard enough.

To keep up to date with my thoughts on the biennale check out the official 2008 Sydney Biennale Blog here: http://blog.bos2008.com/

Image: Gordon Bennett
Settler and Shadow Reflection, 1993
Photograph: John O’Brien

**Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of http://www.artmarketblog.com, writes the art column for the magazine Antiques and Collectibles for Pleasure and Profit and contributes to many other publications

It is with great pleasure that I can announce the winner of the Next Star Artist competition (http://www.nextstarartist.com) for 2008 as being Herb Williams !!!

Thanks to everyone who entered the competition and to all the fantastic judges

Next Star Artist competition judges:

Rebecca Wilson: Saatchi Gallery - http://www.saatchi-gallery.co.uk
Amy Stein: Artist - http://www.amysteinphoto.com
Adam Simon: Fine Art Adoption Network - http://www.fineartadoption.net/
David Cohen: Artworld Digest Magazine - http://www.artworldigest.com
Shelley Esaak: About Network (Art History) - http://arthistory.about.com
Jon Feinstein: Humble Arts Foundation - http://www.humbleartsfoundation.org
Sandra Pattin: Florence Biennale - http://www.florencebiennale.org
Jay FC: Galleri HK - http://www.galleri.hk/
Paul Drake: Artist - http://www.artists.co.nz/drake/
Amani Olu: Humble Arts Foundation - http://www.humbleartsfoundation.org
Jodi Melfi: Absolute Arts - http://www.absolutearts.com
Morgan Croney: Artcards.cc - http://www.artcards.cc
Martin Hosking: Red Bubble: http://www.redbubble.com
Sixtine Crutchfield: Art Culture Studio: http://www.artculturestudio.com
Dion: Art News Blog - http://www.artnewsblog.com

Herb Williams Bio (http://www.herbwilliamsart.com):

I am interested in iconic objects that society perceives to fit one role, and then reintroducing them in different subtexts. There are several questions that arise when an object(such as a crayon) that is so often associated with childhood is used to address issues dealing with more adult matters. The sculptures are childlike in their curious approach to the object as icon, but intriguing and satisfying to me in the use of pure color as form. Larger room installations also add the element of playing to the olfactory sense. I hope that this body of work is my most successful in adding to the greater visual dialogue of original art. My intent is to continue to seriously create art that looks at itself unseriously.

Some of my influences are H.C. Westermann, Jasper Johns, Jim Dine, Cai Guo-Qiang, Sandy Skoglund, Liza Lu, David Mach, Charles Ray, Magritte, Duchamp, Jeff Koons, Damien Hirst, Robert Rauschenburg, Banksy, and Ai Weiwei.

I am the only individual in the world with an account with Crayola. I get these colors individually packed 3000 to a case. I cut down the sticks to the length I need by hand with either double guillotine cigar cutters or large breed dog nail clippers. I then bond the paper, not the wax, to a form I have carved or cast, completely enveloping the form. Lately I have been casting the completed crayon sculptures in a silicone jacket mold with a two-part epoxy resin and then painting the resin sculpture to look like the original, for a small edition. The sculptures beg to be touched, so when they are cast it makes the handling of them that much easier. (from http://www.herbwilliamsart.com)

image: Herb Williams in his studio

**Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of http://www.artmarketblog.com, writes the art column for the magazine Antiques and Collectibles for Pleasure and Profit and contributes to many other publications

It is with great pleasure that I can announce the winner of the Next Star Artist competition (http://www.nextstarartist.com) for 2008 as being Herb Williams !!!

Thanks to everyone who entered the competition and to all the fantastic judges

Next Star Artist competition judges:

Rebecca Wilson: Saatchi Gallery - http://www.saatchi-gallery.co.uk
Amy Stein: Artist - http://www.amysteinphoto.com
Adam Simon: Fine Art Adoption Network - http://www.fineartadoption.net/
David Cohen: Artworld Digest Magazine - http://www.artworldigest.com
Shelley Esaak: About Network (Art History) - http://arthistory.about.com
Jon Feinstein: Humble Arts Foundation - http://www.humbleartsfoundation.org
Sandra Pattin: Florence Biennale - http://www.florencebiennale.org
Jay FC: Galleri HK - http://www.galleri.hk/
Paul Drake: Artist - http://www.artists.co.nz/drake/
Amani Olu: Humble Arts Foundation - http://www.humbleartsfoundation.org
Jodi Melfi: Absolute Arts - http://www.absolutearts.com
Morgan Croney: Artcards.cc - http://www.artcards.cc
Martin Hosking: Red Bubble: http://www.redbubble.com
Sixtine Crutchfield: Art Culture Studio: http://www.artculturestudio.com
Dion: Art News Blog - http://www.artnewsblog.com

Herb Williams Bio (http://www.herbwilliamsart.com):

I am interested in iconic objects that society perceives to fit one role, and then reintroducing them in different subtexts. There are several questions that arise when an object(such as a crayon) that is so often associated with childhood is used to address issues dealing with more adult matters. The sculptures are childlike in their curious approach to the object as icon, but intriguing and satisfying to me in the use of pure color as form. Larger room installations also add the element of playing to the olfactory sense. I hope that this body of work is my most successful in adding to the greater visual dialogue of original art. My intent is to continue to seriously create art that looks at itself unseriously.

Some of my influences are H.C. Westermann, Jasper Johns, Jim Dine, Cai Guo-Qiang, Sandy Skoglund, Liza Lu, David Mach, Charles Ray, Magritte, Duchamp, Jeff Koons, Damien Hirst, Robert Rauschenburg, Banksy, and Ai Weiwei.

I am the only individual in the world with an account with Crayola. I get these colors individually packed 3000 to a case. I cut down the sticks to the length I need by hand with either double guillotine cigar cutters or large breed dog nail clippers. I then bond the paper, not the wax, to a form I have carved or cast, completely enveloping the form. Lately I have been casting the completed crayon sculptures in a silicone jacket mold with a two-part epoxy resin and then painting the resin sculpture to look like the original, for a small edition. The sculptures beg to be touched, so when they are cast it makes the handling of them that much easier. (from http://www.herbwilliamsart.com)

image: Herb Williams in his studio

**Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of http://www.artmarketblog.com, writes the art column for the magazine Antiques and Collectibles for Pleasure and Profit and contributes to many other publications

Using Fine Art Paintings, Antiques, Collectibles to Grow Personal Wealth

For years, I have said that prints held very little interest for me. However, my attitude might be changing for the short run.

Having worked with a lady for several months on selling her Andy Warhol prints, I told her I could no longer present them on our website when I secured a buyer at the posted price and she decided not to sell them. At the time, the price was $35,000 each for Warhol's "Howdy Doody" and "The Witch." I checked prices the other day on these two Warhol prints and found that they have almost doubled in price since I listed them. I know you won’t believe this-- I hardly did, but the asking price for Warhol’s Mickey Mouse print is now over $100,000. For a print!!!

I might say that this is an exception, but some good fortune has come my way by this increased value of prints. I scanned the completed sales on eBay for a Marc Chagall print I’ve owned for some time, and there on the screen right in front of me was my print. And it had just finished its auction at $12,000. You can bet there will be another one listed soon.

Then, Cecil called me this morning to tell me that a print he had hanging in the booth at the antique mall where he sells many of his items, had just sold for over $1,000 and another one for over $400. These prints, by Buffet, had been there over a year, and Cecil half expected them to be just decorative wall paper to make the booth attractive.

So what is happening in the print market? Has true art has become so expensive that most people no longer can afford it? And, what do we do with this trend?

While I still have very little faith that this market in prints can be sustained, it doesn't mean that we shouldn't take advantage of this trend while it's here. Money is money. If people are willing to spend big bucks on prints, let's scour the countryside for them. Be sure, however, to list each print you buy quickly, so you don’t get stuck with many of them should the market reverse course.

The only warning I would give you is to not buy prints that have a certificate of authenticity with them. Usually these pieces were produced to take advantage of the buyer by unscrupulous sellers. There are exceptions, but let the buyer beware.

To build your client base in the Art business, it will always be best to encourage them to buy the real thing, and the best they can afford. In the Art World, it isn't how much you own, but rather the quality of each piece in your collection. If you help your clients to assemble an art collection with the best they can afford, always putting their best interest above making money, they will be your customers for life, and you will become the person other people will look to for advise in building their collections.

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ASHOK ART GALLERY

Today’s post is a continuation of my series on the art market correction of the late eighties and early 90’s and looks specifically at the role that debt played in the correction. The highly publicised agreement between Alan Bond and Sothebys in 1987 for the purchase of Van Gogh’s “Irises” is the most pertinent example of the effects that debt based sales can have on the art market. At the time Alan Bond didn’t have the money available to pay for “Irises” so Sotheby’s, not wanting to lose Bond as a bidder for this work, lent Bond the $27 million to enable him purchase to the work which he did actually buy, for the then record price of $53.9 million.

Lending this amount of money would have been risky enough for Sotheby’s but they actually lent Bond the money against the work he was planning on buying (“Irises”). So, basically, Sotheby’s lent Bond the money using a work of art that Bond didn’t actually own at the time as collateral. The loan was originally a one year loan but when Bond started having financial difficulties the loan was renewed for another twelve months and then again on a “short term basis”. Unfortunately for Bond, the stock market crash had a major impact on his various business dealings which resulted in him having to sell “Irises” to get the money to pay back the loan. In 1989 Bond Corporation went into receivership with debts of US$8.23 billion as of June 30, 1989 and a loss of US$580 million for the second half of 1989.

Lending money to clients for the purchase of works wasn’t that uncommon in the art auction industry at the time but lending such a huge amount of money against a work that the client was bidding on was very unusual. The reason that the market was so concerned about Sotheby’s actions was because of the impact such a sale could have on art market confidence. A new auction record occurring a month after a stock market crash would indicate that the art market was strong but this impression would be false if the buyer didn’t actually have the money to purchase the work at the time. Art dealers were worried that the sale of Irises had given people a false sense of security and confidence in the art market at a time when the art market was in a rather fragile and unstable state. It would seem the sale of “Irises” as well as many other factors created a positive impression of the art market that masked the problems that the art market faced and prevented people from realising how they should have been approaching the art market.

The impact of debt on the art market doesn’t end here but you will have to wait until the next post to find out more.

**Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of http://www.artmarketblog.com, writes the art column for the magazine Antiques and Collectibles for Pleasure and Profit and contributes to many other publications

Are you aware that it is estimated that between 10% and 40% (depending on who you talk to) of artworks on the market are fakes or forgeries? Did you know that according to the Smithsonian Magazine, "almost 75 percent of the so-called antiques marketed through Hong Kong are said to be copies"? Did you know that according to an article from Art Business News "According to Thimmel, president of All American Collectibles, the FBI estimates that fully 70 percent of the signed memorabilia in circulation is phony"? The same article from Art Business News [1] includes a quote from the executive director of the International Foundation for Art Research who estimates that 80-90% of the works that they research are not by the artist who was supposed to have created the works in question.

As you can see from the statistics, art fraud is a massive problem that is much more prevalent and much more problematic than most people actually realise. The reason that there is not a greater knowledge of the number of fakes and forgeries on the market is because:

1. Dealers don't want to report fake or forged works they have dealt with for fear of being seen as nieve or stupid.
2. Dealers don't want to be associated with fake or forged works in case it has an negative effect on people's perception of their business.
3. Buyers of fake or forged works don't want to be seen as being nieve or gullable and therefore are unlikely to publicise the fact that they have purchased a fake or forged work
4. There is no obligation for people to publicise the fact that an artwork is a fake or forgery and as such many of these questionable works continue to circulate within the market.
5. A dealer will rarely report another dealer for handling fake or forged works for fear of being seen to be jealous of that other dealer or being seen to be trying to

The stigma attached with being associated with a fake or forged artwork has meant that more often than not the market will turn a blind eye to works that they consider to be questionable and will usually just refuse to deal with a work they believe to be a fake or forgery and send the owner of the work on their way. Art dealers, auction houses and galleries will rarely report a fake or forgery which means that someone trying to sell such a work will just continue moving from dealer to dealer trying to sell the work until someone takes on the work for sale. In the case where a dealer, gallery of auction house has taken on a work that they later believe to be faked or forged they will either just give the work back to the owner or just not say anything at all. Either way the questionable work is once again allowed to continue to circulate the market unchallenged.

One thing that everyone needs to be aware of is that the definition of a fake or forged work is not just a work of art that has been created by someone with the intention of deceive people into believing it is by someone that it is not. The market will sometimes consider a work that is altered (repaired, touched up, completed etc.) beyond what is reasonable and acceptable (in terms of maintaining the artist's original intention of what the work should look like) to be no longer by that artist and as such, if still attributed to that artist, to be a forgery or fake.

Because the problem of art fraud is such a massive problem the severity of which is severely underestimated, I am going to continue to report on this issue in the future with the hope of encouraging collectors, dealers, investors, gallerists, auctioneers etc. to be more vigilant when dealing with works of art.  Just because a problem is not widely publicised doesn't mean that it isn't having a major impact.  If something is not done about this problem very soon I believe the ramifications will be most severe.

[1]In the World of Forgery, No Work is Sacred - art and collectible forgeries and how to recognize them
Art Business News, Oct, 2000 by Barden Prisant

Image: Time magazine cover with image of painting by famous art forger Emlyr de Hory

**Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of http://www.artmarketblog.com, writes the art column for the magazine Antiques and Collectibles for Pleasure and Profit and contributes to many other publications.

The art market boom has undoubtedly resulted in an increased level of art forgery and other fraudulent activities related to art which means that provenance (ownership history) has become an even more important factor for art investors and collectors. Some of the world's most reputable art dealers have unknowingly sold artworks to people that have later on proven to be fakes so buying from a reputable dealer does not mean that you are immune from art fraud. In my experience there is only one thing that you can do to help protect yourself from art fraud and that is to check and cross check the information you are provided with in relation to an artwork to ensure that what you are being told is correct. In an effort to help prevent art fraud - museums, galleries and other organisations around the world have set up searchable provenance databases and indexes that art collectors and investors can use to help confirm the provenance of works of art. Many of the provenance databases concentrate on the period 1933-45 (World War II) during which many artworks were looted by the nazis but they are still a useful resource for art collectors and investors.
Below is a list of some of the best provenance resources:

The Getty Provenance Index
http://www.getty.edu/research/conducting_research/provenance_index/

The National Gallery of Art Provenance Search
http://www.nga.gov/collection/srchprov.shtm

The Metropolitan Museum of Art
http://www.metmuseum.org/Works_of_Art/provenance/index.asp

Harvard University Provenance Research
http://www.artmuseums.harvard.edu/provenance/servlet/webpublisher.WebCommunication?ia=tr&ic=pt&t=xhtml&x=prov

Chinese Art - Research into Provenance
http://www.hatii.arts.gla.ac.uk/admn/php/carp/index.php

**Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of http://www.artmarketblog.com, writes the art column for the magazine Antiques and Collectibles for Pleasure and Profit and contributes to many other publications.

If you need evidence that the interest in Indian art is far from a short term fad then look no further than the results of the Saffronart (http://www.saffronart.com) Spring 2008 auction results which was held from the 18th-19th June. 140 works by 67 modern artists went under the hammer in an online auction that allowed collectors and investors from all over the world to bid on works by some of India's most famous artists such as Gupta, Raza, Chowdry, Souza, Santosh, Narayan and many others. As the one of the world's top sources for high quality Indian art, Saffronart auction results can be viewed as being indicative of the current taste and developing trends in Indian art. Not only did the auction exceed the lower estimate total of INR 27 Cr. (approx US$6.3 million) but a new auction record was set for Subodh Gupta whose untitled painting that features images of tin cans, pots and other metal kitchen utensils fetched INR $57,100,000 (us$1,427,500) against an estimate of INR $8,000,000 -10,00,000 (US$200,000-$250,000). The new Gupta record came only a week after Christies sale of contemporary Indian art in London sold an untitled installation of steel pots by Gupta for a then record price of US$1.2 million dollars which exceeded the previous month's auction record of just under US$1.2 million again achieved at a Christies auction in Hong Kong. Auction results such as those available from Saffronart are a great way of identifying which artists, styles and mediums and are extremely useful for tracking the progression of the market for a particular artist's work.

Other notable results from the Saffronart Spring auction included:
Francis Newton Souza
Untitled
1964
Oil on Board
Estimate
$100,000 - 125,000
Rs 40,00,000 - 50,00,000

Winning Bid
$232,300
Rs 92,92,000
(Inclusive of Buyer's Premium)

J Swaminathan
Untitled
Oil on Canvas
Estimate
$175,000 - 225,000
Rs 70,00,000 - 90,00,000

Winning Bid
$460,000
Rs 1,84,00,000
(Inclusive of Buyer's Premium)

Bose Krishnamachari
Plot
2005
Acrylic and oil on Canvas
Estimate
$35,000 - 40,000
Rs 14,00,000 - 16,00,000

Winning Bid
$86,825
Rs 34,73,000
(Inclusive of Buyer's Premium)

Rashid Rana
Red Carpet - 2
2007
C Print + DIASEC
Estimate
$70,000 - 90,000
Rs 28,00,000 - 36,00,000

Winning Bid
$500,250
Rs 2,00,10,000
(Inclusive of Buyer's Premium)

Francis Newton Souza
Untitled
1961
Oil on Canvas
Estimate
$100,000 - 125,000
Rs 40,00,000 - 50,00,000

Winning Bid
$408,250
Rs 1,63,30,000
(Inclusive of Buyer's Premium)

For more results and further information check out
http://www.saffronart.com/auctions/auctionresults.aspx?eid=3141
(you may need to register to view results)

Image: "Untitled" by Subodh Gupta

**Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of http://www.artmarketblog.com, writes the art column for the magazine Antiques and Collectibles for Pleasure and Profit and contributes to many other publications.

Here in Australia, the average art auction by one of the major auction houses will usually result in about AU$6,000,000 worth of sales so what do you think would happen if an artwork was sold at auction in Australia that was estimated to sell for AU$7,000,000?. Australian entrepreneur Rodney Menzies who, among other things, is the owner of one of Australia's most successful auction houses, Deutsher Menzies, is selling a painting by Picasso from his own collection in an auction being held by his own auction house. The painting, titled "Sylvette", is a particularly appealing portrait of a young Spanish woman by the name of Sylvette Davie who Picasso met in 1953 . As well as being a nice example of Picasso's work, "Sylvette" also has good provenance which further adds to the appeal of this work. Plenty of people have been questioning the decision by Rodney Menzies to sell his Picasso in Australia through his own auction house but as far as I can see, Menzies has made a smart decision that can benefit both his business and himself. Several media reports on this sale suggest that Menzies would have achieved a better price selling the work overseas but while this may have been the case 20 years ago, modern technology has . The amount of marketing Rodney Menzies has done to promote the sale of this Picasso work will ensure a high level of international interest especially because of the current demand for quality works by Picasso and other modern masters. If Menzies can successfully sell the Picasso through his own auction house he stands to receive considerable international media exposure and a greater reputation for his business which would be of much greater value to Menzies than the slightly higher sale price the work might have achieve if sold overseas.

To suggest that this sale is some great test of the Australian art market, as some people have, would be extremely naive considering that works such as this Picasso are in high demand all over the world and also because of the relatively low value of the work compared to what is being sold in New York and London etc. If a painting worth $30 million was sold in Australia to an Australian buyer then I would certainly be inclined to believe that the Australian art market had evolved but a $6 million work sold to an international buyer doesn't really get me all that excited. All that the successful sale of this work would suggest to me is that there is still plenty of demand for quality works by blue chip artists such as Picasso. As far as I am concerned, the geographical isolation of Australia will not have as much of an effect on the successful sale of this work as people might think. I am sure that there are plenty of very wealthy people all over the world who are more than willing to pay what would to them would be a relatively insignificant sum of money for a work sold in Australia that they may not have actually seen in the flesh. I would be very surprised if this work is not sold and even more surprised if it is sold to an Australian.

Other people have suggested that the successful sale of such a valuable work in Australia will do wonders for the Australian art market but, once again, I think that an assumption such as this is extremely naive and premature. Even if "Sylvette" does sell to an Australian, I do not think that there will be any change to people's perception of the Australian art market or any change in people's perception of Australian art buyers. Once again, all the sale of this work would indicate is that there is still demand for high quality works, nothing more. What do you think?

Update: Piacsso's "Sylvette" has sold for $6.9 million including buyers premium to what is rumoured to be an international buyer.

image: "Sylvette" by Picasso

**Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of http://www.artmarketblog.com, writes the art column for the magazine Antiques and Collectibles for Pleasure and Profit and contributes to many other publications.

You may have heard something about my search for an artist that has the potential for stardom in the cut-throat world art market but needs some guidance and assistance in making use of that potential to further their career. This search has taken the form of a competition which I named the Next Star Artist competition because, well, I am trying to find the Next Star Artist. I knew that the competition would be controversial and I knew that there would be plenty of people who opposed the commercial nature of the competition but, at the end of the day, the primary purpose of the competition is to help an artist to achieve their goals. Whether or not you agree with the commercialisation of fine art, the fact remains that an artist is just as entitled to aim for commercial success and seek financial reward for their work as anyone else. As with any market that involves the exchange of goods for money there are unfortunately people within the art market who fail to give artist's the respect, recognition that they deserve and it is these people who tarnish people's perception of the art market.

I came across an article today on the website of the UK Times Newspaper by David Lee who is the editor of The Jackdaw, a newsletter for visual artists. This article, titled "Charles Saatchi and the fine art of making money", basically criticises Charles Saatchi for his profit motivated art dealings but in doing so Lee has also expressed highly negative views of some of the artist's that Saatchi has chosen to invest in which could potentially do more damage to the artists careers than what Lee is accusing Saatchi of doing. Just because Saatchi profits from his art dealings doesn't necessarily mean that the artists he promotes deserve to have their reputations tarnished.

Now that I have got that off my chest, back to the Next Star Artist competition which is starting to get extremely exciting. Ten finalists have been chosen and are being judged as we speak by a panel of experts from all areas of the art world who will decide which of the ten finalists has the greatest potential for stardom. The winner of the Next Star Artist competition will be announced on the 27th of June.

To see the ten finalists of the Next Star Artist competition go to:
http://nextstarartist.wordpress.com/next-star-artist-finalists/

Please feel free to leave a comment for the judges saying who you think should be the winner and why.

**Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of http://www.artmarketblog.com, writes the art column for the magazine Antiques and Collectibles for Pleasure and Profit and contributes to many other publications.

As one of the world's most desirable artists, an artwork by Jeff Koons should be on the "must have list" of every art collector and art investor. A further incentive to secure a part of the phenomenon that is Jeff Koons is the $65 million dollars that the owner of Christie's auction house, Francois Pinault, is rumoured (according to ARTINFO) to have just paid for the Koons "Rabbit" sculpture. If this rumour is true, the price Pinault paid for "Rabbits" is more than double the auction record for Koons and almost double the auction record for a work by a living artist ($33.6 million) which Lucien Freud achieved with "Benefits Supervisor Sleeping" in May of this year (taking the record from Koons' "Hanging Heart").
Another event that is sure to increase the desirability of Koons' work is the Jeff Koons retrospective currently being held at the Chicago Museum of Contemporary Art until the 21st of September.

If you can't afford a seven figure price tag then keep reading because I am about to tell you where you can purchase a Jeff Koons artwork that could actually be called affordable. As part of their fund raising efforts, The American Friends of the Tel Aviv Museum of Art (AFTAM) are offering an exclusive limited edition Jeff Koons silkscreen created specificallly for the AFTAM titled "Monkey Train (Blue), 2007". Each print from the edition of 40 is printed on heavy, acid-free, archival paper and is signed, numbered, and dated in pencil. The price of each print is a relatively affordable $30,000 (beg or burrow for this one) $5000 of which is tax deductible in America according to a press release from the AFTAM (other countries refer to own tax rules regarding deductions). For more information or to purchase the print go here

If $30,000 is beyond your budget then you might like to consider another Koons edition in the form of a towel being sold by the Chicago Museum of Contemporary Art in conjunction with their Koons retrospective. This limited edition towel which features the same image as the AFTAM print is an edition of 2000, is 100% cotton and measures 60"x70". According to the Chicago Museum website, "This edition made it's premiere during Art Basel Miami 2007 and half of the proceeds generated from sales of this towel support the Koons Family Institute, a resource of the International Centre for Missing & Exploited Children." Each towel costs $60 and yes, even a Jeff Koons towel is worth collecting.

I would strongly suggest that anyone considering purchasing a work by Jeff Koons should do so now because if the rumour of the $65 million sale is true then the desirability of Koons' work will increase dramatically.  Even if the rumour proves to be untrue you should still buy a Koons now because the future looks extremely promising for the value of Koons' work.

**Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of http://www.artmarketblog.com, writes the art column for the magazine Antiques and Collectibles for Pleasure and Profit and contributes to many other publications.

For Immediate Release

Nicholas Forrest

Artmarketblog.com

+61 2 94777130 phone

+61 0422699730 mobile

artmarketblog@gmail.com

Next Star Artist Competition Finalists Announced

Sydney, Australia – The search for the world’s Next Star Artist heated up on Sunday night (June 8) when the ten finalists of the Next Star Artist competition (www.nextstarartist.com) for visual artists were announced. Artists from all over the world took part in the competition which aims to identify a visual artist who has the potential for success but needs guidance and direction to succeed.

The winning entry will be chosen from the ten finalists by an esteemed panel of judges all of whom have the knowledge and experience to determine which of the finalists has the greatest potential for art market success. The winner will be announced on the 27^th of June and will receive three months of mentoring by art critic, art market analyst and art consultant Nicholas Forrest as well as an extensive online publicity and promotion package.

More than 250 visual artists from all over the world submitted their work to the controversial competition that was started by Sydney, Australia based art market analyst and art critic Nicholas Forrest. Frustrated with the large number of talented visual artists that go unrecognised, Mr. Forrest took on the challenge of finding and mentoring an artist who had the potential for future stardom and a hunger for success which resulted in the creation of the Next Star Artist competition.

In announcing the finalists Mr. Forrest said “Although I am unable to assist anywhere near as many of the talented but unrecognised visual artists as I would like, the Next Star Artist competition will at least provide one more source of encouragement for the world’s visual artists.”

The ten Next Star Artist competition finalists are:

-Eunice Lieveld
http://www.wanaisa.nl/

-Zoe Crosse
http://nextstarartist.wordpress.com/zoe-crosse/

-Elizabeth Wallace

http://www.ewallace.com/

-Simon Wright

http://www.re-title.com/artists/simon-wright.asp

-Hou Chien Cheng

http://houchiencheng.blogspot.com/

-Seamus Nolan

http://www.hotelballymun.com/artist.php

-Herb Williams

http://www.herbwilliamsart.com/

-Volkan Diyaroglu

http://www.postkaraoke.com/

-Heidi Taillefer

http://www.heiditaillefer.com/

-Monika Bielskyte

http://www.bielskyte.com/

For more information visit the Next Star Artist website at http://www.nextstarartist.com

I recently wrote a post on the Australian photographer Bill Henson who was facing child pornography charges for using images of naked children in his work. After raiding the gallery where Henson's work was about to go on show and sparking an international debate, the police made the decision on Friday afternoon not to pursue the prosecution of Bill Henson. This decision came after the New South Wales Director of Public Prosecution advised the police that the case was not strong enough to result in a conviction. In order for Henson to be convicted the police would have to be able to prove that the children in the images had been sexualised (which they couldn't) as per section 91G of the NSW Crimes Act which states that:

(3) For the purposes of this section, a child is used by a person for pornographic purposes if:

(a) the child is engaged in sexual activity, or

(b) the child is placed in a sexual context, or

(c) the child is subjected to torture, cruelty or physical abuse (whether or not in a sexual context),

Ironically, the media coverage that the Henson saga has received because of the complaint made by Child welfare advocate Hetti Johnston has resulted in images of Henson's work being seen by far more people than would have seen the works had the complaint not be made. In reality, Hetti Johnston and the other complainants have inadvertantly caused the very images that they were trying to censor to become more readily accessible and initiated a series of events that has led to the legalisation of the artworks they were attempting to get banned.

The support that Henson has received from the art world will have done wonders for his international profile and his future career especially now that his works that include images of naked children have been given the all clear by the law. I have no doubt that art lovers and freedom advocates all over the world will be buying Bill Henson's work as a sign of support for the artist and an act of defiance against those that wish to censor and restrict artistic expression. Although I am glad that Henson will not be charged I do hope that the debate will continue and, that as a result of this saga, even more will be done to combat the exploitation of children.

For further information on legalities of the Bill Henson case see response from the Arts Law Centre of Australia below:
http://www.asauthors.org/scripts/cgiip.exe/WService=ASP0016/ccms.r?PageId=10139

**Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of http://www.artmarketblog.com, writes the art column for the magazine Antiques and Collectibles for Pleasure and Profit and contributes to many other publications.

Members Reach Their Personal Financial Goals Buying and Selling Fine Art, Antiques & Collectibles

If you like Bluebonnet Paintings by Porfirio Salinas, but the going price is out of your range, fellow artist William A. Slaughter's Bluebonnet paintings are a great alternative and a good buy. This Slaughter piece is offered at 31 Gallery.

31 Club Member, William, struck again. Yesterday, he called asking about several paintings he was going to see at a local house sale in the Houston area. The first one was a Texas Porfirio Salinas painting, an artist I am very familiar with. It was one of his bluebonnet paintings; a very small one. Since the painting was in Texas, and that’s where Salinas is most popular, I was fairly certain the price would be out of our range. This proved true when we discovered the asking price was $15,000. There was no need to even try to bargain on this painting, so we moved on to the next offerings, and the interesting part of the story was yet to come.

William Fisher was the next artist on our list, an artist from New York. Out of place for Houston, right? After doing research, I suggested offering $200 apiece for three of Fisher’s paintings. We negotiated over the course of the afternoon, but we were unable to come to an agreement on the price, so we passed on these, even though there might have been a little profit there. Remember, we aren’t looking for a little profit.

The last painting was a very modern painting offered for $800. While the artist is listed, there have been only a few of his paintings sold at auction, but I saw that they were all sold for higher than the high estimate. That was about the best news we could have hoped for, and perhaps we could be on to something here. We discovered that there was no other interest in the painting, and after several calls back and forth, we finally settled on a price that satisfied us all -- $600. My educated guess is that at a Modern Design Auction or Sale, this painting has the potential to bring in $5,000 or more. Bingo. We made a hit. The painting was purchased through the Associates Program.

Let’s review the behind the scenes steps that brought us to the point that we bought this painting.

First, while researching auction prices for this artist, I saw that his prices had climbed recently. Second, when they did sell, they brought more that the high estimated price. Third, the painting was in an area where this type of work was not especially appreciated, generally. This created an almost perfect game plan for us. It took patience to secure this purchase at the price we wanted, and I’m certain it will pay off.

I’d like to tell you who the artist is, but that will come after it’s sold, and I’ve selected two places that we could best sell this piece. Some of you might be industrious enough to figure it out, but, I promise I’ll tell the rest of you later. Depending upon which company we decide to sell it through, the sale will be either in September or November.

The Associates Program through the 31 Club is making it possible for anyone who makes a good find to prosper buying and selling fine art paintings, antiques and collectibles. The Associates Program is in high gear now, and we’re waiting for you to ride shotgun with us.

Join Daryle Lambert's 31 Club, today. Rub elbows with like-minded 31 Club Members, and Put a Turbo Charge on your Antique & Collectible Treasure Hunting Skills. Get FREE Mentoring. Learn Inside the Industry Secrets. Learn to Make High Profits and Continue to Grow Your Money Buying and Selling Antiques, Fine Art, and Collectibles. Our Members are Newbies to Seasoned Dealers.My 220 page book, 31 Steps to Your Millions in Antiques & Collectibles is FREE with your membership.

WE LOVE TO HEAR FROM YOU. PLEASE LEAVE A COMMENT!

http://www.31corp.com/

Some of the most spectacular and engaging installation artworks that I have seen were created by the Australian collaborators Sean Cordeiro and Claire Healy (http://www.claireandsean.com) both of whom are attracting significant attention from galleries all over the world. I caught up with Sean and Claire in March at the exhibition of their most recent project "Disruptive Colouration" which was held at Gallery Barry Keldoulis (http://www.gbk.com.au) in Sydney, Australia. I could rave on about Claire an Sean's work for ever but instead I will let them explain their work. To see more videos such as the one below check out the New Art TV website, for which I am the Australian Correspondent, at http://www.newarttv.com

[googlevideo=http://video.google.com/googleplayer.swf?docid=666776797336005714&hl=en]

PS: Claire and Sean will be exhibiting at the 2009 Venice Biennale so keep an eye out for their work

**Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of http://www.artmarketblog.com, writes the art column for the magazine Antiques and Collectibles for Pleasure and Profit and contributes to many other publications.

 If you begin to take notice of the artwork at each sale you attend, like William did, you might be surprised at what can happen. I’ll give you an idea by sharing William’s story. William is new 31 Club member and a newbie to this industry. He knew nothing when he read my book and joined the 31 Club. Then he went to a house sale.

 The number of auctions increase in the summer, and this will give you many opportunities to consign your purchases and watch your account grow. With school out for most of us, you might be able to incorporate trips into business trips as well, as long as you spend some time locating and purchasing treasure for your inventory. What a great summer this might prove to be.

Paintings and Drawings Will Always Have Good Value

What will we be looking, for in the way of treasure this summer?  I like to search for things that are harder for most people to evaluate. Painting and Drawings will always have good value, even if you can’t identify the artist, and these can qualify for being harder for most people to evaluate.

 A good painting is a good painting regardless of who did it. While these may not bring as much as Andy Warhol’s  73 million dollar painting,  if you only paid $40 to $100 for it and you’ve made a profit of ten times your investment, then what’s wrong with that?  Often I’ve seen a $500 frame with an original painting sell for under $100. This is truly what we are looking for while we’re awaiting that special treasure to come our way.

I have shared with you what I think is the number one item to keep your eyes out for, but I would love to hear what you will be looking for as we come out of our winter hibernation.

Join Daryle Lambert's  31 Club and learn how to buy and sell antiques, collectibles and fine art for great fun and profit.

Visit Our Marketplace & Gallery

Everyone knows that the art market is booming and that the businesses involved with the art market such as art dealers, auction houses, art bankers, art investment funds etc. are raking in the money. So why aren’t more people investing in these companies? The answer is probably that people are more focused on the art than the companies serving the art market and are more than likely unaware of the opportunities that exist to invest in such companies to begin with. What if I was to tell you that you can not only invest in businesses serving the art market but you can actually invest in an investment fund that invests exclusively in businesses serving the art industry. Interested? - so you should be.

The Art Industry Fund has been created specifically as a means of investing in the companies that provide services to the art world and is being managed by the extremely savvy people at the New York based investment banking company Index Atlas which is headed up by the world renowned entrepreneur Sergey Skaterschikov.  As well as being the founder and CEO of IndexAtlas (http://www.indexatlas.com), Skaterschikov is also responsible for the highly regarded Skate’s Art Investment Handbook (http://www.skatepress.com). The IndexAtlas Art Industry Fund is a private equity fund which, according to the Investopedia (http://www.investopedia.com), can be defined as consisting of investors “that make investments directly into private companies or conduct buyouts of public companies that result in a delisting of public equity. Capital for private equity is raised from retail and institutional investors, and can be used to fund new technologies, expand working capital within an owned company, make acquisitions, or to strengthen a balance sheet”.

Basically, the way such a fund works is that the fund invests the money it has raised from it’s investors in a series of companies (in exchange for equity in the companies) which, is then used by the companies to undertake activities aimed at increasing the revenue and value of each company. By investing the money in these companies, the fund hopes to increase the value of the equity it has in the company so that when the fund’s equity positions are liquidated (or equity value is recouped in another way), the fund ends up with a profit which can then be passed on to those that have invested in the fund. As well as the private equity investment, the IndexAtlas Art Industry Fund will also be investing (on a limited basis) in a small number of publicly traded (stock market) companies that are involved in the art industry.

According to a press release from Index Atlas, "The fund's primary objectives are to bring increased transparency to art investing and to support development and expansion of lasting institutions that will serve the art world and the greater alternative investment market as a whole. We seek to attain that mission in challenging art market environment by actively adding value in the boards of our portfolio companies and adhering to the ethical and transparency standards of today's mainstream financial markets." If you can afford the USD$1,000,000 minimum investment and have an interest in art and the art market, I would suggest you seriously consider this opportunity. For more information check out the IndexAtlas website at http://www.indexatlas.com/alternative_investments/artfund.html and for more information on the Skate's Art Investment Handbook go to http://www.skatepress.com

**Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of http://www.artmarketblog.com, writes the art column for the magazine Antiques and Collectibles for Pleasure and Profit and contributes to many other publications.

With the world famous art fair Art Basel opening tomorrow, June 4 2008, there is plenty of speculation about who will be buying what and for how much but I would like to avert your attention for a moment to another major art event (non commercial) that you may not be aware of. I am particularly excited about this event because it is being held in my home town of Sydney, Australia and also because I am one of the official reporters which means that I will be keeping all the visitors up to date with everything that is happening and informing those that won't be attending what they are missing out on. The 2008 Sydney Biennale art festival may not be as high profile as many of the other major non-commercial art events but it is considered to be one of the most important contemporary art events today and promises to be a landmark event. First held at the exhibition hall of the Sydney Opera House in 1973, the Sydney Biennale is one of the longest running biennales eclipsed only by the Venice Biennale (1895), São Paulo Art Biennial (1951) and the Biennale de Paris (1959).

From the 18th of June to the 7th of September the work of than 180 artists from all over the world will be exhibited in what promises to be one of the most exciting art exhibitions of the year and will include a diverse range of works, 50 of which will be newly created for the Biennale. The artistic director of the 2008 Sydney Biennale is Carolyn Christov-Bakargiev who is currently the Chief Curator at the Castello di Rivoli Museum of Contemporary Art in Italy and has previously organised exhibitions throughout Europe as well as at MOMA's P.S.1 Contemporary Art Centre in New York. The theme for the Biennale is "Revolutions – Forms That Turn" which according to Christov-Bakargiev "articulates the agency embedded in forms that express our desire for change".

Having seen some of the featured artworks and the plans for some of the events I can honestly say that the 2008 Sydney Biennale is going to be an extraordinary celebration of art that will be sure to excite and entertain any art lover. I know that Sydney, Australia is rather a long way for many people to travel but if are able to attend I urge you to make the trip because if you don't, I can guarantee you will be sorry. If the Biennale isn't one of the prime events on your calendar then you are missing out on what will be an amazing opportunity to reflect on past artistic talent and marvel at the work of some of the world's best contemporary artists. I am so excited about this years Sydney Biennale that I could go on all day but instead I will leave it to you to found out more information.

For more information check out the 2008 Sydney Biennale website here:
http://www.bos2008.com/app/biennale

and the online venue here:
http://www.bos2008.com/revolutionsonline/

**Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of http://www.artmarketblog.com, writes the art column for the magazine Antiques and Collectibles for Pleasure and Profit and contributes to many other publications.