Now is the time

Experts on the History of Economics say that it is in the times of crisis that big business and great fortunes are made. If they were right, and there is no reason to doubt them, this would be the ideal moment to invest in art as well. And it is not because it will become a field where the money will retreat after not being produced anymore at the stock exchange or construction, but because it is only logical that in these months the high quality works of art should appear on the market since their owners have been forced to sell them.

The market – galleries, auctions, fairs – may not take due notice of this situation and may continue applying the criteria or prices from the times of bonanza. It would be a mistake. The results of Feriarte and Arco show it clearly, in spite of their organizers’ naïve balance. There is no other alternative but to re-think the strategies of a business that has been important in our country in the last years.

It is a different matter outside our borders. It is surprising, as we show in this issue, that a Spanish collector acquired, for more than four million euros, the Santa Dorotea by Zurbarán, a work that returns to our country after many years in the United States. It is also noteworthy that, only some weeks ago, Felix Palacios, a collector we spoke to on this occasion, has acquired one of the most important drawings by Alonso Cano, having paid 151.000 euros at an auction in New York. It is no nonsense. This autumn the Frick Collection will reopen its New York venue precisely with a show of drawings from José de Ribera to Francisco de Goya. Spanish drawings of the Golden Age… those that almost did not exist… Yet another myth that falls. The market responds to quality.

Abroad the prices have fallen and, interestingly, at the same time the good pieces have re-appeared. Since the consumption keeps declining, the only remaining alternative is to enliven the collectors and investors with pieces that are worthwhile or more attractive than ever. And new things! The times of crisis tend to boost creativity and talent. We hope never to experience the lack of them.