Until recently, it’s been a difficult climate for the art market. How has Design
Miami weathered the downturn?
Last December was very tough. Dealers were imperiled. Since most of them are European, it costs them a lot to ship furniture to Miami, and that was a hurdle. But by June, we put on our biggest show ever in Basel. And we expect to grow 50%, in both sales and number of dealers, in December.
How is design holding up as an investment?
Where you once had younger artists and designers who were getting a lot of attention — and whose prices were perhaps increasing more than they should have — that’s been corrected. There’s more of a focus on blue chip material. But both art and design are now accepted as asset classes. They’re not necessarily an investment to flip in a year, but people are now less likely to spend money on extravagant luxuries than something they believe in. If you buy a Ferrari, it will be worth half as much the next day. But a Marc Newson will retain its value and appreciate.
Has Miami bottomed out?
(Long pause.) Yes, it’s bottomed out, but it hasn’t started to shoot up. The desperation opportunities are largely gone, so there’s a stabililzed market that’s slowly gaining traction. But the U.S. economy hasn’t really kicked in, and neither has Miami.
Read the full article Here: Is High-End Design a Good Investment? Design/Miami After the Market Crash | Co.Design.