Downturn hits art investment funds
By Melanie Gerlis, The Art News Paper
Several art funds launched during 2008—including one that Charles Saatchi was advising—have failed to secure the required cash from investors, The Art Newspaper has learned.
The London-based Art Trading Fund, which launched its second fund in May 2008, has had to “delay” its plans as it was “unable to raise the necessary amounts”, co-founder Chris Carlson said. The fund aimed to raise $50m to invest in contemporary art and boasted Mr Saatchi as one of its consultants. While potential investors had verbally committed around $35m to the fund, only $15m came in, according to Mr Carlson. The company’s first fund, which raised $10m in 2007, was likely also to “take a hit” he said, but added that this would be “nothing catastrophic”.
Meanwhile, Meridian Art Partners, a New York-based fund that aimed to raise $100m during 2008, has also run into difficulties. Co-founder Andrew Littlejohn said that it became apparent towards the end of 2008 that the drop in confidence “precluded most investors from being interested in longer-term investment vehicles”, particularly something that is “as esoteric as art”.
Continue reading at “The Art News Paper”:
Photo: Marshall Astor – Food Pornographer/Flickr
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