The painting world has been buzzing about the new-found value of the brick art, painting, furniture and accessories market in recent years.
But now, experts are pointing out that a certain number of paintings will never sell for a great deal.
The experts include the American Institute of Painting, a trade group that represents artists in the US and Canada, and the Art Values Institute.
“We’re seeing more and more that it’s a bit of a bubble,” said Ian MacLellan, the former art director of the Metropolitan Museum of Art, who is now the managing director of American Institute.
“There are people who are buying houses for a little bit more than $500,000, but it’s not worth the risk,” he said.
The problem with a bubble is it will take longer for prices to go up, MacLelan said. “
People are really looking for the painting that is going to turn up on the auction block.”
The problem with a bubble is it will take longer for prices to go up, MacLelan said.
In a market where most people have been waiting years for the price to go down, the paintings on the market are probably the ones that will be affected the most, he said, adding that “painting is not a new thing”.
“In some ways, painting is the new art.
There are some artists who think that painting is something that was invented about 150 years ago, and they are not very good at it,” he added.
The American Institute for Painting estimates that the price range for the top five most expensive paintings in the world are as follows: $1.9 million, “Halloween” by Picasso, “Cobra” by Salvador Dali and “Penguin Man” by Pablo Picasso.
And “Paintings of the City of New York”, a 1962 painting by Paul Klee, is valued at $1 million.
But “Museum of Modern Art” by John Singer Sargent, $1,200,000; “The Last of the Mohicans” by Louis XIV, $900,000 and “The Great Dancer” by Claude Monet, $750,000 are also highly sought after.
A study from the Art Value Institute says that paintings are in the midst of a “very significant and rapid” decline in value, as prices for the most expensive art in the country have been rising in recent decades.
Art Values Institute, which represents the art world, estimates that only a handful of paintings have sold for a million dollars or more in recent history, and many of these were bought by individuals who did not know they were going to sell them for millions, the group said in a statement.
“These paintings are rarely used and are often forgotten,” the statement said.
“When they are sold, the buyers often find themselves with very little money.
This is a real risk for buyers and sellers.”
The Art Values institute said the art market was “showing signs of a slowing trend” as it seeks to restore its standing.
It said it was forecasting a return to its “golden age” in the next 15 years, and that “art value is expected to increase as a result of the rapid rise in the number of art collectors.”
“The Art Value Index (AVI) is based on the value of art in circulation and includes the value and performance of all of the art in its portfolio,” the group added.