Welcome!

Agile Computing Authors: Elizabeth White, Yeshim Deniz, Liz McMillan, Pat Romanski, Andy Thurai

News Feed Item

BMO Harris Private Banking: Brush Up Before Bidding at Art Auctions

- Almost one-third of Canadians include art, coins, stamps and wine as part of their financial wealth

TORONTO, ONTARIO -- (Marketwire) -- 11/21/12 -- The art world was stunned earlier this month when Sotheby's in New York recorded its highest-ever sale for postwar and contemporary fine art at US$375.1 million. Christie's sale in the same category fetched US$412.3 million, the highest total ever for an auction of contemporary art. The record for a Canadian painting at auction is $5.1 million.

According to BMO Harris Private Banking, almost one-third of Canadians include investments such as art, coins, stamps and wine as part of their financial portfolios; fine art has proven especially popular.

With three of the major auction houses in Canada - Heffel, Joyner and Sotheby's - kicking off their fall season of Canadian fine art auctions this week and next, investors here are expected to spend even more than the $62 million they did last year to acquire works of art for pleasure and profit.

While investing in art may sound like fun, it is important to understand the market before participating in a live or online auction.

"Whether you are looking to invest millions in a Picasso or hundreds for an emerging artist's work, art buyers must do their due diligence," said Richard Mason, Head of Investment Management, BMO Harris Private Banking. "It's easy to get caught up in the emotion and excitement of a professional art auction, but be forewarned: liking a particular work of art doesn't necessarily make it a sound investment choice."

Anyone looking to invest in art -irrespective of income level - should consider the following:

--  Reputation Required: 
    --  When buying art, consider reputable auction houses. Auctions are a
        transparent market, providing buyers the confidence that they
        haven't paid too much. They also employ specialists who understand
        the market as well as the artwork. 

--  Pre-Bidding Checklist: 
    --  Before bidding, talk to a specialist at the auction house to get
        more information. 
    --  When possible, view the artwork in person; photos do not always do
        justice. 
    --  Check out Internet databases to compare prices (some are free while
        others are by subscription). 
    --  Ask for provenance and a condition report before bidding. 

--  Bidding Rules: 
    --  Set a limit and stick with it. Tell your spouse, friend or agent
        that you will not go above a certain price. 
    --  Understand that a buyer's premium will be added to the "hammer
        price." 
    --  If you are worried about getting caught up in the ego and emotion of
        a live auction, place an absentee bid. 
    --  If no one else makes an opening bid, consider not bidding; you may
        be able to acquire the piece post-auction at a better price. 

--  Buying Tips: 
    --  Not sure what to bid on? Look for pieces you love. Look for an
        artist who is about to have a major retrospective at a public
        gallery. But don't go "off-genre"; buy the artist's typical works.
        If the artist is known for abstract work, don't buy a landscape or
        portrait from an earlier period; go with the artist's best period. 
    --  Buy pieces in good to excellent condition. 
    --  Ensure the piece was examined under UV light for signs of previous
        conservation/restoration. 

--  Win Big: 
    --  If you are the winning bidder, have the piece insured immediately. 
    --  Arrange delivery from a reputable art transport service. 
    --  Ask the expert at the auction house if there are any issues to
        consider for your artwork, such as restoration and ensuring archival
        materials are used. 
    --  Keep records of purchase and photographs of the piece. 

For more information: www.bmo.com/harrisprivatebanking.

Get the latest BMO press releases via Twitter by following @BMOmedia.

Contacts:
Media contacts:
Amanda Robinson, Toronto
416-867-3996
[email protected]

Valerie Doucet, Montreal
514-877-8224
[email protected]

Laurie Grant, Vancouver
604-665-7596
[email protected]

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

IoT & Smart Cities Stories
Charles Araujo is an industry analyst, internationally recognized authority on the Digital Enterprise and author of The Quantum Age of IT: Why Everything You Know About IT is About to Change. As Principal Analyst with Intellyx, he writes, speaks and advises organizations on how to navigate through this time of disruption. He is also the founder of The Institute for Digital Transformation and a sought after keynote speaker. He has been a regular contributor to both InformationWeek and CIO Insight...
Bill Schmarzo, Tech Chair of "Big Data | Analytics" of upcoming CloudEXPO | DXWorldEXPO New York (November 12-13, 2018, New York City) today announced the outline and schedule of the track. "The track has been designed in experience/degree order," said Schmarzo. "So, that folks who attend the entire track can leave the conference with some of the skills necessary to get their work done when they get back to their offices. It actually ties back to some work that I'm doing at the University of ...
DXWorldEXPO LLC, the producer of the world's most influential technology conferences and trade shows has announced the 22nd International CloudEXPO | DXWorldEXPO "Early Bird Registration" is now open. Register for Full Conference "Gold Pass" ▸ Here (Expo Hall ▸ Here)
CloudEXPO New York 2018, colocated with DXWorldEXPO New York 2018 will be held November 11-13, 2018, in New York City and will bring together Cloud Computing, FinTech and Blockchain, Digital Transformation, Big Data, Internet of Things, DevOps, AI, Machine Learning and WebRTC to one location.
The best way to leverage your Cloud Expo presence as a sponsor and exhibitor is to plan your news announcements around our events. The press covering Cloud Expo and @ThingsExpo will have access to these releases and will amplify your news announcements. More than two dozen Cloud companies either set deals at our shows or have announced their mergers and acquisitions at Cloud Expo. Product announcements during our show provide your company with the most reach through our targeted audiences.
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform and how we integrate our thinking to solve complicated problems. In his session at 19th Cloud Expo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and sh...
@DevOpsSummit at Cloud Expo, taking place November 12-13 in New York City, NY, is co-located with 22nd international CloudEXPO | first international DXWorldEXPO and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time t...
What are the new priorities for the connected business? First: businesses need to think differently about the types of connections they will need to make – these span well beyond the traditional app to app into more modern forms of integration including SaaS integrations, mobile integrations, APIs, device integration and Big Data integration. It’s important these are unified together vs. doing them all piecemeal. Second, these types of connections need to be simple to design, adapt and configure...
Cell networks have the advantage of long-range communications, reaching an estimated 90% of the world. But cell networks such as 2G, 3G and LTE consume lots of power and were designed for connecting people. They are not optimized for low- or battery-powered devices or for IoT applications with infrequently transmitted data. Cell IoT modules that support narrow-band IoT and 4G cell networks will enable cell connectivity, device management, and app enablement for low-power wide-area network IoT. B...
Contextual Analytics of various threat data provides a deeper understanding of a given threat and enables identification of unknown threat vectors. In his session at @ThingsExpo, David Dufour, Head of Security Architecture, IoT, Webroot, Inc., discussed how through the use of Big Data analytics and deep data correlation across different threat types, it is possible to gain a better understanding of where, how and to what level of danger a malicious actor poses to an organization, and to determin...