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What does that mean for SGI, Pearls, and why?
To me it tells that pieces of art may have their periods of hibernation but their directions in terms of value will always be upward. SG? - They much involved I should say. It looks like a good timing for the "Lady" on Showpiece, too!
Victoria, it hopefully demonstrates to viewers and investors here how attractive Warhol art now is, and points them to the oncoming chance to own part of an iconic one in the forthcoming Showpiece offering in which S.G. has a minority share holding. The only recently sold in auction looks similar to the one now showing on Showpiece.......
Hopefully SG’s coffers will soon be swelled again!
Rather a stretch to link the Warhol art item to the prospects for Showpiece and through them for SGI but I suppose only time will tell. However, the market doesn’t seem to have been excited by the connection which I think tells us a lot.
The point is Victoria that it shows the value of the Warhol art. Clearly ordinary people cannot buy such art, the only way then is via fractional ownership. I think the sale has been excellent publicity, although I don't know if SG or Showpiece are capitalising on the connection given a Warhol item that looks similar to the one recently sold for a record amount is their next item to be sold via Showpiece.
It is very likely the next showpiece will be a much cheaper Marilyn. Warhol drew many of them in different mediums. See example.
https://www.phillips.com/detail/andy-warhol/NY030122/40
I was trying to find something like the link you posted. I wouldn't expect every item to be priced at let's say... £1 million, for an argument sake. So "the Queen" presented there was sold for £352,800 which isn't bad at all, is it? - The estimate was £70,000-100,000. It looks rather encouraging and positive to me.
Agree ucohen. Whilst I would like the Warhol to be an expensive one, logic tells me that the market for fractional ownership is not perhaps large enough currently to deal with an item costing much more than a couple of million pounds. Even the 1c did well, but only when advertised. Afterwards, sales were slow.
I suspect that a bit like other asset classes, there are a body of investors / interest groups that monitor each new offering, however they only have so much buying power or interest in the item being offered.
The Achilles heel, if you can call it that, in all this is that Showpiece has to buy the item first in order to get the fractional rights to it. That means holding illiquid assets for extended periods of time.
If they plan to sell the next item for say £50 - £100 per fraction, I would say their Warhol is probably valued at around £2m maximum in order to allow a reasonable level of fractions to be sold in it.
Still, the publicity over the one sold for record amounts cannot be a bad thing.