Many reasons but primarily because:
Supply and Demand
Supply and demand is a key word in all markets and this is certainly true of the Greek Art Market. There are only four annual auctions on the international scene and only about a thousand pieces of art on offer in total, which also includes all other smaller auctions of mention. The supply is very little for a nation of over twenty million people spread worldwide and with serious money power. Top among these millions are the rich shipping tycoons, who are well known collectors of Greek art and anything related to Greece. International investors recognised the potential in Greek Art and money from investment institutions is entering the market too. That being at a limited level at present, it promises a stronger presence in the future. International Galleries are targeting the Greek market and that is great news for all collectors of this market because naturally prices will climb further as indeed they are at this moment.
There are only about three hundred active, auction artists from Greece at present and that suggests climbing prices for those artists, as the demand is very good and still increasing. This is due to limited supply of works 19th and 20th century paintings, the great promotional work by auctions, the media, the internet and of course the increasing wealth in the Greek world.
Private Buyers and Investors
Over 90% of Greek art bought and sold at auction ends up in private collections and nearly never resurfaces in the auctions arena for decades. That is a crucial factor for this market, and in complete contrast to other major markets, where 90% of sales are to dealers with only 10% to private individuals. There is always new money coming in the Greek market as opposed to re-cycled money in other major markets where, once a work is bought at auction it cannot be re-sold at a realistic profitable price for years.
We speak from experience and our experience stretches worldwide.
Prices
Prices of Greek art are still very reasonable for nearly all the Greek artists and one must consider the fact that there is still serious potential in the market and a lot of catching up to do, when compared to prices in other markets of national appeal. This applies to all art starting from 1870 to today. The top price for any Greek artist is just about 1,500,000 sterling pounds, which is far lower to similar works of other nationalities. That was for just one work by Volanakis and the rest of art sold at auction never reached a million pounds for a Greek artist.
The best Greek artists of the nineteenth centuries such as Ghysis, Lytras, Pantazis, Ralli, Volanakis, Jacobides and twentieth century artists such as Parthenis, Ghika rarely sell over the 500,000 pounds mark for their best works. That is still well below international levels and for the quality on offer. A few exceptions clearly point to higher potential at all levels depending on quality and rarity. Contemporary artists, who still work and produce, command prices at up to 400,000 ( Fasianos, Moralis), which is again low compared to prices achieved for artists of other nationalities.
The attraction of investing in Greek artists becomes more apparent and revealing when one examines the lower end of the market where artists make their first appearance at auction and slowly and gradually establish themselves as good investment auction artists selling up to 10,000 pounds. Names such as Samios, Papanelopoulos, Zenetzis, Bekiari, Kalogeropoulos, Geros, Kottis, Stylianides, Karayan, Filopoulou, Koutrikas, Mytarakis and many more are a few artists proving the point above. The major auction houses out of necessity had to and have to promote and sell up and coming artists of yesterday and today.
Wealth In The Greek World
Greeks of the diaspora as well as at home are much wealthier as well as more interested in their heritage and culture today. This explains partly the reasonable, constant price appreciation of Greek art over the last twenty years. USA and Canada, Australia and Germany, France and United Kingdom are countries with about ten million prospering Greeks hungry for their motherland’s art. About ten million of them, together with another ten million of Greeks in mainland Greece and Cyprus show constant and increasing collective interest in everything and anything Greek.
One must add to these collectors the millions of lovers of Greece and its culture who wish to own a small part of this magical place even if it is an image. We have first hand experience from our sales to all kinds of collectors from all over the world. Art is a universal language and Greek images and culture have an additional attraction to all humanity for well known reasons.
Concluding, the cultural attraction was one serious reason for us here to buy and invest in Greek art. Furthermore, the serious investments in Greek art began in 1987 and immediately after the 1987 financial crisis. There was a huge dip in the whole art market worldwide following the stock exchanges crash in October 1987, but not in the prices of Greek paintings anywhere they were auctioned. As a matter of fact they sold well above estimate thus bucking the trend of those days. That fact was maintained in later years and later international crises and it is still a serious factor in today’s economic conditions.
The stock we already have in place speaks for the present and for the immediate and the long term future. It is with pride we present art that represents
“Value for Money” and “Love For Art, Greek or International”.
Please visit our galleries for a taste of our stock about which more information will be logged all the time and new names will be forthcoming steadily and month after month.
Enjoy our Greek works of art, enjoy our International art spanning the whole of Europe, South East Asia and America. Enjoy our art from the emerging markets of India, Vietnam, Japan and The Philippines. Enjoy 19th, 20th and 21st century artists who are still within the buying means of nearly all of us. We collected and collect, we selected and select with a discerning eye for a discerning collector and investor.
Peter Constant BA, MA Arts
