Latest news with #art
Yahoo
7 hours ago
- Business
- Yahoo
Failed Sotheby's auction of $70M bust leaves art insiders speechless — are collectibles no longer covetable?
What was meant to be a quick sale of a rare antique turned into a sobering reminder of the hidden risks of so-called alternative assets. Grande tête mince, a bronze sculpture by Alberto Giacometti, failed to meet expectations at a recent Sotheby's auction. Industry insiders and art experts estimated that the sculpture was worth $70 million, however the auction failed after the highest bid maxed out at $64.25 million, according to the New York Times. Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 5 of the easiest ways you can catch up (and fast) Nervous about the stock market in 2025? Find out how you can access this $1B private real estate fund (with as little as $10) This high-profile flop highlights some of the risks of storing wealth in collectibles. On average, ultrawealthy families across the world have allocated roughly 13.4% of their assets to artwork and collectibles, according to Deloitte. However, the market is notoriously opaque and illiquid, which means many of these collectible items might not be worth as much as their owners believe. Investors looking for an asset that isn't exposed to the same market dynamics as stocks and bonds have better options than art. Here are three alternative assets that could be more attractive than ancient sculptures or oil on canvas. Gold has been around longer than any piece of ancient art and its collectors include central banks and sovereign nations. The market for this precious metal is also much more transparent and robust. Gold's reputation as an uncorrelated, safe haven has been cemented in recent months. As President Donald Trump's ongoing trade war whips up volatility in stocks, bonds and cryptocurrencies, the price of gold has surged roughly 25% over the past six months. Adding some exposure to this hard asset could be a good idea if you're worried about economic growth, inflation or interest rate volatility over the medium to long term. Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says — and that 'anyone' can do it Tangible land and property has strikingly different dynamics than either stocks or bonds. According to an analysis by J.P. Morgan , direct real estate as an asset class tends to have low or even negative correlation with the S&P 500. To be clear, J.P. Morgan focused on direct real estate deals. An analysis by Guggenheim Investments found that real estate investment trusts (REITs) had higher correlation with the S&P 500. That means if you're a homeowner or landlord with direct ownership, you're less exposed to the stock market's volatility. You could also consider a crowdfunding platform to get access to niche real estate deals. Infrastructure assets such as toll roads, bridges, cell phone towers and airports have many of the same dynamics as real estate. However, these assets are more rare and could have great earnings potential. According to KKR, private infrastructure assets across the world performed better than stocks and bonds in 2022, when inflation and interest rates were rapidly rising. That makes these assets an ideal 'shock absorber' for a typical investor's portfolio. If you're looking to add some exposure to this niche asset class, consider the iShares U.S. Infrastructure ETF or the SPDR S&P Global Infrastructure ETF. You could also take a closer look at infrastructure stocks such as wireless infrastructure manager American Tower, pipeline owner Enbridge or electric vehicle charging operator ChargePoint Holdings. Pipelines and cell towers might not be as exciting as rare exotic artwork, but they're likely to be more lucrative and less volatile. Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now This is how American car dealers use the '4-square method' to make big profits off you — and how you can ensure you pay a fair price for all your vehicle costs Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
Yahoo
7 hours ago
- Business
- Yahoo
Old Omaha potato chip factory produces paintings, pottery, art pieces
Amy Robertson, forefront, shares an art studio with Letha Goldsmith at Clover24.(Cindy Gonzalez/Nebraska Examiner) OMAHA — Once one of the world's largest potato chip factories, an Omaha plant that most recently was used to store truck tires has found its creative self. The old Kitty Clover building, as locals know it, has undergone a multimillion dollar renovation on its 3.5-acre site south of downtown. And a chunk of the 85,000-square-foot facility has been transformed into a co-working hub for artists. Instead of 16,000 bags of chips daily, the building built in 1952 and rebranded as 'Clover24' — a nod to its history and the main corridor on which it sits — is, at least for now, producing original thread paintings, pottery and other crafty products. Among the first 18 creative tenants is Diane Mattern, who kiddingly calls herself a 'weird welder' whose work is seen regionally in the form of spiraled steel 'boings' and other distinct concrete garden and indoor sculptures. There's Letha Goldsmith, an art therapist who uses magazine pages and glue to sculpt colorful bowls and containers and also incorporates figures of little people into various other art pieces. Studio mate Amy Robertson's creative bent is fiber art and thread painting, while neighbor comedian Todd Graves describes his multidisciplinary art forms as 'unapologetically offbeat.' They're open for business in a structure that, for the first time in decades, offers a public-facing side. For example, a three-day open house and free inaugural group exhibition showing work of more than 90 local artists, including Therman Statom and Watie White, wraps up at 7 p.m. Saturday, May 31. Featured is Bart Vargas, whose art has been shown worldwide. His pieces will remain on display through July, along with work of other resident artists. Bob and Ilaamen Pelshaw, a husband-and-wife team that started and manages the artist co-working project, said they plan to host future events, in addition to opening doors daily for customers. 'We're building community,' he said. 'We want to celebrate the artists that live in the Omaha area.' Ilaamen, herself an artist and illustrator with a studio at Clover24, said word quickly traveled, and the initial wave of available studios filled. 'It shows demand,' she said. The couple's effort to offer a South Omaha spot where startups could create and show wares has had ups and downs. Their grand vision proposal was among 367 North and South Omaha applications vying a few years ago for a state grant from federal pandemic-related funds. The Nebraska Legislature earmarked and state officials awarded about $235 million for economic development projects for the areas disproportionately impacted by COVID-19. State officials ultimately awarded the Pelshaw Group $50,000, much less than the $10 million requested. Those dollars have been directed toward a narrower slice of the plan, a job-preparedness program for Nebraskans transitioning from incarceration. The couple eventually turned to a different building site and a downsized plan, working now with Heinson Enterprises, which has owned the old Kitty Clover structure since the 1990s. A spokesman for the family-owned enterprise said it saw potentially new and greater use amid the growth of business, residential and recreational activity in and around the downtown of Nebraska's largest city. Artists who are situated mostly on the main level — in former administrative office suites turned studios that cover about 11% of the building — have signed leases that give them or the owner the right to terminate at any time, offering flexibility for both sides. 'We're in startup mode, testing the market to determine what is the highest and best use for the facility,' said spokesman Kyle Fowler. 'They're testing us out. We're testing them out.' Brokers Seth Campbell and Conner Dana of Campbell Dana Commercial Real Estate continue to seek one or more industrial users for the expansive lower level, and possibly a section of the main floor. So far, the owners have invested roughly $4 million in a new roof, modern facade and building infrastructure. Depending on future uses, Fowler said, more renovations could be ahead. The Pelshaws hope to add even more creative tenants, including a barber and a tattoo artist, and say the parking lot is an alluring amenity. They envision an outdoor sculpture garden starting with an uncommissioned J. Doe that will be adorned with historical mementos honoring the site's previous chapters. While Ilaamen's career launched in her homeland of Guatemala, it has advanced in Nebraska and during a three-year stint at long established Hot Shops Art Center in Omaha's north downtown. Tenants consider Clover24 to be a mini version of Hot Shops, where artists feed off each other's energy and often work collaboratively. For Bob Pelshaw, who grew up in South Omaha, he hoped to provide a supportive and financially accessible space for area entrepreneurs. He recalls as a kid going outside and soaking in the smell of potato chips being made. Both he and his wife said they appreciate the industrial vibe and unique spots throughout Clover24 that offer ways to be creative. One of the studios has a slanted wall, interesting for hanging art. Another has curves for corners. There's the 'chip fryer gallery,' the 'brick gallery' and an eclectic bathroom Ilaamen decorated with mashup portraits combining traits of art greats Andy Warhol and Bob Ross. Said Ilaamen: 'We want love in every corner, fun places everywhere you go.' Ilaamen and Bob Pelshaw at north entrance to Clover24, former Kitty Clover potato chip factory that most recently stored tires. (Cindy Gonzalez/Nebraska Examiner) Ilaamen and Bob Pelshaw in front of Clover24, looking north along South 24th Street. (Cindy Gonzalez/Nebraska Examiner) Looking out a window of one of the art studios into the lobby area of the artist co-working space at Clover24. (Cindy Gonzalez/Nebraska Examiner) Ilaamen Pelshaw by her artwork displayed on wall outside her studio, which used to be part of the administrative office suite. (Cindy Gonzalez/Nebraska Examiner) Art piece by Ilaamen Pelshaw is inspired by masks and folklore of her native Guatemala. (Cindy Gonzalez/Nebraska Examiner) Lobby of Clover24, with Bart Vargas bio on table. (Cindy Gonzalez/Nebraska Examiner) The artist co-working space is mostly in former offices on the main floor. (Courtesy of Ilaamen Pelshaw) The artist co-working space at the Clover24 structure held an inaugural group exhibition and open house May 29-May 31. (Courtesy of Ilaamen Pelshaw) New artist and creative work hub at old Kitty Clover plant, now rebranded as Clover24, held inaugural group exhibition and open house May 29-31 at 2200 S. 24th St. (Courtesy of Ilaamen Pelshaw) New artist and creative work hub at old Kitty Clover plant, now rebranded as Clover24, held inaugural group exhibition and open house May 29-31 at 2200 S. 24th St. (Courtesy of Ilaamen Pelshaw) Illamen Pelshaw in her Clover24 art studio, formerly part of the administrative office suites of Kitty Clover potato chip factory and other businesses. (Cindy Gonzalez/Nebraska Examiner) Letha Goldsmith works from her studio at Clover24. She is soothed by her art, including sculpting containers with magazine pages and glue. (Cindy Gonzalez/Nebraska Examiner) A new co-working space for artists and entrepreneurs featured pieces from more than 90 artists, organizers said. (Courtesy of Ilaamen Pelshaw) A slanted wall in one of the art studios. (Cindy Gonzalez/Nebraska Examiner) A production plant remnant in hall of Clover24. (Cindy Gonzalez/Nebraska Examiner) A section of the lower level of Clover24 is open for industrial use. (Cindy Gonzalez/Nebraska Examiner) SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX
Wall Street Journal
8 hours ago
- Entertainment
- Wall Street Journal
‘Rachel Ruysch: Nature Into Art' Review: An Overlooked Painter's Overflowing Flora
Toledo, Ohio Renowned in her time, with her paintings in high demand, Rachel Ruysch (1664-1750) has nonetheless been largely ignored by museums. She has never had a major monographic exhibition, not even in her hometown of Amsterdam. Undeniably, it could be a challenge: Ruysch almost exclusively painted still lifes—the main genre open to female artists at the time—and almost always floral arrangements. Roomfuls of Ruysches, no matter how exquisite, might feel like a florist's shop.
Washington Post
9 hours ago
- Entertainment
- Washington Post
Before ‘Madame X,' John Singer Sargent was even more dazzling
NEW YORK — The Metropolitan Museum of Art's 'Sargent and Paris' exhibition builds to a single moment, a single painting and a single scandal in the life of the young American artist. In 1884, a decade after he had arrived in Paris as a precocious 18-year-old, John Singer Sargent unveiled a portrait of a Louisiana-born Creole woman named Virginie Amélie Avegno Gautreau at the Paris salon. It caused a sensation that still ripples today.
New York Times
10 hours ago
- Entertainment
- New York Times
Four Generations of Quilts Come Out of the Family ‘Treasure Chest'
Still living cheerfully in her own home in Fairfield, Texas, at age 98, Laverne Brackens likes to entertain a steady stream of visitors. She has a fast-talking health-care aide who comes by three times a week. She has two younger sisters, one younger brother, five children and more than 100 grandchildren, great-grandchildren and great-great-grandchildren, most of whom also live in and around her hometown, and find their way to her front porch. Then there are the quilt collectors who have been making the pilgrimage to her home along a county highway since at least 2011, when a National Heritage fellowship raised Brackens's profile. They come to see her energetically colored, highly improvisational, feel-good quilts. They can spot her house from a distance, thanks to bright vinyl signs hanging on the metal fence in front commemorating the mayor's proclamation of Oct. 13, 2022, as 'Laverne Brackens Day.' But none of these visitors, not even her closest relatives, are allowed to open an old wood trunk with brass buckles that sits on the floor in a corner next to her sewing table. 'It's her treasure chest,' says Sherry Byrd, 74, Brackens's daughter, who is the next-best-known living quilter in Fairfield. 'And, no,' Byrd said of the trunk, 'I'm not allowed to touch it without permission.' Brackens calls this her 'four-generations trunk,' and it contains her own quilts, rolled into bundles, alongside quilts made by her mother, Gladys Henry; her daughter Sherry; and several grandchildren. On top of one stack is a medallion quilt by Sherry that resembles a stained-glass window, its flashes of fiery colors barely contained by black frames. Next to it sits a puffy quilt that her mother made by cutting up and stitching together the velvety purple bags that Crown Royal whisky bottles come in — a gift from one of her son's hard-drinking friends years ago. 'He bet me $50 I couldn't make nothing out of these bags,' Brackens said. 'So I won the bet, and I've been making them ever since.' Want all of The Times? Subscribe.
