Beverly Hills Art Expert Panel Highlights Success Stories
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Art Market Gains in Bastions of Strength as featured on WestsideToday.com
By Max Donner | May 18, 2009
 Local art entrepreneurs share success stories in Beverly Hills.
L.A.'s role as the creative capital of the world is leading to a brighter
future. Four local businesses that are following paths to success in a slow
economy showed how in a panel presentation at the Beverly Hills Library on May
16.
Santa Monica based Ovation TV reported results that dazzle in the
current economic environment. In the past three years, it has been the fastest
growing cable television network in the U.S., growing from 5 million households
to 32 million today. The broadcaster has taken an innovative approach to grow
hand-in-hand with the World Wide Web. Its online community has become a virtual
talent contest, providing enough visibility to new talent to generate a steady
stream of emerging artists to debut on the network with talent viewers cannot
find anywhere else.
Ovation's sponsors have responded enthusiastically.
Over 60 national brands have signed on in the last three years. Ovation TV
Senior Vice President Gaynor Strachan Chun also highlighted 75 new cultural
partnerships that have made the network a pillar of the arts
community.
Beverly Hills art gallery owner Kevin Anderson has taken a two
step approach to succeed in the current market. First the gallery scaled back
the size of its downtown Beverly Hills showroom to focus attention on the very
best works of art available. Then the business shifted more of its budget to go
directly to collectors. The focus of this initiative has been a growing presence
at leading international art fairs and electronic communication with clients.
Anderson Galleries' online newsletter has brought excellent results as clients
from all over the world read about new opportunities in the art market and
forward the information to their own clients.
Art & Living Magazine
has continued to grow while other publications have been forced to cut back
their coverage of art topics as they loose readers to the Internet. Publisher
Jeff Marinelli showed how the magazine has sprinted past competitors by going
directly to collectors, with a presence at 26 art fairs. The next step, already
underway, is to extend the magazine's brand with over 70,000 high income
readers. 'Art & Living Unleashed' will feature the leading edge of art and
design together with the latest trends that collectors will want to
follow.
Marsh Insurance art practice Vice President Daniel Greene gave
art collectors more reasons to stay optimistic. He confirmed that art prices
have continued to rise and that insurance companies have actually increased the
dollar values for replacement coverage of artwork during the last year. At the
same time, lower interest rates and more efficient operations have produced a
large reduction in the cost of art insurance premiums. On average, rates are
just half of their level a decade ago. Current rates are typically just 12 to 15
cents per year for every $100 of insurance coverage.
Panel Moderator Max
Donner, a director of the World Art Foundation, concluded the discussion with an
historical perspective. This presentation showed how and why the art market
fared well during difficult times like the Civil War and Great Depression, when
many investors sought safe havens. A summary of recent reports from Art
Logistics of Munich, Germany and Australian economist Nicholas Forrest's Art
Market Blog reinforced these optimistic points of view. The reports show select
sectors of the art market continue to set new records and build bastions of
strength.
The Art Economics Workshop was hosted by the Harvard Business
School Alumni Association, represented by its co-President John Combs of
Oppenheimer Securities. The discussion will continue Saturday, June 13 at the
Cal State Fullerton Art Museum, where a panel of art industry experts will
present a market update to the members of the World Art Foundation.
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