Strong Dollar Provides Opportunities for Collectors
Trading View Euro to Dollar, October 13, 2022
Eileen Kinsella’s recent artnet article highlights how the strong dollar is impacting American advisors and collectors…
…“This summer, a client and I discussed our luck at saving tens of thousands of dollars by wiring funds merely four days after receiving an invoice for a painting acquired from a U.S. gallery who bills for this particular artist in euros,” said New York-based art advisor Liz Parks. “It had dropped that much in a short period of time.”…
…Miami-based art advisor Karen Boyer is encountering….complexities in a secondary deal underway in London for which the artwork is priced in British pounds. “The owner is now thinking he wants to convert the price to dollars, but the question is, do we use today’s exchange rate or when he put it on the market? It would make a sizable difference in the price and might kill the deal one way or the other.”…
…Art advisor Megan Fox Kelly noted that beyond the art fairs, collectors in the U.K. and elsewhere in Europe may be “feeling the pinch” and “are going to be looking to sell certain things—maybe not in the coming weeks, in the coming months.”…
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