May 23, 2007
CNBC High Net Worth reports on our Greek and Roman Gold Exhibition in New York
http://youtube.com/watch?v=W6L0_hmHxIc
Date April 22, 2007
Time 08:00 PM - 09:00 PM
Station CNBC
Location Network
Program High Net Worth
TYLER MATHISEN, host:
Call it a new twist on the art of the deal. Many high net
worth individuals looking for investment opportunities in
the art market.
The global financial market boom has meant a flood of new
wealth into the art markets, and that has sent fine art
prices through the roof. But one lower
priced--relatively--art category is gaining ground:
antiquities; making headlines grabbing the attention of
savvy investors.
CNBC's Margaret Brennan on the art of the deal.
MARGARET BRENNAN reporting:
It was a party the god of wine would approve of: Dionysus
himself watched out over the crowd that turned out to toast
the Metropolitan Museum of Art's new Greek and Roman
galleries.
Bulgari's CEO Francesco Trapani threw the coming out party
in a nod to its Roman roots...
Mr. FRANCESCO TRAPANI (CEO, Bulgari): My uncle was, and
is, a passionate of antique coins. He was collecting when
he was a kid.
BRENNAN: ...and used the opportunity to introduce a
collection of coin accessories.
Mr. TRAPANI: This is a very precious object because you
have piton, you have four antique coins (unintelligible).
BRENNAN: This $16,000 snakeskin and coin handbag and
antique Jewelry, which is only available in New York.
'A high profile launch like this will only reinforce the
growing trend art collectors to invest in antiquities,'
says dealer Hicham Aboutaam of Phoenix Ancient Art.
So why is everything old suddenly new again for investors?
Artifacts are less expensive than popular contemporary
art.
Mr. HICHAM ABOUTAAM (Phoenix Ancient Art): Gold Roman
bracelets that date to the third or fourth century.
BRENNAN: At $220,000 these ancient pieces are priced at a
fraction of what an old master would cost at auction.
Mr. ABOUTAAM: I see fewer and fewer items in the market.
BRENNAN: Government regulation to protect the historic
value of objects, like this $440,000 Greek piece from the
4th century BC, has increased over the past few years. And
that means new no pieces will enter the market
Mr. ABOUTAAM: In the last three years we're seeing the
value appreciating between 18 and 20 percent.
BRENNAN: There is always risk involved in buying artifacts
whose provenance cannot be verified. Aboutaam's advice?
Be prepared to spend a few thousand more for scholars to
investigate the artifact's origins, and invest in
insurance.
Most financial experts advise not to put more than 5
percent of your individual net worth into art, but for some
owning a piece of history is priceless.
For HIGH NET WORTH, I'm Margaret Brennan.