It was just this past June that a Jean-Michel Basquiat untitled painting from 1981 sold for a little more than $20 million, nearly 40% higher than the $14.6 million price it fetched in May 2007.
Clearly, only an ultra-high-net-worth client can make that kind of investment. For financial advisors to the super-wealthy, fine art is an asset they cannot ignore. More importantly, it is an alternative asset that constantly has to be monitored for its changing value. Keeping track of the value of such works is artnet, a company which recently launched artnet indices, which it describes as its most comprehensive indices of the modern and contemporary art markets. It allows advisors to track the performance of individual artists.
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