Bloomberg- Buying art is “a tremendous cultural activity” said Martin Margulies, a real-estate developer who will be at New York’s Art Show on Park Avenue today.
“The movie stars want to get in it,” he said. “The hedge- fund guys want to get in it.”
The Art Dealers Association of America has started its 20th annual show at the Seventh Regiment Armory, even as Wall Street reels from investment losses. With 70 member dealers taking stalls through Feb. 25, the fair is about one third the size of Art Basel Miami Beach and still draws top collectors and benefactors.
Expected guests this evening for the charity gala include Leonard Lauder, chairman of Estee Lauder Cos., billionaire collector Eli Broad, hedge-fund managers Dan Loeb and David Ganek, both large contemporary-art collectors, and New York Observer publisher Jared Kushner.
“Park Avenue is the traditional center of wealth in New York, and the show plays an important part in charitable giving and socializing,” said dealer Barry Neuman before attending the fair as a visitor.
