Bloomberg- Billionaire Eli Broad, who’ll help shore up Goldman Sachs Group Inc.’s Global Equity Opportunities Fund, said art prices will decline as a result of losses by hedge funds and other largecontemporary art collectors.<\/p>\n
“Many of the buyers of contemporary art have been hedge-fund managers and other investors who obviously are having a difficult time and have lost lots of money,” the California collector said in an Aug. 15 e-mail sent by a spokeswoman. “The art market will soften, and an adjustment in values will take place, but it may not happen for six months to a year.”<\/p>\n
Sellers are flocking to the auction houses after an 11-year quadrupling of contemporary art prices. The London jeweler and art collector Laurence Graff said he consigned 30 U.S. artworks to Christie’s International, after getting guaranteed minimum prices.<\/p>\n