250 Billion Yen To Be Auctioned?

In connection with Detroit's bankruptcy filing, there are speculations that the massive collection owned by Detroit Institute of Art could be up for sale which may result in a series of epoch-making auctions during the next several years.

DIA's renowned collection includes works by van Gogh which is estimated to be worth over 2.5 billion dollars for the entire collection. If DIA decides to sell off these artworks, the auction house will definitely be overwhelmed by museums, millionaires, and art dealers from all over the world.

The reasoning behind this movement is that the market gains momentum with the emergence of articles for sale. If DIA's enormous collection over 10,000 pieces is auctioned in several different occasions, the money that has been held in reserve because of scarce supply will now rush into auction houses to acquire these pieces.

Now that the city has declared bankruptcy, selling off its art collection to pay its creditors may be a convincing solution for Detroiters. It will also be a welcomed business opportunity for the global art circles if these perfectly-kept artworks appear in the marketplace for sale.

The【Tiara】now owned by【Gallery Precious】once belonged to the royal and noble family which never would have come into our possession had it not been for the economic crisis in Europe.

In a similar case, we see owners being compelled to sell off their precious gold coins for financial reasons. But it is because of these transactions that make new purchases possible.

Every life has its ups and downs. As seen on a global basis, precious artworks are now flowing to where wealth and power reside.

The【COROT】painting that we had bought at the NY auction the other day arrived at Narita Airport and is to be transported to our Ginza Gallery.

With this new addition, we have just two more paintings to go before we reach our goal of twenty pieces in our collection which is the next largest collection in the world after Louvre.

We are also considering an exquisite【TIARA】suggested by the Private Sales Division of Christie's in London.

At the moment,【RENOIR】and【DEGAS】are at the top of our wish list but we have not come across any desirable pieces compelling enough to make the purchase. Now is probably not the right time to buy.

Our annual purchasing budget is set at $5 million ( 500 million yen ) which isn't much nowadays if the intention is to buy quality items. Perhaps it is time for us to explore allowable budget increases.

Gallery Precious Establishes a New International Department

Gallery Precious established a new International Department as of April 1, 2013, which has:

1. A section in charge of Asia, and
2. A section in charge of EMEA (Europe, the Middle East, and Africa).

For the new department, we will recruit non-Japanese people whose native language is not the Japanese.

The selection criteria are three or more years of business experience, a Japanese Language Examination (Nihongo Kentei) qualification, and willingness to be based overseas.

As we will look for non-Japanese with Japanese language proficiency, the pool of candidates will be rather limited, but we will take our time to find suitable workers.

China, Hong Kong and Taiwan will take the leadership of the world of art and jewelry in the future, and the recession in Europe will become severer. We expect an exodus of not only outstanding works of fine arts but also outstanding human resources from the affected regions. We are convinced that we will be able to find excellent new employees.

We have recently expanded our Ginza Office space to double its previous size, and arranged an environment to set up a new department.

Our business growth will not be achieved overnight, but we are taking one step at a time to become the world No. 1 gallery.

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