□ Wen-The entry of Zhan Hao capital is a topic similar to doping in the art market, but at the same time, another topic has followed. Have you ever thought about quitting? Works of art have always been easier to come in than to go out, and of course it is not difficult. Many galleries say "close", but what we are talking about here is the exit of the great escape, which is not the same as those who are forced to quit because they step on the air. Exit gracefully, the door is far away, not like a fool. First, the investment report should first write how to quit buying apprentices and selling masters. However, the current art fund basically takes only two years to complete the process from apprentice to master. Can you believe it? According to a fund source, according to industry surveys, less than 30% of art funds can really make money. The disciples struggled to finish the master's work, which was really hard. Now it is often said that investing in the art industry, making an investment report is often less than 10 thousand words. At the beginning, it was said that GDP took off when it reached art, and then work according to this report. If I am an investor, I need to make an exit report first. It's too easy to buy things at the art market. I'm not afraid I can't spend the money in my pocket. I'm afraid that after the flowers are finished, there won't be so many people coming back to find you, or even I won't even come back, only a bunch of things are left there. Second, it is still a unilateral rise. What about the future? Capital market is a major, and its basic laws are greed and fear. If people in this industry want to make money, they must enlarge these two weaknesses of human nature. The bigger you put it, the more money you make. This has been proved in the practice of China stock market for twenty years. Now, this is the art market. Now more than ten years, because it is a unilateral upward market, the art market only magnifies the greedy side of human nature. Constant capital intervention, no matter what banner is used and what veil is unveiled, is the same greedy expression behind it. However, market participants are constantly increasing their hints about human greed-artworks will be repurchased at a higher price one year later, the down payment of artworks will be 10%, the artworks will be securitized, and the art market will make great strides every year. The sky-high auction and the world record just want to tell you a "fact" and buy artworks to make money. This is the last sentence. Art is always expensive. If you think it's expensive, don't buy it. It will only be more expensive in the future. What is considered a fool now will become a wise man in the future. However, no one tells you whether the sky-high price you heard is true or not, the mental journey or hardships of record lot holders in recent years, the mystery behind the turnover, and so on. In the future, it is hard to say that there will be no side that magnifies human fears. Works of art will also be sold in cheat people, and every time they are sold, they will be proved to be timely. Those who fail to sell in time will take regret medicine every day. As long as it is a market, it will only rise and not fall. Thirdly, as a result of clearing the blacklisted customers, China Guardian (Weibo) drastically reduced the auction this spring and finally decided to drive the blacklisted customers out of the auction. After those customers who didn't pay were cleared, the turnover of Guardian Spring Auction dropped by more than 40% compared with last autumn's auction, and dropped by 60% compared with last spring's auction. Overall, it is a relatively clean figure. Of course, for sure, there may be water. For example, customers who don't pay are driven out, but those customers who don't pay after the auction and offer the auction to Guardian are driven out? The client-guarding plan limits the phenomenon of unpaid auctions, but it does not limit the phenomenon of sky-high prices. As long as you pay, the sky-high price can continue. Is this moisture? Of course, other auction companies also hate the phenomenon of non-payment, but apart from Guardian, no other companies have followed up with similar plans, and at most they only verbally denounced them. Related to this article, the withdrawal of works of art mostly depends on auction, and the number is the first. If the quantity shrinks, will the price shrink slowly? If the price really falls, can art still make great strides in investment? Moreover, it is observed that a small number of lots were sold at a lower price than the last auction, that is to say, if the last auction was true, the sale would be lost; If it was a fake shot last time, it's hard to say whether it's a real shot this time. If it is a real shot, then the risk of the buyer will increase. Fourth, the high withdrawal cost and ignorance of auction are the biggest channels for China art to withdraw. Those art funds can get goods from the primary and secondary markets, but the main source is the primary market, and the shipment mainly depends on the secondary market, such as Mr. Ullens. Shipment in the secondary market requires higher cost, at least 10%. It is not easy for those art funds and art trusts to make money. They say that the annualized rate of return will reach more than 10% in the next year, but the costs they need to pay are trust company remuneration, art preservation fee, investment consultant fee and transaction fee, which together exceed 15%, plus the idle cost of funds caused by circular investment. Therefore, the annual appreciation rate of artworks bought by art funds and trust products will reach at least 30%, so that investors can get 10%. There are many artistic varieties with an increase of 30% in a certain year, but there are few artistic varieties with an average annual price increase of over 30% in 15 years. 5. When you quit a try, your heart is absolutely pounding. Many people imagine that there are many opportunities to sell, depending on the value of the art in their hands. In the auction, they often focus on the transaction price, but in fact there is a lot of water in it, and most of the conclusions drawn from this are unreliable. First of all, it depends on the actual value of the art, not the highest transaction price or the general transaction price, but the valuation at the auction. If the price difference between the primary market and the secondary market of a work of art is too big, then the transaction price in the secondary market is basically not credible. A painter gained some recognition in the primary market, so he began to operate in the secondary market. In order to get a good price, he always puts his fine works up for auction. The valuation given by the auction company should not be too high. After all, no one is sure. But it can't be lower than the gallery price, otherwise the auction will lose its meaning. Therefore, when shooting on the screen, the painter feels uneasy. Sitting at the auction is like going to the execution ground. Painters must wait for the number plate in advance. If someone signs the card at the scene, it means that he has achieved the sale. If there are still people vying for it, everything will be fine, leaving only the question of how much to charge; And in case no one signs, he must sign, bear the cost of 15% and take the painting home. Therefore, at the beginning of each auction, the artist's heart rate will reach more than 150. The withdrawal of works of art will basically cause similar heart rhythm fluctuations. 6. People who buy and sell should know that art auctions are actually playing with prices. How do you say this? A work of art costs tens of thousands of yuan, and its target group is people with middle and lower assets. Those who play with hundreds of thousands of artworks are different from those who play with millions or tens of millions of artworks. There are only a dozen people or institutions left in the country who play with hundreds of millions of artworks. Therefore, good people will guess who will buy tens of thousands or hundreds of thousands of yuan of lots before shooting. Do you want to guess? Therefore, quitting smoking also has a problem for the target population. Some people never buy works of art that they like, but only buy works that most people will recognize, all for appreciation. For example, big names, auspicious themes, scarce resources and so on are all universal high-priced standards. Another old mage said that although he has a lot of works of art, he will never give up buying stocks, and it is difficult to do it again. After all, buying and selling is easy, which means it is convenient to quit. This is the wisdom of the old mage. The fastest exits are art funds and trust wealth management products, which are fast-forward and fast-out. The slowest exit is the inheritance from generation to generation. Weng Tonghe's collection has lasted for six generations, but after three or four generations, the difference between speed and speed is only in respect for culture. The most controversial exit is Zhou Zuoren's manuscript, and the problem lies in "exit". The most imaginative exit is whether the art fund can be thrown to a new fund to pay off the old debts when it exits. However, the fund industry categorically denies that there will be traces when selling, and it is impossible to operate. The most aboveboard exit is Ullens. Domestic art institutions need working capital and need to get rid of some goods bought in China earlier. This is called interest feedback. The hardest exit is the pavilion. You can write a book for the textual research of each lot, and you can find the best people to do photography and exhibition. Therefore, ingenious value mining and painstaking packaging have created a myth that is being filmed.