When the New York Times publishes front page
stories on the same day addressing how economic turmoil in the U.S. housing market is rippling into a global collapse and, in the other piece, how the ultra-rich are continuing to buy $10 million apartments, it's a good time to recall that some luxury markets are immune from recession.
Indeed, maybe the timing is right for diversified money management and investment banking firm
IndexAtlas Group to announce its new $50 million
Art Industry Fund for venture investing solely in deals for companies serving the art industry. The fund won't invest in actual art, but will look at deals for auction houses, advisory services, software and media technology companies, and financial and security firms addressing art markets. It expects to begin investments June 1, with plans to fully invest the first fund by the end of 2009.
In announcing the fund, IndexAtlas Group's founder and CEO Sergey Skaterschikov said the fund is aiming for better than 35% annualized IRR, as well as "to bring increased transparency to art investing and to support development and expansion of lasting institutions that will serve the art world."
Skaterschikov, a 35-year old Russian national based in Moscow, established IndexAtlas in 2001 and has opened offices in Moscow, Vienna and New York. IndexAtlas has offered advisory services on $2.4 billion in M&A, IPO, private equity and debt transactions and on more than $400 million in private equity funds currently under management.
-- Clifford CarlsenSee April 14 story from the New York TimesSee April 16 press release from IndexAtlas GroupFor more see
MoneyInformant
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