In her recent Vanity Fair article, journalist Alexandra Peers discusses Qatar’s purchase of Cézanne’s Card Players, one of only five in existence and the only one not already in a major museum. The price was more than $250 million, which is now the record for the highest amount ever paid for a work of art.
“Sotheby’s did an excellent job in pulling off a successful sale in an unsettled time,” said Michael Plummer of art investment advisory Artvest Partners, “but you can’t separate the two auctions—it’s all one market. There is a sensitivity [right now], and confidence is easily lost.”
“Collectors and dealers will be watching the auctions closely for clues about the next move for prices. In general, collectors are favoring high-quality works by major artists, in contrast to the often-indiscriminate buying before the crash,” says Jeff Rabin, a co-founder and principal at Artvest, a Manhattan-based art investment advisory company.
Price growth for Impressionist & Modern Art was notably robust during the majority of the past decade. While values for artworks temporarily eroded in the midst of the recent financial crises, they have since made a partial recovery, and currently seem to have stabilized. Impressionist and Modern Art
Record prices were the theme of 2010. Of the top ten Western works of art, two crossed the magical US $100 million threshold, two were in excess of US $60 million, three in excess of US $50 million. Eight of the ten were in the Impressionist & Modern Art sector, an astonishing result in any [...]