Last week’s Contemporary Art auctions in London (Christie’s, Sotheby’s & Phillips) included 25 works by Damien Hirst, the largest number to come to market since his single artist sale at Sotheby’s London on September 15, 2008.
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 [...]
London looks lively but do the number of satellite fairs really signal an upswing? Michael Plummer of Artvest Partners says: “It is premature to say it is indicative of a full recovery in the art market. Collectors remain highly selective, price sensitive and closely attuned to negative turns in the economy.”
Consignors Likely to Pressure Auction Houses to Raise Estimates for Fall Auctions As the Post-War & Contemporary market had the most dramatic correction (up to 50%+) of all major sectors from the highs reached by June 2008, it is now experiencing the strongest results relative to its current and significantly reduced pre-sale estimates. This suggests [...]