“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.
Between 2006 and 2008, Post-War and Contemporary art underwent an extraordinary bull market run. Auction prices for these artworks rose at an unprecedented rate, outperforming every other sector of the art market. By the end of 2008, macroeconomic factors began to cause a price correction. Within a year, Post-War & Contemporary Art had undergone the [...]
The fall Post-War & Contemporary Art season picked up where the spring left off, with continued interest across the sector. The sale season began in October during London’s Frieze week, with 180 lots selling for a combined hammer price of US $102.0 million versus a presale estimate of US $93.8 to US $131.5 million, with [...]
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 [...]