Last Thursday I posted about the concern in the marketplace for the weekend contemporary art sales, along with dangerous lot guarantees by both Sotheby's and Christie's. This weekend saw sales at Sotheby', Christies, Phillips and the London Frieze Art Fair.I will let you decide the current state of the industry from the following headlines after this weekends contemporary art sales. Remember these sales were specifically for contemporary art, just recently considered one of the stronger segments of the fine art market.
I understand Sotheby's evening sale saw approximately 71% of the lots sold, which is a good showing. But I also read that many of the consignors lowered reserves, and that many lots sold for below the low estimate.
Here is a taste from one of the articles:
"Lot after lot by contemporary-art stars such as Takashi Murakami and Richard Prince failed to sell in London last night as Phillips de Pury & Co's auction raised less than a third of its expected total. The 70-lot sale fetched 5 million pounds ($8.6 million) with fees, against a lower estimate of 18.6 million pounds. Forty-six percent of the lots failed to find buyers.".
Click on the headline to read the copy.
Times Online Art Imitates Life as Boom Shows Signs of Bust
UPI reports Warhol Painting Sold at Discount Price
Scotland on Sunday reports Crisis Hits Art World in Auction Flop
Bloomberg reports Warhol Fails to Lift Sotheby's Sale Above Estimate Amid Slump
Wall Street Journal Frieze Art Fair Sees Thinner Crowds and Better Bargins
Bloomberg again Crisis Bites Art Market as Sales Raises Less Than Third Estimate
NY Times reports Frieze Art Fair Feels a Big Chill
Reuters UK Sotheby's London Auction Falls Short of Pre Sales Hopes
Financial Times Still Plenty of Gain..... Sales are Steady at Fairs and at Auction
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