Auction Houses Continue National Pride Sales

The Economist is reporting the major international auction houses are continuing the trend of adding country specific items during or around major specialty of sales. Sotheby's has been active in this regard since 2001, adding groups of Scandinavian, Greek, South African, Iran or Arabian art during sales times of other catalogs sales. This type of sale typically encompasses a minor specialty catalog of a specific country within or around a major catalog sale. This week in London Sotheby's has its European Painting sale,, with a specialty catalog of 200 Greek works. Bonhams is also having a Greek sale in London this week. But all indications, the strategy has been a success.

The Economist reposrts, add-ons to the traditional Old Master and Modern and Contemporary sales. Regional-sale buyers shared a taste for the work of local artists and the money to satisfy it. Since 2001 Sotheby’s has sold £50m ($82.4m) worth of Greek art, and Constantine Frangos, Sotheby’s Greek specialist, explains why: “Seeing them sold on the international market, they feel more confident in their own artists.” A large majority of the bidders at the Greek sales are Greek or of Greek descent; Sotheby’s hopes they spend around £8.5m. Interest in Greek art has become strong enough to support two London sales early in November, starting with 169 lots at Bonhams and moving on to Sotheby’s 201 lots the next day. But you don’t have to like Greek art to be curious about the outcome. Some markets continue to do well during a downturn, and these sales might show whether dedicated nation sales can buck the trend of falling prices in the Modern and Contemporary departments.

The London Sotheby's sales was scheduled for November 11th and the London Bonhams Greek sale for November 1oth.

To read the Economist article, click HERE.