Le-Men Lin of Bloombergs is reporting that Christies's plans to reduce artworks estimates by at least 10% on future auctions. Christie's CEO Edward Dolman said the reduction in estimates has become necessary due to the eceonoic slow down and the realities asscociated with the lack of grwoth. Dollman also reinforced the current no gaurantee policy, unless there is a very unique situation.
The article states Based on Artprice.com's online survey of its members, about 49 percent polled say sentiment on the economic climate in the next three months is “unfavorable” and 56 percent expect art prices to fall in the coming quarter. Dolman said Christie’s will report “negative growth” in sales this year, its first such report in about seven years, after tallying $6.3 billion in 2007, a 36 percent increase in dollar terms.
To read the Bloomberg report, click HERE.
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