Carol Vogel of the NY Times has a very good article reviewing the past Modern and Contemporary art sales from the major auction houses and fairs. Vogel claims most art experts were aware there would be a correction due to the financial causalities starting in September. The experts were caught off guard on how severe and deep modern and contemporary art values would be impacted.Vogel states Surveying the casualties — artwork that would have fetched high prices a year ago but went unsold in November — is a crucial exercise for both auction house experts and art dealers.
“Everyone is trying to understand the lay of the land,” said Guy Bennett, a co-head of Christie’s Impressionist and modern art department. “There has been an adjustment of about 25 to 35 percent in all fields.”
The field of Impressionist and modern art has historically been less volatile than that of contemporary art, since newer work tends to appeal to the younger, nouveau riche collector and is therefore more subject to trends and speculators. Scores of contemporary paintings, drawings and sculptures went unsold last month as American hedge-fund managers and the new rich from Russia and the Middle East fled the market. The manner in which people buy art is changing too.
Unlike years past, in which collectors at art fairs or auctions had a split second to decide if they wanted something because scores of other people were ready to snap it up, buyers can now take their time. They also have the luxury of ignoring auction house estimates or dealers’ prices and offering whatever they want.
The last paragraph sounds an awful lot like the housing market of just a couple years ago. Shopping for house consisted of an offer above the asking price, being pre approved for loans, fax in the offer and the broker and seller would select the best deal. A lot has changed over the past several years in the housing market.
Much has also changed in the fine arts over the past several months. To read the NY Times article, click HERE.
No comments:
Post a Comment