Looking Forward to 2009

Margret Studer of the Wall Street Journal recently published a short article on expectations in the art market for 2009. Studer reports there is concern, yet there is still a fair amount of optimism. The buying is not as frantic as it was in the past, but collectors are still collecting, and that is good news. Studer also list some of the 2009 highlights as well.

Studer states Other areas of the collecting market did not experience the euphoric growth of the contemporary sector and, so far, have been less affected by the global financial crisis. "Despite the gloom and doom, there is money out there for beautiful and fine objects and record prices are still being made," says Bonhams communication head Julian Roup. Mr. Roup believes that sectors with specialized followings of collectors -- such as classic European ceramics and glass, antique cars, coins and medals, stamps and wine -- will stand up the best.

Studer also reports that Caroline Penman of the U.K.'s Penman Fairs shows no signs of gloom. She closed the traditional Chelsea Antiques Fair in 2005 and has now decided to reopen it in 2009. "It seems crazy to re-start the fair," she says. "But, in these traumatic times, we all need a little outing to raise the spirits and Chelsea offers just that."

Studer also lists some events which could be barometers of the market, including:

On Jan. 20, Bonhams will auction selected contents from London's famed Café Royale, a haunt since the 19th century of royalty, politicians, film stars and the intelligentsia. The sale will include all sorts of memorabilia: brandy caskets, Venetian chandeliers, furniture and the Café's original boxing ring. February opens with benchmark impressionist and modern art sales in London. At Christie's, a star lot will be Monet's "Dans la Prairie" (1876), a gorgeous painting of the artist's wife, Camille, reading as she reclines among blooming flowers (estimate: in the region of £15 million). The Feb. 23-25 sale of the Yves Saint Laurent and Pierre Bergé Collection at Christie's Paris promises to be one of the major auction events of 2009. The more than 700 works in the collection are expected to fetch €200 million-€300 million

The AW Blog will try keep track of some of these events and report the results. If you wish to read Studer's article in the Wall Street Journal, click HERE.