Scott Reyburn of Bloomberg writes an excellent article on the sales, noting a minimum low estimate for the combined sales at Sotheby's and Christies is $144.6 million. This figure is down nearly 41% from the low estimate of the same sales a year ago. It appears many art experts believe the current impressionist sales are more stable than the contemporary art sales, which is why there is still quality works being offered. Even in this poor economic market, quality art is selling at acceptable prices. The lowered levels of art and estimates art not surprising, and reflect exactly what the auction houses have stated they were going to do. Smaller auctions with more reasonable estimates, with the hopes of selling higher percentages of lots. The strategy appears to be one of stabilizing the markets to ensure future sales.
Reyburn states Valuable works by Impressionist artists are still coming on the auction market as the falling price of art is making owners reluctant to sell big-ticket contemporary pieces, said dealers. Prices and selling percentages for many styles of art declined in the last quarter of 2008 as the economic crisis curtailed spending by collectors. World auction sales of contemporary art increased fourfold from 2005 to 2007.
Reyburn continues “The auction houses are being more conservative,” said Jonathan Green, managing director of the London dealers, Richard Green. “They want good results. They’re not pushing estimates to the last penny, which is putting off some sellers.”
“Impressionist and modern art is a less speculative market than contemporary,” said Giovanna Bertazzoni, head of Christie’s Impressionist and Modern department. “It’s still perceived as blue-chip and safe.”
Bertazzoni said she was hopeful there would be Russian bidding at the sale.
“We hope, but we don’t know. A lot of Russian bidding materializes on the day of the auction, or even an hour before the sale.”
To read the complete article, click HERE.
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