Some Refreshing News

Peter Aspen of the Financial Times just posted a very good article previewing the upcoming Old Master sales. Aspen states auction houses are still very concerned about the contemporary art market, but the more traditional Old Master market segment, as well as traditional high quality antique furniture and silver are holding steady. This goes along with recent AW Blog posts that perhaps the we have bottomed out.

Aspen points to several areas, the expectations for the upcoming Old Master sales and the recent Grosvenor House show where sales were reported as strong.

Aspen states While prices are in decline for the spot paintings, dead animals and assorted conceptual riddles that have dominated the contemporary art market over the past decade, a new - or rather an old - type of art work is finding favour instead.

The market for old master paintings and traditional collectors' favourites such as antique furniture and silver are holding firm despite the unfavourable economic conditions.

While this month's arts sales in London will have the auction houses bracing themselves for further price falls in the high-profile modern and contemporary sector, they will approach next month's old masters sales in more confident mood.

Aspen continues At the Grosvenor House Art and Antiques fair held in London this week, dealers reported brisk trade in traditional areas such as top-end furniture and silver. The fair is celebrating its 75th anniversary, having been founded in 1934 to give the antiques trade a boost after the Great Depression.

Lewis Smith, director of silver dealers Koopman Rare Art, described the opening day as "the best we have had for 10 years".

"It has been a very good six months," he said. "Suddenly people have realised that money looks a poor prospect in comparison with great silver."

Perhaps some market segments have reached bottom as we look and hope for more balanced markets in the future.

To read the full Financial Times article, click HERE.