Review of Orientalist Art

The Economist has a good online overview article on the state of Orientalist Art. The article states the market segment has always been mixed, with peaks and valleys. Unfortunately, we are in another valley.

The article states Christie’s Orientalist sale in London on July 9th did not go well. Of the 59 lots on offer, 27 failed to sell despite every effort by the auctioneer, Alexandra McMorrow, to squeeze bids out of those attending. It was an afternoon of thin trading, with reluctant bidders and bargain-hunting buyers. The entire sale was despatched to just 14 purchasers.

Like many art market segments, with only a few exceptions or very high quality and rare works, most recent sales of Orientalist art has been effective by the economic downturn.

The article concludes with a short warning to consignors, These two pictures were among the five that sold above their top estimates. Their success on a flat July afternoon offers two crucial lessons for vendors in recessionary market: don’t sell unless you have to, and don’t be greedy in setting estimates. If the low estimate is pitched at a high level, buyers sense greed in the air and tend to hold off from bidding. In a buyers’ market, purchasers like to feel they have got a bargain, especially if they are spending a lot of money.

To read the full article, click HERE.