Art Sales Stronger But......

Claire Rosemberg writing for AFP after the success of both the Friez art fair in London and the FAIC in Paris claims progress there has been a partial revocery in contemporary art market sales, yet there is still a long distance to travel before the market is both back and stabilized. Many dealers and collectors beleive the worst is over, yet there is still strong opportunities for value at most market levels. Dealers continue to be willing to negoatiate sales terms and prices are market strength have not completely returned.  Some of that can be expected given the continued poor overall economic situation.

Next weeks Contemporary, Post War and Impressionist sales in New York should reveal if the recent positive market spirit continues, or if the market steps back.  I will be posting auction results as they become available on the AW Blog

Rosemberg writes

In the mid-2000s, contemporary art -- works by artists born after 1945 -- saw a boom that sent prices soaring 85 percent from 2002 to 2008, with 620 percent more works sold at over a million euros in the same period, according to artprice.com.

The party ended in last year's economic turmoil, driving prices down 27 percent as billionaires and banks fell off the map, and finance from museums, funds and corporations melted away.

"The worst months were between last November and April. It was a terrible period," Adam said.

"Things have picked up since the Art Basel fair in June. There are buyers, but prices are down a lot," she said.

Earlier this month, a monumental work by the world's currently top-grossing artist Damien Hirst scooped a record at auction in Asia but fell short of its estimate.

Another of the globe's best-selling contemporary artists, Jean-Michel Basquiat, also recently slid 40 percent.

Betting on the appeal of novelty to counter the overriding gloom, London's avant-garde Frieze fair this year launched a new section titled Frame, where 29 galleries less than six years old showcased emerging talent from lesser-known territories.

To read the full AFP article, click HERE.