As I alluded to in yesterdays post, the art market appears to be strong and is almost back to the highs of 2007. At the same time the confidence levels of collectors to both buy and sell quality art continues to grow. Crow points out there are a dozen works in the sales that may reach the $20 million mark, while in 2009 there were none. The article notes many experienced collectors are cautious and looking for value as many were burned in the recent past, but there are also plenty of new collectors ready to drop large sums to get what they desire, with little regard to value.
The WSJ reports
To read the complete Wall Street Journal article, click HERE.Just as the stock market is setting new postcrash highs, the art market has largely recovered from the recession. Sales peaked in 2007, when Christie's and Sotheby's collectively sold $11.3 billion worth of art, a total that plunged to $4.8 billion in 2009. Yet, with a speed surprising both collectors and dealers, the market regained much of its momentum last year, with the two houses combining for sales of $9.8 billion.
Each run-up has its own character, and the current one is informed by the experience of collectors during the recession, when some were badly scalded. Those who lost fortunes when contemporary-art values plummeted are treading carefully now, no longer afraid to walk away if a trendy name seems overpriced. Others took heart when the values of their ancient vases or medieval manuscripts held up better than other alternative assets.
But plenty more, flush and giddy, are just now joining in and paying little attention to prices. As a result, the art market's current state, while off from peak levels, still feels slightly breathless. Record prices are being paid for individual favorites like Pablo Picasso, whose "Nude, Green Leaves and Bust" sold at Christie's last May for $106.5 million, the most ever paid at auction for a work of art.
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