Poor Greek Economy Impacts Auction Sales

The Telegraph has a quick review of the Sotheby's and Bonham's London Greek art sales. Both sales saw almost half of the items bought in, and total results far below the sale expectations. Most experts believe the poor sales are directly related to the economic struggles Greece has been dealing with in the recent past, and expected issues which many economist believe will continue in the future.  I cut and pasted the full paragraphs on the two sales in their entirety.

The Telegraph reports.

The Greek art market appears to have taken a bashing as the country continues to wrestle with economic tragedy. A Greek art sale at Sotheby’s this month saw less than half the lots sell, making just £2.4 million when between £4.6 million and £7 million had been expected.

Bonhams did little better, with a £1.8 million sale in which nearly half of the lots found no buyers. There was also a baptism of fire at Bonhams’ first sale devoted to Israeli art in London, in which 111 out of 182 lots were unsold, including most of the highest-estimated lots.

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