The Wall Street Journal looks at the upcoming Impressionist and modern sales in New York after the devastation and black outs caused by hurricane Sandy. The November sales have estimates of around $1.2 billion is sales and they are extremely important for year end results at both Christie's and Sotheby's. Sotheby's has pushed back its Impressionist sale from Monday until Thursday so there will be more opportunities for previewing the sale. Many of exhibitions have been cancelled due to the storm.
The WSJ reports
Source: The Wall Street JournalBoth houses say their art offerings arrived safely before Superstorm Sandy hit Monday, but Sotheby's has pushed back its first major sale of Impressionist and modern art from this Monday to Thursday, so potential bidders have more time to get in and preview the offerings. Christie's chief executive, Steven Murphy, said that he's adding phone banks to its sale room, in case more collectors prefer to stay home and call in their bids.
The task of reviving spirits could still prove daunting. Dozens of galas and exhibition openings have been canceled since the storm, and galleries in Chelsea are still mopping up from flooding. Though the auctions will be held on blocks where the lights never went out, the city still has too much traffic and too little mass transit and fuel.
Tiqui Atencio, a London collector who routinely attends these sales, said Thursday that she's still planning to come, because the art is so strong. She added, "My driver knows I'm coming, so I hope he's stockpiling gas for me."
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