Not All Art Sales are Dying
A recent NY Times article points out that despite the falling art prices in modern, impressionist and contemporary art, Old Masters Works (or at least those by a select few like Turner) are holding up quite well.
The recent Sotheby’s and Christie’s Old Masters auctions are holding up better than expected. “One of J. M. W. Turner’s classically romantic images brought $13 million at Sotheby’s on Thursday morning, becoming the most expensive work in two days of turbulent old master painting sales.”
Richard Feigan, a well known New York Old Master dealer had this to say: “For great things there’s still a lot of money,”
The article goes on to explain the phenomena: “But what money there is was being spent judiciously. While the market for old master paintings has not seen the wild gyrations that contemporary art has, and while its buyers tend to be older and more conservative, there was still a noticeable resistance when it came to spending more than $1 million.” I completely agree that a market like Old Masters was bound to hold up better because it hasn’t seen the rapid increase in price as has contemporary art. The value is proven, has a consistent track record, and has already secured a place in art history.
Interesting all the same. Any thoughts or ideas?
3 years ago | Tags: Christie's, art art market Sothebys art sales art auction Old Master Contemporary Art Inflation
