Art! Put your hands up and surrender…
Posted in ACCESSORIES OF GOOD LIFE, Art on July 24th, 2009 by Sinan
Wall Street Journal gave a disappointing portrait of the current global art market in today’s issue. The review revolves around Christie’s deteriorating sales for 2009, which is down 49% from the same period last year. The result could have been much worse if it wasn’t for the auction house’s sale of Yves Saint Laurent’s collection at the start of the year. There are some obvious points made in the article that should be touched on. Art is certainly one of the highly-regarded means to luxury in today’s word and will obviously be the most prone to any economic recession. Given today’s somber outlook, the art auction industry is under pressure from almost every corner. The sellers decide to hold onto their collections (unless they are under a liquidity pressure) believing that they will sell for much less at this time. So the houses are required to hunt any available piece. The buyers want to save as much as possible instead of splurging on decorative luxury/investment. So they only put money on highly discounted or well known masterpieces. In summary even the richest of us all (aka Russia and Dubai) started to think somewhat reasonably, pushing auction houses like Christie’s and Sotheby’s in despair for being let down after a fabolous 2008 of record sales and expansions.




















