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December 2, 2008 12:22:07 PM CST

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Contemporary Art Scores for Auction Houses

Posted Dec 27, 07 11:39 AM CST in Business,  Arts & Living 

(Newser) – Contemporary art has been very good to Sotheby’s, fueling a 46% boost in sales for the world’s second-largest auctioneer this year over last, Bloomberg says. A crop of new collectors from the US, Russia and Asia brought new records for artists like Francis Bacon and Jeff Koons, for a total take of $5.33 billion. But some dealers fear the craze could be headed for a crash.

Industry auction totals are expected to swell 36% this year and could grow another 7.5% next year, but one dealer warns the liquidity “won’t last forever.” Profits at Sotheby’s may dip 2% in 2008. But the auction house says it isn’t worried about its heightened dependence on contemporary art.

Source Bloomberg

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A Sotheby's auctioneer looks for bids on the Francis Bacon 'Second Version of Study for Bullfight No. 1' on 14 November 2007 in New York. The piece was sold during Sotheby's sale of contemporary art....   (Getty Images)
A painting 'A Football Match' by L.S. Lowry, left, on display amongst others at Sotheby's auction house in London, Tuesday, Dec. 11, 2007. (AP Photo/Sang Tan)   (Associated Press)
'Marrakech' a painting by the late British Prime Minister Sir Winston Churchill is sold at auction at Sotheby's in London, Thursday, Dec. 13, 2007. (AP Photo/Sang Tan)   (Associated Press)
A painting 'After Sunday Service' by L.S. Lowry can be seen on display beside a sculpture 'Lady From Baku' by Sir Jacob Epstein at Sotheby's auction house in London, Tuesday, Dec. 11, 2007. (AP Photo/Sang...   (Associated Press)
A member of staff adjusts a painting 'Marrakech', left, by Sir Winston Churchill on display next to a painting 'A Village Fete, St Georges-Motel' also by Sir Winston Churchill at Sotheby's auction house...   (Associated Press)
A member of staff adjusts a painting 'Marrakech' by Sir Winston Churchill on display at Sotheby's auction house in London, Tuesday, Dec. 11, 2007. The painting given to U.S. President, Harry S. Truman...   (Associated Press)
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subprime mortgages • London • Sotheby's • art auction • Christie's • contemporary art • Vincent Van Gogh • Francis Bacon • impressionist art



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