Art Auction Houses Predict 25% Bump

Sotheby's and Christie's prepare for booming auction season—they hope
By Jim O'Neill,  Newser User
Posted May 5, 2008 9:30 AM CDT
Andy Warhol's artwork Skull, left, and Ladies and Gentleman are due to be auctioned at Sotheby's in New York.    (AP Photo/Alexander Zemlianichenko)
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(Newser) – The New York art auction season begins today, and Sotheby’s and Christie’s say they believe the art market’s 5-year boom will continue, forecasting $1.8 billion in sales, reports the Financial Times. The prediction of a 25% boost over last year flies in the face of financial-market lassitude and nervousness among collectors and dealers. Prices jumped 18% in 2007.

“Our confidence has been driven by what we have seen in recent months," said Sotheby’s co-chair of Impressionist and modern art. "In London, we had a record-breaking contemporary and Impressionist sale in February, we had a record-breaking Chinese art sale, we had a very strong Russian sale.”