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Art Prices Tumble 35%

By Kevin Spak,  Newser Staff

Posted Apr 7, 2009 10:22 AM CDT
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(Newser) – Art prices went into freefall in the first quarter, as cash-strapped collectors unloaded their masterpieces, the Financial Times reports. Prices dropped 35%, after falling just 4.8% for all of 2008. Postwar and contemporary artists, favorites of the Wall Street elite, have been hit especially hard, with even the best performing postwar artist, Andy Warhol, seeing a decline.

At its current pace, 2009 could pass 1991 as the worst on record for art; prices fell 41% that year. Postwar and contemporary prices fell more than 30% since January, after rising an average of 20% a year for the past decade. The Old Masters fared better, with one investor making a tidy $12.9 million on a JMW Turner purchased for $1.1 million in 1982.

Members of the media view a 1892 painting by James Ensor, right, and a Paul Klee painting, left, which are part of the recently-auctioned Yves Saint Laurent, Pierre Berge art collection.
Members of the media view a 1892 painting by James Ensor, right, and a Paul Klee painting, left, which are part of the recently-auctioned Yves Saint Laurent, Pierre Berge art collection.   (AP Photo/Remy de la Mauviniere)
A visitor is silhouetted in front of Andy Warhol's Skulls Series on display at Sotheby's auction rooms in London, Monday, Oct. 13, 2008. Prices for Warhol have shrunk drastically.
A visitor is silhouetted in front of Andy Warhol's Skulls Series on display at Sotheby's auction rooms in London, Monday, Oct. 13, 2008. Prices for Warhol have shrunk drastically.   (AP Photo/Kirsty Wigglesworth)
People look at two paintings by Fernand Leger, which are part of the Yves Saint Laurent, Pierre Berge art collection, which was auctioned off in February.
People look at two paintings by Fernand Leger, which are part of the Yves Saint Laurent, Pierre Berge art collection, which was auctioned off in February.   (AP Photo/Remy de la Mauviniere)
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COMMENTS
Showing 1 of 1 comment
lonewolf17
Apr 7, 2009 9:21 AM CDT
Sure is a buyers market now. Wish I had millions to burn, I'd be putting it into so many longterm investments. In 10, 15 years I'd be rich.

Recession forces museums to do more with less
Associated Press

Market trends from 2008
Art Market Insight

 
art market • contemporary art • art • Andy Warhol • recession

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