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London Art Market Feels a Chill

Lack of once-plentiful foreign cash hurts auctioneers

By Matt Cantor, Newser Staff

Posted Jun 26, 2009 11:31 AM CDT

(Newser) – London became the hottest art market in the world last year, eclipsing New York, but the recession is putting the squeeze on auction houses, the Wall Street Journal reports. Last year’s influx of foreign money has dried up, and sellers are keeping a firm hold on their most desirable pieces. Not only are the auction houses’ offerings meager, but their prices have fallen.

Only two paintings have gone for $10 million or more at Christie’s and Sotheby’s halfway through the summer auction season; last year, 12 reached that level. And while this week’s sales of $157.3 million met estimates, that's a long way from last summer’s $586 million. In 2008, taste ranged toward the “provocative,” favoring Damien Hirst and Francis Bacon; now, buyers prefer less challenging works.

Works of Joan Miro are winning buyers' favor lately. (AP Photo/MoMA)

Alexander Calder is popular recently among buyers. (AP Photo/Whitney Museum of American Art)

'The Incredible Journey,' by British artist Damien Hirst, auctioned in at an auction house in London in September 2008, shortly before the bottom dropped out of the worldwide art economy. (AP Photo/Sang Tan)

The work of Pierre-Auguste Renoir--not including "The Skiff (La Yole)," shown at the Philadelphia Museum of Art in 2007--is enjoying a surge of popularity as the economy drains London's auction scene. (AP Photo/Matt Rourke)

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London Art Market Feels a Chill

Lack of once-plentiful foreign cash hurts auctioneers

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Lichtenstein Painting Fetches $43M

It's a record for the late pop artist

Painting Looted by Nazis Sells for $40.4M

Gustav Klimt landscape goes way above expectations at Sotheby's

Warhol Self-Portrait Fetches Record $38.4M

Private bidder prevails after 'longest lot in history'

Rebounding Art World Expects Huge Spring Prices

A dozen works are priced near $20 million each at auctions

Andy Warhol Self-Portrait Fetches $17M

It goes for twice as much as expected

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London Art Market Feels a Chill

Lack of once-plentiful foreign cash hurts auctioneers

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OTHER STORIES ON OUR RADAR

London • art • Sotheby's • Christie's • art auction

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

Lichtenstein Painting Fetches $43M

It's a record for the late pop artist

Painting Looted by Nazis Sells for $40.4M

Gustav Klimt landscape goes way above expectations at Sotheby's

Warhol Self-Portrait Fetches Record $38.4M

Private bidder prevails after 'longest lot in history'

Rebounding Art World Expects Huge Spring Prices

A dozen works are priced near $20 million each at auctions

Andy Warhol Self-Portrait Fetches $17M

It goes for twice as much as expected

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Newser By Users

Community

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What is Newser?