Skip to: Content
Skip to: Site Navigation
Skip to: Search

July 24, 2008 8:58:20 AM CDT

Learn about Newser Points »

« Back to the grid | Next story »

Uncertain Art World Awaits Fall Sales

Posted Aug 29, 07 10:47 AM CDT in Arts & Living,  Business 

(Newser) – As the art world returns from its summer hiatus, dealers, auctioneers, and collectors are on edge about a possible downturn in the market, the Times reports. Fallout from the global credit crunch has led to speculation that astronomical prices for art, particularly in the contemporary sector, may be heading for a correction.

If jittery collectors buy less at the London and Miami fairs and swamp the auction houses with consignments, prices will be depressed and the fallout will be huge. "We've seen an unprecedented appreciation of contemporary art" in the past 35 years, says Eli Broad, one of the world's leading collectors. "We're bound to have a correction."

Source New York Times

0 comments | Print E-mail | Digg Seed this on Newsvine Add this link to Del.icio.us StumbleUpon

Related Newser Stories

  • Not a Great Time to Be an Artist

    Apr 3, 08 5:50 PM CDT
    Not a Great Time to Be an Artist The exploding art market may be about to deflate: New York’s flurry of contemporary art fairs last week had surprisingly good sales in light of the economic times, reports Portfolio, but the president of one of the nation’s most active lenders against art predicts a sharp downturn from last year’s incredible $12 billion sales—and a "flight to quality" that could leave emerging artists in the cold.  More »

  • Sonic Youth's Album Art for Sale

    Feb 21, 08 11:25 AM CST
    Sonic Youth's Album Art for Sale Music fans for whom Sonic Youth's Daydream Nation is an all-time classic will get a chance next week to bid on the painting that served as album-cover art, the Independent reports. Kerze (Candle), a 1983 work by German Gerhard Richter, is one in a series of still lifes based on photographs, and could fetch more than $5 million at auction Wednesday. More »

  • Rockwell Santa Painting Sells for $2.17M

    Nov 30, 07 2:02 PM CST
    Rockwell Santa Painting Sells for $2.17M Straddling the line between art, illustration, and extravagant Christmas gift, Norman Rockwell's "Extra Good Boys and Girls" raked in $2.17 million at a Christie's auction this week. The painting, originally a 1939 Saturday Evening Post cover, didn't hit the $2.5 million to $3.5 million estimate, but Christie's was still jolly, Reuters reports. More »

  • London Art Sales Soar

    Jun 25, 07 11:45 AM CDT
    London Art Sales Soar Francis Bacon took top honors and Damien Hirst became the highest-priced living artist—beating out Jasper Johns—at Sotheby's contemporary auctions in London last week. A 1971 Bacon self-portrait went for $43.2 million, and the Hirst pill cabinet called "Lullaby Spring" for $19.4 million. "Hirst is the Google of the art world,''  a New York dealer told Bloomberg. More »

  • I Bought Andy Warhol

    Apr 30, 07 8:26 AM CDT
    I Bought Andy Warhol Hipsters have known it forever, and buyers are catching on: Andy Warhol is the hottest artist around. The Times reports that his sales, including a projected $35 million for a painting at Christie’s next month, are second only to Picasso's. One expert calls Warhol "the most important international artist of the 20th century." More »

A Christie's sale.   (Christie's)
Tobias Meyer selling Picasso's Boy with a Pipe at Sotheby's.   (Sotheby's)
An art critic stands in front of a work by U.S. abstract expressionist Mark Rothko, entitled White Centre ( Yellow , Pink and Lavender Rose) at Sotheby's auction house in London, Wednesday April 18,...   (Associated Press)
« Prev« Prev | Next »Next » Slideshow
Our editors also recommend:

Threads (1 of 1)

Tags

credit crisis  • art  • auction  • art market  • art collector  • Eli Broad


Loading...

Loading...

Today's Most Popular


Other Business Stories

What is Newser?

2008 Codie Finalist

Newser gives you more news in less time. We search for the best and most important stories all over the web, read them for you, and deliver concise and sharp summaries—along with links to the full text. Newser provides a way to stay on top of an ever-expanding horizon of news and opinion—politics, sports, business, trends, technology, personalities, crimes, and controversies. Newser keeps you not just better informed, but, with our signature graphic interface and smart condensed format, more enjoyably informed.

Learn more »