After a 7-year boom, art auction houses are struggling as collectors hit hard by the recession close their wallets. Sotheby’s predicts it will pull in $179 million to $256 million at spring sales, compared to $742 million a year ago. As the spring events approach, auctioneers are employing an array of strategies to restore the market, the Wall Street Journal reports.
The coming sales are key to boosting buyers’ confidence—and the ability of auction houses to attract top works to sell. At this point, says a private dealer, “The auction houses don’t care what the works sell for—they just need it to sell so they can prove the art market is still alive.” (Read more art market stories.)