Art market: the weather makes reckless and cautious
ARTinvestment.RU   06 августа 2010

It seems that the economic situation on the art market has improved.

seems the economic situation on the art market has improved. Eighteen months after a significant price collapse leading auction houses of the state of almost complete return to their former positions.

In his review Christie's said on the successful result in the first half of 2010 - 2.57 billion dollars. This is a 43%increase over the same period last year and the second such result in the history of the auction house. The overall result of Christie's includes an amount of 274.1 million dollars, the proceeds from private transactions. The result of private transactions by a third higher than last year.

Their main rival, Sotheby's said the result of 2,2 billion dollars, more than twice the results of the auction house last year. In the near future Sotheby's intends to publish details of a formal review.

collectors, who saved the recession during his masterpieces until better times, now full of optimism. The overall growth of confidence this spring and summer, helped persuade the owners of auction houses to bid to provide many valuable exhibits.

President of Christie's, Edward Dolman (Edward Dolman): «We do not want to calm yourself ahead of time, but the art market really recovers much faster than we can suppose ».

Collectors still not yet agree on the state of the art market. More cautious owners and buyers from America and Britain is still only think through options for profitable deals, and on the art market is already knocking on new applicants - collectors from Asia .

Thus, in the first half of 2010, due to be cautious on the one hand, and reckless on the other hand, the art market showed real miracles balancing act: on amazing highs to sudden drops.

In May, Christie's sold over 106.5 million dollars in Picasso's 1932 "Nude on the background of the bust and green leaves». At the moment this is the most expensive in the world of work art ever sold at auction bids.

his Picasso Christie's broke the world record in February Sotheby's, established after the sale of Alberto Giacometti sculpture "Running man I» for 104,3 million dollars .

Both auction houses are well earned on the growing interest of collectors of contemporary sculpture. For example, Christie's has successfully sold for 53.2 million dollars bronze Alberto Giacometti bust of the "Big head Diego", depicting brother of the sculptor , as well as limestone bust of Amedeo Modigliani's "Head caryatids" for a record 52.6 million USD (bust has become the most expensive work ever sold in France) .

Among the latest high-profile records - sale at Sotheby's paintings Mellorda Joseph William Turner's" Modern Rome - Campo Vachchino "for $ 45 million for Getty Museum (the world record for a work of Turner) . Sotheby's also to be auctioned for 33.2 million dollars in the legendary" Self-portrait with a palette of "Edouard Manet .

virtually all segments of the market at Christie's auction there has been a significant growth. Art Market impressionism and modernism grew by 37.4%(overall result - 853 million dollars). The postwar and contemporary art brought 460.7 million dollars (139%growth). Figures for Asian art rose to 120.6%(total - 368.2 million dollars).

In general, auction sites Christie's performance increased by 116%in America (the general result of New York trading - 999,6 million dollars) to 132%in Hong Kong (result - 300.7 million dollars) and twice earned in London (675.2 million dollars).

There were disappointments. So, at the May Christie's auction remained unsold canvas "Abundance" by Edvard Munch, estimeyt which was 25 million dollars . And in June Christie's expected to sell the painting by Claude Monet's "pond with white water lilies" for 30 million pounds (47 7 million dollars) , but the lot did not find a buyer.

As Sotheby's, a failure and then suffered a painting by Claude Monet: The organizers expect to sell the painting "Flowers in the Vétheuil "in the June bid for at least 4 million pounds, but the buyer was not found.

In both auction houses were fairly evenly bidding Russian art, old masters and works of the XIX century.

material prepared by Mary Onuchina, AI

Source: online.wsj.com , artinvestment.ru