Credit Crunch Art?

March 4, 2009 at 9:52 pm | Posted in Art, Art Auctions, Art Collecting, Art Market, Art Sales, Art World, Collecting Art, Contemporary Art | Leave a comment
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CONTEMPORARY ART STRUGGLES IN TIMES OF RECESSION.

It's not only Dali's clocks that are melting!

It's not only Dali's clocks that are melting!

Just when you thought the art market was the last safe haven as the rest of the world’s economy melts down…It turns out it isn’t considering how the art bubble has officially burst according to experts.

Profits have gone down in a market that seemed unstoppable only a year ago. Auction houses around the world are increasingly concerned about art sales following their poor winter performances where whole lots remained unsold. Even artist are now forced to lower their prices as no nouveu riche is willing to pay a vast amount of money for an art piece…Good old times where Chelsea’s Roman Abramovich bought a Francis Bacon for £86.2 m.

The Art Capital Group has predicted a downfall in prices “by a total of 20 to 40 percent”and its finance chief executive, Ian Peck, during an interview with The Independent’s Art supplement explained how “the concept of a recession in the art market is no longer an abstract but real condition”.

During the past decade, contemporary art has witnessed a tremendous rise in prices and benefited from a growing popularity amongst socialites all over the world. A favourable situation leading to extreme speculation, outrageous prices and a type of  art that is considered by some a fraud as the art dealer, David Nahmad, explained  during a press conference.

He said: “There is a real art market, with real artists, and then there is the stupid art market which uses publicity to make some artists become very expensive. That doesn’t mean they are good. A diamond skull at $100 is an offence. That’s ridiculous!”

It seems that the economic downturn may even have positive results when it comes to contemporary art. At the end of the day, it should be  all be about the value not the prices!

London at the top of the Contemporary Art Scene

February 20, 2009 at 3:51 pm | Posted in Art, Art Market, Art World, Christie´s London, Collecting Art, Contemporary Art, Contemporary Art Auctions, Frieze Art Fair, London Art, London Exhibitions, Sotheby´s London | Leave a comment
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London as the ruling capital of the arts.

London as the ruling capital of the arts.

LONDON’S CONTEMPORARY ART WORKS ITS MAGIC ONCE AGAIN.

Despite the gloomy credit crunch mood and Christie’s disappointing sales results last week, London consolidates itself as the capital of contemporary art.

London’s contemporary art fair, offering an eye-popping mix of quality and innovation, had already seduced more than 30,000 visitors attending the second edition of the Frieze Art Fair  last OctoberA series of positive results that only seemed to demonstrate what art collectors and critics had already predicted: London is developing an ever-growing appetite for contemporary art.

An appetite for art that defies the current financial squeeze as shown in Sotheby’s London evening sale of contemporary art earlier this month where a total of 27 pieces were auctioned.  The firm achieved £17, 879, 250 in profits and a fantastic sell-through rate of 92%. Lucio Fontana’s Concetto Spaziale fell into the hands of an anonymous European collector for £4,409,250.

Philips de Pury & Co. sales totaled £5,820,750 and Martin Kippenberg Portrait of Paul Schreber being the firm’s top lot, sold for £432,000. Various artists peaked at record prices while others sold well above their predicted estimates.

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