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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