The main conclusion to be drawn from the two main sales (Christies/Sothebys) is that there is still a lot of money out there for important works by stellar artists—work that combines rarity, excellence, wall power and a fabulous provenance. With interest rates at near-record lows, stock markets in the shallows and property prices well below what they were two years ago, art is an attractive alternative asset class. For the best of the best—in short, a work such as Mrs Brody's “Nude, Green Leaves and Bust”—there seems to be little shortage of people with $100m to burn in a single night. On the other hand, works with some taint—the wrong period, wrong colour, wrong size, wrong estimate—have a much tougher time finding buyers. Why risk spending $1m on a work you might not be able to re-sell? Even in a rising market, finding buyers is no easy ride.
- Economist
www.economist.com
Spot on.
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