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Sunday, July 18, 2010

Art Market Update

Souren Melikian's report. In the new era of artistic drought, those who hold the goods will ultimately win the contest. But this does not necessarily mean that life is easier for dealers. It sometimes takes weeks, even months, for transactions to be concluded. Collectors love buying from galleries precisely because they can take all the time they need to finalize a decision. As a direct result of the drying up of supplies, another problem for dealers is the relentless rise of art prices — they invest their own money, unlike auction houses, which levy a percentage on sales. For them, the financial risk inherent in each acquisition steadily increases. Even the most powerful galleries feel the need to join forces. Spot on.

Useful links:
http://www.christies.com
http://www.sothebys.com
http://www.richard-green.com

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