Going, Going, Gone
November 29th, 2011 § Leave a Comment
It is traditionally observed that the art market closely follows the rise and fall of the stock exchange prices. Well, American newspapers have not failed to notice an exception to this trend lately, as sales for contemporary art in New York have generated $635 million turnover in only 3 days. With the major contemporary art sale at Sotheby’s and the Impressionists one, both held in early November, this amount exceeds a century of acquisitions budget of the Centre Pompidou! Nicolai Frahm, a London-based contemporary art-adviser, noticed that “it was one of the best auctions ever seen in [his] life – and in the middle of a recession.”
Outside the great excitement of the auction house, however, contrasted the cries of “Shame on you” from the Sotheby’s warehousemen on strike for a pay rise since July. The fall of 3% of Wall Street on that same day did not undermine the spirit of buyers and sellers – especially for the lucky man who sold a Joan Mitchell for $9.3 million bought for $3.2 million four years ago. Let’s appreciate this unashamed health in the middle of a crisis…
-Anne-Claire
