Is the Art Market Back

Posted on February 5, 2010

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Is the Art Market Back

Well it would appear to be; after an all time record sale of Alberto Giacometti’s “Walking Man” in London for $102 million dollars U.S.. According to Sotheby’s there is a shortage of premium artworks available to collectors in today’s market. Owners or sellers have been holding their treasures fearful the current art market would bring lower prices. That seems to be changing. The current trend appears to be bringing higher than expected prices for artworks that are of established importance and value.  Alberto Giacometti’s sculpture “L’homme qui marche”, which this week became the most expensive work of art ever sold at auction, was, for the last 30 years the property of Dresdner Bank, now part of Commerzbank. One fear that is still troubling the art market is former corporate bank owned art will flood the market when the price is right and drive prices down. So far that has not happened.

Why the music is still playing for the merry dance between bankers and art

http://www.telegraph.co.uk/finance/comment/tracycorrigan/7158893/Why-the-music-is-still-playing-for-the-merry-dance-between-bankers-and-art.html

Highlights from the Sotheby’s sale included

Gustav Klimt’s leafy 1913 landscape, “Church in Cassone (Landscape with Cypresses),” which sold for $43.2 million.

Paul Cézanne’s smoky-colored still life, “Pichet et fruits sur une table,” sold for $18.9 million.

Henri Matisse’s portrait of a woman draped in a lacey shawl and lying on a sofa, “Femme couchée” sold to an unnamed American collector for $7 million.

Christie’s this week reported that Picasso’s Tête de Femme (Jacqueline) sold for £8.1m – more than double its highest estimate of £4m

Picasso portrait fetches £8.1m at Christie’s auction

http://news.bbc.co.uk/2/hi/entertainment/arts_and_culture/8494809.stm

Read More

Art Market Revives in London

After the record $102 million sale of a Giacometti sculpture this week, auction houses Sotheby’s and Christie’s signaled that wealthy buyers are coming back

By Arifa Akbar The Independent, Bloomberg.com-Business Week

http://www.businessweek.com/globalbiz/content/feb2010/gb2010024_323847.htm

By Arifa Akbar The Independent

http://www.independent.co.uk/arts-entertainment/art/news/pound47m–the-average-auction-lot-as-art-bounces-back-1889767.html

Sotheby’s Sells Giacometti for Record $104.3 Million

A 1960 Alberto Giacometti sculpture sold for £65 million ($104.3 million) at Sotheby’s, setting a record price for a work of art at auction and signaling a potential resurgence in the art market.

http://online.wsj.com/article/SB10001424052748704259304575043482913970608.html?mod=WSJ_LifeStyle_LifestyleArtEnt

Who is Alberto Giacometti?

ALBERTO GIACOMETTI 1901–1966

Swiss, active in France

Alberto Giacometti is considered the premier sculptor of the Surrealist movement of the early 1930s, the Swiss artist is best known for the tall, thin figures he produced after World War II… more… http://www.routledge-ny.com/ref/sculpture/giacometti.pdf

More Giacometti online… http://www.artcyclopedia.com/artists/giacometti_alberto.html

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