Saturday, 14 November 2009
Contemporary Art market - auction
In his article in the New York Times on the 13th of november 09, Souren Melikian, specialist well entrenched in the art department, is set to reassure us all: "The auction market is booming and when it comes to contemporary art, it is charging on at an accelerated pace, as it did before the financial turmoil broke out in the autumn of 2008".
Auction houses are best known today to publicly set prices for art works, and actively promoting this or the other. They help in bridging speculation and inflating a market ready to be blown. Christie's has a foot in the Arab world with its wing in Dubai, a few years back with the support of media specialized in the subject. It became a renowned stop shop for any collector in the area. Emerging collectors were growing faster than emerging artists, they had plenty to spend and had to distinguish themselves in buying unique items.
Thanks to the results in the last two auctions in New York, the contemporary art is thriving and collectors can indulge. But as Melikian says: "Yet, no great importance is attached to personal aesthetic creation. In most cases, words and names alone matters."
NY times article: link
Sotheby's results in NY: link
Christie's results in NY: link
Photo of a mobile structure by Alexander Calder sold at 902 500 usd
Posted by sarah at 23:42