Philip Hoffman is not pussyfooting around this season’s art sales. He planted a flag with Reuters declaring the top of the art market super strong. You’ll see below that he projects sales 50% above estimate range for the top lots:
“You’re going to see some great prices in New York,” said Philip Hoffman, founder and chief executive officer of The Fine Art Group Fund, an art investment house. “The rare pieces are going to go through the roof and make prices that you wouldn’t expect to see in the economic climate we’re in,” he told Reuters in a telephone interview. […] According to Hoffman, the works at the very top of the price list are poised to achieve the strongest results, as much as 50 percent or more than their pre-sale estimates.
Works at the lower end of the market will probably hold their ground, he said, while those in the middle-range or by second-rate artists could actually tick down by about 20 percent.