Oil Prices Are Down but Interest in Orientalist Paintings Isn’t
Christie’s 19th Century European Painting sale has a tough sell-through but prices for top Orientalist works remain strong. An Alberto Pasini picture of an Istanbul market scene was estimated at $500-700,000 but went for $1,142,500. Edme Dehodencq‘s street scene was estimated at $400-600,000 before coming at $1,082,500. Edwin Lord Weeks made a solid $578,000 price which puts the sale right in the middle of the estimate range. Six of the top ten works went for prices above their high estimates.
Yes, these are the bright spots but they do show that a re-pricing market can still have some bullish pictures even as it contracts.