Bloomberg’s Scott Reyburn surveys the landscape in Paris:
Buyers were looking for less expensive works by contemporary artists with established reputations, exhibitors said at the Foire Internationale d’Art Contemporain. After U.K. sales where totals missed estimates, and weaker demand at the Frieze Art Fair in London, sellers are nervously awaiting auctions in New York.
Pieces by some living artists such as Christopher Wool and Marc Quinn were selling well. Dealers reported that works by dead artists who regularly feature at auction were fetching larger sums than those by younger painters: Fontana’s minimalist images sold for up to 3.5 million euros ($4.4 million) and a Pablo Picasso drawing went for $725,000.