Bloomberg has a cute picture of Asher Edelman’s gallery windows advertising “Holiday Super Sale–No Kidding.” Barbara Guggenheim recently predicted the art market would gravitate back toward dealers from auction houses. But Edelman’s sale suggests galleries are feeling the cost of carrying their art:
“All dealers are offering discounts now,” said Edelman. “I am just being open about it.”
The sale, which runs through Dec. 21 at Edelman Arts, offers discounts ranging from 25 percent to 50 percent on works by 20th century masters such as Willem de Kooning and Alberto Giacometti as well as the gallery’s contemporary artists.
A canvas by Jean-Michel Basquiat is $3.35 million, down 48.5 percent from last year’s asking price of $6.50 million. The unsold paintings by Berlin-based Christopher Winter, whose show just closed at Edelman Arts, were slashed by 40 percent.
John Chamberlain’s sculpture of twisted automobile parts can be picked up for $975,000, down from $1.25 million. A large landscape painting by Alex Katz is now available for $80,000, down from $150,000.
Asher Edelman’s Holiday Sale: Buy Basquiat for 48.5% Off (Bloomberg)
