Georgina Adam is looking for signs of distressed selling. The Jawlensky portrait that had to be re-sold at a £1m loss because the original buyer from a year ago never paid has gotten a lot of coverage. This Degas has not:
While distress selling is starting to appear in the market, few works could be positively identified as having come from collectors hit by the global financial crisis. At Sotheby’s, Jerome Fisher, the art collector and owner of Nine West shoes who reportedly lost large sums through investments with Bernard Madoff, is believed to have been the consignor of a large Degas pastel showing two dancers, estimated at £3.5m-£4.5m. The painting attracted no bids and went unsold at £2.9m.
Successful Sales Calm Jittery Art Market (Financial Times)
