What is the meaning of the YSL/Bergé sale? Bloomberg‘s Scott Reyburn laces some answers through his end of sale story. They range from a flight to quality to Franco-chauvinism to a lesson in the value of art. All of those things may be true, yet none offers a truly satisfying answer:
“After this, people will believe that it’s a good thing to buy art,” Pierre-Yves Machault, a Paris-based dealer, said in an interview. “It will help them understand that if you buy good things, they will keep their value — even if you’re not Saint Laurent. It makes me more optimistic.” [ . . . ]
“This was a once-in-a-century sale,” Hugh Edmeades, deputy chairman of Christies South Kensington, said in an interview. He has been involved in single-owner collections at the London-based auction house since the 1980s and said, “I can’t remember anything like it. I’ve never seen people queuing for hours to view an auction before. Patriotism was definitely a factor.” [ . . . ]
“My clients have gone back in time,” said New York-based dealer Christoph Van de Weghe. “If they have $1 million to spend, they feel confident about buying older names. The prices of young artists have gone up too quickly. And these buyers don’t want to leave their money in the bank or in the stock market.”
Christie’s YSL Auction Raises $477 Million as Qing Bronzes Sell (Bloomberg)