Marketplace, the public radio show, looks at the upcoming Impressionist sales in New York:
Guy Bennett: We’ll see what it makes on May 6, but I think $2 [million] to $3 million absolutely recognizes the market we’re working in today.
Bennett is co-head of Christie’s impressionist and modern department. He says next week’s evening sale is expected to bring in around $95 million.
Bennett: This time last year, approximately the pre-sale estimate was around $180 million. So we’re looking at about a 50 percent reduction in terms of value we’re offering.
That’s partly because Christie’s isn’t selling as many blockbuster pieces this season.
Art consultant Joan Whalen says collectors are reluctant to part with important works in a depressed market.
Joan Whalen: Unless someone absolutely has to sell, you’re not going to see major pieces at auction. They’re going to get nothing.
Whalen says her own business selling art is down 50 percent this year. She may have to change careers.
Art is Not Selling for What it Once Did (Marketplace)