Art Market Monitor

Global Coverage ~ Unique Analysis

  • AMMpro
  • AMM Fantasy Collecting Game
  • Podcast
  • Contact Us

What's Up with Impressionist and Modern Art?

June 26, 2009 by Marion Maneker

Godfrey Barker asks why the Impressionist and Modern prices are so strong in such a weak economy:

“There’s a flight out of cash,” said Christie’s director Stephen Lash. “People with wealth don’t want money in the bank or anywhere else. They prefer Picassos.”

After a blip in impressionist and modern picture prices in New York in November – they fell 23 per cent in a week – the market has steadied in London this year. “There’s a lot of money out there and there’s a lot of new buyers we haven’t seen before,” said Henry Wyndham, chairman of Sotheby’s and the auctioneer last night.

Strength in the day sales and the preference for decorative or “commercial” pictures seems to re-inforce Wyndham’s comment. But are these new faces coming because of a desire for real assets or in response to falling prices?

Picasso Matador Makes a Dashing £7m at Sotheby’s (This is London)

More from Art Market Monitor

  • The Top of the Impressionist & Modern Market, 2007-18The Top of the Impressionist & Modern Market, 2007-18
  • The November Impressionist & Modern Sales 2007-18The November Impressionist & Modern Sales 2007-18
  • Looking for Signs in Sotheby’s £87.5m London Imp-Mod Evening SaleLooking for Signs in Sotheby’s £87.5m London Imp-Mod Evening Sale
  • Christie’s Follows Near-Record Van Gogh with Another Work in MayChristie’s Follows Near-Record Van Gogh with Another Work in May
  • Modern Art Ascendant: London Imp-Mod Market AnalysisModern Art Ascendant: London Imp-Mod Market Analysis
  • Christie’s Surprise Picasso Buyer and Other Tales From a Long SaleChristie’s Surprise Picasso Buyer and Other Tales From a Long Sale

Filed Under: Auction Results Tagged With: Impressionist, Modern

About Marion Maneker

LiveArt

Want to get Art Market Monitor‘s posts sent to you in our email? Sign up below by clicking on the Subscribe button.

  • About Us/ Contact
  • Podcast
  • AMMpro
  • Newsletter
  • FAQ

twitterfacebooksoundcloud
Privacy Policy
Terms & Conditions
California Privacy Rights
Do Not Sell My Personal Information
Advertise on Art Market Monitor