Art Advisers Approve

[intro]Desire to Buy Re-emerges Among Collectors[/intro]

Art Advisers see demand to buy but possibly not at auction as Bloomberg seeks comment on the Sotheby’s earnings release:

Allan Schwartzman, a New York-based art adviser, said that while it’s difficult to generalize about the market’s subsets, collectors have been more open to buying.

“Collectors want to collect,” he said. “There has been greater confidence in spending their cash on art.”

As sellers seek to avoid the risk of works not finding buyers at auction, Sotheby’s reported a 46 percent increase in private sales, to $134 million. He said that trend may continue.

“There’s greater risk selling at auction,” he said.

Cristin Tierney, a former Christie’s consultant who is also an art adviser, said Christie’s and Sotheby’s have helped the market by being more selective in accepting works to sell at auction. She said the cost-cutting has been painful but essential for their businesses.

“It’s been an ugly year,” she said. “But they’re doing what they have to do.”

Sotheby’s Sees Art Market Bottom: Profit Declined 87% (Update2) (Bloomberg)