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Auction Houses Down 50% YoY in 2009

January 4, 2010 by Marion Maneker

Kelly Crow runs some numbers on the art market in 2009 in the Wall Street Journal. The comparisons to 2008, of course, leave a bad taste but the idea that anyone would want to see the art market return to the unsustainable levels of 2007-2008 is frightening. Overall, both houses are down around 50% in the major art categories with Sotheby’s having a slightly steeper fall.

Sotheby’s said it auctioned off about $2.3 billion of fine and decorative art last year, down 53% from 2008. The 2009 total included $441 million in contemporary art, down 68% from 2008; $471 million in Impressionist and modern art, down 57%; and $190 million in jewelry, down 13%. Rival Christie’s International PLC said it auctioned at least $2.5 billion of art, down 45.6% from $4.6 billion in 2008. Closely held Christie’s said it would release complete sales figures later this month. […] Fewer than 550 artworks crossed the million-dollar mark at auction last year, half as many as in 2008, according to Artprice, a Paris-based database that tracks global auction results.

The real eye-opener in these numbers is the strength of Sotheby’s jewelry sales which only fell 13%.

Art Market Still in a Blue Period (WSJ)

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Filed Under: Economic Trends

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