The Wealth Bulletin has this interesting comment from Sotheby’s Oliver Barker buried inside their story about the upcoming London sales:
Oliver Barker, senior director and contemporary art specialist at Sotheby’s, said many potential sellers were put off consigning to the market last year for fear of lacklustre bidding, but growing confidence is bringing consignors back to the market. He added that around one in 10 vendors were forced sellers, fewer than anticipated.
If much of the Contemporary art market was driven by speculation, those buyers have been willing to hold their purchases for the chance of making some return in the long run. They might also have been willing to eat the loss. Either way, the lack of distressed selling may be a good sign for the Contemporary market.
Art Investors Poised to Return to Auction Houses (Wealth Bulletin)
