Bloomberg’s Scott Reyburn takes the temperature of the Contemporary art market in advance of the London sales where a Warhol silver Liz is testing the idea that prices are firming up:
“It’s a different mood from last year,” Francis Outred, Christie’s European head of contemporary art, said in an interview. “People now know what they’re worth and what they can spend, and this has gradually opened the doors of the sellers.” The percentage of works selling above estimates has increased dramatically in the last six months, Outred said.
The 1963 Warhol “Liz” is one of two paintings with silver backgrounds that highlight the actress’s violet-colored eyes. It has been entered by an unidentified U.S.-based collector who was encouraged by the $18.3 million achieved for a two-panel silver “Liz” at Christie’s New York in May, exceeding its presale estimate, said Outred.