The Economist’s coverage the Contemporary art sales in London uncovered this observation on the shifting contemporary art market where new auction names like Ged Quinn and Matthew Day Jackson rise and fall with greater speed than ever before:
Nicolai Frahm, who speculates on contemporary art, sees the market as more selective now. “Artists come in and out of fashion very fast,” he says, “making it very difficult to predict what will happen.” Cheyenne Westphal, Sotheby’s chairman of contemporary art Europe, explains: “What defined the boom for me is that you could buy one season, sell the next and make a profit. Things are different now. High prices are being achieved but you can’t turn the work around so quickly.”
The Market Sprawls (Economist)
