The New York Times wants to make a point about the art market with this Arts section featured piece but ends up simply making a few artists uncomfortable with these pointed comments on their markets:
Prices for the work of a variety of artists, including some top names like Larry Rivers, Eric Fischl and Francesco Clemente, have declined or stayed flat at auction in recent years, according to data compiled by Artnet, a company that tracks such sales.
For example, a Dutch Masters painted cigar box, created by Rivers and valued as high as $40,000 last year, sold in September for less than $4,000. Last month Mr. Fischl’s untitled painting of robed figures in a church sold for $194,500, $70,000 less than it fetched six years ago.
And Mr. Clemente’s “Parabola,” a painting Sotheby’s had valued as high as $90,000 a year ago, sold for a third of that in March. Often these are temporary descents. Other works by these artists can still command hefty prices. A Clemente painting estimated at $30,000 to $50,000 at auction this spring sold for $76,900.
Does Money Grow on Art Market Trees? Not for Everyone (New York Times)