The art market has been an epic battle between dealers and auction houses. The London cycle of Contemporary art sales is particularly wel-situated to be a barometer of which way the wind is blowing. During the Frieze art fair week in October, the auction houses hold sales. In June, the London sales follow closely after ArtBasel. Last night, Judd Tully noted this score for the dealers:
Gerhard Richter‘s grandly scaled “Abstraktes Bild” from 1984 […] sold to New York dealer Christophe van de Weghe for £1,441,250 ($2,300,235) on a £1.5-2 million estimate. Undercutting that success, a knowledgeable trade source noted that the same painting had gotten a $3 million offer from Pace Gallery in New York just months ago, and that the consignor of tonight’s picture rejected it as too low.