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Does Europe’s Bank Crisis Mean It’s Now or Never for Contemporary Art?

August 18, 2011 by Marion Maneker

Bloomberg previews the sales and fairs surrounding Frieze in London this October. The focus is on Bonhams new Contemporary art department and their big, record-seeking Boetti that will be on offer. But in the process of pitching his star lot, Bonhams’s new Contemporary art head suggests there’s a danger of the door shutting on art if financial markets swoon:

“Sellers are telling themselves, I might as well do it now,” said Anthony McNerney, a former Phillips de Pury & Co. specialist who now heads Bonhams’s new seven-strong contemporary-art team in London. “If there’s a dip like there was in 2008, it will dry up. Owners know that if they have a great work, there are still wealthy people willing to buy it, almost whatever the price.”

Saatchi, Bonhams Boost Contemporary-Art Market Confidence Amid Price Fears (Bloomberg)

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Filed Under: General Tagged With: Bonhams, London

About Marion Maneker

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