Let’s try this again. Last month we posted some charts of the New York Contemporary sales that were in error. We apologize for the mistake. Here are the corrected charts showing the total volumen of the New York Contemporary art sales from the Fall of 2004 to present. (Bonham’s Contemporary sale was not included in the total.)
As an overall measure of the Contemporary art market, it shows something that every one is now well aware of, the Contemporary art market has regained levels near the top of the previous boom. Cheap money and a lack of compelling alternatives clearly have the world’s cash-rich buying art instead of making further investments. Does this mean they view the art as an asset? Possibly. It may also mean they would rather “consume” art than invest when there is little prospect of return.
The reason to raise this alternative view of the rise of the art market is because of the next chart which shows the far more “investible” Impressionist and Modern market versus Contemporary art in New York: