Art Market Monitor

Global Coverage ~ Unique Analysis

  • AMMpro
  • AMM Fantasy Collecting Game
  • Podcast
  • Contact Us

New York is Contemporary; London, Modern

May 2, 2013 by Marion Maneker

As the Impressionist and Modern previews begin in New York this weekend, Colin Gleadell reminds us of the bifurcation in the art market that is both temporal and geographical. Contemporary art generates greater sale volumes in New York now but London is still a hot bed of Impressionist and Modern transactions:

In London, the swing to contemporary has not happened because there is not the same massive input of American abstract expressionist and pop art. Here, the Impressionist sales, with their strong contingent of Russian, Middle Eastern and Asian buyers, still rule the roost and even outstripped New York earlier this year for the first time.

The different contrast between the two markets in New York is clearest at the top end, where only one earlier work, a still life of apples on a table by Cézanne, comparable to any of his highest-selling still-life paintings, is estimated at $25 million. In the contemporary sales there are seven $25 million plus paintings including works by Francis Bacon, Gerhard Richter, Barnett Newman, Jean-Michel Basquiat, Jackson Pollock and Roy Lichtenstein. […]

At the same time, however, charts compiled by market analyst Robin Duthy show that while prices at the top end of the market continue to rise, the middle and lower orders have seen falls. The shadow of the Japanese speculative bubble of the late Eighties still lingers. A radiant, symbolist still life by Odilon Redon at Christie’s, estimated at $500,000, sold for nearly double that amount in 1990. A reclining nude by Japanese favourite, Renoir, cost $2.3 million back in 1989, and is now estimated at $800,000. While prices remain this subdued, supply will continue to be a problem.

Art Sales: New York Braced for $1bn Art-Spending Spree (Telegaph)

More from Art Market Monitor

  • ARTnews 200 Gains 17 New NamesARTnews 200 Gains 17 New Names
  • Who's to Blame for India's Art Collapse?Who's to Blame for India's Art Collapse?
  • Alex Colville Sees New Record in Heffel’s $11.4 M. AuctionAlex Colville Sees New Record in Heffel’s $11.4 M. Auction
  • Warhol By a Wide Margin: ArtPrice 2014 Top 100 Artists at AuctionWarhol By a Wide Margin: ArtPrice 2014 Top 100 Artists at Auction
  • A New Twist on FraudA New Twist on Fraud
  • WSJ Predicts Stampede for Cuban ArtWSJ Predicts Stampede for Cuban Art

Filed Under: Economic Trends

About Marion Maneker

LiveArt

Want to get Art Market Monitor‘s posts sent to you in our email? Sign up below by clicking on the Subscribe button.

  • About Us/ Contact
  • Podcast
  • AMMpro
  • Newsletter
  • FAQ

twitterfacebooksoundcloud
Privacy Policy
Terms & Conditions
California Privacy Rights
Do Not Sell My Personal Information
Advertise on Art Market Monitor