Colin Gleadell made a case in the Telegraph for the Impressionist and Modern market to have returned to its place of prominence in the global art market. After all, these are the works that have stood the test of time and should be more likely to retain stable valuations.
The strength of the argument comes from the 33% rise in sales volume from last February to last week. But it is also important to remember that much of that increased volume comes from the Krugier collection which accounts for 75% of that lift.
Nonetheless, clear evidence of fundamental move toward broader geographic demand at lower price points suggests the left-for-decline Modern market may be gaining buyers moving backward in time from the early Contemporary market or simply entering the market with names that seem more historically tested:
Also carefully watched was the strength of Chinese bidding. At Christie’s, 12 per cent of bidders were from Asia, and Chinese agents bid, often successfully, on middle-price range works by brand-name artists such as Matisse, Gauguin, Cézanne, Monet and Van Gogh, as well as Surrealists Dalí and Magritte.
One of the most remarkable things about the series was the strength of the lower-value, part-two auctions. Here, Sotheby’s achieved an all-time record £52 million for a part-two Impressionist and Modern art sale, with bidders from an unprecedented 48 countries participating.
Art Sales: London proves it’s hip to be square (Telegraph)