Can you really determine the health of the art market when the main salerooms have pre-sold over $500M worth of art already? Why are those trophy works on the market? Might it be that the auction rooms have guaranteed they will sell so there was no downside risk for the sellers? On top of that, the 3rd party guarantors are allowed to bid on works they have a financial interest in? What happened to art market transparency? These major auctions are no longer real auctions, they are playgrounds for art market manipulation. Some of us long for the good old days when a work came up for sale and, other than a reserve, real buyers determined the health of the market.
Source: Recovering Art Market Attracts Trophy Works – WSJ
Egon Schiele
“Danaë”