The Impressionist/Modern and Post War/Contemporary auctions are finally over and the results were nothing short of spectacular. I will go into more detail in my upcoming Comments on the Art Market (out at the end of the month), but overall more than $1.5 Billion (yes BILLION) worth of art traded hands and that was only at Sotheby’s, Christie’s and Phillips in New York (the latter only added about $79M to the total).
For many it is hard to comprehend the prices for these works (ok … I find it hard, at times, as well). I will say that some of the works were fabulous and probably worth the prices paid; however, many others were nothing more than ‘stuff’ (in my opinion) and should have brought nothing … but what do I know about the contemporary market? From the recent results, not too much.
It is always fun to see the players in action and watch the money fly. The real question is how long will the euphoria last and when will the Contemporary Art Correction take place? The funny thing is that even when the correction comes, it will probably only last for a month or two and then we will back off to the races again.
Gotta love the art market!!