Personally, I think it is way too early in the season to determine if the upper end of the art market it correcting. The ‘all knowing experts’ are basing their comments on one set of sales … and we all know that these sales did not include a lot of really important works. In addition, we just finished a series of shows in LA, Palm Beach and Naples and the results were pretty strong … over 40 works found new homes.
Only time will tell what the health of the art market really is … and keep in mind that just because the upper level of the Contemporary or Impressionist markets may fall flat or correct, does not mean that mid level or other markets will follow. There was great price appreciation at the upper levels and it may be time for other parts of the market to catch up. For the full article, click HERE.
Picasso “Tete de Femme”