the art collectors

Thursday, October 30th, 2008

Market Watch::The London Barometer

Many collectors and investors have been keeping a close eye on London’s recent contemporary auctions, as a sign of how badly the market has been impacted by the ongoing global financial crisis. The Art Market Monitor has published an informative analysis, which indicates a few significant trends. Overall, net proceeds from contemporary auctions of the past year have experienced a significant decline, yet when compared alongside results from 2005 – 2008, the average price for works sold at auction has steadily risen. Lastly, the number of lots sold has continually fallen over the course of the past two years, with a more dramatic decline seen in recent months, between the July and most recent October auctions.  Read on for more analysis.