Friday, December 19th, 2008
Sotheby’s Claims Contemporary Market Remains Strong
In an effort to instill confidence, Sotheby‘s has posted a video concerning the state of the contemporary art market during bleak financial, times. Speaking candidy about the current economic climate. Tobias Meyer (Worldwide Head of Contemporary Art), Alexander Rotter (New York Head of Contemporary Art), and Leslie Prouty (Senior Vice of Contemporary Art) still manage to express overall optimism in the market. A few main messages are conveyed:
•This is a buyers market with many oportunities
•Good works will always have a strong market
•The current economic climate has led to a shift in auction strategy – During the boom of the past several years, works were estimated aggressively, with the goal of finding collectors to meet those expectations. To continue matching buyer’s with seller’s, new strategy finds the auctioneer focusing on buyer’s expectations and bringing works to auction with more moderate pricing.
•The contemporary market has a firm foundation, backed by the support of a committed collector base
Watch the video here
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January 7th, 2009 at 10:39 pm
the art collectors » It Was A Very Good Year or Hey Hey, Goodbye! said:
[…] of Hirst’s market, no one seems to be arguing the dire state of the overall market. That is no one except the auction houses themselves. Posted by ATARMS | Filed in Artist Talk, Market Talk, […]