The art market is back

Sales results at the New York Impressionist and Modern auctions in early November were strong. Christie’s opened theirs was not a strong sale, yet still sold 70% by lot and 71% by value. The following night Sothebys sold 85% by lot and 93% by value. An exceptional result. As the Baer report put it: “cash is no longer king and that commodities like art are a place that wealthy people are returning to place money”.

One of Fine Art Brokers clients purchased a wonderful Degas oil of racehorses for $4.1m hammer, and we were active advising other clients what to buy and, more importantly, what not to buy. As always, we were very conscious of the importance of quality and condition, advising clients to go for value as opposed to just price.