Art Prices (and Mood) Inch Back Up

By Carol Vogel. Nov. 15, 2009. New York Times

Oh the drama of auctions: the salesrooms packed with smartly dressed collectors; the tension of having to decide in seconds whether to drop another million dollars on an artwork or let it go; the steely smile of the auctioneer trying gently to squeeze another hundred thousand from bidders. And the final results of the last two weeks of Impressionist, modern and contemporary art auctions in New York, which saw the return of a surprising number of collectors, their wallets open, but only if the price was right.

Warhol's “200 One Dollar Bills” sold for $43.7 million at Sotheby's last week, more than three times its high estimate.

Warhol's “200 One Dollar Bills” sold for $43.7 million at Sotheby's last week, more than three times its high estimate.

“The numbers may not be the same as they were two years ago,” said Guy Bennett, a former co-head of Impressionist and modern art at Christie’s who is now a private dealer, “but confidence is back.”

And when it comes to auctions, confidence is everything. As soon as one person in the audience senses hesitancy, others sense it too. But when a collector is sure enough about an artwork to keep bidding, that kind of conviction becomes contagious.

Read the rest of the article.

Source:

http://www.nytimes.com/2009/11/16/arts/design/16auction.html?_r=1

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About Art Collecting and Investment

Providing news about art collectors, collections and investments. Including the how to's, the why's and the where's of art collecting. Wanda Pepin, Christina Madden and Elaine Frenett are all professional artists who keep up on the world of art, while creating amazing works of art themselves.
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