Art Market’s Blue Period is Over

Source: The Wall Street Journal, by Kelly Crow at kelly.crow@wsj.com

The Wall Street Journal reported today, “A year and a half after art prices plunged, the world’s chief auction houses say they have recaptured much of their pre-recession momentum.” Good news for Art Collectors!!

The Wall Street Journal also reported, “Christie’s International PLC said it sold $2.57 billion of fine and decorative art in the first half, up 43% from a year earlier and the second-highest in the company’s history. Christie’s total includes $274.1 million in art it sold privately, up by more than a third from a year ago. Rival Sotheby’s said it auctioned $2.2 billion of art in the first half, more than double a year ago. It will release its consolidated sales totals Thursday.

Art Collectors who stayed home during the worst of the economic crisis say they are feeling increasingly optimistic about the values of their artworks compared with other assets.

Christie’s had its biggest success in the first half with Pablo Picasso, whose 1932 portrait of his mistress,”Nude, Green Leaves and Bust” sold for $106.5 million in May, the highest price ever paid for a work of art at auction. Sotheby’s top seller in the first half, Alberto Giacometti’s “Walking Man I,” (bronze) which sold for $104.3 million in February.

At Christie’s, overall prices were up for nearly all of the auction house’s major art categories., including $853 million of Impressionist and modern art, up 37.4%; $460.7 million of postwar and contemporary art, up 139%; and $368.2 million of Asian art, up 120.6%%.”

Nude Green Leaves and Bust by Picasso, 1932

Nude, Green Leaves and Bust is one of a series of portraits that Picasso painted of his mistress and muse Marie-Thérèse Walter from 1932. The vibrant blue and lilac canvas is more than five feet tall. It was bought by the Brodys in 1951 from Picasso’s dealer and was only publicly exhibited once, in 1961, to commemorate Picasso’s 80th birthday.

Advertisements

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.
This entry was posted in Art, Auctions and tagged , , , , , , , , , , , , , , , , , , , , , , , , , , , , , . Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s