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Art Prices Expected to Drop Through the Floor
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In proof that it really is getting tough everywhere, and I do mean everywhere, the art saleroom database tracking website Artprice is now declaring that the art market is about to seriously plummet. This makes perfect sense, considering that when the economy goes south, luxury items are the first things to go. And fine art collecting is definitely high up on the luxury list.
Apparently, contemporary art--that is, by artists born after World War II--has risen in price in recent years at a much steeper right than works by 19th century artists or the Old Masters. In fact, over the past two decades, those contemporary works have enjoyed a median spike in value of 132 percent. Well, that's all about to change, as the "art bubble" looks to be bursting big-time, and the market seems to be on the verge of "correcting itself".
For example, sales this month by Sotheby's, Christie's International and Phillips de Pury & Co. were estimated to bring in a total of more than 106 million pounds, yet they only took in only half that amount, and have reported a general lag in interest in very expensive works.
Hear that, all you wanna-be collectors? Just give it a few more months, and you should be able to pick up that Basquiat you always wanted for pocket change.
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