Art Market Shows No Signs Of Cooling Down
Art is hot. Despite turmoil in the financial markets, there are no signs that the art market is softening. The fall auction season in New York saw robust prices across most categories, with postwar and contemporary works in particular going through the roof. It seemed like a new record was being shattered every time an art auction was held.
This record haul generated billions of dollars for auction houses such as Sotheby's, contributing to solid earnings but also exposing auctioneers to volatility when sales didn't go as well as expected.