Credit Crunch Not Affecting Art Auctions

03/28/2008 02:45 am ET | Updated May 25, 2011

Rather like the premature reports of the death of Mark Twain, forecasts of the collapse of the art market as a result of the global credit crunch appear to have been greatly exaggerated.

The Impressionist and Modern Art auctions at Christie's and Sotheby's in London on Monday and Tuesday nights both exceeded their expected totals.

"Results this week have shown that it is an appealing time to consign works of art as prices are strong, and buyers have responded to the quality of important works," said Olivier Camu, head of Impressionist and Modern art at Christie's.

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