Impressionist & Modern Art and Contemporary Art New York November 2008

It is said that the November sales of Impressionist and Modern Art and Contemporary Art presented a major test of the market since the beginning of the worldwide financial crisis. The New York sales differ from the other auctions held within the new financial climate in both scale and scope. The combined result for the two weeks of sales at Sotheby's and Christie's was $775,747,825.

There are two ways to interpret that very substantial number. From the perspective of the press, the sale totals were evidence of a collapse in the art market. Numerous stories worked through this theme. On the other hand, collectors and dealers, as well as art managers and auction house experts, all viewed the below estimate results as encouraging, much to the surprise of the journalists. Why the disparity in these two views?

The following article is referred as a private market review from Sotheby's, which may provide a possible answer to this question.

http://www.sothebys.com/liveauctions/amr/la_prevmarket_impsCntp_1108.html

---Fangzhou