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November 14, 2007

The Contemporary Sky isn't falling....YET!

So last night's Christies Sale went very well.

Henny_penny 12 New insane records broken for several big name artists...

Here's a recap from bloomberg news...

Download Christies_contemporary_sale.txt

Even Sotheby's Stock is bouncing dead cat up 10% this morning...

So now let's see how all the mid-priced lots go.... keep your fingers crossed!


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Conventional wisdom is that even if the overall economy is facing an undeniable recession, the most powerful impact of that isn't felt on the art market until about 1.5 years later. Meaning, that even as we see the banks disclose worrisome reports (and word is that after tomorrow is when the real potential for bad news [http://www.dailykos.com/storyonly/2007/11/13/31440/217] begins) and other indicators give us reason to be weary, unless the bad news remains in place for a good while, the art market won't suffer too much too quickly. All of which I read to mean we still don't know that much about what to expect.

You are so dramatic!...lol
Told you not to freak out!

Thanks guys.. yes.. MAO is of couse a huge DRAMA queen!
Which is exactly why we love art so much!

But Ed.. I think the Fincancial correction has been going on for 6 to 9 months already.. And, Wall Street started taking the big losses in May and June..several hedge funds were already 100% wiped out.

So.. I'd say..if you're right about your 1.5 years... we only have another 8 or 9 months of party left... Yikes!

Well... let's all enjoy Maimi.. while we still can.. cause next year might be VERY different!

Funny, the news blurb that headlined on yahoo.com yesterday stressed more of how the Warhol and most pieces actually went for just below estimates or unsold. While merely mentioning a few pieces set a record.

I've been saying for awhile 08 will be bad. Top callers (who've been whining for about a year now) are always early. But we're starting to see hints... — It's ok, I'll still enjoy the art on my walls. But it will be a little disconcerting knowing I won't be able to unload my assets if I need to. At least not always for profit. And possibly for losses. But it might also be a good time to save up for deals in 08 and 09...

See below Sothebys results on previous blog!

Dear People,
The world will still go on. It always does.

...although, the recent auctions at Phillips appeared to do pretty well? Lots over estimate. Jules Balincourt sold for about double high estimates.

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