The month of September brought along with it the financial collapse of uncle Sam. Since Lehman Brother Holdings Inc., historical company active in financial services at a global level, announced its intention to file for Chapter 11, the procedure of “piloted failure” provided for by US law, a burdensome situation has been perceived and economists have seriously started questioning the future of the luxury industry. While ex employees were leaving the Lehman Brothers offices with their boxes, experts of the art market wondered what would happen in the future.
The main international economists are now claiming that the crisis of the financial markets, and the one of real estate markets, are definitely starting to affect also the art market. The economy is changing. Nobody can establish with precision which direction it will take. According to analysts next year will be comparable to the early Nineties, when prices fell by 44% in two years.
After a period in which auction houses registered a series of records, especially for contemporary art, which saw its prices multiplied in 2007, the wind has suddenly changed.
A similar situation to the one in 1989, a crisis that was overcome only in the mid-Nineties, with a fall back in 2001 when the Twin Towers collapsed, blocking for days the US financial system. Sotheby’s postponed to an unscheduled date its auctions in New York and the magnate of luxury Arnault supported Phillips. 

The first semester for the art market is about to come to an end and before its conclusion Christie’s auction house is going to try itself out with an auction completely dedicated to author prints. Indeed, on 31st July Christie’s New York is going to propose a very interesting sale that will attract many neo-collectors, thanks to the very low estimates that vary from 300 to 18 thousand dollars. “Prints & Multiples” will auction 357 lots, including 29 works by Pablo Picasso, 23 by Joan Mirò and 5 by Marc Chagall. If we look through the catalogue we will see many interesting works that could give an excellent result to this sale dedicated to prints and multiples, a sector considered as one the minor sectors of the art market.

Article translated by Amritee Mahabir

On 14th May 2008 the auction house Sotheby’s in New York will begin the session dedicated to the “Contemporary Art Evening Auction”. The auction will showcase 85 lots which will feature great, and famous international contemporary art stars like Banksy, Damien Hirst, Jeff Koons and many others.