Following their American counterparts, which occurred last month in New York, Contemporary art sales in London held strong this week.
An article in The Art Newspaper discusses these successes but asks “how much longer the art market, especially at the top end, would remain unaffected by the turmoil in the global economy.”
Certain blue chip works underperformed, especially at Sotheby’s, such as Basquiat’s Warrior or Bacon’s Study for Self-Portrait, which both sold just under their low estimates. Christie’s had more success, though even they had some struggles – Koons’s iconic Baroque Egg with Bow (Blue/Turquoise), was bought just at its low estimate.
[This entry was drafted with the assistance of Nicole Dornbusch].