Art Market Stability

Against the backdrop of the turmoil seen in the global economy in recent months, many commentators have observed the art market’s continuing stability and resilience at every price level. Appealing to a larger global audience than ever before, the art market oversees the exchange of unique works of art, and collectors driven by passion and desire continue to seize upon the opportunities presented by artworks appearing on the market for what may be the only occasion in their lifetime. Where rare works of art are offered with appealing estimates, strong prices are being collector ‘Where rare works of art are offered with appealing estimates, strong prices are being seen at Christie’s salerooms around the world.’

In the last six months, we have seen The Wittelsbach Diamond sell for £16.4 million, a record price for any jewel sold at auction; a rediscovered masterpiece by Giambattista Tiepolo realise £2.84 million, against its pre-sale estimate of £700,000 to £900,000; and in February in Paris, the Collection of Yves Saint Laurent and Pierre Bergé sold for £333 million – the highest ever total for a collection sold at auction. And these results are refl ected at every level of the art market; at Christie’s South Kensington in March, an auction offering property of the 14th Earl of Kintore and the Collection of the Late Bernard Lyons, C.B.E., doubled pre-sale expectations and realised £1.1 million, with individual prices ranging from £250 to £40,000.

UNDER THE HAMMER

The summer sees a regular schedule of sales at Christie’s international salerooms. On 21 May at South Kensington, a George III Scottish mahogany and chequer-strung stick barometer by Balthazar Knie, Edinburgh, dated 1787, will be offered, with an estimate of £1,000 to £1,500, and on the same day at Christie’s in St James’s, Samuel Peploe’s ‘Pink and Red Roses in a Vase’, 1906, is expected to realise £120,000- £180,000. On 9 June, the auction of Russian Art will include a jewelled nephrite model of an elephant by Fabergé (estimate: £40,000 to £60,000) and the auction of Impressionist and Modern Art on the evening of 23 June includes ‘Au Parc Monceau’, by Claude Monet, one of the most celebrated fi gures in Western art. It is expected to realise £3.5- £4.5 million.

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