Different River

”You can never step in the same river twice.” –Heraclitus

November 22, 2006

Art Prices Soaring

Filed under: — Different River @ 4:42 pm

This is really strange:

Record art prices astonish New York dealers

By Deborah Brewster in New York

Published: November 19 2006 17:27 | Last updated: November 19 2006 17:27

More than $1.3bn in works of art have been sold in the past two weeks during a record New York auction season that has pushed art prices to an all-time high.

Experienced dealers and collectors were astonished by some of the prices paid at auctions held by Sotheby’s, Christie’s and Phillips, which pulled in twice the sum they did last year. The worldwide collecting boom shows no sign of slowing, with Russian, Asian and Middle Eastern collectors, along with hedge fund managers, providing a fresh pool of buyers.

Prices are now clearly above the level of the last market peak in 1990. The Mei/Moses index [of art prices] rose 22 per cent in the 12 months to June and is expected to rise sharply further once the latest sales are included.

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