Art Market Recovery: Tracing Improvements

$48 Mil Head of a Muse; Raphael
$48 Mil in 2009 for Raphael's Head of a Muse

As I continue to study the art market’s very slight, but seemingly strong rebound, I will continue to compile reports which should lend insight, not only to the workings of the art market as it improves, but to trends that should grow out of this latest bubble burst. What follows are some things to look out for and what they mean for the future.

Continue reading “Art Market Recovery: Tracing Improvements”

WALL POWER

Picasso’s 1932 painting “Nu au Plateau de Sculpteur (Nude, Green Leaves and Bust)
Picasso’s 1932 painting “Nu au Plateau de Sculpteur (Nude, Green Leaves and Bust); photo from The New York Times Online

Because the market is looking up, and because the art world responds so quickly to upswings –and, because Picasso’s 1932 painting “Nu au Plateau de Sculpteur ” is really big and has all the bells and whistles (a lover, Marie-Thérèse, the iconic head thrown back pose, and a very Picasso-pallet), folks at the New York Times say that an auction price record is about to be broken.

According to NYT, the Picasso, on sale at Christie’s onTuesday, is  “poised to eclipse the $104.3 million paid for the current record holder, Giacometti’s “Walking Man I” purchased at Sotheby’s in February.

Art is beginning to be viewed as a good investment again, and, since the financial collapse, it seems like a safer place to put one’s money than in the stock market.

Other reasons why the hammer is expected to come down on a record price:

  • The painting is from a popular Picasso period of very large, very colorful paintings.
  • Picasso’s from the year 1932 are not likely to be sold again any time soon, if at all.
  • It was only on public view once since 1951: so it has freshness.
  • It “reeks,” according to NYT, of “Wall power.”

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