Portuguese Fine Art Market Hit by Financial Crisis

APPA NEWS, LISBON - PORTUGAL - Portuguese Fine Art markets have been hit by the global financial crisis, especially the Art Auction market, which has recorded a 10% decrease in both value and bidding calls.

However, according to some of the most prominent Portuguese auctioneers, the crisis is unlikely to hit severe levels as seen in foreign markets, where both Christie’s and Sotheby’s are feeling the crisis more severely than Portuguese auction houses.

Fine Art market prices were somewhat inflated, according to Portuguese sources, an issue now having an effect on the present decrease, but the general view is that a severe crash in the Portuguese Fine Art market is unlikely to develop.