Fine Art Worldwide Auction Prices Fall Short of Expected

APPA NEWS, LONDON - UK - Worldwide art markets auction prices have fallen, showing an expected tendency to readjust to adverse current conditions.

Degas “Danseuse au Repos” [pictured left/above], sold recently for £ 23 million pounds, not a bad price, but auctioneers have indicated that many other works by Modigliani, van Gogh, Monet and Matisse did not sell at all.

Falls in sales and prices have been hapening on both sides of the Atlantic, notably in New York, the latter coming as no surprise, according to Sotheby’s Impressionist specialist, Mr David Norman.

But although current financial conditions are not ideal, the very best works are selling still, one of which, “Suprematist Composition”, by Kazimir Malevitch, fetching a whooping £ 37 million pounds just recently.

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.