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.

Portuguese PM Argues The Case For Banking Nationalisation

APPA NEWS, LISBON - PORTUGAL - Portuguese PM José Sócrates has argued the case for taking banks into public ownership, should the need arise.

The Portuguese PM’s comments were the short answer to opposition leaders from CDS-PP party, who have been questioning the matter, following the Government’s decision to take BPN bank into public ownership, as a result of the recent credit crunch and the financial crisis.

“The Government decision to take a bank into public ownership is entirely legitimate”, said Mr Sócrates, when questioned in regards to the legislative process which lead to the nationalisation of BPN bank, adding however that such decisions must now pass through Parliament for approval, as required by the Portuguese Constitution.

The Portuguese Prime Minister’s comments took place at the end of a meeting between the Government and trade unions, to agree upon an increase on the Portuguese National Minimum Wage, which is expected to reach EUR 450.00, with effect from 1st January 2009.