Saturday, July 25th, 2009 | Author:

Global art market is thriving. In last two decades, prices of art works have touched stratospheric orbit. We keep coming across the news of wonderful art works being sold for unbelievable prices. Many little known artists got their due in the mad rush of art auctions. It also helped in opening up new avenues for budding artists who were earlier struggling for recognition. However, in last one and half year, things have slightly changed. Due to global recession, art market has also got affected. The crisis did manage to penetrate strong world of art works. We all are pretty sure about the crisis being a minor blip in the long term wonderful prospects of art market. But as of now, many investors of the world have put on hold any new art purchasing decisions. Huge art markets like London and New York have also been affected with slowdown.

 

But there is one global market that has not shown any signs of slowing down. Yes, we are talking about Paris Art Market. Compared to 2007 and early 2008, number of auction sales and volumes have remained more or less stable. That is no mean feat considering the recession factor looming large in other major parts of the world. Talking about this year, there has been remarkable improvement in the number of sales figure shown by Paris art market. It has remained higher than London or New York. In February, Pierre Bergé-Yves Saint-Laurent sale took place at the Grand Palaisand it was a huge success.

 

Many wonderful art auctions have been accomplished in the beautiful capital of France. Even in May 2009, Sotheby’s Contemporary Art sale got buyers for no less than 95% of the art works on hammer. Christie’s had a phenomenal success rate in Paris in last few months. All in all, Paris is leading the revival of art auctions in global market.

Category: Art Market
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