LONDON (LALATE) – Did a 2010 sale of the Alberto Giacometti piece “Walking Man I” prove that the art market had rebounded from its previously lows? Until this week, industry analysts weren’t so sure. But after a series of promising sales from two auction houses in London this week, insiders contend that Giacometti sale was just the first in new highs a rebounded market is set to reach.
It had been three years since the art market had reached its best levels. But last winter, there was a jawdropping sale that left many wondering if an upward trend was coming. In fall 2010, Alberto Giacometti’s “Walking Man I” sold for $104.3 million. What did the Giacometti sale indicate about the market?
On Friday that question was answered.
Yesterday, Sotheby’s and Christie’s drew an impressive $495 million in combined art sales. It was part of two weeks of art auction sales in London. Today insiders believe Friday’s results at Sotheby’s and Christie’s were the best performance of the market since the recession. Top sales over the last few days went for Pablo Picasso’s “La Lecture”, Salvador Dali’s “Portrait de Paul Eluard”, and a Francis Bacon’s triptych. And while some critics say the quality levels were done, the purchasing was up.
But while art drew its best numbers auction results in several years this month in London, insiders still contend that U.S. buyers were not back in strong force; many contend this month’s rebound was driven by purchasers from the former Soviet Union.
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