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Sotheby's logoAfter a dismal 2009, there is hope for the art auction segment. There was reason for optimism at in the past quarter, as the major houses started to move impressive pieces again, and momentum continued through the beginning of this year. Now, we're getting ready to move into the busy months of May and June. Unlike last year, auctioneers, collectors and dealers seem to be ready to play.

May 2008 was essentially the last hurrah of an art market rally that had lasted several years and created incredible amounts of paper canvas and bronze wealth. It was at this point that Sotheby's (BID) sold a fairly late triptych by artist Francis Bacon for an incredible $86 million to Russian billionaire Roman Abramovich, a transaction that has become the poster child for the excesses of the art market.

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Sotheby's Betting on Matisse and Warhol originally appeared on BloggingStocks on Sun, 11 Apr 2010 13:40:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>andy warholartart marketartistarts-cultureartworkauctionauction houseauction housesauction-houseauctionsChristiesfrancis baconinthenewsPablo Picassopicassoroman abramovichSothebysothebyswarholSun, 11 Apr 2010 13:40:00 EST<![CDATA[Sotheby's withdrawal of Picasso painting from auction seen as bearish signal]]>http://www.bloggingstocks.com/2008/10/28/sothebys-withdrawal-of-picasso-painting-from-auction-seen-as-be/http://www.bloggingstocks.com/2008/10/28/sothebys-withdrawal-of-picasso-painting-from-auction-seen-as-be/http://www.bloggingstocks.com/2008/10/28/sothebys-withdrawal-of-picasso-painting-from-auction-seen-as-be/#commentsFiled under: ,

There's a saying among the specialists and traders who do most of the living and breathing at the New York Stock Exchange that goes: "When the little guys are cutting back, that's an inconvenience. But when the big guys start cutting back, that's a problem."

Sotheby's auction house has abruptly withdrawn a Picasso Cubist painting that was set to be auctioned on November 3, The New York Times reported Monday.

This, as CNN's Larry King would say, is not good news.

1909 work is withdrawn

The painting, "Arlequin" (1909), was estimated at more than $30 million, and was one of the most expensive works in the fall art season. David Norman, a co-chairman of Sotheby's Impressionist and modern art department worldwide, told The Times the painting was withdrawn "for private reasons." Sotheby's (NYSE: BID) shares rose 20 cents to $7.85 in mid-day Tuesday trading.

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Sotheby's withdrawal of Picasso painting from auction seen as bearish signal originally appeared on BloggingStocks on Tue, 28 Oct 2008 16:44:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>ArlequinartauctionsPablo PicassoTue, 28 Oct 2008 16:44:00 EST