ArtDaily recently mentioned the full year art sales of Christie’s auction house. Christie’s sold an impressive $6.3 billion in art for 2007 (Bloomberg says it’s $6.1 billion).
It will be interesting to see if the next big art auction takes any notice of the recent (current?) stock market plunge. If the super-rich are getting margin loan calls and they keep hearing in the news that there’s a recession ahead, will they continue to pay the high prices that are being paid for art?
Christie’s 2007 Art Sales
“Christie’s International, the world’s leading art business, today announced 2007 art sales totals of £3.1 billion/$6.3 billion, a 25% increase in £ and 36% increase in $ over 2006 sales. The results were achieved through more than 600 sales in 14 saleroom locations worldwide and include auction premiums plus private sales of £268 million/$542 million. For the year, Christie’s sold a total of 793 works of art at auction for over $1 million.” Art Daily