Ready, Fire, Aim! - Mihail's Public Blog: Contemporary art heating up

Friday, June 24, 2005

Contemporary art heating up

The success of recent auctions in London at Christie's and Sotheby's show that the contemporary art market is heating up -- and one my favorite artists, Sean Scully, who's newest work on paper we recently acquired coincidentally from a London gallery -- hit a record high for his work. Plus, there's a major US show of his work coming up this Fall. According to this Wall Street Journal story (subscription required):

Contemporary work dominated this week's fine-art auctions in London, continuing a trend that began four years ago. At Sotheby's Wednesday, sales of contemporary works rose 37% from last year, to $35.3 million. Yesterday, Christie's posted $44.5 million in contemporary sales, up almost 74% from the total in 2004.

In contrast, evening sales of Impressionist and Modern pieces sank 25% from fall 2004 at Sotheby's and rose 9% at Christie's.

...At one point Wednesday night at Sotheby's, eleven bidders were vying for Sean Scully's large geometric painting, "Wall of Light, Temozon," which set a record for the artist when it sold to a private buyer for £377,600.

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