Old Masters Set Records Amid Meager Offerings

"Record prices were achieved at Christie’s auction of old masters and British paintings in London on Dec. 6. The evening auction reached close to $38 million overall with 73 percent of the works selling above their pre-sale estimate.

The records were made, in part, due to the scarcity of fresh new works coming to the market, with buyers competing over what was available.

Art consignors in this category are tending to hold onto their works during the recession. The vendors are doing their best to entice them to sell with overly high sale estimations, many of which were not met at Old Masters Week this month for Christie’s, Sotheby’s, and Bonhams."  [Read Full Article]

Published by:  The Epoch Times
On:  12/27/11
Website:  http://www.theepochtimes.com

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