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| Action at Phillips Auction House, London. |
Recent sales indicate the market for emerging art is off from its peak two years ago.
Prices for some artists are down nearly 90 percent.
Phillips Auction House's “New Now” sale brought in $2.8 million, with a sell-through rate of 74 percent. The total is a decrease from the $4.4 million brought in by February’s “New Now” sale, but the sell-through rate marks a 23 percent increase.
Prices for artists were down:
- Hugh Scott-Douglas and Christian Rosa had in the 2014 speculative market brought prices above $100,000 and were down to the $20,000-$30,000 range.
- A Lucie Stahl painting, valued at $6,000, went for $563.
This supports evidence from other auction data that some contemporary art prices rose rapidly in recent years relatively to Impressionist and other classical art and were due for a correction.Sources: Bloomberg.com, ARTNews, and artsy.com.
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- 100 Priciest Art Sales at Auction
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- Aug. 11–Pollock Died 60 Years Ago
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- Some contemporary art is overpriced. | London Phillips ...
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