Post-War & Contemporary art auction sales, organized yesterday (12 February 2016) at London by Christie’s and Bonhams, have demonstrated the solidity of the Art Market during deep economic and financial difficulties.
With 8.3 % of unsold lots, the world first Auction House, Christie’s, does not seem to suffer from the bad backdrop. All major artworks (by Peter Doig, Francis Bacon, Lucian Freud, Jean Dubuffet, etc.) were sold within or above their estimates. More than ever, collectors are willing to acquire great pieces of art. Thus, a painting by David Hockney, Beach Umbrella (1971), estimated between £ 1m and £ 1.5m, has been acquired for £3.1 million.
On its part, Bonhams disclosed an unsold rate of about 20.8 %, which is still quite under the average Art Market (38%). A painting by Frank Auerbach, E.O.W. on her Blue Eiderdown V (1963), also reached a tremendous result over £ 2 million.
Therefore, the Art Market is currently proving that it represents a serious opportunity of investment, withstanding economic shocks.