Culture Chronicle

Art Sales Revive From Their Swoon
The Wall Street Journal - August 4, 2010
By Kelly Crow

It looks like the art market's Blue Period is over. A year and a half after art prices plunged, the world's chief auction houses say they have recaptured much of their pre-recession momentum.

Christie's International PLC said it sold $2.57 billion of fine and decorative art in the first half, up 43% from a year earlier and the second-highest in the company's history. Christie's total includes $274.1 million in art it sold privately, up by more than a third from a year ago.

Rival Sotheby's said it auctioned $2.2 billion of art in the first half, more than double a year ago. It will release its consolidated sales totals Thursday.

Collectors who stayed home during the worst of the economic crisis say they are feeling increasingly optimistic about the values of their artworks compared with other assets. That boost in confidence made it easier for auction houses to persuade sellers to auction off their trophies throughout the spring and summer. For the full article, click here