Wirth Gallery for US$3.5 million (about 2,150,000 pounds)
-Ruscha’s ‘A Riot of Atom’ which was sold by Gagosian Gallery for US$1.5 (about 900,000 pounds)
-A David Hammons installation which was sold by Salon 94 for US$1.5m (about 900,000 pounds)
-A Neo Rauch painting from 2002 titled ‘Harmlos’ which was sold by David Zwirner US$1.0m (about 610,000 pounds)
I honestly think that the biggest difference between this year’s fair an last year’s fair is that the dealers were in a better position to cater to the current market climate and have had the time to adapt their strategies to the buying trends. Dealers reported that buyers are still being cautious and are taking their time to make decisions which is, once again, similar to reports from last years fair. The market for contemporary art is not really in that much of a better position than it was last year but dealers have had more time to adapt to the conditions and make the best of a bad situation. One can take comfort in the fact that things haven’t got worse and that there is still money out there to be spent on contemporary art. There are undoubtedly signs that the market for contemporary art is poised to make a more speedy recovery than people thought which is somwhat of a scary thought.
The Zoo Art Fair was a completely different story but you will have to wait until my next post for more info.
**Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of http://www.artmarketblog.com, writes the art column for the magazine Antiques and Collectibles for Pleasure and Profit and contributes to many other publications