Contemporary Art Market Karma at Phillips de Pury Pt. 2 – artmarketblog.com Another way that Phillips try and justify their presence in a market where competition from the primary gallery sector is fierce is by offering works at auction by artists whose work would otherwise
of contemporary art that have dropped in value since last appearing at auction is unlikely to diminish. Phillips’ Contemporary Art Part II
13 May 2011 auction included a particularly good example of a work that had experienced a reduction in value since last appearing at auction. Matthias Weischer’s Untitled, 2003 was auctioned by Phillips in 2007 at which time it sold for $421,000 against an estimate of $300,000-400,000. This work reappeared at Phillips Contemporary Art Part II 13 May 2011 auction where it was given a lower estimate of $250,000-350,000 and only fetched $302,500. Having to sell a work of art for a client for less than they sold it to them for give years prior must have been a little bit humiliating for Phillips yet is something that I am sure that they are used to dealing with. Because the contemporary art market is volatile by nature, a reduction in the number of works being consigned to auction that have dropped in value is highly unlikely.
to be continued…………………
**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.