THE LATEST NEWS IN THE AUCTION AND ART WORLD

Sothebys and Christies have laid off hundreds of staff as sales continue to fall. Several small auction houses in the New York/New Jersey area have filed for bankruptcy, Antique shops are closing down due to lower volumes and their inability to cover expenses. High-end items continue to do well. Low-end have become out of favor due to a reduction in discretionary spending.

 

How will this impact the art and antiques market? I predict that the art market will continue to retract as the economy continues to shrink. The high end will always have buyers but even at the high end, the price for art will decline somewhat. The greatest pain could be experienced at the low end. Those buying lower priced art, tend to buy it when times are flush since you will not buy art if you are concerned about paying your rent and food.

 

However for those who are debt free, still working and don't feel the strain of a bad economy, there is no better time to buy art and antiques. There are great bargains out there for those who want them.