At Contemporary Art Sales on Auction

The auction market just delivered an unexpected message. Money remains available for art, lots of it, but the buyers are now calling the shots, not the sellers. Particularly not the auctionhouses, which have been playing a risky game for years in encouraging an artificial inflationary drive.

In just 10 days, auction houses thus received splendid news - money for art miraculously remains abundant - and a severe warning. Stop the old game of relentlessly hiking estimates in the hope that bullish buyers will meekly go along.

[from ...buyers are now running the show by Souren Melikian]

Souren Melikian is the art editor of the International Herald Tribune. He is based in Paris.

Regia Marinho large abstract painting.
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