Spurred by wealthy Asian buyers, the international art market seems to have recovered from its recessionary plunge. Both Sotheby’s and Christie’s reported sharp increases in revenue during the first half of this year. “We’re not going to lull ourselves into a false sense of security,” said Christie’s Ed Dolman, “ but the art market does seem to be recovering more quickly than anyone here expected.”
Among the standouts so far this year was Picasso’s “Nude, Green Leaves and Bust,” which sold at Christie’s for $106.5 million, a record for a work of art at auction. Sotheby’s top seller was Giacometti’s “Walking Man 1,” which realized $104.3 million. For all that, uncertainty remained in other sectors of the art market. Russian, Old-Masters, and 19th-century art have yet to be touched by the boom.
Read more at The Wall Street Journal.