The G Manifesto

Is the Art World’s Bull Market Over?

Everyone who is anyone in the art world was in London last week for a series of sales and fairs.

The trouble is, too many collectors left their checkbook behind in the clearest sign yet that the global financial crisis has finally caught up with the art world. Experts warn that things are likely to get tougher.

A far bigger test for a market which had largely defied the gravity of economic gloom comes next month, when Sotheby’s and Christie’s, the two dominant auction houses, hold major sales in New York. The Art Basel Miami Beach show follows in December.

“Now is not a brilliant time to be selling — people are facing such a complicated financial situation they are not prepared to do anything,” said Philip Hoffman, chief executive of the Fine Art Fund Group.

“The market place is much tougher, and in light of what’s happened in the financial markets, the art market cannot be immune to it. Liquidity is tighter everywhere.”

Source

Art world’s test

I think Sotheby’s and Christie’s will undoubtbly be effected by the Down Economy.

But like anything, if the price is right, now is the time to be buying.

The Rest is Up to You…

Michael Porfirio Mason
AKA The Peoples Champ
AKA Your favorite International Playboy’s, favorite International Playboy
The Guide to Getting More out of Life
http://www.thegmanifesto.com