Posted on 02/27/2009 6:20:34 PM PST by Cincinna
The extraordinary three-day auction of the Yves Saint Laurent-Pierre Bergé collection has put the global art market in an entirely new perspective. It has finally demonstrated that the art market is set on a separate trajectory from the rest of the world economy and, even more importantly, it has altered the international power balance on the auction scene.
To the general public, the string of world auction records set this week, from 20th-century paintings to Old Masters to Art Deco furniture, is the most striking evidence that the art market is performing beautifully. The sale, conducted by Christie's, took in €374.3 million, or $475.4 million, making it by far the biggest single owner art sale in the world.
The star lots all ascended to world auction records, sometimes surprisingly so.
"snip" Pierre Berge had rejected the advice of those who urged him to delay the auction because of the world financial troubles, or to have it redirected to New York or London. Paris had once been a major auction center, and might yet well recover its role. The sale, Bergé thought, had demonstrated its potential.
Few can disagree with that. Christie's - owned by a French businessman, François Pinault - and Bergé have together placed the French capital at the very heart of the international art market. A major new hub may have come into being.
(Excerpt) Read more at iht.com ...
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This sale is proof that one sector of the economy is alive and very healthy and vigorous, the Art Market.
The fact that all of the proceeds of the sale of the YSL Collection will go to charities, makes it all the more significant.
Bizarre movie.
$20/30 minutes?
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