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View story $80 Million? Try a Tenth of that. Art's New Numbers 2 / 0 http://art2news.corank.com/tech/story/80-Million-Try-a-Tenth... Submitted by Joyyy 6 months, 3 weeks, 1 day, 9 hours ago The economic crisis has definitely permeated the art world. Prices are a tenth of what they were, a Giacometti sculpture is estimated to go for 16 million, while 6 months ago it would have fetched 80 million. Sotheby's and Christie's are attempting to provide cash incentives, but buyers are not willing. This drop occurred around November this year and has continued to tank. Buyers are sticking with Impressionist and modern art because it is so much less volatile then up and comers. This is a good time to invest if you've got some dough, and pick up a rare Degas or Bacon self-portrait. The art market is beginning to feel the pinch of the economic crisis Tags: auctions, economic crisis, New York Times, Sotheby's comment (0) | Category: Auction news | Add Joyyy as a friend Comments Votes (my friends) Votes (Everyone) Add your comment Add your comment If you already have an account, sign in: Email address: Password: If you don't, just complete these fields: (or join art2news:: News and events in the Visual Arts for free) Your name: Your site: (optional) Your comment: (You have up to 5000 characters left) Can you see the 5 most prominent letters/numbers in this image? (case insensitive) Please enter them here: « go back

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