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 Join discussion...

Sotheby's sale of 20th century Chinese artwork on October 5 ended with 110 remaining pieces and many low prices. Sotheby's earned only half of their expected profits. However, despite the sales losses, the auction was busy with interested buyers. The sales and prices have suffered due to the economic crises, not the disinterest of the art community. After the October 5th auction, Sotheby's shares fell 14%, a three-year low. Hope remains, as Southeast Asian art has been impacted less. The art community has not abandoned Asia yet. Join discussion...

The artist, Damien Hirst, is selling over 200 different works of at at Sotheby's Auction House. All of the works of art have been made in the last 2 years. There were worries that, due to the economy, the auction would flop. The first half was a general success generating more the 12 million more than what was originally expected. Join discussion...

Francis Bacon's painting: Study of a Nude with Figure in a Mirror, sold for $39.7 million dollars at a Sotheby's Contemporary Art auction last night. The whole show made about $189,424,299 in total. The $39.7 million follows last years record of $52,680,000 for Bacon. Join discussion...

Sotheby's auction of Impressionist and modern art on November 7, did poorer than expected. Two main factors caused this outcome; the hesitency of the buyers and the second rate work that was unable to excite the buyers. Most of the lots sold well below their estimate, and twenty did not sell at all. This was in contrast to a successful auction at Christie's the day before. Despite the over all atmosphere of the auction, there were several pieces that did manage to sell above their estimate icluding a bronze bust by Piccaso and several works by Schiele. Though the auction did poorly, no one has blamed the tumbling stock market. Join discussion...

Last week, Sotheby’s Incorporated, an art and antique auction house, held a rather unsuccessful auction of impressionist and modernist art. The auction, which raised only 269 million dollars, fell short of the company’s estimates for total sales and is being called a “blip” by many in the art market. They had planned on receiving at least 355.6 million dollars for the auction, and actually lost 14.6 million dollars on works that did not sell. Sotheby’s promises to buy all works not sold at the auctions they host, and the recent auction left some surprising paintings without a single bid. This promise, which is called guaranteeing a painting, forced the company to purchase leftover works by van Gogh, Picasso, Renoir, and Gaugin. The loss of money caused Sotheby’s stock to plummet 38 points percent in just two days, even though the art stock market as a whole has been experiencing relative stability over the past years due to funding influxes from China and Russia. Still, Sotheby’s Chief Executive Bill Ruprechet reminded the media that one failed auction cannot be viewed as a representation of the entire market. Sotheby’s stock are still 20 percent higher than they have been in previous years. Join discussion...

This article is about Sotheby's, an art auction house in New York, NY. They recently (yesterday) had an auction of Impressionistic and modern art. Many of the pieces (approximately 22%) sold under their expected range. About 32% sold in their expected price range. 20% of the art sold above range. But, 26% of the art did not sell. Two stock-market analysts have lowered their rating of Sotheby's. Next week's Contemporary Art auction has a cloud of uncertainty over it. Join discussion...