Art sales are experiencing an upward trend in spite of the recession. Auction house executives in New York have recently found that pieces which aren't actually that valuable are in fact selling for more than they ever have before. For modern and Impressionistic art is becoming increasingly scattered throughout the world or locked up in museums; and apparently it has nothing whatsoever to do with the recession! Some of the not-worth-THAT-much pieces were jokes or sketches done somewhat haphazardly by renowned artists like Duchamp and Pissarro. Join discussion...

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...

In 1776, James Christie founded Christie's International, a now well-known auction house in London with offices also in 43 other countries. With the outstanding sale of Damien Hirst's works for $127 million last year, some people began to hope that auction houses and the art market in general would be able to avoid the current economic crisis. Unfortunately, during the last several months of 2008, auctions struggled and showed the effects of the recession. As a result of the economic crisis, Christie's is currently being forced to make cost reductions. With the auction prices decreasing significantly recently, Christie's has decided to make job cuts and excute other cost-reducing plans. This Monday Christie's will release some individuals from their jobs in an effort to have a good art market in 2009. Another auction house, named Sotheby's, has also been affected by the economic crisis. Sotheby's plans on making job cuts and reducing salaries as well in 2009. The auction houses are trying to reduce their costs and look at the art market in 2009 optimistically, despite the economic situation. Join discussion...

"Liz (Colored Liz)" by Andy Warhol earned less than its 25-35 million dollar estimate, selling for only $23.7 million at Christie's on November 14th. The 1963 work, purchased by Hugh Grant for $3.6 million, appreciated hugely but was perhaps overvalued by auction officials. Many other modern and pop artists' work sold exceptionally well, as with a 1955 Rothko that fetched the evening's highest bid: $34.2 million for "Untitled." This auction, and the others of the season, are being closely watched for signs of art market stagnation. 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...