Crisis brings rare chance to invest in art
Published: 12 November, 2008, 22:31
Art sales are bringing in less money than expected even at such prestigious auctions as Sotheby's. As the financial crisis bites, buyers are cautious about investing in art. Collectors say prices are at a two-year low, and still have further to fall.
Though Tuesday's Sotheby's sales in New York were expected to bring in over $US 200 million, they only netted just over $US 125 million.
The biggest seller of the auction, Yves Klein's 'Archisponge (RE 11),' which fetched $US 21 million, sold way below its estimate of $US 25 million.
Twenty lots were not even able to find a buyer and these included works by such iconic artists as Andy Warhol and Roy Liechtenstein.
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