Art Market Soars But Remains Unpredictable
In a February 4, 2010 article, the New York Times reported that the record sale of the Giacometti life-size bronze figure “L’homme qui marche I” (The Striding Man I) at Sotheby's in London is a recent example of the suddenly booming art market. Yet, as the Times states:
"Money is ready to flow as never before. But the ups and downs of the bidding pattern, not clearly connected with the intrinsic merit of the works being offered, indicate that the market remains haphazard, making reasonably accurate predictions virtually impossible. This is not going to make life easier for auction house specialists or the buyers they hope to attract. "
The article can be found here:
www.nytimes.com/2010/02/05/arts/05iht-melik5.html
