Art finance

Anonymous artist’s contempt for art market does nothing to dampen demand

Late trading in New York on February 21 saw the price of gold rocket $23.50 (£16.50) to $680.50 (£482.50) an ounce, its highest close since July 7 last year. The leap followed publication of the US Department of Labour’s Consumer Price Index (CPI) report showing inflation had risen faster than expected in January.

Auction series takes art sales to new level

Share of places has risen to a quarter as prices have soared, say Artprice

Already 2007 looks set to follow 2006 as the year of the dealer’s stock sale. As reported last week, renowned international style guru and interior decorator Keith Skeel is to follow in the footsteps of Partridge, Dick Turpin, and John Jesse by selling his collection of ‘antiques and eccentricities’ at auction.

Helped by their stunning November series of New York art sales, Christie’s announced 2006 sales of £2.51bn including auction premiums. The figure – that includes more than £137m in private sales – is the highest in art auction history.

Dublin and Edinburgh rooms all but double sales totals as Bonhams raise stakes in Scotland

Christie’s confirmed their Paris dominance in 2006 by posting sales of €200.8m (£135m), up 74 per cent on the previous year.

THE British art trade has paid out over £1m since Droit de Suite came into force at the start of the year. Despite some initial bureaucratic difficulties, the Artists’ Resale Right appears to have been implemented more smoothly in Britain than in other European countries.

SOTHEBY’s have hit back at claims that investors are losing confidence in the art market despite the company’s biggest shareholder selling their entire stake.

Art, antiques, wine, classic cars – pension hopes disappear

Sotheby’s have extended their credit facility by $50m to $250m, bringing them greater room for manoeuvre in competing for business.

But they will bring benefits for the industry, expert advises

THE price of gold reached an 18-year high last week, after speculative buying surged with the news that the Russian central bank is planning to double its gold reserves.

Christie’s return higher total for a single sale, but Sotheby’s secure top price of series

THE 20th century fashion and accessories sales at Christie’s South Kensington (20/12% buyer’s premium) are not the firm’s biggest money-spinners.

Red tape continues to delay compensation payments in the Sotheby’s/Christie’s collusion case, despite assurances that they would be made by the end of September.

GOLD hit a 17-year high of £268.81 per 24 carat troy ounce as ATG went to press, Michael Bloomstein of Brighton reported.

A much-publicised decision to devalue their stock by £10m, is the headline figure of the six-monthly accounts published by Partridge Fine Arts.

Bloomsbury Auctions report that their new departments have helped them achieve a 60 per cent rise in turnover year on year for the first half of 2005.