«GOOD BUSINESS IS THE BEST ART»

Private sales compose the most opaque segment of the largely unregulated art market. The secrecy that makes these deals appealing to clients also precludes most participants from revealing any specifics about the transactions.Such deals also allow collectors to have control over prices “at the time when price points are very difficult to determine,” Dolman said. “People are happy to negotiate and walk away from a transaction” if the agreement isn’t reached, he added.Serious and seasoned collectors, who understand the advantages of buying in a depressed market, have filled the gap left by fleeing speculators.
“They want deals,” said Dorsey Waxter, director at Greenberg Van Doren gallery, which recently sold eight prints by Jasper Johns, with prices ranging from $12,000 to $350,000. “They typically have in mind a number they want to pay and are very committed to that number.”

Bloomberg
July 27 2009