«I LIKE MONEY ON THE WALL»

Works by Andy Warhol and Jeff Koons boosted a 45.6 million pound ($68.2 million) sale in London last night, settling nerves in the market for contemporary art as almost half the successful bids were above presale estimates.The total, including fees, at Christie’s International’s 52-lot sale was achieved against a low estimate of 40.9 million pounds ($61.2 million), based on hammer prices. Eighty-four percent of the works found buyers, who were encouraged by higher-quality art offered at competitive prices, dealers said.A sale the previous evening at Phillips de Pury & Co., where almost half the lots were rejected, and subdued bidding at Sotheby’s on June 28 had fueled expectations that a recovery in the market may have stalled, dealers said. A slump in world stock markets added to the concern

-Bloomerberg
June 30 2010