«GOOD BUSINESS IS THE BEST ART»

The recovery in the global art market slowed at the latest bellwether auctions of Impressionist and contemporary works where overpriced lots struggled to attract bidding, dealers said. Expectations for two weeks of London sales had been raised by recent auction records for works by Alberto Giacometti, Pablo Picasso and Amedeo Modigliani and reports of brisk business at the Art Basel fair in Switzerland. Sellers pushed up estimates at a time when choosy buyers are now only willing to pay the largest sums for the best trophy works, dealers said.

Bloomberg
July 2 2010