Auction sales can often give you an idea of how the economy is fairing. The Wall Street Journalsays there are signs the market is weak in the language Christie's is using to describe a big contemporary art auction in London this coming week.
With confidence in the contemporary art market now decidedly low, international auction houses are using cautious language in the lead-up to next week's big London contemporary sales. The auctions all feature works by artists whose prices soared in the boom times.
"Estimates were done taking into account the new circumstances of the market," says Phillips de Pury chairman Simon de Pury. He hastens to add that this modest approach "offers collectors great opportunities" at his sales on Feb. 12 and 13.
At Christie's, international director of postwar and contemporary art Pilar Ordovis notes that the auction house's prestigious evening sale on Feb. 11 will offer "a carefully curated selection of works of the most established artists of the last 60 years."
Some contemporary artists that did very well during the early 2000s may not fare quite as well now that the recession is bearing down on contemporary art buyers. The Wall Street Journal lists several pieces to watch at the upcoming Christie's auction including Takashi Murakami's "Flower Ball (Brown)" (pictured above) and Banksy's "Happy Chopper." The sale prices of these items could be a good bellwhether for the economy. You can see a gallery guide for the auction here.
Auction sales can often give you an idea of how the economy is fairing. The Wall Street Journal 
