Hard Times in the Art World

Giovanna Bertazzoni has observed a change in the culture of the sale rooms in the year between Christie’s grand summer sale of Impressionist and Modern Art in 2008 and this year’s more subdued version. She runs these evening sales, and she tells a tale of fewer lots and generally lower prices. “There are fewer parties, fewer tours of the paintings before they go on sale,” she says. “Finding paintings to sell now depends on relationships, conversations and trust. It’s a lot more work.”

The end of the speculative bubble means that fewer collections are coming onto the market. Days when sellers were tempted by generous guarantees are over. Curators such as Miss Bertazzoni did not have to be told by management to stop offering them. They no longer make commercial sense.

Hard Times.