Journalist Souren Melikian, one of the smartest observers of the fine art market, provided a keen analysis of this week's New York Fine Antiquities auctions for yesterday's International Herald Tribune.
Some of his observations:
"The art market is gradually returning to its natural ecology. Far from crushing it, the current recession is ruthlessly paring down the artificial inflation that was recklessly encouraged by auction houses egged on by speculation-oriented consignors. At the same time, spectacular prices can still be achieved when highly important pieces of world museum level turn up."
"Rarities on which no collector wealthy enough to pay the price can gladly pass were fiercely fought over and realized absolutely astounding prices, confirming that the art market stands alone in the overall economy."
"It was not just Egyptian art that had buyers bidding frantically."
"In the market as it now stands, works that require an art lover's eye to be recognized are no longer targeted by speculators. And that, too, is welcome news."
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