Just when we thought the art market is going into the dumps along with the rest of the economy, there appears to be some signs of light at the end of the tunnel. What is particularly encouraging (to me) is the rising value of one of my favourite artists, Egon Schiele:
The estimated value in the Im Kinski auction catalogue was between € 100.000,00 and € 140.000,00, whereas the actual price came in at €260,000!
Here is what ARTINFO wrote about the subject:
VIENNA—At a time when the "big three" auction houses — Christie's, Sotheby's, and Phillips de Pury & Co. — are seeing their major sales bring in mere fractions of previous years' results, the Vienna auction house Im Kinsky has defied the declining art market and achieved record results for the first half of 2009, reports the Austrian Press Agency.
The modest Im Kinsky brought in €14 million ($19.9 million) from January through June, for an increase of 11.2 percent over the same period last year. The house reports selling 17 lots for more than €100,000; the top three earners were Max Oppenheimer's Die Geißelung (The Whipping) at €446,000 and Egon Schiele's Stehendes Mädchen (Standing Girl) and Akt mit Strümpfen (Nude with Stockings) at €320,000 and €260,000. Not all the news is good, though: While important modern works have done well, interest in 19th-century painting has waned.