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Has the art market turned a financial corner?

m1As the market of contemporary art continues to recover, London auction houses completed a stellar weekend, with sales that are far better for a few of the most popular well known European artists.

Although spending has been curbed for the last several months, collectors competed over the weekend for works by Martin Kippenberger from Germany and metal sculptures by a handful of UK artists.

While colourful artworks and sculptures are “in” once again, bidders were still quiet on pieces of work that were over one million pounds and a selection of video art. The current bidding choices are expected to reflect the sales at the upcoming New York major art auctions in the later autumn months.

Still, Sotheby’s and Christie’s, two of the most prominent auction houses, sold £26.3m this past weekend in combined sales which beats the estimate of £18.7. However, compared to last October sales, the revenue is still down by 51%.

One of the reasons may have been a lack of items to auction, with Christie’s only putting up 25 pieces on the market, which is only half of what the typical giant auction house would have included in its bidding catalogue.

At least however, the weekend sales show that serious art collectors are ready to pick up the bidding paddle again.

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