Recession and a Flagging Art Market

Art sales seem to have been affected by recession as well, as a rare Picasso paining which he dedicated to his daughter Maya failed to sell at Sotheby’s Impressionist Sale. The painting titled Maya was dedicated to his toddler and has an adult’s face and a child’s body. It was expected to fetch between $16 million and $24 million.

It reflects the condition of a slumping art market, which can have serious consequences for artists. However, the situation could be temporary and with time, at sales would naturally pick up. A high-end painting such as Picasso’s not finding a buyer is something that has not happened for a long time. Perhaps it would take longer time for people to be able to afford art and give them the place they deserve.

High-end art may not find a huge market now, but it could be an indication that people would spend more on newer artists who would sell their work for a lesser price. This could actually be an opportunity within a threat as that would give newer artists to find a market in a dismal situation, where affordability would make their art accessible. When the market recuperates, these newer artists could very well become established and successful.

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Courtesy: Bloomberg

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