£1 billion of goodies

William Kay: Art sales hammer home the message
More than £1bn is coming under the hammer in the next month
William Kay

The latest art auction season reveals fascinating insights into how the rich are reacting to the credit crisis and the consequent stock-market turmoil.

While the London market has recovered well in recent weeks and people who should know are beginning to say the worst is over, saleroom action points to a high degree of disagreement and indecision about the outlook.

Counting Bonhams as well as Sotheby’s and Christie’s, and including a great range of items — from chess sets to cat’s-whisker radios along with the Warhols, Lowrys and Monets — more than £1 billion is coming under the hammer this month and next.

The auction houses are confident of raising that sort of money — of course they are, that’s their job — but it also means that many wealthy collectors such as Sir Sean Connery want to unload, and only six months after works of similar value changed hands.

Early signs are mixed. While Monet’s Le pont du chemin de fer à Argenteuil went for a record £21m last week, paintings by Picasso, Renoir, Van Gogh and Gauguin failed to sell.

...In London’s Knightsbridge, the firm is selling chess games, books and memorabilia. While you might have to pay £5,000 for an 1810 Chinese ivory chess set, there is plenty for around £100 here, too.

Here is the full article.