The latest financial crisis and the credit crunch has been the story of 2008 and 2009 and perhaps 2010. Stock prices collapsed, house prices fell to unprecedented levels and most investments suffered from bad to worse and to calamitous.
The Greek Market Proved Resilient and Worth Investing In
The collapse of shares and house prices in the second half of 2008 was very serious and it nearly drove the world to the brink of financial meltdown. Fortunately the important governments of the world took urgent action and the sinking ship was stabilised. During that upheaval and at its worst time, in November 2008, the two Greek sales of art proved to be very successful under the circumstances and a very good selling rate was established even at the worst time of the financial crisis.
Sothebys November sale had a higher unsold rate than normal because they were too ambitious with the estimates of major unsold lots.
Sothebys Sold
April 2008 177 lots Lots Sold 145 83% 9.564 million pounds
Novmb. 2008, 203 Lots Sold 110 55% 6.006 million
May 2009 125 Lots Sold 89 71% 3.4 million
Nov. 2009 173 lots Sold 103 60% 3.8 million pounds
Bonhams Sold
May 2008 210 Lots Lots Sold 162 77%Sold 4.6million
Nov. 2008 170 Lots Lots Sold 122 70% Sold 3.98 million
May 2009 145 Lots Lots Sold 112 77% Sold 3.6 million
Nov. 2009 162 lots lots sold, 134, 83%, sold 3.5 million pounds
The tables above make it clear that this market is very strong, it is experiencing a serious upward trend and under the present economic circumstances, it is indeed very healthy. The sales in 2008 averaged prices of 63,000 pounds per lot sold at Sothebys and 30,000 pounds per lot sold at Bonhams. That is excellent in spite of the November sales taking place in the middle of the financial storm of 2008-09. Furthermore to prove the point of resilience, stability and holding of prices the secondary May sales at both auction houses recorded 38,000 average per lot sold at Sothebys and 32,000 pounds per lot sold at Bonhams with quality of lots offered far inferior to earlier sales.
Investing in anything is a risky business and for that reason alone one has to be cautious and careful. However, the facts and trends in the Greek Art Market are so encouraging that, our assessment for the future of this market is very positive and indeed bullish.
We try to provide more information on performance and future trends about our stock of artists in the tables that follow each artist. We provide a range of auction results and performance over the last ten years or more if no prices are available for the latest years. Such results indicate to some degree the trends and the potential for the next five to ten years and further into the future.
We advise all our readers, clients and collectors to invest in art because they like art for its own sake and for the individual merits of any particular piece of work. We advise our collectors and investors to buy with the long term in view and with about ten to twenty years in mind. Investments of longer are also investments of much better returns.
We strongly advise our visitors to buy art because they like what they see irrespective of the artists and the prices quoted.
Buy art for art’s sake not for finacial gains.
Peter Constant
