Tuesday, May 04, 2010

Don’t worry, be happy

As The Art Newspaper has pointed out, there is nothing like a recession to get record art prices out of an auction room. Alberto Giacometti’s Walking Man I was knocked down for $NZ143.5 million in February making it the highest price ever paid for an artwork at auction. The previous record of $NZ143.3 was set in 2004 by Picasso’s Boy with a pipe and it remained unbeaten throughout six years of market mania. Now the word is that the Giacometti record, set in the midst of recession, might fall tonight when another Picasso, Nude, green leaves and bust comes up at Sotheby’s tomorrow.
Image: A record holder from way back