Market Status: Time to Sell
Now that there is more time to consign (deadline is now August 12th), I asked Peter his thoughts on the current state of the market and recent consignments.
Peter Loughrey: So far the October 2010 Auction will include a large assortment of items in the $1,000 – 1,500 range, which will make for an exciting opportunity to buy. Although the lower price range is almost full, we can still accept a few pieces in this range.
However, there is a strong market for high-end material in the $5,000 – $25,000 range, which is supported by motivated buyers at the upper end of the market, who have been using art as investment. Many works of art in this price range are selling for as much or even higher than at the peak of the market in Spring 2008. In our last two auctions items in this price range have realized the strongest auction results in our 18-year history.
In the Los Angeles art market especially, top buyers feel the recession is over and are eager to buy quality works; however there is very little available to satisfy the demand. If you regret not selling at the peak of the market, now is your second chance, don’t miss out again.
As for recent consignments, the past few days have been exciting for us. Three highlights include:
– Andy Warhol Campbell’s Soup screenprint
– David Hockney Swimming Pool lithograph
– Diego Giacometti Table
To take advantage of this market, please contact Peter, peter@lamodern, to submit images and/or descriptions of the material you wish to consign.
For further reading on the shift in the art market, check out this article by Kelly Crow from The Wall Street Journal, published August 4th.