Memo Art Can Be Overpriced Even for the Rich – F

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While some companies are trying their hardest to come across as inexpensive as possible through advertised (and constant) sales and “everyday” low prices (Olay,[link widoczny dla zalogowanych], Target,[link widoczny dla zalogowanych], Bloomingdale’s),[link widoczny dla zalogowanych], other companies,[link widoczny dla zalogowanych], we’ll call them “luxury,” simply aren’t, because the general consensus has been that the luxury market is doing just fine.
But a big impressionist and modern art auction at Christie’s last week wasn’t just uneventful – it tanked.
44% of the works,[link widoczny dla zalogowanych], including 19th century landscapes by Monet, failed to sell, with the auction’s sales totaling to less than one third of the pre-sale lowball estimates.
So what could this mean? Either people at the tip top of the financial echelons are hanging on to their money a little tighter these days due to their own financial woes – or, it’s simply become distasteful to drop jillions when news like this comes out.
Either way, it’ll be interesting to see how all the high-end jewelry companies respond to this holiday/bonus season. Harry Winston on sale? Let us pray.
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News Memo: Art Can Be Overpriced Even for the Rich By Natalie Hormilla Monday, Nov 10, 2008 / 2:39 PM GMT -5