As I said several days ago, I’ve been away, in the Canadian Rockies, where I saw nothing in
the cultural world I can comment on — just the wonders of nature. But, ever the news junkie, I’ve been plowing through the week’s newspapers — which are saved for me — and emails, and have discovered a few things. Here’s one:
Christie’s has apparently decided against starting an art-investment fund and art-lending unit, according to an article by my friend Lindsay Pollock on Bloomberg. She writes:
The move is another sign that the global economic slump is hurting the once-booming art market. At least seven employees working on Christie’s financial projects have been fired or have left the London-based auction house since December, the people said.
A Christie’s spokesman declined to comment.
There’s little disputing that Christie’s caution indicates that demand for art isn’t booming: first-half auction sales in New York at Christie’s declined by more than 50%.
But that’s not necessarily bad, long-term. The market will be better off if it rises slowly, rather than take off like a rocket. Smart investors know that a stock market that climbs a “wall of worry” often fares better, its rally lasting longer, than a market that jumps and jumps into bubble territory.
Photo Credit: Courtesy Christie’s