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Edition: U.S. Article Comments (0) Video Save Email Print Reprints Most Popular Most Shared UPDATE 1-Taiwan says to buy miltary helicopters from Europe 04 Feb 2010 Google facing many risks in China standoff 04 Feb 2010 Gold posts biggest one-day loss since 2008 04 Feb 2010 U.S. investors should be more worldly, says Goldman 04 Feb 2010 China envoy to visit North Korea; U.S. activist released 04 Feb 2010 U.S. investors should be more worldly, says Goldman 04 Feb 2010 Google facing many risks in China standoff 04 Feb 2010 U.S. teens lose interest in blogging: study 04 Feb 2010 Employers likely added 5,000 jobs last month 1:04am EST Human "bed-warmers" at Holiday Inn 21 Jan 2010 New art auction record may not be end, say experts Mike Collett-White LONDON Thu Feb 4, 2010 11:46am EST Related Video Record auction for Giacometti bronze Thu, Feb 4 2010 LONDON (Reuters) - A Giacometti statue smashed the art auction record late on Wednesday, fetching $104.3 million after just eight minutes of intense bidding at Sotheby's, and experts predict there may be even higher numbers to come. Entertainment | Arts | Lifestyle "You only need two individuals to take something to $104 million or more," said Philip Hoffman, founder of the Fine Art Fund Group which has more than a dozen billionaire clients. "I am confident we will break $104 million in the next couple of years," he told Reuters. Whatever happens to the broader economy, there will always be super-wealthy individuals who look at the art world either as a passionate collector or a shrewd investor or both. There are institutions, some with state backing, in the market for rare works to fill museums and galleries that have sprouted up, particularly in the Middle East. And while Russian buying may have slowed, China and India have made up for it. Not that the art market has been immune to the global economic chill of the last two years. Christie's, the world's biggest auctioneer in 2009, saw its sales fall by over a third from 2008 in dollar terms, as nervous owners kept hold of their prized possessions and buyers became more choosy about what they purchased. But by the end of the year confidence had quickly returned. In December Christie's sold the most expensive lot of the year, a Raphael which fetched $47.9 million, a record for any work on paper. And now Sotheby's has the overall record of $104.3 million for Giacometti's stick-thin statue "L'homme qui marche I" (Walking Man I), just beating the previous top auction lot of $104.2 million for a Picasso painting set in New York in 2004. Private sales have generated significantly higher amounts. FREEING UP SUPPLY What the recent trend is likely to do is free up supply of "blue chip" art, experts said. "What people tend to forget is that supply is the crucial thing in the market," said Georgina Adam, editor-at-large of The Art Newspaper. "I think what this demonstrates is that, first: great works of art will make huge prices, and second: this will loosen up supply." She and Hoffman saw greater investment in art over the coming months as a hedge against inflation and as an alternative source of earnings in uncertain economic times. "Many clients burned their fingers in other asset classes, and would quite like to buy into tangible assets and so have put money into things like gold, diamonds and art," Hoffman said. He added that his fund had put more money into art in the last month than at any time in the last eight years, pointing to short- to medium-term strength. While confidence is high for the so-called "masterpiece market" that includes rare works by established masters like Giacometti, Raphael and Picasso, the contemporary sector may take longer to recover its pre-crisis swagger. What happens to the rest of the market is less clear, with the risk of a disconnect between "the best and the rest." "If you have got something good, you will still get a really good price for it," said Clare McAndrew, an economist and editor of the recently released book "Fine Art and High Finance." "But if you have got something mediocre, the middle of the market is being really squeezed and you shouldn't be selling." (Additional reporting by Michelle Nichols in New York, editing by Paul Casciato) Entertainment Arts Lifestyle Add a Comment More from Reuters Employers likely added 5,000 jobs last month WASHINGTON (Reuters) - U.S. employers probably stopped cutting jobs and added 5,000 payrolls in January, the second monthly gain since the recession started in December 2007, the government is expected to report on Friday. Kraft gets over 75 percent of Cadbury, to delist shares Brown takes Senate seat; urges tax cuts Google facing many risks in China standoff Shares fall; Swiss cbank intervention boosts euro | Video Rio Tinto hires new China boss to improve ties » More Top News BUY OR SELL: Samsung may be losing its shine Shares of Asia's biggest tech firm dipped in recent weeks, leaving investors to wonder if its bullish outlook story is wearing thin. Full Article Samsung's share price Samsung dials up smartphone push ASIAN markets Investors' "huge mistake" China, India and other emerging markets promise the strongest growth, a Goldman analyst says. So why aren't Americans branching out? Full Article Dow dips below 10,000 mark "Corrective phase" not over: BlackRock Markets hammer euro states Global Markets © Copyright 2010 Thomson Reuters Editorial Editions: Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom United States Reuters Contact Us Advertise With Us Help Journalism Handbook Archive Site Index Video Index Analyst Research Mobile Newsletters RSS Podcasts Widgets Your View Labs Thomson Reuters Copyright Disclaimer Privacy Professional Products Professional Products Support Financial Products About Thomson Reuters Careers Online Products Acquisitions Monthly Buyouts.com Buyouts Europe: Buyouts Conferences: Venture Capital Journal EVCJ International Financing Review International Securitisation Report Project Finance International PEhub.com PE Week Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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