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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Asia Pacific World Search Search: Art market claims to detect signs of life AFP - Thursday, May 14 NEW YORK (AFP) - - The art market go-go days of a year ago are a distant memory, but Christie's and Sotheby's say their spring auctions demonstrate life is stirring. ADVERTISEMENT On Wednesday, Christie's in New York celebrated an unexpectedly strong 93.7-million-dollar sale of contemporary art. This was not even a quarter of the 348-million-dollar haul at the same auction 12 months ago, when Wall Street was surging and high-rolling tycoons in Russia, Asia and the Middle East were still at large. But by today's meager expectations, the auction -- with a total at the higher end of the pre-sales estimate of 71.5-104.5 million dollars -- was considered a success. The audience of carefully groomed men and women in high heels even applauded at the end. "There was definitely magic in the air," Brett Gorvy, international co-head for contemporary art, declared, while his colleague, Amy Cappellazzo, quipped that the sale "felt vaguely like a year ago." In reality, the figures were respectable, but could not mask the market's continuing doldrums. Ninety-one percent of lots at Christie's contemporary art night sold, including 30 at more than a million dollars. The total haul was considerably better than the 47 million dollars achieved at a cautious contemporary art auction at rival Sotheby's on Tuesday -- a total that missed even the low end of a targeted 52-72 million dollars. Auctioneers indicated they were playing safe with strategies of luring bidders to realistic prices and well-known artistic brands. Gorvy s aid that Christie's had worked on "understanding where the buyers are and reaching out to those buyers." Sotheby's contemporary art specialist Anthony Grant described the lots on auction as "lean," while auctioneer Tobias Meyer said that works had been chosen from "artists who have a very solid collecting background." But they also insisted that they had detected light at the end of the tunnel. "It's moving and shifting around us, but the ground feels a little more solid now," Meyer said. Last week's sales of impressionist and modern art had a similar story. Christie's brought in 102 million dollars, within the target range of 87-125 million dollars. Sotheby's had a miserable evening, netting only 61.4 million dollars, far below the low pre-auction estimate of 81.5 million dollars. A Picasso painting and a Giacometti sculpture failed to sell. The auctioneers' struggles are in dramatic contrast to this time last year, when a Francis Bacon painting sold for 86.2 million dollars, beating the artist's auction record by 30 million dollars. "This is obviously a very different market," said Alex Rotter, head of the contemporary art department at Sotheby's. "There are fewer works on the market and much less speculation," said Robert Manley, contemporary art department chief at Christie's. Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Related Articles: Entertainment & Lifestyle Rwanda's killers and victims shown at CannesAFP - 2 hours 34 minutes ago Rodin by flashlight? France gears for night at museumAFP - Friday, May 15 Bocelli set for Colosseum earthquake concertAFP - Friday, May 15 Zimbabwe emigrant's tale steals showAFP - Thursday, May 14 Ol' Blue Eyes is back: Scorsese to make Sinatra biopicAFP - Thursday, May 14 Enlarge Photo "Beach House" by artist Jeff Koons at Christie's, New York. The auction house celebrated an unexpectedly strong 93.7 million dollar sale of contemporary art Wednesday, although this was still less than a quarter of the haul at the same time last year Most Popular – Entertainment Viewed Australian zoo evacuated after orangutan escape British store admits it boobed in bra row Obese young men have less hope of marriage: study Venezuela oil takeovers may leave 22,000 jobless $70-80 good price for oil: French economy minister View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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