The high-end auction houses experienced astounding sales in 2012. Both Christie’s and Sotheby’s were establishing new sales record at nearly every auction. Those auction-adventure stories are expected to continue in the first quarter 2013 as well, according to report from Reuters.
Sotheby’s is holding an auction of impressionist, modern, and surreal art and is expecting sales to range from $$166 to $239 million on February 5. The very next day, Christie’s is holding a similar auction and anticipates fetching $157 to $238 million from it.
Due to the low returns received on other opportunities at this time, industry pundits expect the art market to remain strong.
"I believe the top end of the art market will continue to perform strongly, particularly in the contemporary, impressionist and modern art sectors," said Georgina Adam, editor-at-large of The Art Newspaper.