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Thursday, July 19, 2012

RECESSION? WHAT RECESSION?

Not all of the population is experiencing an economic downturn as can be seen from the returns from the auction house Christie's. "A record breaking £53.8 million price tag for an abstract painting by Mark Rothko has helped Christie's to deliver a healthy surge in art sales as wealthy collectors splashed out on postwar masterpieces. The auction houses half-year art sales jumped by 13 per cent to £2.2 billion in a sign that the top end of the market remains largely exempt from global economic uncertainty." (Times, 18 July) The Rotho is by no means unique as a Yves Klein painting went for £23.6 million and a Henry Moore sculpture fetched more than £19 million. The owning class seem to be surviving the recession rather well. RD

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