Videocrux - Major art works of Picasso, Giacometti affected by the crisis

#Videocrux - Major art works of Picasso, Giacometti affected by the crisis Major art works of Picasso, Giacometti affected by the crisis
The global financial crisis has put a damper on the high-flying art auction world, with big names going unsold at the beginning of the spring auction season. A sheer disappointment for auction houses as they were not able to meet their targeted bids. If this situation goes on there are less chances of art market being able to exist. Auction houses are trying to balance their prices and the crisis but its not being much of a help.
Art works failed to draw bids at Sotheby’s auction house
Two masterworks of art went up for sale at Sotheby’s auction house in New York in early May, at a time when expensive art is hardly flying off the shelves. Picasso’s 1938 portrait of his daughter Maya disappointed expectations that it would fetch between 16 and 24 million dollars. Bids didn’t even pass the $12.5 million mark. And Alberto Giacometti 1951 sculpture "The Cat," is considered one of the Swiss-born sculptor's finest works, but it failed to draw bids beyond just-over $14 million.In the end, neither was purchased since the bids did not satisfy the sellers.
Art market managing itself along with the tough time
The famous auction house’s Head of Impressionist and Modern Art focused on what he said was positive evidence that the art market is managing in tough economic times. Simon Shaw, "It's absolutely well and functioning, we saw spirited bidding on a number of works from around the world. We had a full auction room. Lot's of people on the telephones. And we sold 80 percent of the works that we offered this evening." But fewer works are being put up for sale compared to a year ago, and prices are expected to be lower across the board.
At the end, the auction turns out to be a disappointment
A press conference after the auction proved all is not well in an art world that is at the mercy of the global financial crisis. Simon Shaw"We obviously were not successful in selling our two top lots this evening. It’s very difficult to calibrate the values that sit today so that's obviously a great disappointment."
Picasso’s Mousquetaire a la pipe put up at Christie's
The suffering world of finance is sure to continue to plague the art world. Rival auction house Christie’s put Picasso’s Mousquetaire a la pipe on the block after a victim of the recent Madoff scandal was forced to sell.

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