By Fotini Xydas
Art Advisor, Art Advisory & Finance
February 21, 2017Posted InWealth Advisory
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Our Advisors take a look back at 2016 and what to expect in 2017.
$81.4 million for Claude Monet’s 1891 Grainstack, $66.3 million for Willem de Kooning’s 1977 Untitled XXV, $57.2 million for Jean-Michel Basquiat’s 1982 Untitled — these are just a few of the record-breaking prices achieved at auction in 2016 despite the total prices for Sotheby’s, Christie’s and Phillip’s major Impressionist, Modern and Contemporary art auctions falling to nearly half of their 2015 figures.
How do we reconcile such seemingly disparate accounts? As we reflect on the year past, we see an art market characterized by both highs and lows, outperforming amidst a contraction. We take a close look at the dominant trends that drove the market in 2016, and help plan for what lies ahead.
View our latest State of the Art Market publication here.