CONTEMPORARY ART DOWN 17% IN 2008

Annual sales of contemporary art at Sotheby’s and Christie’s flagship auctions in New York and London have dropped 17% in 2008, according to Bloomberg news agency. The significant drop from a total of $2.4 billion last year to just below $2 billion this year comes after two years of more than doubling in sales.

According to Christie's CEO Edward Dolman the London auction house is going to lower its estimates by 10% in the coming months. But if you listen to Tobias Meyer (1), auctioneer at Sotheyby's, the decline of Contemporary market is providing a lot of opportunities.

(1) Tobias Meyer is Deputy Chairman, Europe at Sotheby's auction house, Head of Department, Worldwide Contemporary Art, and can be reached at Tel: +1 212 606 7254 or e-mailed to at tobias.meyer@Sothebys.com