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Modern art prices go down

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Sep. 30th, 2009 | 05:43 pm

The Bloomberg agency informed that estimates of works put on October auctions in the sphere of modern art in London are lowered for 81% as compared with the estimates of the last year.

The lowest estimation bounds for the works that are offered on the bids of such auction houses as Christie’s, Sotheby’s and Phillips de Pury makes 20,8 million pounds ($ 33,1 million). A year ago it was 107 million pounds.

In the end of 2008 the three auction houses stopped guaranteeing the sellers the minimal prices for their pieces of art. Besides, more paintings are sold not at open bids but through private transactions.

The Christie’s and Sotheby’s bids will be held on the same day, October 16th.
Christie’s brings forward 25 lots, the lowest estimate boundary is 6,8 million pounds ($ 10,8 million). Last year the auction houses sold 47 lots expecting to get not less than 57,8 million pounds for them.

Sotheby’s brings forward 177 lots and plans to get 9-13 million pounds for them ($ 14,320,6 million). Last year it brought forward 62 lots and the lowest estimating boundary was 30,6 million pounds.

On October 17th Phillips de Pury will offer 44 lots on the bids and hopes to get not less than 5 million pounds ($ 7,9 million).

Last year it brought forward 70 lots estimating them 18,6 million pounds.

 

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