We have seen constant rising prices for modern design.  I used to sell quite a bit of modern design items in the late 90s.  The market was just starting to get attention and the Northeast was slow to pick up on it.  Now those same Nakashima coffee tables that could be had for $3,000 are selling for $80,000.  Even Boston has turned around and offers a modern design show AD20/21.  Many exhibitors are those who used to sell Arts and Crafts period works and moved into modern.  I think a sign of the times is that even Leigh Keno is adding modern to his gallery offerings.  Can you imagine Albert Sack selling modern?

Paul Royka on Fine Art & Antiques

A sigh of relief came at the big New York auction houses as the big painting auctions had results within estimates.  The auction houses guaranteed results to their clients on lots valued over $10 million so if they failed to sell the auction house would still have to pay the client.  Monet did well as well as contemporary works. 

The regular antique show business will start showing the effects of the high gas prices as the big Brimfiled outdoor antique shows take place this week in Brimfield, Massachusetts.  The dealers I have spoke are definitely nervous about it.

Smoke and mirrors is what I’ve often said to my friends who ask”Can you believe that gallery went out of business?”  Two major New York galleries recently left their clients and investors wondering what is going on.  According to Maine Antique Digest, Salander-O’Reilly Galleries is padlocked and there are multi-million dollar paintings at stake in what appears to be multiple law suits by clients.  And another gallery Berry-Hill Galleries in New York also recently declared bankruptcy.  Now what makes this one so big is that Berry-Hill is a gallery that had sales over 20 million dollars and major exhibitions with catalog introductions by leading art history experts such as Princeton University’s John Wilmerding who recently retired and consults for Alice Walton (Walmart family) and her Crystal Bridges Museum project.

Over the years I’ve learned not to be too impressed with the big boys in the market.  Remember both Sotheby’s and Christies (the big boys of the auction world) were both indicted by the Feds for price fixing and not treating their consignor’s fairly sending the chairman of Sotheby’s to jail for a year.  Smoke and mirrors.