These were years of euphoria and sales of large private collections at auctions and galleries some works, such as the Girardin collection in 1953 or the Thomson collection in 1957, achieved maximum prices. The fifties were characterized by market growth. The total number of lots sold declined and Sotheby’s, which had been selling an average of 100-150 lots before the crisis, was now auctioning off 10 to 25 lots. For example, the Great Depression of 1929 affected sales and prices of works of art a decrease is reflected in auction house records. The twentieth century is littered with economic milestones that marked the evolution of the art market. Growth, however, has not been linear it has been affected by disruptions in the economy and various factors, such as, financial, legal, fiscal, cultural and social.
If early twentieth century artists barely survived with the support of collectors and patrons, a century later the art market is taking place on an international level with a turnover in 2008 of 928.0 million euros at auctions (source: Artprice). How can a recession affect art prices? Does a crash in the stock market influence auctions, galleries and art fairs? This article reflects on the relationship between art and the economy. Nevertheless, this increase is not a general trend. The growth of the art market during the last hundred years is unprecedented in the history of art.
Property formerly in the collection of Dresdner Bank AG was sold at Sotheby’s in 65,001,250 GBP. Later, the artist shot himself and died near Paris on July 29, 1890.Alberto Giacometti (1901-1966), L’ homme qui marche I. Then, he moved to southern France, and cut off a part of his year, reportedly due to mental health issues. Van Gogh spent two years in Paris, from 1886-1888, after which he left the city for he became tired of the pace of life in the city. “The appearance on the market of a work of this calibre, and from such an iconic series, is undoubtedly a major event," the statement from Sotheby said.Īlso read: Letter detailing brothel visits of Vincent Van Gogh and Paul Gauguin fetches $236,000
WHAT IS THE LOWEST PRICE PAID FOR ART BY VINCENT VAN GOGH SERIES
According to Sotheby, only a few paintings from this series now remain in private hands. During Van Gogh’s visit, the church was still being constructed and there was nothing but fields, windmills, and houses at the edge of the city, known for its cheap rent.Īlso read: In Canada, art lovers head to drive-in for safe Van Gogh showĮven though the painting has been seen in catalogues earlier, it had never been put on public display until now. The work is part of Van Gogh’s series about Montmarte - a hilly district of Paris, now dominated by the Sacre Coeur church. "A street scene in Montmartre”, as the painting is called officially shows a man and woman strolling with a windmill in the background while they stroll. The artwork is valued at between 5-8 million euros (roughly starting at $6 million). It will be put on display in Amsterdam, Hong Kong, and Paris by Sotheby’s auction house before being auctioned off next month. Van Gogh painted the street scene in 1997, when he was in Paris with his brother Theo. The painting of a Paris street was in the private collection of a French family for a long time. A painting by Vincent Van Gogh is set to be shown to the public for the first after spending over a century in hiding.
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