2008 in Review: Five Memorable Auction Lots

By Judd Tully

NEW YORK—In a year of staggering changes and banner headline news, from the election of a new American president to the unraveling of a multibillion-dollar Ponzi scheme, the art market had its own rollercoaster ride of record-shattering marks and stomach-churning declines.Thanks to the seismic upheavals in the world equity markets, some newbie collectors, such as Russian oligarch Roman Abramovich, burst upon the auction and art fair stage last spring only to disappear just as quickly.Without them, the auction houses’ stated goal of continued growth through tapping new collectors in Asia, the Middle East, and the former Soviet Union fell silent and vanished like Bernie Madoff’s billions. Instead, the houses now face a bleaker picture: a round of sobering layoffs and restructuring, the word “guarantee” stricken from the lexicon (it’s the equivalent of “sub-prime mortgage” to the banking community), and a new realism that immunizes market watchers to the comforting chimes of specialists spinning a falling market as one that is masterpiece driven and ideally suited for seasoned collectors long sidelined by the recent wild surge of prices.The picture will get clearer in early February with the new year’s first significant rounds of Impressionist, modern, and contemporary art auctions in London. Until then, here’s a quick review of the some of the most memorable lots of 2008.

About visionsart

Visions Art is a premium gallery for Modern and Contemporary Art. Established in 2001 in Mumbai, advising private and corporate collectors on predominantly Indian Contemporary Art. Since 2003, the gallery opened up its new space in heart of south Mumbai, India. The permanent gallery space is designed as a private art space where both changing and its permanent collections are shown. The gallery’s program draws upon a diverse range of disciplines and intellectual perspectives while maintaining a clear progressive thread. Supporting mid-career and historic figures, as well as launching emerging artists. The gallery represents works by artists who are considered to be at the forefront of Indian contemporary art and is constantly looking to establish a roster of the more progressive artists from India and abroad. Indianartnews.info is a news post blog providing a viewers updates on the latest news and events related to indian art from across the world

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