Bargain Hunters Prop Up Art Market In Brexit Week

FORBES | Kathryn Tully:

After the UK’s shock decision to leave the European Union, the post-war and contemporary auctions in London this week and a sale of four centuries of British art, a celebration of Christie’s 250th anniversary, presented an interesting test for the art market. No one knew whether international buyers would be encouraged by a weaker pound, which by the time of Christie’s Defining British Art sale on Thursday evening, had fallen 11% against the dollar in a week, or unnerved by the referendum’s broader impact on global markets. It was also impossible to tell whether sellers would still feel comfortable consigning works amid all the uncertainty, particularly those international sellers being paid in sterling… Read more

Image: Keith Haring, The Last Rainforest, Acrylic and Enamel on canvas, 1989. (Source)