New York, 19 September 2012. Art Media Agency (AMA).
Asia Art Week just made around 91 million dollars in less than a week at New Yorker auction houses Christie’s and Sotheby’s. The result has blown over the two houses.
Asian art is now repositioning itself as the engine of world art market. It allows Sotheby’s to capitalise 46 million dollars in only three separate auctions in a week, and Christie’s to accrue 44.7 million dollars during five auctions organised in four days. Both houses had predicted a result of 30 million dollars, making these achievements even more extraordinary.
However, compared with last years, profits are slowing down. In 2011, Asia Art Week made 107 million dollars, against 98 million in 2010. There was a loss of profit of 16 million dollars between 2011 and 2012. The international market has not given signs of fading, though. Asian art is still on the radar, confirming its strength in the art market, just slightly affected by the world crisis.