
Each month of the year in New York holds a certain air of excitement for the arts. February and September, Fashion Week, May into June, the theatre comes alive with a slew of new plays clambering for the coveted Tony Awards. Right now it is the art auctions held by Sotheby's, Christies and Philips De Pury. With the failing economy the air of excitement has turned anxiety and panic. While the fall season open to strong prices, this year added a high percentage of unsold works. Recession is real. Prices are off by 20 to 40 percent. Wednesday saw works from the Impressionist and modern period with strong examples by Russian artists. Hopefully that will garn interest. Sotheby's took in $223.8 million, which it called its fifth-highest Impressionist/modern sale ever. However, it fell short by over almost $200 million. Degas' "Dancer in Repose" sold for over $37 million, an all-time high for the artist, but below the $40 million estimate. Munch's "Vampire" set a new record for the Norwegian artist at $38.2 million. Malevich's "Suprematist Composition" fetched $60 million, the highest price at the auction Christie's kicks off its first auction of the season with paintings and sculptures by such masters as Picasso, Toulouse-Lautrec, Manet and Cezanne. Its combined presale estimate is $130 million. It also was off a little under half. The estimates were set during the summer, when financial markets were still strong. This week both houses will offer works of postwar and contemporary art.


Recession blues may be upon us but the arts will always go on and that is a F.A.C.T.
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