ART MARKETNEWS
Sotheby's Turn Over $3.4 billion
Sotheby's announced today that it has turned over $3.4 billion in fine and decorative art in the first half of this year.This is up 55% from a year ago. The art market continues to go from strength to strength this year with Christies also recording record breaking results of $3.2 billion. Sotheby's second-quarter profit increased 48% to $127.2 million, compared with $86.2 million a year earlier. Sotheby's results included around $440 million in privately brokered sales of art. The upward shift seems to follow as Investors seek places to safeguard their cash as the US and European currency markets fluctuate due to the debt crisis and uncertainty over the Euro. Demand for the world's most expensive art and antiques has grown steadily this year.Top sales included works by Picasso, Jeff Koons, Egon Schiele and Andy Warhol. Sotheby's share price closed Wednesday at $39.94, up .5% .
