Is Street Art the True Market Bellwether?
Somewhat interesting story on artinfo.com though:
Less than a third of the 270 lots offered at a Lyon & Turnbull auction of contemporary and urban art found buyers this weekend, with works by Banksy and other street artists having particular difficulties, reports Bloomberg.Indeed, in each boom, so-called Street Art seems to be the last genre to see its prices soar, and (if memory serves me right) the first to see its market turn down. It makes sense to some degree, of course. Being edgy and often highly experimental, Street Art wouldn't be the most reassuring form of art for most buyers. But I'm actually wondering if there isn't a more significant connection here. It seems to me (and, to be honest, I'm too exhausted to look up the numbers and dates so I could be totally talking through my hat here) that we no sooner start to see Street Art show up in auctions than a downturn comes on its heels. This could be an indication of a number of things, if indeed accurate, but the most likely to my mind is that the energy and riskiness of Street Art makes it more appealing to collectors who also take big risks, and who see their fortunes wane the quickest when the economic tides turn.
Dealers said that the reduced demand for street art was a result of worries about the economy and confusion about the authenticity of Banksy works.
"Things are difficult at the moment," said Annabel Thomas, an executive director of the London-based dealers the Fine Art Society. "There's a definite retreat to the blue-chip material."
Then again, this might be wholly obvious to lots of folks and barely worth mentioning, except for the fact that it's a remarkably slow news day, that is.
Labels: art market, street art

And in New York, 









