Your tip
Your tip
RadarOnlineRadarOnline
or
Sign in with lockrMail

Art As The Wall Street Bellwether: Uh Oh!

Oct. 27 2008, Published 7:07 a.m. ET

RadarOnline CommentsLink to FacebookShare to XShare to FlipboardShare to Email

I WAS TOLD THERE'D BE IT Sharon Core, Around the Cake (Photo: Bellwether Gallery) Of the 235 or so works of contemporary and post-war art up for auction at Christie's "First Open" sale today, 172 were sold. The most expensive item—a Cindy Sherman photograph—sold for $750,000. (With fees: $902,500.) That is not shabby! However? Back in Christie's contemporary and post-war auction this April, a bit more than 30 percent of works were sold above the high estimate; today, just around 26 percent were sold above the high estimate. In spring, around one in five works went unsold; today, one in 4 went unsold. And in the February 2007 auction, only 13 percent went unsold, and only 13 percent were sold below estimate. Today, almost 20 percent of the works up for sale went below estimate. You know what this means? This means Wall Street doom is coming this winter. Oh look, Lehman Brothers just lost 40 percent of its stock value this afternoon! And they are taking the Dow down with them!

Radar Logo

Never Miss an

Exclusive

Daily updates from the heart of Hollywood, right to your inbox

By entering your email and clicking Sign Up, you’re agreeing to let us send you customized marketing messages about us and our advertising partners. You are also agreeing to our Terms of Service and Privacy Policy.

READ MORE ON Celebrity
Article continues below advertisement

Opt-out of personalized ads

© Copyright 2025 RADAR ONLINE™️. A DIVISION OF MYSTIFY ENTERTAINMENT NETWORK INC. RADAR ONLINE is a registered trademark. All rights reserved. Registration on or use of this site constitutes acceptance of our Terms of Service, Privacy Policy and Cookies Policy. People may receive compensation for some links to products and services. Offers may be subject to change without notice.