Spring auctions at Christie’s showed the art market making a healthy recovery, particularly with artworks like Vlaminck’s ”Suburban Landscape” which exceeded estimates selling for $22 million. Some artist however, particularly contemporary artists like Francesco Clemente, find their pieces to be under performing. A recent NYTimes article, “Does Money Grow on Art Market Trees? Not for Everyone”, explores the psychology of art markets and what determines how contemporary artists are valued.
As Marc Glimcher, president of Pace Gallery puts it, many criteria determine value; “How many galleries are trying to get a Murakami show from Murakami’s main dealers? How many museum or gallery shows of X artist are there per year? How many different continents do they show on per year?” Auction houses, which publish their sales, are the most accessible source of information for valuing art but these other factors are equally critical in determining a work’s current and future value.