There appears to be a surfeit of paintings on the market at this time and the many auction houses are desperately struggling to place more and more paintings into their sales at an ever increasing pace. Despite this I do not see the appropriate reaction in market terms as the prices still keep increasing in apparent contradiction to the laws of supply and demand. Some UK auction houses are still maintaining very good turn-over rates but inevitably some are running on 20-30 % art sales and these houses predictably are reducing their exposure to the art market by turning to more ancilliary trade lines. Consequently, there will be a slow decline in the number of houses dealing in paintings and pictures in the next 12 months. This reduction could benefit the market overall and bring about a natural correction to the current over-supply as far as buyers are concerned. Markets are fickle and it will be interesting to see how this year progresses.
Ranchi Art and Antiquarian Books' Blog
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