There can be little doubt that the incessant whispering about the inevitable decline of the art market will erupt into a roar today as Sotheby’s stock begins its tumble after the venerable house’s Impressionist and Modern Art sale fell nearly $86 million short of its $355.6 million low estimate. Sure Christie’s beat its low estimate just the day before by roughly $46 million, but of course that’s not news. Or is it? Can it be true, as Andrew Fabricant mentions in the New York Times, that “this was not some watershed moment in the market. It’s what happens when the pricing is extremely aggressive and the material less than stellar”?
Quite often we like to dismiss the money that is thrown around at the upper reaches of the market as so much conspicuous consumption, an indication of the Collectorate’s obsession with image rather than substance. But does the asymmetry between the Christie’s and Sotheby’s sales indicate a more discriminating taste at work? Are we witnessing the return of Homo Aestheticus after the reign of Homo Economicus?