On the evening of 4 May at Christie’s in New York, a previously unknown, seminal sculpture by Constantin Brancusi, probably the first of his admired ‘Bird in Space’ series produced around 1922–23, was expected to fetch a mighty $8 million– $12 million. In the event, there were at least six serious contenders for the piece,
It seems that hardly a week goes by without the threat of another great work of art leaving these shores. Certainly Tate director Sir Nicholas Serota must think so. Just as he announces, with palpable relief, that a private benefactor has stepped forward and promised £12.5 million to ‘save’ Sir Joshua Reynolds’s celebrated portrait of
There is a certain irony in the fact that the art market least affected by the fallout of 11 September was probably Islamic art. After all, the big players in this small, specialist field are unlikely to have incomes dependent on the Western stockmarket – and they are as rich as Croesus anyway. Biggest of
The art and antiques business is as unpredictable as an English summer. And it is not only the works of art that confound market rules and crystal balls. The fairs that serve as the dealers’ collective showcase similarly defy expectations. Who would have thought, for instance, that fair entrepreneur David Lester could put up a
If a French national museum wishes to buy a work of art at auction, it simply exercises its ‘right of pre-emption’. Substituting itself for the final bidder, which is what this means, is less fair than it sounds – word invariably gets out about the museum’s intentions and few bother to bid. In France, as