Auction Result Comparison of Contemporary Art 2007 and 2008

Thanks for my friend sharing with me the interesting auction result of comtemporary art 2007 and 2008. People with sense usually think that results and figures speak louder than anything. I have my point of view, and also share that with my friend.

CHRISTIES CONTEMPORARY SALES PARIS 2007 and 2008 12/11/07:TOTAL: 15,873,945 EUR 12/9/08:TOTAL: 7,019,000 EUR

CHRISTIES CHINESE CONTEMPORARY ART HONK KONG 2007 and 2008
11/25/ 07 :TOTAL: 467,178,500 HKD 11/30/08: Evening and day: 156,147,000 HKD

SOTHEBYS CONTEMPORARY SALES PARIS 2007 and 2008 12/07/07: TOTAL 25,693,925 EUR 12/10 / 08: TOTAL 6,196,825 EUR

SOTHEBYS CHINESE CONTEMPORARY ART HONK KONG 2007 and 2008
10/07/07: TOTAL 582,070,250 HKD 10/08/08: TOTAL 127,600,750 HKD

An art dealer's view:
The result can tell something about the market. But we can not judge everything from the result I think. In the current economic situation, collectors who take artwork as investment are eager to get these works off their hands before it's getting worse. Or in other case, people lose money in other business have to make some balance by giving up their collections. But the potential collectors tend to be more careful about their collection budget. And many other various reasons. The fact is people who can get through and take advantage of this period would benefit more in the future, and be much stronger than his counterpart.

A collector's view:
The earth will nor stop turning round and there are always people buying art.But they will buy in a different way. They will be more cautious about the real quality of the art work and the artists. They will rely upon galleries that they trust because they have made their proof. You know today there are many artworks and artists to collect. We are not in a world of scarcity.