Impressionism? Anglo-Saxon hammer prices on the wane. [07/02/2002]
Recent sales at the London auctions of 24 and 25 June
confirm the resurgence of French impressionism which had
been rather overshadowed in 2001. The healthy demand for
the school was underscored when Claude MONET 's Nymphs
fetched GBP12,250,000 at Sotheby's. At the same time,
the popularity of British and US impressionists, who made
such a splash in 2000, seemed to have waned.
Top quality canvases by the masters of French impressionism
rarely come up for sale. Most collectors cannot afford
them so their owners have little prospect of reselling
at a profit. In the late 1990s the US and British markets
responded to this conundrum by rediscovering their native
impressionists and seized on the enthusiasm of the time
to mount a string of themed auctions. Sotheby's and
Christie's dug into their reserves of US and British
painters to meet strong demand from collectors of local
impressionism. Today, on the back of the speculative
boom that has raged through the anglo-saxon markets
for some time, the international market is starting
to take an interest. For many years, paintings produced
by the Britain and American impressionists commanded
similar prices. But since 2000, the enthusiasm rippling
out from the US market has driven up prices for transatlantic
artists. Between June 1997 and December 2000 the prices
for US impressionist canvases rose, on average, by 183%.
It is the paintings coming up for auction, in many cases
for the first time, that are driving the record prices
commanded by the artists. At auctions on 24and 25 May
2000 works by Americans Dennis Miller BUNKER , James Abbot McNeill WHISTLER
and Frank Weston BENSON sold for prices that have not been
seen since. Sales revived briefly in the winter,
but since January 2001 prices have been on the way down,
losing 5.6% over six months. The story was repeated
for the British impressionists. British artists reached
their peak of popularity in 2000, as the price index
shows. Turnover for the movement's works doubled over
the year on unchanged sales. The wave of enthusiasm
stimulated some new records, such as the GBP1.1 million
paid for Stanhope Alexander FORBES ' The Seine Boat, on
June 6.
But hammer prices generally still fell short of those
being paid for the French pioneers. Looking at prices
paid for each of the three movements over the last year
we have to ask ourselves if there is a process of substitution
going on between the French and Anglo-Saxon impressionists.
Would a fall in prices for one school trigger rising
prices in the others? We are likely to find our answer
in the tone of future London and New York sales.
|
