Memo: Art Can Be Overpriced Even for the Rich

While some companies are trying their hardest to come across as inexpensive as possible through advertised (and constant) sales and "everyday" low pri
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While some companies are trying their hardest to come across as inexpensive as possible through advertised (and constant) sales and "everyday" low pri
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While some companies are trying their hardest to come across as inexpensive as possible through advertised (and constant) sales and "everyday" low prices (Olay, Target, Bloomingdale's), other companies, we'll call them "luxury," simply aren't, because the general consensus has been that the luxury market is doing just fine. But a big impressionist and modern art auction at Christie's last week wasn't just uneventful - it tanked. 44% of the works, including 19th century landscapes by Monet, failed to sell, with the auction's sales totaling to less than one third of the pre-sale lowball estimates. So what could this mean? Either people at the tip top of the financial echelons are hanging on to their money a little tighter these days due to their own financial woes - or, it's simply become distasteful to drop jillions when news like this comes out. Either way, it'll be interesting to see how all the high-end jewelry companies respond to this holiday/bonus season. Harry Winston on sale? Let us pray.