Newsweek’s chairman Richard M Smith, interviewing Christie’s CEO Edward Dolman, last week asked the porter come CEO about the difficulties brought about by the downturn in the marketplace and asked if there were antiques bargains to be had. Dolman suggested that, due to certain elements, namely death, debt and divorce, amazing pieces of antique furniture and collectibles will still come up for sale in the art and antiques trade. He went on to say that much of what is sold through Christie’s are rare and amazing objects that don’t come up for sale often, so when they do, clients will fight to obtain the pieces that they want, so prices will remain high. An example of high prices at auction was the sale of a statue entitled the Walking Man by the artist Alberto Giacometti which sold through Christies arch rival Sotherby’s for $104.3 million.
When asked how Christies were able to survive declining sales, Dolman cited the demise of Lehman Brothers and said that Christies had been prepared for the fall and certain decisions were being made about broadening their scope geographically and diversifying sales, one suggestion being the post-war modern market. He also said that there was a redistribution of wealth where more moneyed individuals were emerging from China, Kazakhstan, Moscow and other countries across the Middle East. He said that Christies were there to provide reliable advice to these clients on what to buy.
Good advice therefore is crucial when making decisions on investments in a market downturn. Antique furniture dealerships in Lancashire, Cumbria and across the UK provide selections of rare and individually handcrafted pieces of period and revival antique furniture and sound advice on investments that will override any downturns in the marketplace.
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