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« Blood Bath at auction Street art (http://artinvestment.ru/news/auctnew...on_failed.html)
ARTinvestment.RU - 30.09.2008, 06:59

September 27 in London fell flat auction of contemporary art and street art, which were presented, in particular, works by Banksy - graffiti main stars of recent years. At the auction house Lyon & Turnbull's customers have found less than a third of the 270 lots.

Over the past three years the price of street art have reached record levels, but the last auction shows that not everything is running smoothly in this market segment. According to art dealers, reducing the demand for "street art" due to instability in the economy. Now those who can buy art, buy Picasso (Pablo Picasso) and Francis Bacon (Francis Bacon). And buyers of works Banksy and other street artists who are not among those who do not mind spending millions on art. For such buyers financial crisis has hit hardest. The middle class is not up to art. And of course, only added fuel to the fire that some of the works of Banksy, exhibited at Lyon & Turnbull's, were recognized as fakes.


So what is the reason for failure? in the presence of fakes, or indeed in crisis? people prefer to keep money under the pillow?