What Recession? Sotheby's and Christie's are Selling Art Again

SOLD Beach Boy, 12 x 12 oil on Canvas

This week's art headlines scream, "Confidence has surged back into the art market faster than predicted, and although contemporary values were hit hard by the credit crunch, auctioneers are confident that this week's sales will cement the recovery."

Wow! Finally after months and months of no confidence! Last week, a world auction record was set of $104.3 million was for a Giacometti statue. And the ArtTactic research group said the contemporary art market had returned to levels last seen in the autumn of 2007. Sotheby's and Christie's was already seeing sharply higher numbers six months ago, indicating that at that time, wealthy collectors were over their financial crisis.

So, what's that mean to us artists who don't sell works through Sotheby's and Christies? And what about smaller collectors who may not yet have managed to crawl beyond their own personal financial speedbumps? Are they buying anything but a small print here and there?

Could be. While I don't have any hard and fast numbers, the galleries with which I work seem to be a bit busier with real buying customers. I've noticed better sales lately of my own work. Rather than just settling for smaller paintings, my collectors are beginning to purchase some of my larger, more expensive work.

Could be it's spring. Or that people just need a lift. Or it could be a sign of good things to come.