Putting Picasso in the attic

8 May 2009 By Jeff Segal

Last week s auctions at Sotheby s and Christie s were bad but far from dreadful. Many observers credit wellheeled collectors prepping their vaults for inflation. History suggests art prices rise during inflationary times. But unpredictable trends make art a poor hedge.

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Auction houses Sotheby's and Christie's held their impressionist and modern art auctions this week in New York. Sotheby's sold $61.4m of artwork, less than its $81.5m presale low estimate. Two highprofile works, a Pablo Picasso painting and a sculpture by Alberto Gicaometti, failed to sell. The Picasso was being offered by William Achenbaum, a New York realestate developer who was an investor with Bernie Madoff.

The auction at Christie's brought in $102m, above its presale low estimate but down 63% from its $277m take during last year's auction. One of the highlights of the auction was a Picasso painting, Mousquetaire a la pipe, which sold for $14.6m. Its seller was Jerome Fisher, the founder of fashion retailer Nine West and also an investor with Madoff.

Sotheby's contemporary art auctions will be held May 1213 in New York. Christie's post war and contemporary art auctions will be held May 13May 14 in New York.

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