The fall auction season is kicking off tonight night in New York, and according to the New York Times, the art world will be "watching closely" to see how the turmoil in the world’s financial markets affects the bidding.
This week, the report says, all eyes will be on the sales of Impressionist and modern art at Christie’s tonight and Sotheby’s tomorrow, where "hundreds of millions of dollars’ worth of work" by masters like Degas and Picasso, Giacometti and Magritte will be up for sale. As has happened in the past, collectors may feel safer investing in a painting or sculpture than in the stock market, making for a buoyant round of auctions. Or, as has also occurred, nerves and outright fear could lead to stagnant sales and flat prices.