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More Record Sales In The Art Market |
Half a billion US Dollars of sales were made over two days in two London art auctions during the last week of June 2008.
At Christie’s (London) on 24 June 2008, the “Impressionist and Modern Art Evening Sale” made £144 million. Reports state that this was the largest sales volume ever posted by a European auction. A day later Sotheby’s (London) also made a large total, with their sale exceeding expectations at £102 million. There were record prices at both auctions: Claude Monet’s “La Bassin aux Nymphéas” (1919) was sold for $71.8 million (£36.5 million), surpassing the previous record for the “Impressionist” category of $71 million, set by Auguste Renoir in 1990.
Christie’s success appears to be due, in part at least, to focussing its sales on the “emerging” art markets, featuring several pieces by Russian artists. For example, Vladimir Baranoof-Rossine, Vera Rockline and Natalia Goncharova all had paintings achieve new record prices.
If you are contemplating an art deal and require advice regarding the taxation of artwork transactions, including use of the EC Margin Scheme, please do not hesitate to contact us at info@intrust-manx.com
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