London Takes #1 Spot As China Rapidly Approaches Second Place
Artinfo points out today that New York has lost its top spot in art auction sales to London. With the pain of the financial crisis biting wallets and disappointing November sales, New York has seen its traditional lead on London dissipate in 2008. Some may not be surprised by this, given London’s advantage of hosting Damien Hirst’s one-man auction, but what is more of a surprise is China overtaking France for the third-place spot. With auctions in China continuing to do well even during the financial crisis, New York and London are firmly within the China auction market’s sights.