
Collection sales dominated headlines of another record-breaking fall auction season, while the emerging market feels the pressure of economic worries.
With art market prices soaring as of late, recent blue-chip auctions were projected to reach significant high-flying, record-breaking heights. Not only did these lots deliver, but in some instances their price tags surpassed their monumental estimates. The highly anticipated Paul Allen collection, the personal assortment of paintings and sculptures owned by the late Microsoft co-founder, blew past the $1 billion estimated value, which already would’ve made his collection the most expensive ever sold.
While some say the results of the Phillips auction suggests a cooling of the market, works of personal collections, especially those hidden from public view for prolonged periods of time are doing exceedingly well.