The contemporary art business has bounced back faster than many expected, but the market still lacks the coherent drive of the boom. Whereas evening sales in 2007 had the exhilaration of a Formula One race, last week’s contemporary sales at Sotheby’s, Christie’s and Phillips had a rambling feel, as if bidders were driving cross country in a wide range of vehicles.

Sotheby’s kicked off the week with an evening sale on February 10th that brought in £54.1m ($84.5m), the second-highest total for a February contemporary auction and three times more than last year’s paltry £17.9m.


The Economist